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Global X Equal Weight Canadian Banks Index Corporate Class ETF (HEWB) and BMO Covered Call Canadian Banks ETF (ZWB) offer distinct profiles for Canadian ETF investors. A direct comparison shows that HEWB focuses its top 3 sector exposures on Financials, while ZWB leans towards Financials. When evaluating costs, HEWB features a management fee (MER) of 0.28%, compared to 0.65% for ZWB. Performance-wise, HEWB has returned 25.26% year-to-date with +$14 M in net flows, whereas ZWB is at 21.69% with +$16 M. Use the comparison tool below to benchmark these funds across top 10 holdings, yield, sector weights and historical returns.
NAV Performance and Flows
Key Data
Compare
HEWB
ZWB
| AuM | $317.93 M | $4,528.31 M |
| Management Fees | 0.28% | 0.65% |
| Exp. ratio | 0.28% | 0.72% |
| Tracking Difference | -0.78% | - |
Historical performance and flows
As of June 12, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | HEWB | +8.44% | +23.64% | +25.26% | +67.67% | +147.54% |
ZWB | +7.63% | +20.66% | +21.69% | +56.39% | +109.64% | |
| Flows | HEWB | +$2 M | +$10 M | +$14 M | +$11 M | +$16 M |
ZWB | -$0 M | -$7 M | +$16 M | -$13 M | -$212 M |
HEWB vs ZWB exposure
Countries
HEWB
Canada
99.99%
ZWB
Canada
100.25%
Sectors
HEWB
Financials
99.99%
ZWB
Financials
100.25%
As of June 12, 2026
Top 10 Holdings
HEWB
ROYAL BK CANADA
17.10%
TORONTO DOMINION
16.90%
BNS
16.65%
BANK OF MONTREAL
16.51%
CDN IMPERIAL BK
16.48%
NATIONAL BANK OF CANADA
16.35%
ZWB
NATIONAL BANK OF CANADA
17.03%
CDN IMPERIAL BK
16.97%
TORONTO DOMINION
16.92%
BNS
16.47%
BANK OF MONTREAL
16.44%
ROYAL BK CANADA
16.43%
Diversification
HEWB
Total weight of top 10 holdings out of 6 total
99.99%
ZWB
Total weight of top 10 holdings out of 6 total
100.25%
Characteristics
Compare
HEWB
ZWB
| Provider | Global X | BMO |
| Management | Passively managed | Actively managed |
| Benchmark | Solactive Equal Weight Canada Banks GTR Index - CAD | - |
| Replication Method | Direct (Physical) | |
| Asset Class | Equity | Equity |
| Dividend Policy | Capitalization | Distributing |
| Trailing 12m distribution yield | 0.00% | 4.80% |
| Meets ESG criteria | No | No |
| Inception Date | January 23, 2019 | January 28, 2011 |
Frequently asked questions about HEWB and ZWB
Which ETF has performed better year to date: HEWB or ZWB?
As of June 12, 2026, HEWB has returned 25.26% year to date, while ZWB has returned 21.69%. HEWB is ahead on YTD performance.
Which ETF is larger by assets under management: HEWB or ZWB?
As of June 12, 2026, HEWB manages $317.93 M in assets, while ZWB manages $4.53 B. ZWB is the larger fund by AUM.
How are HEWB and ZWB managed?
HEWB is passively managed by Global X. It tracks the Solactive Equal Weight Canada Banks GTR Index - CAD benchmark. ZWB is actively managed by BMO. It does not track an index.
What sectors do HEWB and ZWB emphasize?
HEWB is most exposed to Financials. ZWB is most exposed to Financials.
Which ETF is attracting more investor flows: HEWB or ZWB?
Year to date, HEWB has seen +$14.05 M in net flows, compared with +$15.68 M for ZWB. ZWB has attracted more net investor money so far.
How do the fees of HEWB and ZWB compare?
HEWB has an expense ratio of 0.28%, while ZWB has an expense ratio of 0.72%.
What are the top holdings of HEWB and ZWB?
HEWB's largest holdings include ROYAL BK CANADA, TORONTO DOMINION, and BNS. ZWB's top holdings include NATIONAL BANK OF CANADA, CDN IMPERIAL BK, and TORONTO DOMINION.
Which ETF is more diversified: HEWB or ZWB?
HEWB holds 6 securities, while ZWB holds 6. On holdings count, HEWB is the more diversified portfolio.
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