CARS.TO vs. CALL.TO

Last updated Jul 25, 2026

CARS.TO (Evolve Automobile Innovation Index Fund - Hedged Units) and CALL.TO (Evolve US Banks Enhanced Yield Fund Hedged Units) are both exchange-traded funds - CARS.TO is a Consumer Discretionary Equities fund tracking the Solactive Future Cars Index Canadian Dollar Hedged, while CALL.TO is a Derivative Income fund tracking the Solactive Equal Weight US Bank Index Canadian Dollar Hedged. Both are passively managed. Over the past 5 years, CARS.TO returned -10.56%/yr vs 6.13%/yr for CALL.TO. At a 0.38 correlation, their price movements are largely independent.

Performance

CARS.TO vs. CALL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Evolve Automobile Innovation Index Fund - Hedged Units (CARS.TO) and Evolve US Banks Enhanced Yield Fund Hedged Units (CALL.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CARS.TO achieves a 3.49% return, which is significantly lower than CALL.TO's 10.93% return.

CARS.TO

• 1D: -4.86%
• 1M: -18.39%
• 6M: -5.74%
• YTD: 3.49%
• 1Y: 13.99%
• 3Y*: -2.60%
• 5Y*: -10.56%
• 10Y*: —
• ALL TIME*: 4.00%

CALL.TO

• 1D: 0.61%
• 1M: 1.96%
• 6M: 9.99%
• YTD: 10.93%
• 1Y: 20.33%
• 3Y*: 22.20%
• 5Y*: 6.13%
• 10Y*: —
• ALL TIME*: 5.91%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CALL.TO Evolve US Banks Enhanced Yield Fund Hedged Units	CA$110.65K	CA$160.68K	CA$121.83K
CARS.TO Evolve Automobile Innovation Index Fund - Hedged Units	CA$74.52K	CA$52.07K	CA$48.98K

CARS.TO vs. CALL.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CARS.TO Evolve Automobile Innovation Index Fund - Hedged Units	3.49%	25.71%	-11.53%	-5.42%	-49.72%	4.23%	97.73%	52.28%	-20.38%	0.07%
CALL.TO Evolve US Banks Enhanced Yield Fund Hedged Units	10.93%	17.96%	30.56%	-10.46%	-21.68%	35.56%	-12.36%	36.22%	-21.42%	8.63%

Correlation

The correlation between CARS.TO and CALL.TO is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (All Time) Calculated using the full available price history since Oct 16, 2017	0.38

The correlation between CARS.TO and CALL.TO shifts across timeframes, from 0.21 (1 year) to 0.47 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

CARS.TO vs. CALL.TO — Risk / Return Rank

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

CARS.TO

CARS.TO Risk / Return Rank: 21
CARS.TO Sharpe Ratio Rank: 20
CARS.TO Sortino Ratio Rank: 21
CARS.TO Omega Ratio Rank: 22
CARS.TO Calmar Ratio Rank: 20
CARS.TO Martin Ratio Rank: 20

CALL.TO

CALL.TO Risk / Return Rank: 39
CALL.TO Sharpe Ratio Rank: 42
CALL.TO Sortino Ratio Rank: 40
CALL.TO Omega Ratio Rank: 42
CALL.TO Calmar Ratio Rank: 37
CALL.TO Martin Ratio Rank: 35

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.

CARS.TO vs. CALL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Evolve Automobile Innovation Index Fund - Hedged Units (CARS.TO) and Evolve US Banks Enhanced Yield Fund Hedged Units (CALL.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.

	CARS.TO	CALL.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.37	1.03	-0.66
Sortino ratio: Return per unit of downside risk	0.76	1.50	-0.73
Omega ratio: Gain probability vs. loss probability	1.10	1.20	-0.10
Calmar ratio: Return relative to maximum drawdown	0.46	1.28	-0.82
Martin ratio: Return relative to average drawdown	1.16	3.59	-2.43

CARS.TO vs. CALL.TO - Sharpe Ratio Comparison

The current CARS.TO Sharpe Ratio is 0.37, which is lower than the CALL.TO Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of CARS.TO and CALL.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

CARS.TO vs. CALL.TO - Drawdown Comparison

The maximum CARS.TO drawdown since its inception was -74.55%, which is greater than CALL.TO's maximum drawdown of -52.03%. Use the drawdown chart below to compare losses from any high point for CARS.TO and CALL.TO.

Drawdown Indicators

	CARS.TO	CALL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-74.55%	-52.03%	-22.52%
Max Drawdown (1Y) Largest decline over 1 year	-30.57%	-15.97%	-14.60%
Max Drawdown (3Y) Largest decline over 3 years	-50.98%	-26.25%	-24.73%
Max Drawdown (5Y) Largest decline over 5 years	-73.61%	-52.03%	-21.58%
Current Drawdown Current decline from peak	-54.84%	-1.53%	-53.31%
Average Drawdown Average peak-to-trough decline	-34.08%	-18.51%	-15.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.14%	5.69%	+6.45%

Volatility

CARS.TO vs. CALL.TO - Volatility Comparison

Evolve Automobile Innovation Index Fund - Hedged Units (CARS.TO) has a higher volatility of 14.63% compared to Evolve US Banks Enhanced Yield Fund Hedged Units (CALL.TO) at 4.52%. This indicates that CARS.TO's price experiences larger fluctuations and is considered to be riskier than CALL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CARS.TO	CALL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.63%	4.52%	+10.11%
Volatility (6M) Calculated over the trailing 6-month period	30.66%	14.44%	+16.22%
Volatility (1Y) Calculated over the trailing 1-year period	37.56%	19.74%	+17.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.29%	26.95%	+9.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.32%	28.97%	+5.35%

Dividends

CARS.TO vs. CALL.TO - Dividend Comparison

CARS.TO's dividend yield for the trailing twelve months is around 1.00%, less than CALL.TO's 10.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CALL.TO Evolve US Banks Enhanced Yield Fund Hedged Units	10.16%	10.68%	11.24%	13.02%	10.20%	6.87%	8.49%	6.15%	5.59%	0.35%
CARS.TO Evolve Automobile Innovation Index Fund - Hedged Units	1.00%	0.85%	1.35%	1.01%	0.95%	0.44%	0.27%	0.53%	1.79%	0.45%

Frequently Asked Questions

Can I hold both CARS.TO and CALL.TO in my portfolio?

CARS.TO and CALL.TO have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between CARS.TO and CALL.TO?

CARS.TO is categorized as Consumer Discretionary Equities, while CALL.TO is Derivative Income. CARS.TO tracks Solactive Future Cars Index Canadian Dollar Hedged, while CALL.TO tracks Solactive Equal Weight US Bank Index Canadian Dollar Hedged.