AGF-B.TO vs. HCAL.TO

Last updated Apr 1, 2026

Compare and contrast key facts about AGF Management Ltd (AGF-B.TO) and Hamilton Enhanced Canadian Bank ETF (HCAL.TO).

HCAL.TO is a passively managed fund by Hamilton Capital that tracks the performance of the Solactive Equal Weight Canada Banks Index (125%). It was launched on Oct 14, 2020.

Performance

AGF-B.TO vs. HCAL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in AGF Management Ltd (AGF-B.TO) and Hamilton Enhanced Canadian Bank ETF (HCAL.TO). The values are adjusted to include any dividend payments, if applicable.

AGF-B.TO vs. HCAL.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
AGF-B.TO AGF Management Ltd	25.33%	59.26%	45.89%	15.54%	-10.40%	43.95%	0.83%
HCAL.TO Hamilton Enhanced Canadian Bank ETF	1.59%	54.09%	29.04%	11.73%	-17.53%	51.61%	16.06%

Returns By Period

In the year-to-date period, AGF-B.TO achieves a 25.33% return, which is significantly higher than HCAL.TO's 1.59% return.

AGF-B.TO

• 1D: 3.00%
• 1M: -1.32%
• YTD: 25.33%
• 6M: 41.66%
• 1Y: 107.93%
• 3Y*: 43.43%
• 5Y*: 28.58%
• 10Y*: 21.07%

HCAL.TO

• 1D: 3.15%
• 1M: -5.20%
• YTD: 1.59%
• 6M: 17.39%
• 1Y: 65.41%
• 3Y*: 30.27%
• 5Y*: 18.83%
• 10Y*: —

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

Return for Risk

AGF-B.TO vs. HCAL.TO — Risk / Return Rank

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

AGF-B.TO

AGF-B.TO Risk / Return Rank: 98
AGF-B.TO Sharpe Ratio Rank: 98
AGF-B.TO Sortino Ratio Rank: 98
AGF-B.TO Omega Ratio Rank: 97
AGF-B.TO Calmar Ratio Rank: 98
AGF-B.TO Martin Ratio Rank: 98

HCAL.TO

HCAL.TO Risk / Return Rank: 98
HCAL.TO Sharpe Ratio Rank: 98
HCAL.TO Sortino Ratio Rank: 98
HCAL.TO Omega Ratio Rank: 98
HCAL.TO Calmar Ratio Rank: 98
HCAL.TO Martin Ratio Rank: 98

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.

AGF-B.TO vs. HCAL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AGF Management Ltd (AGF-B.TO) and Hamilton Enhanced Canadian Bank ETF (HCAL.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.

	AGF-B.TO	HCAL.TO	Difference
Sharpe ratio Return per unit of total volatility	3.74	3.94	-0.20
Sortino ratio Return per unit of downside risk	4.45	4.81	-0.36
Omega ratio Gain probability vs. loss probability	1.58	1.74	-0.16
Calmar ratio Return relative to maximum drawdown	9.47	6.21	+3.26
Martin ratio Return relative to average drawdown	23.16	24.24	-1.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AGF-B.TO vs. HCAL.TO - Sharpe Ratio Comparison

The current AGF-B.TO Sharpe Ratio is 3.74, which is comparable to the HCAL.TO Sharpe Ratio of 3.94. The chart below compares the historical Sharpe Ratios of AGF-B.TO and HCAL.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	AGF-B.TO	HCAL.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.74	3.94	-0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.03	1.12	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	1.45	-1.15

Correlation

The correlation between AGF-B.TO and HCAL.TO is 0.40, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

AGF-B.TO vs. HCAL.TO - Dividend Comparison

AGF-B.TO's dividend yield for the trailing twelve months is around 2.47%, less than HCAL.TO's 3.82% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AGF-B.TO AGF Management Ltd	2.47%	3.01%	4.26%	5.58%	5.52%	4.07%	5.26%	4.97%	6.64%	3.91%	3.83%	11.35%
HCAL.TO Hamilton Enhanced Canadian Bank ETF	3.82%	4.20%	6.12%	7.37%	7.47%	4.99%	3.14%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

AGF-B.TO vs. HCAL.TO - Drawdown Comparison

The maximum AGF-B.TO drawdown since its inception was -90.57%, which is greater than HCAL.TO's maximum drawdown of -35.05%. Use the drawdown chart below to compare losses from any high point for AGF-B.TO and HCAL.TO.

Drawdown Indicators

	AGF-B.TO	HCAL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-90.57%	-35.05%	-55.52%
Max Drawdown (1Y) Largest decline over 1 year	-11.75%	-10.65%	-1.10%
Max Drawdown (5Y) Largest decline over 5 years	-29.90%	-35.05%	+5.15%
Max Drawdown (10Y) Largest decline over 10 years	-65.63%	—	—
Current Drawdown Current decline from peak	-1.51%	-7.66%	+6.15%
Average Drawdown Average peak-to-trough decline	-45.96%	-9.89%	-36.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.81%	2.73%	+2.08%

Volatility

AGF-B.TO vs. HCAL.TO - Volatility Comparison

AGF Management Ltd (AGF-B.TO) has a higher volatility of 9.55% compared to Hamilton Enhanced Canadian Bank ETF (HCAL.TO) at 7.53%. This indicates that AGF-B.TO's price experiences larger fluctuations and is considered to be riskier than HCAL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGF-B.TO	HCAL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.55%	7.53%	+2.02%
Volatility (6M) Calculated over the trailing 6-month period	19.17%	12.55%	+6.62%
Volatility (1Y) Calculated over the trailing 1-year period	29.05%	16.68%	+12.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.85%	16.86%	+10.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.31%	16.89%	+15.42%