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BGC.TO vs. HCAL.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BGC.TO vs. HCAL.TO

Last updated Jul 16, 2026
Documentation

BGC.TO (Bristol Gate Concentrated Canadian Equity ETF) and HCAL.TO (Hamilton Enhanced Canadian Bank ETF) are both exchange-traded funds - BGC.TO is a Canada Equities fund actively managed by Bristol Gate, while HCAL.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index (125%). BGC.TO is actively managed, while HCAL.TO is passively managed. Over the past 5 years, BGC.TO returned 8.03%/yr vs 25.28%/yr for HCAL.TO. At a 0.29 correlation, their price movements are largely independent.

Performance

BGC.TO vs. HCAL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Bristol Gate Concentrated Canadian Equity ETF (BGC.TO) and Hamilton Enhanced Canadian Bank ETF (HCAL.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, BGC.TO achieves a 2.35% return, which is significantly lower than HCAL.TO's 46.44% return.

BGC.TO

1D
0.10%
1M
3.29%
6M
2.16%
YTD
2.35%
1Y
6.21%
3Y*
10.26%
5Y*
8.03%
10Y*
—

HCAL.TO

1D
2.03%
1M
11.16%
6M
44.73%
YTD
46.44%
1Y
97.75%
3Y*
46.31%
5Y*
25.28%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020
BGC.TO
Bristol Gate Concentrated Canadian Equity ETF		2.35%8.06%13.80%17.67%-5.52%18.08%3.21%
HCAL.TO
Hamilton Enhanced Canadian Bank ETF		46.44%54.09%29.04%11.73%-17.54%50.25%16.92%

Correlation

The correlation between BGC.TO and HCAL.TO is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.15

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

0.26

Correlation (5Y)
Calculated over the trailing 5-year period

0.30

Correlation (All Time)
Calculated using the full available price history since Oct 15, 2020

0.29

The correlation between BGC.TO and HCAL.TO shifts across timeframes, from 0.15 (1 year) to 0.30 (5 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Bristol Gate Concentrated Canadian Equity ETF

Hamilton Enhanced Canadian Bank ETF

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Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BGC.TO
BGC.TO Risk / Return Rank: 1818
Overall Rank
BGC.TO Sharpe Ratio Rank: 1818
Sharpe Ratio Rank
BGC.TO Sortino Ratio Rank: 1818
Sortino Ratio Rank
BGC.TO Omega Ratio Rank: 1717
Omega Ratio Rank
BGC.TO Calmar Ratio Rank: 1919
Calmar Ratio Rank
BGC.TO Martin Ratio Rank: 2020
Martin Ratio Rank
HCAL.TO
HCAL.TO Risk / Return Rank: 9898
Overall Rank
HCAL.TO Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
HCAL.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
HCAL.TO Omega Ratio Rank: 9898
Omega Ratio Rank
HCAL.TO Calmar Ratio Rank: 9797
Calmar Ratio Rank
HCAL.TO Martin Ratio Rank: 9898
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.

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

This table presents a comparison of risk-adjusted performance metrics for Bristol Gate Concentrated Canadian Equity ETF (BGC.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.

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.

BGC.TOHCAL.TODifference
Sharpe ratioReturn per unit of total volatility
0.50
5.87

-5.37

Sortino ratioReturn per unit of downside risk
0.81
7.18

-6.37

Omega ratioGain probability vs. loss probability

1.10

1.99

-0.89

Calmar ratioReturn relative to maximum drawdown

0.70

9.23

-8.52

Martin ratioReturn relative to average drawdown

1.87

39.93

-38.06

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

The current BGC.TO Sharpe Ratio is 0.50, which is lower than the HCAL.TO Sharpe Ratio of 5.87. The chart below compares the historical Sharpe Ratios of BGC.TO and HCAL.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

BGC.TO vs. HCAL.TO - Drawdown Comparison

The maximum BGC.TO drawdown since its inception was -36.73%, roughly equal to the maximum HCAL.TO drawdown of -35.05%. Use the drawdown chart below to compare losses from any high point for BGC.TO and HCAL.TO.

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Drawdown Indicators

BGC.TOHCAL.TODifference

Max Drawdown

Largest peak-to-trough decline

-36.73%

-35.05%

-1.68%

Max Drawdown (1Y)

Largest decline over 1 year

-8.62%

-10.65%

+2.03%

Max Drawdown (3Y)

Largest decline over 3 years

-14.09%

-18.77%

+4.68%

Max Drawdown (5Y)

Largest decline over 5 years

-14.14%

-35.05%

+20.91%

Current Drawdown

Current decline from peak

-0.52%

0.00%

-0.52%

Average Drawdown

Average peak-to-trough decline

-4.12%

-9.45%

+5.33%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.23%

2.46%

+0.77%

Volatility

BGC.TO vs. HCAL.TO - Volatility Comparison

The current volatility for Bristol Gate Concentrated Canadian Equity ETF (BGC.TO) is 2.91%, while Hamilton Enhanced Canadian Bank ETF (HCAL.TO) has a volatility of 5.22%. This indicates that BGC.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.

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Volatility by Period

BGC.TOHCAL.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.91%

5.22%

-2.31%

Volatility (6M)

Calculated over the trailing 6-month period

9.12%

14.63%

-5.51%

Volatility (1Y)

Calculated over the trailing 1-year period

12.12%

16.76%

-4.64%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.09%

17.31%

-4.22%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.97%

17.01%

-1.04%

Dividends

BGC.TO vs. HCAL.TO - Dividend Comparison

BGC.TO has not paid dividends to shareholders, while HCAL.TO's dividend yield for the trailing twelve months is around 2.97%.

PositionTTM202520242023202220212020
BGC.TO
Bristol Gate Concentrated Canadian Equity ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%
HCAL.TO
Hamilton Enhanced Canadian Bank ETF		2.97%4.20%6.12%7.37%7.46%4.27%2.66%

Frequently Asked Questions

BGC.TO and HCAL.TO have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BGC.TO is categorized as Canada Equities, while HCAL.TO is Financials Equities. They also come from different issuers: Bristol Gate and Hamilton Capital.

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