BANK.TO vs. HDIV.TO

Last updated Jun 4, 2026

BANK.TO (Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund) and HDIV.TO (Hamilton Enhanced Multi-Sector Covered Call ETF) are both Derivative Income funds. BANK.TO is passively managed, while HDIV.TO is actively managed. Over the past 3 years, BANK.TO returned 31.96%/yr vs 27.58%/yr for HDIV.TO. A 0.74 correlation means they provide meaningful diversification when combined. BANK.TO charges 0.60%/yr vs 0.00%/yr for HDIV.TO.

Performance

BANK.TO vs. HDIV.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 Multi-Sector Covered Call ETF (HDIV.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BANK.TO achieves a 17.36% return, which is significantly higher than HDIV.TO's 16.21% return.

BANK.TO

• 1D: -0.47%
• 1M: 6.16%
• YTD: 17.36%
• 6M: 23.52%
• 1Y: 55.24%
• 3Y*: 31.96%
• 5Y*: —
• 10Y*: —

HDIV.TO

• 1D: -0.26%
• 1M: 6.14%
• YTD: 16.21%
• 6M: 17.63%
• 1Y: 45.50%
• 3Y*: 27.58%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022
BANK.TO Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund	17.36%	41.00%	27.90%	16.23%	-20.47%
HDIV.TO Hamilton Enhanced Multi-Sector Covered Call ETF	16.21%	33.87%	23.15%	13.91%	-5.52%

Correlation

The correlation between BANK.TO and HDIV.TO is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (All Time) Calculated using the full available price history since Feb 3, 2022	0.74

The correlation between BANK.TO and HDIV.TO has been stable across timeframes, ranging from 0.69 to 0.74 - a consistent structural relationship.

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

Sectors	BANK.TO	HDIV.TO
Financial Services	100.0%	39.8%
Basic Materials	-	13.4%
Communication Services	-	6.3%
Consumer Cyclical	-	2.5%
Consumer Defensive	-	0.3%
Energy	-	18.4%
Healthcare	-	0.2%
Industrials	-	3.0%
Real Estate	-	2.1%
Technology	-	9.5%
Utilities	-	4.7%

Return for Risk

BANK.TO vs. HDIV.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: 97
BANK.TO Omega Ratio Rank: 96
BANK.TO Calmar Ratio Rank: 93
BANK.TO Martin Ratio Rank: 95

HDIV.TO

HDIV.TO Risk / Return Rank: 92
HDIV.TO Sharpe Ratio Rank: 94
HDIV.TO Sortino Ratio Rank: 93
HDIV.TO Omega Ratio Rank: 94
HDIV.TO Calmar Ratio Rank: 88
HDIV.TO Martin Ratio Rank: 93

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. HDIV.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 Multi-Sector 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.

	BANK.TO	HDIV.TO	Difference
Sharpe ratio: Return per unit of total volatility	4.59	3.67	+0.93
Sortino ratio: Return per unit of downside risk	6.28	4.70	+1.58
Omega ratio: Gain probability vs. loss probability	1.85	1.68	+0.17
Calmar ratio: Return relative to maximum drawdown	6.75	5.24	+1.51
Martin ratio: Return relative to average drawdown	29.78	25.39	+4.39
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. HDIV.TO - Sharpe Ratio Comparison

The current BANK.TO Sharpe Ratio is 4.59, which is comparable to the HDIV.TO Sharpe Ratio of 3.67. The chart below compares the historical Sharpe Ratios of BANK.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

	BANK.TO	HDIV.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.59	3.67	+0.93
Sharpe Ratio (All Time) Calculated using the full available price history	1.08	1.26	-0.19

Drawdowns

BANK.TO vs. HDIV.TO - Drawdown Comparison

The maximum BANK.TO drawdown since its inception was -29.03%, 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 BANK.TO and HDIV.TO.

Drawdown Indicators

	BANK.TO	HDIV.TO	Difference
Max Drawdown Largest peak-to-trough decline	-29.03%	-22.32%	-6.71%
Max Drawdown (1Y) Largest decline over 1 year	-8.23%	-8.73%	+0.50%
Max Drawdown (3Y) Largest decline over 3 years	-15.49%	-14.58%	-0.91%
Current Drawdown Current decline from peak	-1.16%	-0.63%	-0.53%
Average Drawdown Average peak-to-trough decline	-8.81%	-4.22%	-4.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.86%	1.80%	+0.06%

Volatility

BANK.TO vs. HDIV.TO - Volatility Comparison

Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund (BANK.TO) has a higher volatility of 4.28% compared to Hamilton Enhanced Multi-Sector Covered Call ETF (HDIV.TO) at 3.80%. This indicates that BANK.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

	BANK.TO	HDIV.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.28%	3.80%	+0.48%
Volatility (6M) Calculated over the trailing 6-month period	10.45%	10.29%	+0.16%
Volatility (1Y) Calculated over the trailing 1-year period	12.09%	12.47%	-0.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.65%	15.63%	+0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.65%	15.63%	+0.02%

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

BANK.TO has a 0.60% expense ratio, which is higher than HDIV.TO's 0.00% expense ratio.

Dividends

BANK.TO vs. HDIV.TO - Dividend Comparison

BANK.TO's dividend yield for the trailing twelve months is around 13.02%, more than HDIV.TO's 9.33% yield.

Position	TTM	2025	2024	2023	2022	2021
BANK.TO Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund	13.02%	13.73%	15.28%	13.60%	10.52%	0.00%
HDIV.TO Hamilton Enhanced Multi-Sector Covered Call ETF	9.33%	10.09%	11.38%	10.41%	9.64%	3.39%

Frequently Asked Questions

Can I hold both BANK.TO and HDIV.TO in my portfolio?

BANK.TO and HDIV.TO have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BANK.TO or HDIV.TO?

On fees, HDIV.TO is cheaper at 0.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BANK.TO or HDIV.TO?

HDIV.TO is cheaper with a 0.00% expense ratio, compared with 0.60% for BANK.TO.

What is the main difference between BANK.TO and HDIV.TO?

They also come from different issuers: Evolve and Hamilton Capital. Their fees differ too: 0.60% for BANK.TO and 0.00% for HDIV.TO.