A side-by-side comparison of BMO Covered Call Canadian Banks ETF (ZWB) and Hamilton Canadian Financials YIELD MAXIMIZER ETF (HMAX) to help Canadian investors make an informed decision.
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1-Year Performance
Normalised to 100 at the start — shows relative return over the trailing 12 months.
Head-to-Head Comparison
| Metric | ZWB | HMAX |
|---|---|---|
| YTD Return | +21.91%✓ | +11.12% |
| 1-Day Change | +0.49%✓ | +0.17% |
| 1-Week Change | +3.25%✓ | +1.69% |
| 1-Month Change | +6.53%✓ | +4.51% |
| Current Price | $30.83 | $18.09 |
| AUM | $4.53B✓ | $2.41B |
| MER (Expense Ratio) | 0%✓ | 65% |
| Dividend Yield | 5.02% | 11.54%✓ |
| Distribution Frequency | Monthly | Monthly |
| Inception Date | 2011-01-28 | 2023-01-20 |
| Holdings Count | 7 | 10 |
| MorningStar Rating | ★★★ | ★★ |
| Category | Financial Services Equity | Financial Services Equity |
| Beta | 0.91 | 0.85 |
| 52-Week High | $30.90 | $18.14 |
| 52-Week Low | $19.27 | $12.77 |
| 50-Day MA | $28.25 | $17.04 |
| 200-Day MA | $25.40 | $16.13 |
✓ marks the better value for return/yield/AUM metrics. Lower ✓ for MER.
Annualised Returns
| Period | ZWB | HMAX |
|---|---|---|
| YTD | +21.91%✓ | +11.12% |
| 1 Year | +56.57%✓ | +39.17% |
| 3 Year | +28.02%✓ | +22.96% |
| 5 Year | +15.03% | — |
| 10 Year | +12.75% | — |
| 1Y Volatility | 11.62% | 9.58% |
| Sharpe Ratio (3Y) | 1.54 | 1.54 |
Past performance is not a guarantee of future results.
Top 10 Holdings
| 1 | ZEB | BMO S&P/TSX Equal Weight Banks | 21.38% |
| 2 | CM | Canadian Imperial Bank Of Commerce | 13.40% |
| 3 | NA | National Bank of Canada | 13.28% |
| 4 | TD | Toronto Dominion Bank | 13.21% |
| 5 | RY | Royal Bank of Canada | 12.98% |
| 6 | BMO | Bank of Montreal | 12.96% |
| 7 | BNS | Bank of Nova Scotia | 12.76% |
| 1 | RY | Royal Bank of Canada | 25.19% |
| 2 | TD | Toronto Dominion Bank | 17.80% |
| 3 | BMO | Bank of Montreal | 10.69% |
| 4 | BN | Brookfield Corporation | 10.50% |
| 5 | CM | Canadian Imperial Bank Of Commerce | 9.41% |
| 6 | BNS | Bank of Nova Scotia | 9.26% |
| 7 | MFC | Manulife Financial Corp | 6.01% |
| 8 | NA | National Bank of Canada | 5.37% |
| 9 | GWO | Great-West Lifeco Inc. | 4.96% |
| 10 | IFC | Intact Financial Corporation | 3.26% |
Sector Weights
| Sector | ZWB | HMAX |
|---|---|---|
| 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 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.
About HMAX
HMAX is designed for attractive monthly income, while providing exposure to a market cap-weighted portfolio of Canadian financial services stocks. To reduce volatility and augment dividend income, HMAX will employ an active covered call strategy.
Which ETF is Right for You?
Both ZWB and HMAX 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 ZWB and HMAX?
ZWB (BMO Covered Call Canadian Banks ETF) and HMAX (Hamilton Canadian Financials YIELD MAXIMIZER ETF) are both Canadian-listed ETFs. Key differences include their AUM ($4.53B vs $2.41B), dividend yield (5.02% vs 11.54%), and year-to-date performance (+21.91% vs +11.12%).
Is ZWB better than HMAX?
There is no single "better" ETF — it depends on your investment goals. If you prioritise recent performance, ZWB has outperformed year-to-date. Always review the fund's prospectus and consider your tax situation.
Can I buy ZWB and HMAX on Wealthsimple?
Most Canadian-listed ETFs are available on Wealthsimple Trade commission-free. Both ZWB and HMAX should be accessible. Check Wealthsimple's supported tickers list to confirm availability.
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