VS
Compare BMO MSCI Canada Value Index ETF (ZVC) vs Global X Equal Weight Canadian Banks Index Corporate Class ETF (HEWB) to find the best fit for your portfolio. ZVC provides Finance, Energy, and Non-Energy Materials exposures, while HEWB is primarily weighted in Finance. When evaluating costs, ZVC features a management fee (MER) of 0.35%, compared to 0.28% for HEWB. Performance-wise, ZVC has returned 23.35% year-to-date with +$7 M in net flows, whereas HEWB is at 31.49% with +$38 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
ZVC
HEWB
| AuM | $58.18 M | $357.84 M |
| Management Fees | 0.35% | 0.28% |
| Exp. ratio | 0.40% | 0.28% |
| Tracking Difference | -0.54% | -0.70% |
Historical performance and flows
As of October 26, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZVC | +1.86% | +3.10% | +23.35% | +32.39% | +102.60% |
HEWB | +0.62% | -1.24% | +31.49% | +44.08% | +183.46% | |
| Flows | ZVC | +$0 M | +$5 M | +$7 M | +$9 M | +$15 M |
HEWB | +$6 M | +$11 M | +$38 M | +$37 M | +$38 M |
ZVC vs HEWB exposure
Countries
ZVC
Canada
99.68%
HEWB
Canada
100.00%
Sectors
ZVC
Finance
40.39%
Energy
18.25%
Non-Energy Materials
15.99%
Industrials
8.65%
Technology
7.35%
Other
9.37%
HEWB
Finance
100.00%
As of October 26, 2026
Top 10 Holdings
ZVC
The Toronto-Dominion Bank
7.85%
The Bank of Nova Scotia
7.37%
Bank of Montreal
5.91%
Manulife Financial Corp.
5.82%
Barrick Mining Corp.
5.70%
Suncor Energy, Inc.
5.60%
CGI, Inc.
4.99%
Canadian Natural Resources Ltd.
4.52%
Canadian Pacific Kansas City Ltd.
4.48%
Canadian Imperial Bank of Commerce
3.69%
HEWB
The Bank of Nova Scotia
17.59%
The Toronto-Dominion Bank
17.41%
Royal Bank of Canada
17.16%
Bank of Montreal
16.64%
Canadian Imperial Bank of Commerce
15.79%
National Bank of Canada
15.42%
Diversification
ZVC
Total weight of top 10 holdings out of 50 total
55.92%
HEWB
Total weight of top 10 holdings out of 6 total
100.00%
Characteristics
Compare
ZVC
HEWB
| Provider | BMO | Global X |
| Management | Passively managed | Passively managed |
| Benchmark | MSCI Canada Enhanced Value Capped Index - CAD | Solactive Equal Weight Canada Banks GTR Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Capitalization |
| Trailing 12m distribution yield | 1.87% | 0.00% |
| Meets ESG criteria | No | No |
| Inception Date | October 4, 2017 | January 23, 2019 |
Frequently asked questions about ZVC and HEWB
Which ETF has performed better year to date: ZVC or HEWB?
As of October 26, 2026, ZVC has returned 23.35% year to date, while HEWB has returned 31.49%. HEWB is ahead on YTD performance.
Which ETF is larger by assets under management: ZVC or HEWB?
As of October 26, 2026, ZVC manages $58.18 M in assets, while HEWB manages $357.84 M. HEWB is the larger fund by AUM.
How are ZVC and HEWB managed?
ZVC is passively managed by BMO. It tracks the MSCI Canada Enhanced Value Capped Index - CAD benchmark. HEWB is passively managed by Global X. It tracks the Solactive Equal Weight Canada Banks GTR Index - CAD benchmark.
What sectors do ZVC and HEWB emphasize?
ZVC is most exposed to Finance, Energy, and Non-Energy Materials. HEWB is most exposed to Finance.
Which ETF is attracting more investor flows: ZVC or HEWB?
Year to date, ZVC has seen +$6.53 M in net flows, compared with +$38.16 M for HEWB. HEWB has attracted more net investor money so far.
How do the fees of ZVC and HEWB compare?
ZVC has an expense ratio of 0.40%, while HEWB has an expense ratio of 0.28%.
What are the top holdings of ZVC and HEWB?
ZVC's largest holdings include The Toronto-Dominion Bank, The Bank of Nova Scotia, and Bank of Montreal. HEWB's top holdings include The Bank of Nova Scotia, The Toronto-Dominion Bank, and Royal Bank of Canada.
Which ETF is more diversified: ZVC or HEWB?
ZVC holds 50 securities, while HEWB holds 6. On holdings count, ZVC is the more diversified portfolio.
Recent articles about ZVC and HEWB
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All content on the ETF Market Canada is for your general information use only, Cboe is not responsible for any use of content by you outside this scope. In particular, the content does not constitute any form of advice, recommendation, representation, endorsement or arrangement by Cboe and is not intended to be relied upon by users in making (or refraining from making) any specific investment or other decisions.