CDAY.NEO vs. CBNK.TO
CDAY.NEO (Hamilton Enhanced Canadian Equity DayMAX ETF) and CBNK.TO (Mulvihill Canadian Bank Enhanced Yield ETF) are both Derivative Income funds. Both are actively managed. Over the past year, CDAY.NEO returned 36.81% vs 102.08% for CBNK.TO. A 0.58 correlation means they provide meaningful diversification when combined.
Performance
CDAY.NEO vs. CBNK.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CDAY.NEO achieves a 19.03% return, which is significantly lower than CBNK.TO's 49.92% return.
CDAY.NEO
- 1D
- -0.11%
- 1M
- 2.25%
- 6M
- 14.95%
- YTD
- 19.03%
- 1Y
- 36.81%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBNK.TO
- 1D
- 1.97%
- 1M
- 11.80%
- 6M
- 46.47%
- YTD
- 49.92%
- 1Y
- 102.08%
- 3Y*
- 44.98%
- 5Y*
- —
- 10Y*
- —
CDAY.NEO vs. CBNK.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CDAY.NEO Hamilton Enhanced Canadian Equity DayMAX ETF | 19.03% | 13.23% |
CBNK.TO Mulvihill Canadian Bank Enhanced Yield ETF | 49.92% | 33.76% |
Correlation
The correlation between CDAY.NEO and CBNK.TO is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025 | 0.58 |
The correlation between CDAY.NEO and CBNK.TO has been stable across timeframes, ranging from 0.57 to 0.58 - a consistent structural relationship.
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Return for Risk
CDAY.NEO vs. CBNK.TO — Risk / Return Rank
CDAY.NEO
CBNK.TO
CDAY.NEO vs. CBNK.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hamilton Enhanced Canadian Equity DayMAX ETF (CDAY.NEO) and Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.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.
| CDAY.NEO | CBNK.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.18 | ||
| Sortino ratioReturn per unit of downside risk | -3.76 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 2.01 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | 3.85 | 10.23 | -6.38 |
| Martin ratioReturn relative to average drawdown | 17.39 | 44.05 | -26.66 |
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Drawdowns
CDAY.NEO vs. CBNK.TO - Drawdown Comparison
The maximum CDAY.NEO drawdown since its inception was -9.65%, smaller than the maximum CBNK.TO drawdown of -32.12%. Use the drawdown chart below to compare losses from any high point for CDAY.NEO and CBNK.TO.
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Drawdown Indicators
| CDAY.NEO | CBNK.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.65% | -32.12% | +22.47% |
Max Drawdown (1Y)Largest decline over 1 year | -9.65% | -10.03% | +0.38% |
Max Drawdown (3Y)Largest decline over 3 years | — | -17.92% | — |
Current DrawdownCurrent decline from peak | -0.43% | 0.00% | -0.43% |
Average DrawdownAverage peak-to-trough decline | -1.22% | -10.64% | +9.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.33% | — |
Volatility
CDAY.NEO vs. CBNK.TO - Volatility Comparison
The current volatility for Hamilton Enhanced Canadian Equity DayMAX ETF (CDAY.NEO) is 2.53%, while Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.TO) has a volatility of 6.33%. This indicates that CDAY.NEO experiences smaller price fluctuations and is considered to be less risky than CBNK.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CDAY.NEO | CBNK.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.53% | 6.33% | -3.80% |
Volatility (6M)Calculated over the trailing 6-month period | 10.60% | 14.35% | -3.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.57% | 16.70% | -4.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.57% | 17.65% | -5.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.57% | 17.65% | -5.08% |
Dividends
CDAY.NEO vs. CBNK.TO - Dividend Comparison
CDAY.NEO's dividend yield for the trailing twelve months is around 14.79%, more than CBNK.TO's 5.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CBNK.TO Mulvihill Canadian Bank Enhanced Yield ETF | 5.19% | 5.86% | 8.25% | 9.59% | 7.85% |
CDAY.NEO Hamilton Enhanced Canadian Equity DayMAX ETF | 14.79% | 7.88% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CDAY.NEO and CBNK.TO have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: Hamilton Capital and Mulvihill.
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