AD-UN.TO vs. HDIV.TO

Last updated Jun 5, 2026

AD-UN.TO (Alaris Equity Partners Income Trust) is a stock, while HDIV.TO (Hamilton Enhanced Canadian Covered Call ETF) is Derivative Income fund actively managed by Hamilton ETFs. Over the past 3 years, AD-UN.TO returned 25.46%/yr vs 28.06%/yr for HDIV.TO. A 0.59 correlation means they provide meaningful diversification when combined.

Performance

AD-UN.TO vs. HDIV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Alaris Equity Partners Income Trust (AD-UN.TO) and Hamilton Enhanced Canadian Covered Call ETF (HDIV.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with AD-UN.TO having a 17.67% return and HDIV.TO slightly lower at 17.22%.

AD-UN.TO

• 1D: 1.62%
• 1M: 5.78%
• YTD: 17.67%
• 6M: 22.52%
• 1Y: 36.52%
• 3Y*: 25.46%
• 5Y*: 16.15%
• 10Y*: 6.14%

HDIV.TO

• 1D: 0.86%
• 1M: 6.14%
• YTD: 17.22%
• 6M: 17.73%
• 1Y: 47.51%
• 3Y*: 28.06%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

AD-UN.TO vs. HDIV.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AD-UN.TO Alaris Equity Partners Income Trust	17.67%	15.38%	27.16%	10.82%	-7.62%	14.15%
HDIV.TO Hamilton Enhanced Canadian Covered Call ETF	17.22%	33.87%	23.15%	13.91%	-2.52%	12.70%

Correlation

The correlation between AD-UN.TO and HDIV.TO is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (All Time) Calculated using the full available price history since Jul 19, 2021	0.59

The correlation between AD-UN.TO and HDIV.TO has been stable across timeframes, ranging from 0.52 to 0.59 - a consistent structural relationship.

Return for Risk

AD-UN.TO vs. HDIV.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AD-UN.TO

AD-UN.TO Risk / Return Rank: 86
AD-UN.TO Sharpe Ratio Rank: 89
AD-UN.TO Sortino Ratio Rank: 87
AD-UN.TO Omega Ratio Rank: 85
AD-UN.TO Calmar Ratio Rank: 81
AD-UN.TO Martin Ratio Rank: 89

HDIV.TO

HDIV.TO Risk / Return Rank: 93
HDIV.TO Sharpe Ratio Rank: 95
HDIV.TO Sortino Ratio Rank: 94
HDIV.TO Omega Ratio Rank: 95
HDIV.TO Calmar Ratio Rank: 90
HDIV.TO Martin Ratio Rank: 94

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AD-UN.TO vs. HDIV.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alaris Equity Partners Income Trust (AD-UN.TO) and Hamilton Enhanced Canadian Covered Call ETF (HDIV.TO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	AD-UN.TO	HDIV.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.07	3.83	-1.75
Sortino ratio: Return per unit of downside risk	2.87	4.88	-2.01
Omega ratio: Gain probability vs. loss probability	1.36	1.71	-0.35
Calmar ratio: Return relative to maximum drawdown	2.88	5.47	-2.59
Martin ratio: Return relative to average drawdown	10.86	26.51	-15.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AD-UN.TO vs. HDIV.TO - Sharpe Ratio Comparison

The current AD-UN.TO Sharpe Ratio is 2.07, which is lower than the HDIV.TO Sharpe Ratio of 3.83. The chart below compares the historical Sharpe Ratios of AD-UN.TO and HDIV.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AD-UN.TO	HDIV.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.07	3.83	-1.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.19	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	1.27	-0.83

Drawdowns

AD-UN.TO vs. HDIV.TO - Drawdown Comparison

The maximum AD-UN.TO drawdown since its inception was -74.93%, which is greater than HDIV.TO's maximum drawdown of -22.32%. Use the drawdown chart below to compare losses from any high point for AD-UN.TO and HDIV.TO.

Drawdown Indicators

	AD-UN.TO	HDIV.TO	Difference
Max Drawdown Largest peak-to-trough decline	-74.93%	-22.32%	-52.61%
Max Drawdown (1Y) Largest decline over 1 year	-12.74%	-8.73%	-4.01%
Max Drawdown (3Y) Largest decline over 3 years	-18.69%	-14.58%	-4.11%
Max Drawdown (5Y) Largest decline over 5 years	-29.73%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-73.03%	—	—
Current Drawdown Current decline from peak	-0.88%	0.00%	-0.88%
Average Drawdown Average peak-to-trough decline	-16.76%	-4.22%	-12.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.37%	1.80%	+1.57%

Volatility

AD-UN.TO vs. HDIV.TO - Volatility Comparison

Alaris Equity Partners Income Trust (AD-UN.TO) has a higher volatility of 4.14% compared to Hamilton Enhanced Canadian Covered Call ETF (HDIV.TO) at 3.80%. This indicates that AD-UN.TO's price experiences larger fluctuations and is considered to be riskier than HDIV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AD-UN.TO	HDIV.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.14%	3.80%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	13.87%	10.31%	+3.56%
Volatility (1Y) Calculated over the trailing 1-year period	17.74%	12.49%	+5.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.65%	15.63%	+7.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.24%	15.63%	+16.61%

Dividends

AD-UN.TO vs. HDIV.TO - Dividend Comparison

AD-UN.TO's dividend yield for the trailing twelve months is around 5.97%, less than HDIV.TO's 9.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AD-UN.TO Alaris Equity Partners Income Trust	5.97%	6.75%	7.10%	8.35%	8.29%	6.81%	8.76%	7.55%	9.57%	7.84%	7.49%	6.66%
HDIV.TO Hamilton Enhanced Canadian Covered Call ETF	9.25%	10.09%	11.38%	10.41%	9.64%	3.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AD-UN.TO and HDIV.TO in my portfolio?

AD-UN.TO and HDIV.TO have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.