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BANK.TO vs. HDIF.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BANK.TO vs. HDIF.TO

Last updated Jun 14, 2026

BANK.TO (Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund) and HDIF.TO (Harvest Diversified Monthly Income ETF - Class A Units) are both Derivative Income funds. BANK.TO is passively managed, while HDIF.TO is actively managed. Over the past 3 years, BANK.TO returned 34.20%/yr vs 17.71%/yr for HDIF.TO. A 0.69 correlation means they provide meaningful diversification when combined. BANK.TO charges 0.60%/yr vs 2.47%/yr for HDIF.TO.

Performance

BANK.TO vs. HDIF.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 Harvest Diversified Monthly Income ETF - Class A Units (HDIF.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, BANK.TO achieves a 23.62% return, which is significantly higher than HDIF.TO's 11.43% return.

BANK.TO

1D
1.08%
1M
8.67%
YTD
23.62%
6M
25.01%
1Y
64.23%
3Y*
34.20%
5Y*
—
10Y*
—

HDIF.TO

1D
0.74%
1M
3.02%
YTD
11.43%
6M
12.09%
1Y
28.27%
3Y*
17.71%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)2025202420232022
BANK.TO
Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund		23.62%41.00%27.90%16.23%-20.00%
HDIF.TO
Harvest Diversified Monthly Income ETF - Class A Units		11.43%15.70%18.44%12.76%-14.72%

Correlation

The correlation between BANK.TO and HDIF.TO is 0.67, 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

0.67

Correlation (3Y)
Calculated over the trailing 3-year period

0.69

Correlation (All Time)
Calculated using the full available price history since Feb 16, 2022

0.69

The correlation between BANK.TO and HDIF.TO has been stable across timeframes, ranging from 0.67 to 0.69 - a consistent structural relationship.

BANK.TO vs. HDIF.TO - Sectors Allocation Comparison

Sectors
BANK.TO
HDIF.TO

Financial Services

100.0%
15.6%

Basic Materials

-

1.1%

Communication Services

-

10.3%

Consumer Cyclical

-

9.7%

Consumer Defensive

-

3.9%

Energy

-

5.3%

Healthcare

-

11.4%

Industrials

-

9.4%

Real Estate

-

0.8%

Technology

-

27.6%

Utilities

-

5.0%

Financial Services

BANK.TO
100.0%
HDIF.TO
15.6%

Basic Materials

BANK.TO

-

HDIF.TO
1.1%

Communication Services

BANK.TO

-

HDIF.TO
10.3%

Consumer Cyclical

BANK.TO

-

HDIF.TO
9.7%

Consumer Defensive

BANK.TO

-

HDIF.TO
3.9%

Energy

BANK.TO

-

HDIF.TO
5.3%

Healthcare

BANK.TO

-

HDIF.TO
11.4%

Industrials

BANK.TO

-

HDIF.TO
9.4%

Real Estate

BANK.TO

-

HDIF.TO
0.8%

Technology

BANK.TO

-

HDIF.TO
27.6%

Utilities

BANK.TO

-

HDIF.TO
5.0%

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Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund

Harvest Diversified Monthly Income ETF - Class A Units

Often compared with BANK.TO:
BANK.TO vs. HMAX.TOBANK.TO vs. HCAL.TOBANK.TO vs. VDY.TOBANK.TO vs. RBNK.TOBANK.TO vs. HYLD.TOBANK.TO vs. VCN.TOBANK.TO vs. VEQT.TO
Often compared with HDIF.TO:
HDIF.TO vs. HDIV.TOHDIF.TO vs. HYLD.TOHDIF.TO vs. XEQT.TOHDIF.TO vs. HTAE.TOHDIF.TO vs. MQQQHDIF.TO vs. ZMMK.TOHDIF.TO vs. VDY.TO

Return for Risk

BANK.TO vs. HDIF.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: 9797
Overall Rank
BANK.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
BANK.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
BANK.TO Omega Ratio Rank: 9898
Omega Ratio Rank
BANK.TO Calmar Ratio Rank: 9696
Calmar Ratio Rank
BANK.TO Martin Ratio Rank: 9797
Martin Ratio Rank
HDIF.TO
HDIF.TO Risk / Return Rank: 7373
Overall Rank
HDIF.TO Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
HDIF.TO Sortino Ratio Rank: 7272
Sortino Ratio Rank
HDIF.TO Omega Ratio Rank: 7474
Omega Ratio Rank
HDIF.TO Calmar Ratio Rank: 7070
Calmar Ratio Rank
HDIF.TO Martin Ratio Rank: 7676
Martin Ratio Rank
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. HDIF.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 Harvest Diversified Monthly Income ETF - Class A Units (HDIF.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

BANK.TOHDIF.TODifference
Sharpe ratioReturn per unit of total volatility
5.20
2.07

+3.13

Sortino ratioReturn per unit of downside risk
7.03
2.81

+4.22

Omega ratioGain probability vs. loss probability

1.97

1.37

+0.59

Calmar ratioReturn relative to maximum drawdown

7.70

3.06

+4.65

Martin ratioReturn relative to average drawdown

34.12

12.56

+21.56

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

The current BANK.TO Sharpe Ratio is 5.20, which is higher than the HDIF.TO Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of BANK.TO and HDIF.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.

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Drawdowns

BANK.TO vs. HDIF.TO - Drawdown Comparison

The maximum BANK.TO drawdown since its inception was -29.03%, which is greater than HDIF.TO's maximum drawdown of -24.08%. Use the drawdown chart below to compare losses from any high point for BANK.TO and HDIF.TO.

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Drawdown Indicators

BANK.TOHDIF.TODifference

Max Drawdown

Largest peak-to-trough decline

-29.03%

-24.08%

-4.95%

Max Drawdown (1Y)

Largest decline over 1 year

-8.27%

-8.79%

+0.52%

Max Drawdown (3Y)

Largest decline over 3 years

-15.49%

-19.59%

+4.10%

Current Drawdown

Current decline from peak

0.00%

-0.84%

+0.84%

Average Drawdown

Average peak-to-trough decline

-8.75%

-6.63%

-2.12%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.86%

2.14%

-0.28%

Volatility

BANK.TO vs. HDIF.TO - Volatility Comparison

The current volatility for Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund (BANK.TO) is 4.04%, while Harvest Diversified Monthly Income ETF - Class A Units (HDIF.TO) has a volatility of 4.52%. This indicates that BANK.TO experiences smaller price fluctuations and is considered to be less risky than HDIF.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BANK.TOHDIF.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.04%

4.52%

-0.48%

Volatility (6M)

Calculated over the trailing 6-month period

10.58%

10.75%

-0.17%

Volatility (1Y)

Calculated over the trailing 1-year period

12.25%

12.99%

-0.74%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.66%

17.49%

-1.83%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.66%

17.49%

-1.83%

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

BANK.TO has a 0.60% expense ratio, which is lower than HDIF.TO's 2.47% expense ratio.

Dividends

BANK.TO vs. HDIF.TO - Dividend Comparison

BANK.TO's dividend yield for the trailing twelve months is around 12.36%, more than HDIF.TO's 10.23% yield.

PositionTTM2025202420232022
BANK.TO
Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund		12.36%13.73%15.28%13.60%10.52%
HDIF.TO
Harvest Diversified Monthly Income ETF - Class A Units		10.23%9.95%10.14%10.59%8.93%

Frequently Asked Questions

BANK.TO and HDIF.TO have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, BANK.TO is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

BANK.TO is cheaper with a 0.60% expense ratio, compared with 2.47% for HDIF.TO.

They also come from different issuers: Evolve and Harvest. Their fees differ too: 0.60% for BANK.TO and 2.47% for HDIF.TO.

Portfolio Optimizer

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