ZWK.TO vs. EBNK.TO

Last updated Jun 4, 2026

ZWK.TO (BMO Covered Call US Banks ETF) and EBNK.TO (Evolve European Banks Enhanced Yield ETF Hedged CAD) are both Financials Equities funds. Both are actively managed. Over the past 3 years, ZWK.TO returned 25.07%/yr vs 34.22%/yr for EBNK.TO. At a 0.41 correlation, their price movements are largely independent. ZWK.TO charges 0.65%/yr vs 0.60%/yr for EBNK.TO.

Performance

ZWK.TO vs. EBNK.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 European Banks Enhanced Yield ETF Hedged CAD (EBNK.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 lower than EBNK.TO's 5.02% 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*: —

EBNK.TO

• 1D: -1.56%
• 1M: 6.02%
• YTD: 5.02%
• 6M: 9.74%
• 1Y: 29.21%
• 3Y*: 34.22%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022
ZWK.TO BMO Covered Call US Banks ETF	3.97%	16.61%	40.99%	-15.25%	-23.34%
EBNK.TO Evolve European Banks Enhanced Yield ETF Hedged CAD	5.02%	60.13%	28.78%	20.83%	-4.75%

Correlation

The correlation between ZWK.TO and EBNK.TO is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (All Time) Calculated using the full available price history since Jan 12, 2022	0.41

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

Sectors	ZWK.TO	EBNK.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. EBNK.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

EBNK.TO

EBNK.TO Risk / Return Rank: 38
EBNK.TO Sharpe Ratio Rank: 37
EBNK.TO Sortino Ratio Rank: 37
EBNK.TO Omega Ratio Rank: 34
EBNK.TO Calmar Ratio Rank: 40
EBNK.TO Martin Ratio Rank: 43

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. EBNK.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 European Banks Enhanced Yield ETF Hedged CAD (EBNK.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	EBNK.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.57	1.35	+0.21
Sortino ratio: Return per unit of downside risk	2.13	1.93	+0.20
Omega ratio: Gain probability vs. loss probability	1.28	1.23	+0.05
Calmar ratio: Return relative to maximum drawdown	1.89	1.97	-0.08
Martin ratio: Return relative to average drawdown	6.05	6.97	-0.92
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. EBNK.TO - Sharpe Ratio Comparison

The current ZWK.TO Sharpe Ratio is 1.57, which is comparable to the EBNK.TO Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of ZWK.TO and EBNK.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	EBNK.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.57	1.35	+0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.86	-0.63

Drawdowns

ZWK.TO vs. EBNK.TO - Drawdown Comparison

The maximum ZWK.TO drawdown since its inception was -48.02%, which is greater than EBNK.TO's maximum drawdown of -31.02%. Use the drawdown chart below to compare losses from any high point for ZWK.TO and EBNK.TO.

Drawdown Indicators

	ZWK.TO	EBNK.TO	Difference
Max Drawdown Largest peak-to-trough decline	-48.02%	-31.02%	-17.00%
Max Drawdown (1Y) Largest decline over 1 year	-15.73%	-14.87%	-0.86%
Max Drawdown (3Y) Largest decline over 3 years	-25.84%	-21.16%	-4.68%
Max Drawdown (5Y) Largest decline over 5 years	-48.02%	—	—
Current Drawdown Current decline from peak	-3.71%	-2.24%	-1.47%
Average Drawdown Average peak-to-trough decline	-16.46%	-7.43%	-9.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.91%	4.20%	+0.71%

Volatility

ZWK.TO vs. EBNK.TO - Volatility Comparison

The current volatility for BMO Covered Call US Banks ETF (ZWK.TO) is 5.04%, while Evolve European Banks Enhanced Yield ETF Hedged CAD (EBNK.TO) has a volatility of 6.37%. This indicates that ZWK.TO experiences smaller price fluctuations and is considered to be less risky than EBNK.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZWK.TO	EBNK.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.04%	6.37%	-1.33%
Volatility (6M) Calculated over the trailing 6-month period	14.21%	17.02%	-2.81%
Volatility (1Y) Calculated over the trailing 1-year period	19.03%	21.66%	-2.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.32%	26.92%	-2.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.53%	26.92%	+1.61%

ZWK.TO vs. EBNK.TO - Expense Ratio Comparison

ZWK.TO has a 0.65% expense ratio, which is higher than EBNK.TO's 0.60% expense ratio.

Dividends

ZWK.TO vs. EBNK.TO - Dividend Comparison

ZWK.TO's dividend yield for the trailing twelve months is around 6.41%, less than EBNK.TO's 11.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
EBNK.TO Evolve European Banks Enhanced Yield ETF Hedged CAD	11.02%	11.05%	12.56%	7.32%	7.52%	0.00%	0.00%	0.00%
ZWK.TO BMO Covered Call US Banks ETF	6.41%	6.49%	7.05%	10.38%	8.21%	6.54%	8.46%	5.11%

Frequently Asked Questions

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

ZWK.TO and EBNK.TO have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZWK.TO or EBNK.TO?

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

Which ETF is cheaper, ZWK.TO or EBNK.TO?

EBNK.TO is cheaper with a 0.60% expense ratio, compared with 0.65% for ZWK.TO.

What is the main difference between ZWK.TO and EBNK.TO?

They also come from different issuers: BMO and Evolve. Their fees differ too: 0.65% for ZWK.TO and 0.60% for EBNK.TO.