VS
When evaluating costs, ZWB features a management fee (MER) of 0.65%, compared to 0.65% for HCAL. Performance-wise, ZWB has returned 29.18% year-to-date with +$61 M in net flows, whereas HCAL is at 42.07% with -$5 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
ZWB
HCAL
| AuM | $4,803.15 M | $1,086.35 M |
| Management Fees | 0.65% | 0.65% |
| Exp. ratio | 0.72% | 2.08% |
| Tracking Difference | - | - |
Historical performance and flows
As of August 6, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZWB | +0.93% | +14.10% | +29.18% | +57.80% | +115.40% |
HCAL | +1.00% | +18.96% | +42.07% | +88.26% | +203.63% | |
| Flows | ZWB | +$56 M | +$45 M | +$61 M | +$54 M | -$192 M |
HCAL | -$15 M | -$6 M | -$5 M | -$9 M | -$18 M |
ZWB vs HCAL exposure
Countries
ZWB
Canada
100.22%
HCAL
Exposure data will be available soon
Sectors
ZWB
Finance
100.22%
HCAL
Exposure data will be available soon
As of August 6, 2026
Top 10 Holdings
ZWB
Bank of Montreal
17.32%
The Toronto-Dominion Bank
17.30%
Royal Bank of Canada
17.03%
The Bank of Nova Scotia
16.71%
National Bank of Canada
15.99%
Canadian Imperial Bank of Commerce
15.86%
HCAL
Exposure data will be available soon
Diversification
ZWB
Total weight of top 10 holdings out of 6 total
100.22%
HCAL
Exposure data will be available soon
Characteristics
Compare
ZWB
HCAL
| Provider | BMO | Hamilton ETFs |
| Management | Actively managed | Passively managed |
| Benchmark | - | Solactive Canadian Bank Mean Reversion GTR Index - CAD |
| Replication Method | Direct (Physical) | |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 4.88% | 3.10% |
| Meets ESG criteria | No | No |
| Inception Date | January 28, 2011 | October 14, 2020 |
Frequently asked questions about ZWB and HCAL
Which ETF has performed better year to date: ZWB or HCAL?
As of August 6, 2026, ZWB has returned 29.18% year to date, while HCAL has returned 42.07%. HCAL is ahead on YTD performance.
Which ETF is larger by assets under management: ZWB or HCAL?
As of August 6, 2026, ZWB manages $4.80 B in assets, while HCAL manages $1.09 B. ZWB is the larger fund by AUM.
How are ZWB and HCAL managed?
ZWB is actively managed by BMO. It does not track an index. HCAL is passively managed by Hamilton ETFs. It tracks the Solactive Canadian Bank Mean Reversion GTR Index - CAD benchmark.
Which ETF is attracting more investor flows: ZWB or HCAL?
Year to date, ZWB has seen +$61.12 M in net flows, compared with -$5.36 M for HCAL. ZWB has attracted more net investor money so far.
How do the fees of ZWB and HCAL compare?
ZWB has an expense ratio of 0.72%, while HCAL has an expense ratio of 2.08%.
Recent articles about ZWB and HCAL
How Inverse and Leveraged ETFs Work: Use Cases, Risks and ETFs to Consider
Short-term traders can use Inverse and Leveraged ETFs strategically, but these complex instruments require careful handling. Let's explore how they work and share some examples you can consider.
Posted on 7/3/2024 by Kyle Anthony inAsset classes
Unleashing the Potential of Covered Call ETFs
Here's all you need to know about covered call ETFs as a Canadian investor.
Posted on 6/7/2023 by Tony Dong inStock Market
The ETF Market Canada is brought to you by Cboe in partnership with Trackinsight SA who is providing all the data, analysis and editorial content on this site. Unless explicitly stated as such, any information that you receive is not real-time.
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.
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.