ZWK.TO vs. HBNK.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO Covered Call US Banks ETF (ZWK.TO) and Global X Equal Weight Banks Index ETF (HBNK.TO).

ZWK.TO and HBNK.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZWK.TO is an actively managed fund by BMO. It was launched on Feb 12, 2019. HBNK.TO is a passively managed fund by Global X that tracks the performance of the Solactive Equal Weight Canada Banks Index. It was launched on Jul 5, 2023.

Performance

ZWK.TO vs. HBNK.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 Global X Equal Weight Banks Index ETF (HBNK.TO). The values are adjusted to include any dividend payments, if applicable.

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

	2026 (YTD)	2025	2024	2023
ZWK.TO BMO Covered Call US Banks ETF	-2.90%	16.61%	40.99%	14.61%
HBNK.TO Global X Equal Weight Banks Index ETF	1.67%	43.71%	24.77%	8.99%

Returns By Period

In the year-to-date period, ZWK.TO achieves a -2.90% return, which is significantly lower than HBNK.TO's 1.67% return.

ZWK.TO

• 1D: 3.43%
• 1M: -1.26%
• YTD: -2.90%
• 6M: 2.19%
• 1Y: 18.42%
• 3Y*: 21.66%
• 5Y*: 5.11%
• 10Y*: —

HBNK.TO

• 1D: 2.25%
• 1M: -4.06%
• YTD: 1.67%
• 6M: 14.60%
• 1Y: 52.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

ZWK.TO has a 0.65% expense ratio, which is higher than HBNK.TO's 0.09% expense ratio.

ZWK.TO

BMO Covered Call US Banks ETF

HBNK.TO

Global X Equal Weight Banks Index ETF

Return for Risk

ZWK.TO vs. HBNK.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: 40
ZWK.TO Sharpe Ratio Rank: 37
ZWK.TO Sortino Ratio Rank: 35
ZWK.TO Omega Ratio Rank: 40
ZWK.TO Calmar Ratio Rank: 48
ZWK.TO Martin Ratio Rank: 38

HBNK.TO

HBNK.TO Risk / Return Rank: 98
HBNK.TO Sharpe Ratio Rank: 98
HBNK.TO Sortino Ratio Rank: 98
HBNK.TO Omega Ratio Rank: 98
HBNK.TO Calmar Ratio Rank: 98
HBNK.TO Martin Ratio Rank: 98

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. HBNK.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 Global X Equal Weight Banks Index ETF (HBNK.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	HBNK.TO	Difference
Sharpe ratio Return per unit of total volatility	0.72	3.89	-3.17
Sortino ratio Return per unit of downside risk	1.04	4.95	-3.90
Omega ratio Gain probability vs. loss probability	1.16	1.76	-0.59
Calmar ratio Return relative to maximum drawdown	1.28	6.21	-4.94
Martin ratio Return relative to average drawdown	3.61	24.46	-20.85
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. HBNK.TO - Sharpe Ratio Comparison

The current ZWK.TO Sharpe Ratio is 0.72, which is lower than the HBNK.TO Sharpe Ratio of 3.89. The chart below compares the historical Sharpe Ratios of ZWK.TO and HBNK.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ZWK.TO	HBNK.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.72	3.89	-3.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	2.31	-2.12

Correlation

The correlation between ZWK.TO and HBNK.TO is 0.62, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

ZWK.TO vs. HBNK.TO - Dividend Comparison

ZWK.TO's dividend yield for the trailing twelve months is around 6.79%, more than HBNK.TO's 2.97% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019
ZWK.TO BMO Covered Call US Banks ETF	6.79%	6.49%	7.05%	10.38%	8.21%	6.54%	8.46%	5.11%
HBNK.TO Global X Equal Weight Banks Index ETF	2.97%	3.24%	4.15%	2.45%	0.00%	0.00%	0.00%	0.00%

Drawdowns

ZWK.TO vs. HBNK.TO - Drawdown Comparison

The maximum ZWK.TO drawdown since its inception was -48.02%, which is greater than HBNK.TO's maximum drawdown of -14.78%. Use the drawdown chart below to compare losses from any high point for ZWK.TO and HBNK.TO.

Drawdown Indicators

	ZWK.TO	HBNK.TO	Difference
Max Drawdown Largest peak-to-trough decline	-48.02%	-14.78%	-33.24%
Max Drawdown (1Y) Largest decline over 1 year	-16.24%	-8.48%	-7.76%
Max Drawdown (5Y) Largest decline over 5 years	-48.02%	—	—
Current Drawdown Current decline from peak	-10.07%	-6.03%	-4.04%
Average Drawdown Average peak-to-trough decline	-16.73%	-2.41%	-14.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.73%	2.15%	+3.58%

Volatility

ZWK.TO vs. HBNK.TO - Volatility Comparison

BMO Covered Call US Banks ETF (ZWK.TO) has a higher volatility of 6.50% compared to Global X Equal Weight Banks Index ETF (HBNK.TO) at 5.70%. This indicates that ZWK.TO's price experiences larger fluctuations and is considered to be riskier than HBNK.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZWK.TO	HBNK.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.50%	5.70%	+0.80%
Volatility (6M) Calculated over the trailing 6-month period	15.48%	9.90%	+5.58%
Volatility (1Y) Calculated over the trailing 1-year period	25.71%	13.46%	+12.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.31%	12.43%	+11.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.77%	12.43%	+16.34%