BANK.TO vs. HCAL.TO

Last updated Apr 1, 2026

Compare and contrast key facts about Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund (BANK.TO) and Hamilton Enhanced Canadian Bank ETF (HCAL.TO).

BANK.TO and HCAL.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BANK.TO is a passively managed fund by Evolve that tracks the performance of the Solactive Canadian Core Financials Equal Weight Index. It was launched on Feb 1, 2022. 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. Both BANK.TO and HCAL.TO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

BANK.TO vs. HCAL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund (BANK.TO) and Hamilton Enhanced Canadian Bank ETF (HCAL.TO). The values are adjusted to include any dividend payments, if applicable.

BANK.TO vs. HCAL.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BANK.TO Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund	-2.91%	41.00%	27.90%	16.23%	-20.47%
HCAL.TO Hamilton Enhanced Canadian Bank ETF	1.59%	54.09%	29.04%	11.73%	-24.52%

Returns By Period

In the year-to-date period, BANK.TO achieves a -2.91% return, which is significantly lower than HCAL.TO's 1.59% return.

BANK.TO

• 1D: 0.00%
• 1M: -6.04%
• YTD: -2.91%
• 6M: 11.86%
• 1Y: 36.24%
• 3Y*: 24.86%
• 5Y*: —
• 10Y*: —

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)

BANK.TO vs. HCAL.TO - Expense Ratio Comparison

BANK.TO has a 0.60% expense ratio, which is lower than HCAL.TO's 0.65% expense ratio.

HCAL.TO

Hamilton Enhanced Canadian Bank ETF

BANK.TO

Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund

Return for Risk

BANK.TO vs. HCAL.TO — Risk / Return Rank

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

BANK.TO

BANK.TO Risk / Return Rank: 96
BANK.TO Sharpe Ratio Rank: 97
BANK.TO Sortino Ratio Rank: 96
BANK.TO Omega Ratio Rank: 97
BANK.TO Calmar Ratio Rank: 94
BANK.TO Martin Ratio Rank: 95

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.

BANK.TO vs. HCAL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund (BANK.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.

	BANK.TO	HCAL.TO	Difference
Sharpe ratio Return per unit of total volatility	2.68	3.94	-1.26
Sortino ratio Return per unit of downside risk	3.35	4.81	-1.46
Omega ratio Gain probability vs. loss probability	1.52	1.74	-0.21
Calmar ratio Return relative to maximum drawdown	3.53	6.21	-2.68
Martin ratio Return relative to average drawdown	14.43	24.24	-9.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BANK.TO vs. HCAL.TO - Sharpe Ratio Comparison

The current BANK.TO Sharpe Ratio is 2.68, which is lower than the HCAL.TO Sharpe Ratio of 3.94. The chart below compares the historical Sharpe Ratios of BANK.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

	BANK.TO	HCAL.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.68	3.94	-1.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.12	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	1.45	-0.66

Correlation

The correlation between BANK.TO and HCAL.TO is 0.89, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

BANK.TO vs. HCAL.TO - Dividend Comparison

BANK.TO's dividend yield for the trailing twelve months is around 14.81%, more than HCAL.TO's 3.82% yield.

	TTM	2025	2024	2023	2022	2021	2020
BANK.TO Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund	14.81%	13.73%	15.28%	13.60%	10.52%	0.00%	0.00%
HCAL.TO Hamilton Enhanced Canadian Bank ETF	3.82%	4.20%	6.12%	7.37%	7.47%	4.99%	3.14%

Drawdowns

BANK.TO vs. HCAL.TO - Drawdown Comparison

The maximum BANK.TO drawdown since its inception was -29.03%, smaller than the maximum HCAL.TO drawdown of -35.05%. Use the drawdown chart below to compare losses from any high point for BANK.TO and HCAL.TO.

Drawdown Indicators

	BANK.TO	HCAL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-29.03%	-35.05%	+6.02%
Max Drawdown (1Y) Largest decline over 1 year	-10.61%	-10.65%	+0.04%
Max Drawdown (5Y) Largest decline over 5 years	—	-35.05%	—
Current Drawdown Current decline from peak	-7.32%	-7.66%	+0.34%
Average Drawdown Average peak-to-trough decline	-9.16%	-9.89%	+0.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	2.73%	-0.13%

Volatility

BANK.TO vs. HCAL.TO - Volatility Comparison

The current volatility for Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund (BANK.TO) is 5.87%, while Hamilton Enhanced Canadian Bank ETF (HCAL.TO) has a volatility of 7.53%. This indicates that BANK.TO experiences smaller price fluctuations and is considered to be less risky than HCAL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BANK.TO	HCAL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.87%	7.53%	-1.66%
Volatility (6M) Calculated over the trailing 6-month period	9.35%	12.55%	-3.20%
Volatility (1Y) Calculated over the trailing 1-year period	13.60%	16.68%	-3.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.64%	16.86%	-1.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.64%	16.89%	-1.25%