ZWG.TO vs. CBNK.TO
ZWG.TO (BMO Global High Dividend Covered Call ETF) and CBNK.TO (Mulvihill Canadian Bank Enhanced Yield ETF) are both Derivative Income funds. Both are actively managed. Over the past 3 years, ZWG.TO returned 16.14%/yr vs 38.97%/yr for CBNK.TO. A 0.53 correlation means they provide meaningful diversification when combined.
Performance
ZWG.TO vs. CBNK.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZWG.TO achieves a 11.46% return, which is significantly lower than CBNK.TO's 25.56% return.
ZWG.TO
- 1D
- -0.41%
- 1M
- 7.53%
- YTD
- 11.46%
- 6M
- 8.19%
- 1Y
- 22.65%
- 3Y*
- 16.14%
- 5Y*
- 10.76%
- 10Y*
- —
CBNK.TO
- 1D
- 0.42%
- 1M
- 7.74%
- YTD
- 25.56%
- 6M
- 32.17%
- 1Y
- 79.20%
- 3Y*
- 38.97%
- 5Y*
- —
- 10Y*
- —
ZWG.TO vs. CBNK.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
ZWG.TO BMO Global High Dividend Covered Call ETF | 11.46% | 7.31% | 21.47% | 9.25% | 1.90% |
CBNK.TO Mulvihill Canadian Bank Enhanced Yield ETF | 25.56% | 51.67% | 27.42% | 8.42% | -19.87% |
Correlation
The correlation between ZWG.TO and CBNK.TO is 0.53, 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 | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Mar 3, 2022 | 0.53 |
The correlation between ZWG.TO and CBNK.TO has been stable across timeframes, ranging from 0.51 to 0.53 - a consistent structural relationship.
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Return for Risk
ZWG.TO vs. CBNK.TO — Risk / Return Rank
ZWG.TO
CBNK.TO
ZWG.TO vs. CBNK.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Global High Dividend Covered Call ETF (ZWG.TO) and Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.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.
| ZWG.TO | CBNK.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.04 | ||
| Sortino ratioReturn per unit of downside risk | -3.78 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.87 | -0.50 |
| Calmar ratioReturn relative to maximum drawdown | 3.31 | 7.94 | -4.63 |
| Martin ratioReturn relative to average drawdown | 12.68 | 34.25 | -21.57 |
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
| ZWG.TO | CBNK.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.08 | 5.12 | -3.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.92 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.21 | 1.10 | -0.89 |
Drawdowns
ZWG.TO vs. CBNK.TO - Drawdown Comparison
The maximum ZWG.TO drawdown since its inception was -25.55%, smaller than the maximum CBNK.TO drawdown of -32.12%. Use the drawdown chart below to compare losses from any high point for ZWG.TO and CBNK.TO.
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Drawdown Indicators
| ZWG.TO | CBNK.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.55% | -32.12% | +6.57% |
Max Drawdown (1Y)Largest decline over 1 year | -6.88% | -10.03% | +3.15% |
Max Drawdown (3Y)Largest decline over 3 years | -14.87% | -17.92% | +3.05% |
Max Drawdown (5Y)Largest decline over 5 years | -15.62% | — | — |
Current DrawdownCurrent decline from peak | -0.56% | -2.29% | +1.73% |
Average DrawdownAverage peak-to-trough decline | -3.46% | -10.92% | +7.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.79% | 2.32% | -0.53% |
Volatility
ZWG.TO vs. CBNK.TO - Volatility Comparison
The current volatility for BMO Global High Dividend Covered Call ETF (ZWG.TO) is 4.16%, while Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.TO) has a volatility of 5.67%. This indicates that ZWG.TO experiences smaller price fluctuations and is considered to be less risky than CBNK.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZWG.TO | CBNK.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.16% | 5.67% | -1.51% |
Volatility (6M)Calculated over the trailing 6-month period | 8.75% | 13.29% | -4.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.95% | 15.55% | -4.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.71% | 17.55% | -5.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 239.97% | 17.55% | +222.42% |
Dividends
ZWG.TO vs. CBNK.TO - Dividend Comparison
ZWG.TO's dividend yield for the trailing twelve months is around 5.88%, less than CBNK.TO's 5.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
CBNK.TO Mulvihill Canadian Bank Enhanced Yield ETF | 5.94% | 5.86% | 8.25% | 9.59% | 7.85% | 0.00% | 0.00% |
ZWG.TO BMO Global High Dividend Covered Call ETF | 5.88% | 6.41% | 6.48% | 7.42% | 7.23% | 6.40% | 6.09% |
Frequently Asked Questions
ZWG.TO and CBNK.TO have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: BMO and Mulvihill.
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