ZWK.TO vs. CALL.TO

Last updated Jun 4, 2026

ZWK.TO (BMO Covered Call US Banks ETF) and CALL.TO (Evolve US Banks Enhanced Yield Fund Hedged Units) are both exchange-traded funds - ZWK.TO is a Financials Equities fund actively managed by BMO, while CALL.TO is a fund fund. Over the past 5 years, ZWK.TO returned 5.14%/yr vs 2.20%/yr for CALL.TO. A 0.78 correlation means they provide meaningful diversification when combined.

Performance

ZWK.TO vs. CALL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Covered Call US Banks ETF (ZWK.TO) and Evolve US Banks Enhanced Yield Fund Hedged Units (CALL.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZWK.TO achieves a 3.97% return, which is significantly higher than CALL.TO's 1.20% return.

ZWK.TO

• 1D: -0.70%
• 1M: 2.85%
• YTD: 3.97%
• 6M: 5.81%
• 1Y: 29.64%
• 3Y*: 25.07%
• 5Y*: 5.14%
• 10Y*: —

CALL.TO

• 1D: -1.52%
• 1M: -0.55%
• YTD: 1.20%
• 6M: 5.50%
• 1Y: 23.36%
• 3Y*: 21.97%
• 5Y*: 2.20%
• 10Y*: —

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

ZWK.TO vs. CALL.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ZWK.TO BMO Covered Call US Banks ETF	3.97%	16.61%	40.99%	-15.25%	-17.50%	37.38%	-14.63%	13.05%
CALL.TO Evolve US Banks Enhanced Yield Fund Hedged Units	1.20%	17.96%	30.56%	-10.46%	-21.68%	35.56%	-12.36%	16.96%

Correlation

The correlation between ZWK.TO and CALL.TO is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Feb 19, 2019	0.78

The correlation between ZWK.TO and CALL.TO shifts across timeframes, from 0.78 (all time) to 0.91 (3 years), reflecting how their relationship changes across market environments.

ZWK.TO vs. CALL.TO - Sectors Allocation Comparison

Sectors	ZWK.TO	CALL.TO
Financial Services	100.0%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

ZWK.TO vs. CALL.TO — Risk / Return Rank

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

ZWK.TO

ZWK.TO Risk / Return Rank: 42
ZWK.TO Sharpe Ratio Rank: 46
ZWK.TO Sortino Ratio Rank: 43
ZWK.TO Omega Ratio Rank: 45
ZWK.TO Calmar Ratio Rank: 39
ZWK.TO Martin Ratio Rank: 39

CALL.TO

CALL.TO Risk / Return Rank: 31
CALL.TO Sharpe Ratio Rank: 32
CALL.TO Sortino Ratio Rank: 31
CALL.TO Omega Ratio Rank: 32
CALL.TO Calmar Ratio Rank: 30
CALL.TO Martin Ratio Rank: 28

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.

ZWK.TO vs. CALL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Covered Call US Banks ETF (ZWK.TO) and Evolve US Banks Enhanced Yield Fund Hedged Units (CALL.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.

	ZWK.TO	CALL.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.57	1.16	+0.41
Sortino ratio: Return per unit of downside risk	2.13	1.68	+0.45
Omega ratio: Gain probability vs. loss probability	1.28	1.21	+0.07
Calmar ratio: Return relative to maximum drawdown	1.89	1.47	+0.42
Martin ratio: Return relative to average drawdown	6.05	4.12	+1.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZWK.TO vs. CALL.TO - Sharpe Ratio Comparison

The current ZWK.TO Sharpe Ratio is 1.57, which is higher than the CALL.TO Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of ZWK.TO and CALL.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

	ZWK.TO	CALL.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.57	1.16	+0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	0.08	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.16	+0.07

Drawdowns

ZWK.TO vs. CALL.TO - Drawdown Comparison

The maximum ZWK.TO drawdown since its inception was -48.02%, smaller than the maximum CALL.TO drawdown of -52.03%. Use the drawdown chart below to compare losses from any high point for ZWK.TO and CALL.TO.

Drawdown Indicators

	ZWK.TO	CALL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-48.02%	-52.03%	+4.01%
Max Drawdown (1Y) Largest decline over 1 year	-15.73%	-15.97%	+0.24%
Max Drawdown (3Y) Largest decline over 3 years	-25.84%	-26.25%	+0.41%
Max Drawdown (5Y) Largest decline over 5 years	-48.02%	-52.03%	+4.01%
Current Drawdown Current decline from peak	-3.71%	-7.39%	+3.68%
Average Drawdown Average peak-to-trough decline	-16.46%	-18.35%	+1.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.91%	5.69%	-0.78%

Volatility

ZWK.TO vs. CALL.TO - Volatility Comparison

The current volatility for BMO Covered Call US Banks ETF (ZWK.TO) is 5.04%, while Evolve US Banks Enhanced Yield Fund Hedged Units (CALL.TO) has a volatility of 5.57%. This indicates that ZWK.TO experiences smaller price fluctuations and is considered to be less risky than CALL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZWK.TO	CALL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.04%	5.57%	-0.53%
Volatility (6M) Calculated over the trailing 6-month period	14.21%	14.88%	-0.67%
Volatility (1Y) Calculated over the trailing 1-year period	19.03%	20.27%	-1.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.32%	27.30%	-2.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.53%	29.06%	-0.53%

Dividends

ZWK.TO vs. CALL.TO - Dividend Comparison

ZWK.TO's dividend yield for the trailing twelve months is around 6.41%, less than CALL.TO's 11.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CALL.TO Evolve US Banks Enhanced Yield Fund Hedged Units	11.04%	10.68%	11.24%	13.02%	10.20%	6.87%	8.49%	7.32%	11.55%
ZWK.TO BMO Covered Call US Banks ETF	6.41%	6.49%	7.05%	10.38%	8.21%	6.54%	8.46%	5.11%	0.00%

Frequently Asked Questions

Can I hold both ZWK.TO and CALL.TO in my portfolio?

With a correlation of 0.91, ZWK.TO and CALL.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.