BKCL.TO vs. HCAL.TO

Last updated Jun 24, 2026

BKCL.TO (Global X Enhanced Equal Weight Canadian Banks Covered Call ETF) and HCAL.TO (Hamilton Enhanced Canadian Bank ETF) are both Financials Equities funds. BKCL.TO is actively managed, while HCAL.TO is passively managed. Over the past year, BKCL.TO returned 63.55% vs 95.86% for HCAL.TO. With a 0.97 correlation, they move nearly in lockstep. BKCL.TO charges 1.68%/yr vs 0.65%/yr for HCAL.TO.

Performance

BKCL.TO vs. HCAL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X Enhanced Equal Weight Canadian Banks Covered Call ETF (BKCL.TO) and Hamilton Enhanced Canadian Bank ETF (HCAL.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BKCL.TO achieves a 26.81% return, which is significantly lower than HCAL.TO's 38.28% return.

BKCL.TO

• 1D: 0.40%
• 1M: 6.97%
• YTD: 26.81%
• 6M: 26.78%
• 1Y: 63.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HCAL.TO

• 1D: 0.49%
• 1M: 10.30%
• YTD: 38.28%
• 6M: 38.09%
• 1Y: 95.86%
• 3Y*: 46.64%
• 5Y*: 23.64%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023
BKCL.TO Global X Enhanced Equal Weight Canadian Banks Covered Call ETF	26.81%	34.78%	20.06%	5.22%
HCAL.TO Hamilton Enhanced Canadian Bank ETF	38.28%	54.09%	29.04%	8.75%

Correlation

The correlation between BKCL.TO and HCAL.TO is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (All Time) Calculated using the full available price history since Jul 6, 2023	0.97

The correlation between BKCL.TO and HCAL.TO has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

BKCL.TO vs. HCAL.TO - Sectors Allocation Comparison

Sectors	BKCL.TO	HCAL.TO
Financial Services	100.0%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

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

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

BKCL.TO

BKCL.TO Risk / Return Rank: 97
BKCL.TO Sharpe Ratio Rank: 98
BKCL.TO Sortino Ratio Rank: 98
BKCL.TO Omega Ratio Rank: 97
BKCL.TO Calmar Ratio Rank: 94
BKCL.TO Martin Ratio Rank: 96

HCAL.TO

HCAL.TO Risk / Return Rank: 98
HCAL.TO Sharpe Ratio Rank: 99
HCAL.TO Sortino Ratio Rank: 98
HCAL.TO Omega Ratio Rank: 98
HCAL.TO Calmar Ratio Rank: 96
HCAL.TO Martin Ratio Rank: 97

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.

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

This table presents a comparison of risk-adjusted performance metrics for Global X Enhanced Equal Weight Canadian Banks Covered Call ETF (BKCL.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.

	BKCL.TO	HCAL.TO	Difference
Sharpe ratio: Return per unit of total volatility	5.01	5.99	-0.98
Sortino ratio: Return per unit of downside risk	6.72	7.48	-0.76
Omega ratio: Gain probability vs. loss probability	1.95	2.05	-0.09
Calmar ratio: Return relative to maximum drawdown	6.98	9.05	-2.07
Martin ratio: Return relative to average drawdown	31.98	39.30	-7.33

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

The current BKCL.TO Sharpe Ratio is 5.01, which is comparable to the HCAL.TO Sharpe Ratio of 5.99. The chart below compares the historical Sharpe Ratios of BKCL.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.

Drawdowns

BKCL.TO vs. HCAL.TO - Drawdown Comparison

The maximum BKCL.TO drawdown since its inception was -16.58%, smaller than the maximum HCAL.TO drawdown of -35.05%. Use the drawdown chart below to compare losses from any high point for BKCL.TO and HCAL.TO.

Drawdown Indicators

	BKCL.TO	HCAL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-16.58%	-35.05%	+18.47%
Max Drawdown (1Y) Largest decline over 1 year	-9.15%	-10.65%	+1.50%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.77%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-35.05%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.62%	-9.52%	+6.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	2.45%	-0.46%

Volatility

BKCL.TO vs. HCAL.TO - Volatility Comparison

The current volatility for Global X Enhanced Equal Weight Canadian Banks Covered Call ETF (BKCL.TO) is 3.68%, while Hamilton Enhanced Canadian Bank ETF (HCAL.TO) has a volatility of 4.90%. This indicates that BKCL.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

	BKCL.TO	HCAL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.68%	4.90%	-1.22%
Volatility (6M) Calculated over the trailing 6-month period	11.25%	14.00%	-2.75%
Volatility (1Y) Calculated over the trailing 1-year period	12.75%	16.10%	-3.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.10%	17.20%	-4.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.10%	16.99%	-3.89%

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

BKCL.TO has a 1.68% expense ratio, which is higher than HCAL.TO's 0.65% expense ratio.

Dividends

BKCL.TO vs. HCAL.TO - Dividend Comparison

BKCL.TO's dividend yield for the trailing twelve months is around 10.63%, more than HCAL.TO's 3.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
BKCL.TO Global X Enhanced Equal Weight Canadian Banks Covered Call ETF	10.63%	12.60%	15.02%	7.91%	0.00%	0.00%	0.00%
HCAL.TO Hamilton Enhanced Canadian Bank ETF	3.12%	4.20%	6.12%	7.37%	7.46%	4.99%	3.14%

Frequently Asked Questions

Can I hold both BKCL.TO and HCAL.TO in my portfolio?

With a correlation of 0.98, BKCL.TO and HCAL.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, BKCL.TO or HCAL.TO?

On fees, HCAL.TO is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BKCL.TO or HCAL.TO?

HCAL.TO is cheaper with a 0.65% expense ratio, compared with 1.68% for BKCL.TO.

What is the main difference between BKCL.TO and HCAL.TO?

They also come from different issuers: Global X and Hamilton Capital. Their fees differ too: 1.68% for BKCL.TO and 0.65% for HCAL.TO.