A side-by-side comparison of BMO Covered Call Canadian Banks ETF (ZWB) and Invesco KBW Bank ETF (KBWB) 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 | ZWB | KBWB |
|---|---|---|
| YTD Return | +22.50%✓ | -2.87% |
| 1-Day Change | +0.26% | +1.05%✓ |
| 1-Week Change | +1.84% | +2.13%✓ |
| 1-Month Change | +2.72%✓ | +3.29% |
| Current Price | $30.98 | $90.10 |
| AUM | $4.64B | $6.66B✓ |
| MER (Expense Ratio) | — | 0.36% |
| Dividend Yield | 5.69%✓ | 2.04% |
| Distribution Frequency | Monthly | NA |
| Inception Date | 2011-01-28 | 2011-11-01 |
| Holdings Count | 7 | 25 |
| MorningStar Rating | — | — |
| Category | Financials Equity | Financials Equity |
| Beta | 0.88 | 1.19 |
| 52-Week High | $31.63 | $100.11 |
| 52-Week Low | $21.76 | $72.74 |
| 50-Day MA | $30.21 | $91.28 |
| 200-Day MA | $28.50 | $88.86 |
✓ marks the better value for return/yield/AUM metrics. Lower ✓ for MER.
Annualised Returns
| Period | ZWB | KBWB |
|---|---|---|
| YTD | +22.50%✓ | -2.87% |
| 1 Year | +38.78%✓ | +17.21% |
| 3 Year | +34.77% | +39.15%✓ |
| 5 Year | +14.58%✓ | +7.55% |
| 10 Year | +13.06%✓ | +11.31% |
| 1Y Volatility | 15.12% | 18.01% |
| Sharpe Ratio (3Y) | 1.69 | 1.21 |
Past performance is not a guarantee of future results.
Top 10 Holdings
| 1 | ZEB | BMO S&P/TSX Equal Weight Banks | 19.53% |
| 2 | RY | Royal Bank of Canada | 13.22% |
| 3 | BNS | Bank of Nova Scotia | 14.02% |
| 4 | BMO | Bank of Montreal | 13.63% |
| 5 | TD | Toronto Dominion Bank | 14.04% |
| 6 | CM | Canadian Imperial Bank Of Commerce | 13.34% |
| 7 | NA | National Bank of Canada | 13.35% |
| 1 | WFC | Wells Fargo & Company | 8.60% |
| 2 | JPM | JPMorgan Chase & Co | 7.78% |
| 3 | GS | Goldman Sachs Group Inc | 7.48% |
| 4 | MS | Morgan Stanley | 7.22% |
| 5 | BAC | Bank of America Corp | 7.08% |
| 6 | FITB | Fifth Third Bancorp | 4.47% |
| 7 | TFC | Truist Financial Corp | 4.26% |
| 8 | USB | U.S. Bancorp | 4.06% |
| 9 | PNC | PNC Financial Services Group Inc | 3.99% |
| 10 | COF | Capital One Financial Corporation | 3.94% |
Sector Weights
| Sector | ZWB | KBWB |
|---|---|---|
| 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% | 99.84% |
| 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 KBWB
The fund generally will invest at least 90% of its total assets in the securities that comprise the underlying index. The underlying index is a modified-market capitalization-weighted index of companies primarily engaged in U.S. banking activities, as determined by the index provider. The underlying index is designed to track the performance of large national U.S. money centers, regional banks, and thrift institutions that are publicly traded in the U.S. The fund is non-diversified.
Which ETF is Right for You?
Both ZWB and KBWB 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 KBWB?
ZWB (BMO Covered Call Canadian Banks ETF) and KBWB (Invesco KBW Bank ETF) are both Canadian-listed ETFs. Key differences include their AUM ($4.64B vs $6.66B), dividend yield (5.69% vs 2.04%), and year-to-date performance (+22.50% vs -2.87%).
Is ZWB better than KBWB?
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 KBWB on Wealthsimple?
Most Canadian-listed ETFs are available on Wealthsimple Trade commission-free. Both ZWB and KBWB should be accessible. Check Wealthsimple's supported tickers list to confirm availability.
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