A side-by-side comparison of Hamilton Canadian Bank Equal-Weight Index ETF (HEB) and BMO Covered Call Canadian Banks ETF (ZWB) to help Canadian investors make an informed decision.
1-Year Performance
Normalised to 100 at the start — shows relative return over the trailing 12 months.
Head-to-Head Comparison
| Metric | HEB | ZWB |
|---|---|---|
| YTD Return | +23.55%✓ | +17.24% |
| 1-Day Change | -0.85% | -0.47%✓ |
| 1-Week Change | -2.05% | -1.98%✓ |
| 1-Month Change | -0.62%✓ | -0.57% |
| Current Price | $33.84 | $29.65 |
| AUM | $1.36B | $4.67B✓ |
| MER (Expense Ratio) | — | 0% |
| Dividend Yield | 2.72% | 5.29%✓ |
| Distribution Frequency | Monthly | Monthly |
| Inception Date | 2023-04-03 | 2011-01-28 |
| Holdings Count | 6 | 7 |
| MorningStar Rating | ★★★★ | ★★★ |
| Category | Financial Services Equity | Financial Services Equity |
| Beta | 1.03 | 0.90 |
| 52-Week High | $36.42 | $31.80 |
| 52-Week Low | $23.47 | $21.33 |
| 50-Day MA | $35.08 | $30.80 |
| 200-Day MA | $31.30 | $28.04 |
✓ marks the better value for return/yield/AUM metrics. Lower ✓ for MER.
Annualised Returns
| Period | HEB | ZWB |
|---|---|---|
| YTD | +23.55%✓ | +17.24% |
| 1 Year | +48.59%✓ | +42.21% |
| 3 Year | +38.12%✓ | +30.30% |
| 5 Year | — | +15.70% |
| 10 Year | — | +12.70% |
| 1Y Volatility | 16.96% | 14.96% |
| Sharpe Ratio (3Y) | 1.82 | 1.68 |
Past performance is not a guarantee of future results.
Top 10 Holdings
| 1 | BNS | Bank of Nova Scotia | 17.57% |
| 2 | TD | Toronto Dominion Bank | 17.43% |
| 3 | RY | Royal Bank of Canada | 17.30% |
| 4 | BMO | Bank of Montreal | 16.49% |
| 5 | CM | Canadian Imperial Bank Of Commerce | 15.81% |
| 6 | NA | National Bank of Canada | 15.44% |
| 1 | ZEB | BMO S&P/TSX Equal Weight Banks | 19.67% |
| 2 | BNS | Bank of Nova Scotia | 14.15% |
| 3 | TD | Toronto Dominion Bank | 13.80% |
| 4 | BMO | Bank of Montreal | 13.45% |
| 5 | RY | Royal Bank of Canada | 13.42% |
| 6 | CM | Canadian Imperial Bank Of Commerce | 12.68% |
| 7 | NA | National Bank of Canada | 12.60% |
Sector Weights
| Sector | HEB | ZWB |
|---|---|---|
| Basic Materials | 0.00% | 0.00% |
| Communication Services | 0.00% | 0.00% |
| Consumer Cyclicals | 0.00% | 0.00% |
| Consumer Defensive | 0.00% | 0.00% |
| Energy | 0.00% | 0.00% |
| Financial Services | 100.00% | 100.00% |
| Healthcare | 0.00% | 0.00% |
| Industrials | 0.00% | 0.00% |
| Real Estate | 0.00% | 0.00% |
| Technology | 0.00% | 0.00% |
| Utilities | 0.00% | 0.00% |
About HEB
HEB is designed to track the returns of the Solactive Equal Weight Canada Banks Index, net of fees and expenses. HEB rebalances semi-annually to equal-weight.
About ZWB
BMO Covered Call Canadian Banks ETF (ZWB.TO) is a Canadian-listed ETF traded on the Toronto Stock Exchange. More detailed information will be available soon.
Which ETF is Right for You?
Both HEB and ZWB are listed on Canadian exchanges and accessible through most Canadian brokerages including Questrade, Wealthsimple Trade, TD Direct, and Interactive Brokers.
Based on the available data, ZWB scores higher across our tracked metrics including YTD performance, dividend yield, and AUM — though both ETFs warrant individual research before investing.
- Consider your account type (TFSA, RRSP, non-registered) as it can affect dividend taxation.
- Compare management expense ratios (MER) directly on each provider's website.
- Look at average daily trading volume to assess liquidity.
- Review the fund's underlying index and holdings to ensure the exposure matches your goals.
This is not financial advice. Always do your own research or consult a licensed financial advisor before investing.
Frequently Asked Questions
What is the difference between HEB and ZWB?
HEB (Hamilton Canadian Bank Equal-Weight Index ETF) and ZWB (BMO Covered Call Canadian Banks ETF) are both Canadian-listed ETFs. Key differences include their AUM ($1.36B vs $4.67B), dividend yield (2.72% vs 5.29%), and year-to-date performance (+23.55% vs +17.24%).
Is HEB better than ZWB?
There is no single "better" ETF — it depends on your investment goals. If you prioritise recent performance, HEB has outperformed year-to-date. Always review the fund's prospectus and consider your tax situation.
Can I buy HEB and ZWB on Wealthsimple?
Most Canadian-listed ETFs are available on Wealthsimple Trade commission-free. Both HEB and ZWB should be accessible. Check Wealthsimple's supported tickers list to confirm availability.
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