CAGS.TO vs. HBIL.TO
CAGS.TO (CI Canadian Short-Term Aggregate Bond Index ETF) and HBIL.TO (Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged)) are both exchange-traded funds - CAGS.TO is a Short-Term Bond fund managed by CI, while HBIL.TO is a Derivative Income fund actively managed by Hamilton Capital. Over the past year, CAGS.TO returned 3.10% vs 2.35% for HBIL.TO. At a 0.20 correlation, their price movements are largely independent.
Performance
CAGS.TO vs. HBIL.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CAGS.TO achieves a 1.42% return, which is significantly higher than HBIL.TO's 0.89% return.
CAGS.TO
- 1D
- 0.02%
- 1M
- 0.38%
- YTD
- 1.42%
- 6M
- 1.40%
- 1Y
- 3.10%
- 3Y*
- 5.14%
- 5Y*
- 2.12%
- 10Y*
- —
HBIL.TO
- 1D
- -0.18%
- 1M
- 0.30%
- YTD
- 0.89%
- 6M
- 0.90%
- 1Y
- 2.35%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CAGS.TO vs. HBIL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CAGS.TO CI Canadian Short-Term Aggregate Bond Index ETF | 1.42% | 3.95% | 0.94% |
HBIL.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) | 0.89% | 3.04% | -1.22% |
Correlation
The correlation between CAGS.TO and HBIL.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 (All Time) Calculated using the full available price history since Sep 16, 2024 | 0.20 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
CAGS.TO vs. HBIL.TO — Risk / Return Rank
CAGS.TO
HBIL.TO
CAGS.TO vs. HBIL.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for CI Canadian Short-Term Aggregate Bond Index ETF (CAGS.TO) and Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) (HBIL.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.
| CAGS.TO | HBIL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.29 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.34 | 2.48 | -0.14 |
| Martin ratioReturn relative to average drawdown | 7.01 | 7.87 | -0.86 |
Loading charts...
Drawdowns
CAGS.TO vs. HBIL.TO - Drawdown Comparison
The maximum CAGS.TO drawdown since its inception was -11.60%, which is greater than HBIL.TO's maximum drawdown of -1.66%. Use the drawdown chart below to compare losses from any high point for CAGS.TO and HBIL.TO.
Loading charts...
Drawdown Indicators
| CAGS.TO | HBIL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.60% | -1.66% | -9.94% |
Max Drawdown (1Y)Largest decline over 1 year | -1.33% | -0.95% | -0.38% |
Max Drawdown (3Y)Largest decline over 3 years | -1.33% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -7.58% | — | — |
Current DrawdownCurrent decline from peak | -0.02% | -0.18% | +0.16% |
Average DrawdownAverage peak-to-trough decline | -1.46% | -0.46% | -1.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.44% | 0.30% | +0.14% |
Volatility
CAGS.TO vs. HBIL.TO - Volatility Comparison
CI Canadian Short-Term Aggregate Bond Index ETF (CAGS.TO) has a higher volatility of 0.51% compared to Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) (HBIL.TO) at 0.39%. This indicates that CAGS.TO's price experiences larger fluctuations and is considered to be riskier than HBIL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| CAGS.TO | HBIL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.51% | 0.39% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 1.53% | 1.26% | +0.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.01% | 1.63% | +0.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.76% | 2.01% | +0.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.63% | 2.01% | +2.62% |
Dividends
CAGS.TO vs. HBIL.TO - Dividend Comparison
CAGS.TO's dividend yield for the trailing twelve months is around 3.27%, less than HBIL.TO's 6.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CAGS.TO CI Canadian Short-Term Aggregate Bond Index ETF | 3.27% | 3.16% | 3.37% | 2.62% | 2.61% | 1.96% | 2.59% | 2.83% | 2.72% | 1.06% |
HBIL.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) | 6.23% | 7.48% | 2.58% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CAGS.TO and HBIL.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.
CAGS.TO is categorized as Short-Term Bond, while HBIL.TO is Derivative Income. They also come from different issuers: CI and Hamilton Capital.
Find the right allocation for CAGS.TO and HBIL.TO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer