ZWB.TO vs. ZWT.TO

Last updated Jun 4, 2026

ZWB.TO (BMO Covered Call Canadian Banks ETF) and ZWT.TO (BMO Covered Call Technology ETF) are both exchange-traded funds - ZWB.TO is a Financials Equities fund actively managed by BMO, while ZWT.TO is a Technology Equities fund actively managed by BMO. Both are actively managed. Over the past 5 years, ZWB.TO returned 13.82%/yr vs 23.64%/yr for ZWT.TO. At a 0.34 correlation, their price movements are largely independent. Both charge a 0.71% expense ratio.

Performance

ZWB.TO vs. ZWT.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Covered Call Canadian Banks ETF (ZWB.TO) and BMO Covered Call Technology ETF (ZWT.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZWB.TO achieves a 16.23% return, which is significantly lower than ZWT.TO's 20.37% return.

ZWB.TO

• 1D: -0.31%
• 1M: 5.06%
• YTD: 16.23%
• 6M: 21.03%
• 1Y: 49.97%
• 3Y*: 25.69%
• 5Y*: 13.82%
• 10Y*: 12.24%

ZWT.TO

• 1D: -0.06%
• 1M: 12.28%
• YTD: 20.37%
• 6M: 17.59%
• 1Y: 47.17%
• 3Y*: 36.02%
• 5Y*: 23.64%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ZWB.TO vs. ZWT.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ZWB.TO BMO Covered Call Canadian Banks ETF	16.23%	34.91%	19.41%	6.67%	-11.00%	27.97%
ZWT.TO BMO Covered Call Technology ETF	20.37%	18.15%	49.78%	65.75%	-31.60%	22.78%

Correlation

The correlation between ZWB.TO and ZWT.TO is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (All Time) Calculated using the full available price history since Jan 27, 2021	0.34

Return for Risk

ZWB.TO vs. ZWT.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZWB.TO

ZWB.TO Risk / Return Rank: 95
ZWB.TO Sharpe Ratio Rank: 96
ZWB.TO Sortino Ratio Rank: 97
ZWB.TO Omega Ratio Rank: 97
ZWB.TO Calmar Ratio Rank: 92
ZWB.TO Martin Ratio Rank: 94

ZWT.TO

ZWT.TO Risk / Return Rank: 68
ZWT.TO Sharpe Ratio Rank: 81
ZWT.TO Sortino Ratio Rank: 73
ZWT.TO Omega Ratio Rank: 74
ZWT.TO Calmar Ratio Rank: 60
ZWT.TO Martin Ratio Rank: 55

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ZWB.TO vs. ZWT.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Covered Call Canadian Banks ETF (ZWB.TO) and BMO Covered Call Technology ETF (ZWT.TO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	ZWB.TO	ZWT.TO	Difference
Sharpe ratio: Return per unit of total volatility	4.44	2.66	+1.78
Sortino ratio: Return per unit of downside risk	6.16	3.34	+2.82
Omega ratio: Gain probability vs. loss probability	1.86	1.45	+0.41
Calmar ratio: Return relative to maximum drawdown	6.42	2.98	+3.44
Martin ratio: Return relative to average drawdown	28.83	9.56	+19.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZWB.TO vs. ZWT.TO - Sharpe Ratio Comparison

The current ZWB.TO Sharpe Ratio is 4.44, which is higher than the ZWT.TO Sharpe Ratio of 2.66. The chart below compares the historical Sharpe Ratios of ZWB.TO and ZWT.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ZWB.TO	ZWT.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.44	2.66	+1.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.10	1.02	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.78	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.99	-0.24

Drawdowns

ZWB.TO vs. ZWT.TO - Drawdown Comparison

The maximum ZWB.TO drawdown since its inception was -39.36%, which is greater than ZWT.TO's maximum drawdown of -35.84%. Use the drawdown chart below to compare losses from any high point for ZWB.TO and ZWT.TO.

Drawdown Indicators

	ZWB.TO	ZWT.TO	Difference
Max Drawdown Largest peak-to-trough decline	-39.36%	-35.84%	-3.52%
Max Drawdown (1Y) Largest decline over 1 year	-7.82%	-15.93%	+8.11%
Max Drawdown (3Y) Largest decline over 3 years	-14.05%	-26.27%	+12.22%
Max Drawdown (5Y) Largest decline over 5 years	-25.26%	-35.84%	+10.58%
Max Drawdown (10Y) Largest decline over 10 years	-39.36%	—	—
Current Drawdown Current decline from peak	-1.85%	-0.06%	-1.79%
Average Drawdown Average peak-to-trough decline	-5.56%	-8.84%	+3.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.74%	4.95%	-3.21%

Volatility

ZWB.TO vs. ZWT.TO - Volatility Comparison

BMO Covered Call Canadian Banks ETF (ZWB.TO) and BMO Covered Call Technology ETF (ZWT.TO) have volatilities of 4.26% and 4.19%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZWB.TO	ZWT.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.26%	4.19%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	10.03%	13.67%	-3.64%
Volatility (1Y) Calculated over the trailing 1-year period	11.31%	17.81%	-6.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.63%	23.23%	-10.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.68%	22.98%	-7.30%

ZWB.TO vs. ZWT.TO - Expense Ratio Comparison

Both ZWB.TO and ZWT.TO have an expense ratio of 0.71%.

Dividends

ZWB.TO vs. ZWT.TO - Dividend Comparison

ZWB.TO's dividend yield for the trailing twelve months is around 5.02%, more than ZWT.TO's 4.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ZWB.TO BMO Covered Call Canadian Banks ETF	5.02%	5.38%	6.66%	7.62%	7.30%	5.46%	5.80%	5.53%	5.59%	4.80%	5.04%	5.64%
ZWT.TO BMO Covered Call Technology ETF	4.22%	4.46%	3.34%	3.83%	6.54%	4.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZWB.TO and ZWT.TO in my portfolio?

ZWB.TO and ZWT.TO have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZWB.TO or ZWT.TO?

Both ETFs have the same 0.71% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZWB.TO or ZWT.TO?

ZWB.TO and ZWT.TO have the same expense ratio: 0.71% per year.

What is the main difference between ZWB.TO and ZWT.TO?

ZWB.TO is categorized as Financials Equities, while ZWT.TO is Technology Equities.