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ZWH.TO vs. CBNK.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZWH.TO vs. CBNK.TO

Last updated Jun 4, 2026

ZWH.TO (BMO US 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, ZWH.TO returned 14.93%/yr vs 38.97%/yr for CBNK.TO. At a 0.47 correlation, their price movements are largely independent.

Performance

ZWH.TO vs. CBNK.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO US High Dividend Covered Call ETF (ZWH.TO) and Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.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, ZWH.TO achieves a 13.86% return, which is significantly lower than CBNK.TO's 25.56% return.

ZWH.TO

1D
0.66%
1M
7.97%
YTD
13.86%
6M
11.86%
1Y
27.24%
3Y*
14.93%
5Y*
11.42%
10Y*
9.87%

CBNK.TO

1D
0.42%
1M
7.74%
YTD
25.56%
6M
32.17%
1Y
79.20%
3Y*
38.97%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZWH.TO vs. CBNK.TO - Yearly Performance Comparison

2026 (YTD)2025202420232022
ZWH.TO
BMO US High Dividend Covered Call ETF		13.86%6.40%19.30%5.04%3.73%
CBNK.TO
Mulvihill Canadian Bank Enhanced Yield ETF		25.56%51.67%27.42%8.42%-19.87%

Correlation

The correlation between ZWH.TO and CBNK.TO is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.43

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

0.45

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

0.47

Compare stocks, funds, or ETFs

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BMO US High Dividend Covered Call ETF

Mulvihill Canadian Bank Enhanced Yield ETF

Often compared with ZWH.TO:
ZWH.TO vs. ZWC.TOZWH.TO vs. JEPIZWH.TO vs. XEI.TOZWH.TO vs. XDIV.TOZWH.TO vs. HMAX.TOZWH.TO vs. SCHDZWH.TO vs. PDF.TO
Often compared with CBNK.TO:
CBNK.TO vs. BANK.TOCBNK.TO vs. BKCL.TOCBNK.TO vs. YGOG.NEOCBNK.TO vs. CANY.TOCBNK.TO vs. NXF.TOCBNK.TO vs. ECHI.TOCBNK.TO vs. VDY.TO

Return for Risk

ZWH.TO vs. CBNK.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZWH.TO
ZWH.TO Risk / Return Rank: 8585
Overall Rank
ZWH.TO Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
ZWH.TO Sortino Ratio Rank: 8888
Sortino Ratio Rank
ZWH.TO Omega Ratio Rank: 8383
Omega Ratio Rank
ZWH.TO Calmar Ratio Rank: 8686
Calmar Ratio Rank
ZWH.TO Martin Ratio Rank: 8787
Martin Ratio Rank
CBNK.TO
CBNK.TO Risk / Return Rank: 9696
Overall Rank
CBNK.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
CBNK.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
CBNK.TO Omega Ratio Rank: 9797
Omega Ratio Rank
CBNK.TO Calmar Ratio Rank: 9595
Calmar Ratio Rank
CBNK.TO Martin Ratio Rank: 9696
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.

ZWH.TO vs. CBNK.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO US High Dividend Covered Call ETF (ZWH.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.

ZWH.TOCBNK.TODifference
Sharpe ratioReturn per unit of total volatility
2.77
5.12

-2.35

Sortino ratioReturn per unit of downside risk
4.08
6.76

-2.69

Omega ratioGain probability vs. loss probability

1.51

1.87

-0.36

Calmar ratioReturn relative to maximum drawdown

4.81

7.94

-3.13

Martin ratioReturn relative to average drawdown

18.98

34.25

-15.28

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

ZWH.TO vs. CBNK.TO - Sharpe Ratio Comparison

The current ZWH.TO Sharpe Ratio is 2.77, which is lower than the CBNK.TO Sharpe Ratio of 5.12. The chart below compares the historical Sharpe Ratios of ZWH.TO and CBNK.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

ZWH.TOCBNK.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.77

5.12

-2.35

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.99

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.67

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.80

1.10

-0.30

Drawdowns

ZWH.TO vs. CBNK.TO - Drawdown Comparison

The maximum ZWH.TO drawdown since its inception was -34.01%, which is greater than CBNK.TO's maximum drawdown of -32.12%. Use the drawdown chart below to compare losses from any high point for ZWH.TO and CBNK.TO.

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Drawdown Indicators

ZWH.TOCBNK.TODifference

Max Drawdown

Largest peak-to-trough decline

-34.01%

-32.12%

-1.89%

Max Drawdown (1Y)

Largest decline over 1 year

-5.69%

-10.03%

+4.34%

Max Drawdown (3Y)

Largest decline over 3 years

-15.59%

-17.92%

+2.33%

Max Drawdown (5Y)

Largest decline over 5 years

-15.59%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-34.01%

—

—

Current Drawdown

Current decline from peak

0.00%

-2.29%

+2.29%

Average Drawdown

Average peak-to-trough decline

-3.11%

-10.92%

+7.81%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.44%

2.32%

-0.88%

Volatility

ZWH.TO vs. CBNK.TO - Volatility Comparison

The current volatility for BMO US High Dividend Covered Call ETF (ZWH.TO) is 3.46%, while Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.TO) has a volatility of 5.67%. This indicates that ZWH.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

ZWH.TOCBNK.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.46%

5.67%

-2.21%

Volatility (6M)

Calculated over the trailing 6-month period

7.66%

13.29%

-5.63%

Volatility (1Y)

Calculated over the trailing 1-year period

9.91%

15.55%

-5.64%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.65%

17.55%

-5.90%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.84%

17.55%

-2.71%

Dividends

ZWH.TO vs. CBNK.TO - Dividend Comparison

ZWH.TO's dividend yield for the trailing twelve months is around 5.76%, less than CBNK.TO's 5.94% yield.

PositionTTM20252024202320222021202020192018201720162015
CBNK.TO
Mulvihill Canadian Bank Enhanced Yield ETF		5.94%5.86%8.25%9.59%7.85%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
ZWH.TO
BMO US High Dividend Covered Call ETF		5.76%6.22%4.87%5.71%6.03%5.64%6.59%5.97%5.66%5.46%5.57%5.31%

Frequently Asked Questions

ZWH.TO and CBNK.TO have a correlation of 0.43, 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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