CBNK.TO vs. HCAL.TO

Last updated Aug 1, 2026

CBNK.TO (Mulvihill Canadian Bank Enhanced Yield ETF) and HCAL.TO (Hamilton Enhanced Canadian Bank ETF) are both exchange-traded funds - CBNK.TO is a Derivative Income fund actively managed by Mulvihill, while HCAL.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index (125%). CBNK.TO is actively managed, while HCAL.TO is passively managed. Over the past 3 years, CBNK.TO returned 41.85%/yr vs 43.38%/yr for HCAL.TO. Their correlation of 0.87 means they have usually moved in the same direction. CBNK.TO charges 1.68%/yr vs 0.65%/yr for HCAL.TO.

Performance

CBNK.TO vs. HCAL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.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, CBNK.TO achieves a 44.23% return, which is significantly higher than HCAL.TO's 41.03% return.

CBNK.TO

• 1D: 0.18%
• 1M: -1.20%
• 6M: 43.64%
• YTD: 44.23%
• 1Y: 92.97%
• 3Y*: 41.85%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 22.19%

HCAL.TO

• 1D: 0.22%
• 1M: 1.89%
• 6M: 42.14%
• YTD: 41.03%
• 1Y: 88.97%
• 3Y*: 43.38%
• 5Y*: 24.47%
• 10Y*: —
• ALL TIME*: 29.85%

*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)
CBNK.TO Mulvihill Canadian Bank Enhanced Yield ETF	CA$228.74K	CA$269.05K	CA$220.65K
HCAL.TO Hamilton Enhanced Canadian Bank ETF	CA$4.03M	CA$3.86M	CA$4.00M

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

	2026 (YTD)	2025	2024	2023	2022
CBNK.TO Mulvihill Canadian Bank Enhanced Yield ETF	44.23%	51.67%	27.42%	8.42%	-19.87%
HCAL.TO Hamilton Enhanced Canadian Bank ETF	41.03%	54.09%	29.04%	11.73%	-20.53%

Correlation

The correlation between CBNK.TO and HCAL.TO is 0.90, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.90
Correlation (3Y) Balances recent behavior with more history.	0.91
Correlation (All Time) Calculated using the full available price history since Mar 2, 2022	0.87

The correlation between CBNK.TO and HCAL.TO has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.

Return for Risk

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

Compare historical risk-adjusted metric ranks over the past 12 months.

CBNK.TO

CBNK.TO Risk / Return Rank: 98
CBNK.TO Sharpe Ratio Rank: 99
CBNK.TO Sortino Ratio Rank: 98
CBNK.TO Omega Ratio Rank: 98
CBNK.TO Calmar Ratio Rank: 98
CBNK.TO Martin Ratio Rank: 98

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: 97
HCAL.TO Calmar Ratio Rank: 97
HCAL.TO Martin Ratio Rank: 97

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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

This table presents a comparison of risk-adjusted performance metrics for Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.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.

	CBNK.TO	HCAL.TO	Difference
Sharpe ratio: Return per unit of total volatility	5.28	5.00	+0.28
Sortino ratio: Return per unit of downside risk	6.40	5.91	+0.49
Omega ratio: Gain probability vs. loss probability	1.85	1.84	+0.02
Calmar ratio: Return relative to maximum drawdown	9.21	8.34	+0.87
Martin ratio: Return relative to average drawdown	37.69	34.52	+3.17

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

The current CBNK.TO Sharpe Ratio is 5.28, which is comparable to the HCAL.TO Sharpe Ratio of 5.00. The chart below compares the historical Sharpe Ratios of CBNK.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

CBNK.TO vs. HCAL.TO - Drawdown Comparison

The maximum CBNK.TO drawdown since its inception was -32.12%, smaller than the maximum HCAL.TO drawdown of -35.05%. Use the drawdown chart below to compare losses from any high point for CBNK.TO and HCAL.TO.

Drawdown Indicators

	CBNK.TO	HCAL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-32.12%	-35.05%	+2.93%
Max Drawdown (1Y) Largest decline over 1 year	-10.03%	-10.65%	+0.62%
Max Drawdown (3Y) Largest decline over 3 years	-16.55%	-16.66%	+0.11%
Max Drawdown (5Y) Largest decline over 5 years	—	-35.05%	—
Current Drawdown Current decline from peak	-3.80%	-3.70%	-0.10%
Average Drawdown Average peak-to-trough decline	-10.56%	-9.40%	-1.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.45%	2.57%	-0.12%

Volatility

CBNK.TO vs. HCAL.TO - Volatility Comparison

Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.TO) has a higher volatility of 8.18% compared to Hamilton Enhanced Canadian Bank ETF (HCAL.TO) at 7.79%. This indicates that CBNK.TO's price experiences larger fluctuations and is considered to be riskier than HCAL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CBNK.TO	HCAL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.18%	7.79%	+0.39%
Volatility (6M) Calculated over the trailing 6-month period	15.20%	15.58%	-0.38%
Volatility (1Y) Calculated over the trailing 1-year period	17.52%	17.80%	-0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.77%	17.44%	+0.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.77%	17.13%	+0.64%

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

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

Dividends

CBNK.TO vs. HCAL.TO - Dividend Comparison

CBNK.TO's dividend yield for the trailing twelve months is around 5.82%, more than HCAL.TO's 3.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
CBNK.TO Mulvihill Canadian Bank Enhanced Yield ETF	5.82%	5.86%	8.25%	9.59%	7.85%	0.00%	0.00%
HCAL.TO Hamilton Enhanced Canadian Bank ETF	3.12%	4.20%	6.12%	7.37%	7.46%	4.27%	2.66%

Frequently Asked Questions

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

With a correlation of 0.90, CBNK.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, CBNK.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, CBNK.TO or HCAL.TO?

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

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

CBNK.TO is categorized as Derivative Income, while HCAL.TO is Financials Equities. They also come from different issuers: Mulvihill and Hamilton. Their fees differ too: 1.68% for CBNK.TO and 0.65% for HCAL.TO.