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ZWC.TO vs. BANK.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZWC.TO vs. BANK.TO

Last updated Jun 4, 2026

ZWC.TO (BMO CA High Dividend Covered Call ETF) and BANK.TO (Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund) are both Derivative Income funds. ZWC.TO is actively managed, while BANK.TO is passively managed. Over the past 3 years, ZWC.TO returned 17.17%/yr vs 31.96%/yr for BANK.TO. A 0.80 correlation means they provide meaningful diversification when combined. ZWC.TO charges 0.91%/yr vs 0.60%/yr for BANK.TO.

Performance

ZWC.TO vs. BANK.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO CA High Dividend Covered Call ETF (ZWC.TO) and Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund (BANK.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ZWC.TO achieves a 11.12% return, which is significantly lower than BANK.TO's 17.36% return.

ZWC.TO

1D
-0.27%
1M
2.71%
YTD
11.12%
6M
12.78%
1Y
28.05%
3Y*
17.17%
5Y*
11.09%
10Y*
—

BANK.TO

1D
-0.47%
1M
6.16%
YTD
17.36%
6M
23.52%
1Y
55.24%
3Y*
31.96%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZWC.TO vs. BANK.TO - Yearly Performance Comparison

2026 (YTD)2025202420232022
ZWC.TO
BMO CA High Dividend Covered Call ETF		11.12%22.79%12.00%7.54%-6.99%
BANK.TO
Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund		17.36%41.00%27.90%16.23%-20.47%

Correlation

The correlation between ZWC.TO and BANK.TO is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.67

Correlation (3Y)
Calculated over the trailing 3-year period

0.78

Correlation (All Time)
Calculated using the full available price history since Feb 3, 2022

0.80

The correlation between ZWC.TO and BANK.TO shifts across timeframes, from 0.67 (1 year) to 0.80 (all time), reflecting how their relationship changes across market environments.

ZWC.TO vs. BANK.TO - Sectors Allocation Comparison

Sectors
ZWC.TO
BANK.TO

Financial Services

38.7%
100.0%

Energy

22.9%

-

Basic Materials

12.7%

-

Utilities

8.9%

-

Communication Services

6.4%

-

Industrials

4.9%

-

Consumer Cyclical

4.1%

-

Consumer Defensive

1.5%

-

Healthcare

-

-

Real Estate

-

-

Technology

-

-

Financial Services

ZWC.TO
38.7%
BANK.TO
100.0%

Energy

ZWC.TO
22.9%
BANK.TO

-

Basic Materials

ZWC.TO
12.7%
BANK.TO

-

Utilities

ZWC.TO
8.9%
BANK.TO

-

Communication Services

ZWC.TO
6.4%
BANK.TO

-

Industrials

ZWC.TO
4.9%
BANK.TO

-

Consumer Cyclical

ZWC.TO
4.1%
BANK.TO

-

Consumer Defensive

ZWC.TO
1.5%
BANK.TO

-

Healthcare

ZWC.TO

-

BANK.TO

-

Real Estate

ZWC.TO

-

BANK.TO

-

Technology

ZWC.TO

-

BANK.TO

-

Compare stocks, funds, or ETFs

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BMO CA High Dividend Covered Call ETF

Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund

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Often compared with BANK.TO:
BANK.TO vs. HMAX.TOBANK.TO vs. HCAL.TOBANK.TO vs. VDY.TOBANK.TO vs. RBNK.TOBANK.TO vs. HYLD.TOBANK.TO vs. VCN.TOBANK.TO vs. VEQT.TO

Return for Risk

ZWC.TO vs. BANK.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZWC.TO
ZWC.TO Risk / Return Rank: 9292
Overall Rank
ZWC.TO Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
ZWC.TO Sortino Ratio Rank: 9595
Sortino Ratio Rank
ZWC.TO Omega Ratio Rank: 9494
Omega Ratio Rank
ZWC.TO Calmar Ratio Rank: 8585
Calmar Ratio Rank
ZWC.TO Martin Ratio Rank: 9292
Martin Ratio Rank
BANK.TO
BANK.TO Risk / Return Rank: 9696
Overall Rank
BANK.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
BANK.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
BANK.TO Omega Ratio Rank: 9696
Omega Ratio Rank
BANK.TO Calmar Ratio Rank: 9393
Calmar Ratio Rank
BANK.TO Martin Ratio Rank: 9595
Martin Ratio Rank
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.

ZWC.TO vs. BANK.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO CA High Dividend Covered Call ETF (ZWC.TO) and Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund (BANK.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.

ZWC.TOBANK.TODifference

Sharpe ratio

Return per unit of total volatility

3.61

4.59

-0.98

Sortino ratio

Return per unit of downside risk

5.11

6.28

-1.17

Omega ratio

Gain probability vs. loss probability

1.69

1.85

-0.16

Calmar ratio

Return relative to maximum drawdown

4.71

6.75

-2.04

Martin ratio

Return relative to average drawdown

23.23

29.78

-6.56

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZWC.TO vs. BANK.TO - Sharpe Ratio Comparison

The current ZWC.TO Sharpe Ratio is 3.61, which is comparable to the BANK.TO Sharpe Ratio of 4.59. The chart below compares the historical Sharpe Ratios of ZWC.TO and BANK.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.

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Sharpe Ratios by Period

ZWC.TOBANK.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.61

4.59

-0.98

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.10

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.56

1.08

-0.52

Drawdowns

ZWC.TO vs. BANK.TO - Drawdown Comparison

The maximum ZWC.TO drawdown since its inception was -40.57%, which is greater than BANK.TO's maximum drawdown of -29.03%. Use the drawdown chart below to compare losses from any high point for ZWC.TO and BANK.TO.

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Drawdown Indicators

ZWC.TOBANK.TODifference

Max Drawdown

Largest peak-to-trough decline

-40.57%

-29.03%

-11.54%

Max Drawdown (1Y)

Largest decline over 1 year

-5.99%

-8.23%

+2.24%

Max Drawdown (3Y)

Largest decline over 3 years

-9.09%

-15.49%

+6.40%

Max Drawdown (5Y)

Largest decline over 5 years

-16.43%

—

—

Current Drawdown

Current decline from peak

-0.97%

-1.16%

+0.19%

Average Drawdown

Average peak-to-trough decline

-4.69%

-8.81%

+4.12%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.21%

1.86%

-0.65%

Volatility

ZWC.TO vs. BANK.TO - Volatility Comparison

The current volatility for BMO CA High Dividend Covered Call ETF (ZWC.TO) is 2.40%, while Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund (BANK.TO) has a volatility of 4.28%. This indicates that ZWC.TO experiences smaller price fluctuations and is considered to be less risky than BANK.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZWC.TOBANK.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.40%

4.28%

-1.88%

Volatility (6M)

Calculated over the trailing 6-month period

6.77%

10.45%

-3.68%

Volatility (1Y)

Calculated over the trailing 1-year period

7.80%

12.09%

-4.29%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.13%

15.65%

-5.52%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.94%

15.65%

-0.71%

ZWC.TO vs. BANK.TO - Expense Ratio Comparison

ZWC.TO has a 0.91% expense ratio, which is higher than BANK.TO's 0.60% expense ratio.

Dividends

ZWC.TO vs. BANK.TO - Dividend Comparison

ZWC.TO's dividend yield for the trailing twelve months is around 5.64%, less than BANK.TO's 13.02% yield.

PositionTTM202520242023202220212020201920182017
BANK.TO
Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund		13.02%13.73%15.28%13.60%10.52%0.00%0.00%0.00%0.00%0.00%
ZWC.TO
BMO CA High Dividend Covered Call ETF		5.64%5.92%6.73%7.62%7.01%6.60%8.15%6.92%7.11%5.46%

Frequently Asked Questions

ZWC.TO and BANK.TO have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, BANK.TO is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

BANK.TO is cheaper with a 0.60% expense ratio, compared with 0.91% for ZWC.TO.

They also come from different issuers: BMO and Evolve. Their fees differ too: 0.91% for ZWC.TO and 0.60% for BANK.TO.

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