ZWB.TO vs. ZWU.TO
ZWB.TO (BMO Covered Call Canadian Banks ETF) and ZWU.TO (BMO Covered Call Utilities ETF) are both exchange-traded funds - ZWB.TO is a Financials Equities fund actively managed by BMO, while ZWU.TO is a Utilities Equities fund actively managed by BMO. Both are actively managed. Over the past 10 years, ZWB.TO returned 12.24%/yr vs 6.08%/yr for ZWU.TO. At a 0.47 correlation, their price movements are largely independent. ZWB.TO charges 0.71%/yr vs 0.65%/yr for ZWU.TO.
Performance
ZWB.TO vs. ZWU.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZWB.TO achieves a 16.23% return, which is significantly higher than ZWU.TO's 10.15% return. Over the past 10 years, ZWB.TO has outperformed ZWU.TO with an annualized return of 12.24%, while ZWU.TO has yielded a comparatively lower 6.08% annualized 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%
ZWU.TO
- 1D
- -0.50%
- 1M
- -0.34%
- YTD
- 10.15%
- 6M
- 9.37%
- 1Y
- 15.17%
- 3Y*
- 10.66%
- 5Y*
- 6.33%
- 10Y*
- 6.08%
ZWB.TO vs. ZWU.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZWB.TO BMO Covered Call Canadian Banks ETF | 16.23% | 34.91% | 19.41% | 6.67% | -11.00% | 30.81% | 1.68% | 14.32% | -8.08% | 11.52% |
ZWU.TO BMO Covered Call Utilities ETF | 10.15% | 13.18% | 10.97% | -2.79% | -3.89% | 15.80% | -7.09% | 23.48% | -5.73% | 5.63% |
Correlation
The correlation between ZWB.TO and ZWU.TO is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Oct 28, 2011 | 0.47 |
Over the past year, the correlation between ZWB.TO and ZWU.TO has dropped to 0.09 - well below their long-term average of 0.47, suggesting their price drivers have been diverging.
ZWB.TO vs. ZWU.TO - Sectors Allocation Comparison
Sectors
ZWB.TO
ZWU.TO
Financial Services
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Basic Materials
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Communication Services
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Consumer Cyclical
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Consumer Defensive
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Energy
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Healthcare
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Industrials
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Real Estate
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Technology
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Utilities
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Financial Services
ZWB.TO
ZWU.TO
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Basic Materials
ZWB.TO
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ZWU.TO
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Communication Services
ZWB.TO
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ZWU.TO
Consumer Cyclical
ZWB.TO
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ZWU.TO
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Consumer Defensive
ZWB.TO
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ZWU.TO
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Energy
ZWB.TO
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ZWU.TO
Healthcare
ZWB.TO
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ZWU.TO
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Industrials
ZWB.TO
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ZWU.TO
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Real Estate
ZWB.TO
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ZWU.TO
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Technology
ZWB.TO
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ZWU.TO
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Utilities
ZWB.TO
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ZWU.TO
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Return for Risk
ZWB.TO vs. ZWU.TO — Risk / Return Rank
ZWB.TO
ZWU.TO
ZWB.TO vs. ZWU.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 Utilities ETF (ZWU.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 | ZWU.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.43 | ||
| Sortino ratioReturn per unit of downside risk | +3.22 | ||
| Omega ratioGain probability vs. loss probability | 1.86 | 1.36 | +0.50 |
| Calmar ratioReturn relative to maximum drawdown | 6.42 | 3.13 | +3.29 |
| Martin ratioReturn relative to average drawdown | 28.83 | 8.85 | +19.98 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZWB.TO | ZWU.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.44 | 2.01 | +2.43 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.10 | 0.61 | +0.49 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.78 | 0.43 | +0.35 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.74 | 0.42 | +0.32 |
Drawdowns
ZWB.TO vs. ZWU.TO - Drawdown Comparison
The maximum ZWB.TO drawdown since its inception was -39.36%, which is greater than ZWU.TO's maximum drawdown of -37.41%. Use the drawdown chart below to compare losses from any high point for ZWB.TO and ZWU.TO.
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Drawdown Indicators
| ZWB.TO | ZWU.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.36% | -37.41% | -1.95% |
Max Drawdown (1Y)Largest decline over 1 year | -7.82% | -4.86% | -2.96% |
Max Drawdown (3Y)Largest decline over 3 years | -14.05% | -12.85% | -1.20% |
Max Drawdown (5Y)Largest decline over 5 years | -25.26% | -23.36% | -1.90% |
Max Drawdown (10Y)Largest decline over 10 years | -39.36% | -37.41% | -1.95% |
Current DrawdownCurrent decline from peak | -1.85% | -2.31% | +0.46% |
Average DrawdownAverage peak-to-trough decline | -5.56% | -5.38% | -0.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.74% | 1.73% | +0.01% |
Volatility
ZWB.TO vs. ZWU.TO - Volatility Comparison
BMO Covered Call Canadian Banks ETF (ZWB.TO) has a higher volatility of 4.26% compared to BMO Covered Call Utilities ETF (ZWU.TO) at 2.81%. This indicates that ZWB.TO's price experiences larger fluctuations and is considered to be riskier than ZWU.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZWB.TO | ZWU.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.26% | 2.81% | +1.45% |
Volatility (6M)Calculated over the trailing 6-month period | 10.03% | 6.30% | +3.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.31% | 7.59% | +3.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.63% | 10.47% | +2.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.68% | 14.18% | +1.50% |
ZWB.TO vs. ZWU.TO - Expense Ratio Comparison
ZWB.TO has a 0.71% expense ratio, which is higher than ZWU.TO's 0.65% expense ratio.
Dividends
ZWB.TO vs. ZWU.TO - Dividend Comparison
ZWB.TO's dividend yield for the trailing twelve months is around 5.02%, less than ZWU.TO's 7.09% 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% |
ZWU.TO BMO Covered Call Utilities ETF | 7.09% | 7.59% | 7.96% | 8.54% | 8.35% | 7.43% | 7.94% | 6.29% | 6.84% | 6.46% | 6.77% | 7.57% |
Frequently Asked Questions
ZWB.TO and ZWU.TO have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZWU.TO is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZWU.TO is cheaper with a 0.65% expense ratio, compared with 0.71% for ZWB.TO.
ZWB.TO is categorized as Financials Equities, while ZWU.TO is Utilities Equities. Their fees differ too: 0.71% for ZWB.TO and 0.65% for ZWU.TO.
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