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CDAY.NEO vs. XEI.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CDAY.NEO vs. XEI.TO

Last updated Jul 16, 2026
Documentation

CDAY.NEO (Hamilton Enhanced Canadian Equity DayMAX ETF) and XEI.TO (iShares S&P/TSX Composite High Dividend Index ETF) are both exchange-traded funds - CDAY.NEO is a Derivative Income fund actively managed by Hamilton Capital, while XEI.TO is a Canada Equities fund tracking the S&P/TSX Composite High Dividend Index. CDAY.NEO is actively managed, while XEI.TO is passively managed. Over the past year, CDAY.NEO returned 36.81% vs 39.57% for XEI.TO. A 0.59 correlation means they provide meaningful diversification when combined. CDAY.NEO charges 0.85%/yr vs 0.22%/yr for XEI.TO.

Performance

CDAY.NEO vs. XEI.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Hamilton Enhanced Canadian Equity DayMAX ETF (CDAY.NEO) and iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO). The values are adjusted to include any dividend payments, if applicable.

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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 XEI.TO's 27.27% return.

CDAY.NEO

1D
-0.11%
1M
2.25%
6M
14.95%
YTD
19.03%
1Y
36.81%
3Y*
—
5Y*
—
10Y*
—

XEI.TO

1D
0.75%
1M
2.77%
6M
23.90%
YTD
27.27%
1Y
39.57%
3Y*
22.45%
5Y*
15.70%
10Y*
11.99%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CDAY.NEO vs. XEI.TO - Yearly Performance Comparison

2026 (YTD)2025
CDAY.NEO
Hamilton Enhanced Canadian Equity DayMAX ETF		19.03%13.23%
XEI.TO
iShares S&P/TSX Composite High Dividend Index ETF		27.27%9.48%

Correlation

The correlation between CDAY.NEO and XEI.TO is 0.59, 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

0.59

Correlation (All Time)
Calculated using the full available price history since Jul 15, 2025

0.59

The correlation between CDAY.NEO and XEI.TO has been stable across timeframes, ranging from 0.59 to 0.59 - a consistent structural relationship.

CDAY.NEO vs. XEI.TO - Sectors Allocation Comparison

Sectors
CDAY.NEO
XEI.TO

Financial Services

31.5%
32.5%

Industrials

14.0%
0.8%

Basic Materials

13.1%
4.1%

Energy

8.7%
31.1%

Consumer Cyclical

8.4%
6.0%

Communication Services

7.8%
8.0%

Technology

6.9%
0.7%

Consumer Defensive

3.9%
0.6%

Utilities

3.7%
11.4%

Healthcare

1.6%
0.2%

Real Estate

0.4%
4.8%

Financial Services

CDAY.NEO
31.5%
XEI.TO
32.5%

Industrials

CDAY.NEO
14.0%
XEI.TO
0.8%

Basic Materials

CDAY.NEO
13.1%
XEI.TO
4.1%

Energy

CDAY.NEO
8.7%
XEI.TO
31.1%

Consumer Cyclical

CDAY.NEO
8.4%
XEI.TO
6.0%

Communication Services

CDAY.NEO
7.8%
XEI.TO
8.0%

Technology

CDAY.NEO
6.9%
XEI.TO
0.7%

Consumer Defensive

CDAY.NEO
3.9%
XEI.TO
0.6%

Utilities

CDAY.NEO
3.7%
XEI.TO
11.4%

Healthcare

CDAY.NEO
1.6%
XEI.TO
0.2%

Real Estate

CDAY.NEO
0.4%
XEI.TO
4.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Hamilton Enhanced Canadian Equity DayMAX ETF

iShares S&P/TSX Composite High Dividend Index ETF

Often compared with CDAY.NEO:
CDAY.NEO vs. HDIV.TOCDAY.NEO vs. QDAY.NEOCDAY.NEO vs. CANY.TOCDAY.NEO vs. SDAY.NEOCDAY.NEO vs. HCAL.TOCDAY.NEO vs. ECHI.TOCDAY.NEO vs. BANK.TO
Often compared with XEI.TO:
XEI.TO vs. VDY.TOXEI.TO vs. XDIV.TOXEI.TO vs. XEQT.TOXEI.TO vs. VFV.TOXEI.TO vs. ZDV.TOXEI.TO vs. CDZ.TOXEI.TO vs. XDV.TO

Return for Risk

CDAY.NEO vs. XEI.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CDAY.NEO
CDAY.NEO Risk / Return Rank: 9292
Overall Rank
CDAY.NEO Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
CDAY.NEO Sortino Ratio Rank: 9494
Sortino Ratio Rank
CDAY.NEO Omega Ratio Rank: 9494
Omega Ratio Rank
CDAY.NEO Calmar Ratio Rank: 8686
Calmar Ratio Rank
CDAY.NEO Martin Ratio Rank: 9292
Martin Ratio Rank
XEI.TO
XEI.TO Risk / Return Rank: 9898
Overall Rank
XEI.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
XEI.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
XEI.TO Omega Ratio Rank: 9898
Omega Ratio Rank
XEI.TO Calmar Ratio Rank: 9898
Calmar Ratio Rank
XEI.TO Martin Ratio Rank: 9898
Martin Ratio Rank
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.

CDAY.NEO vs. XEI.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 iShares S&P/TSX Composite High Dividend Index ETF (XEI.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.NEOXEI.TODifference
Sharpe ratioReturn per unit of total volatility
2.98
4.96

-1.98

Sortino ratioReturn per unit of downside risk
3.92
6.89

-2.97

Omega ratioGain probability vs. loss probability

1.55

1.99

-0.44

Calmar ratioReturn relative to maximum drawdown

3.85

9.43

-5.58

Martin ratioReturn relative to average drawdown

17.39

41.44

-24.05

CDAY.NEO vs. XEI.TO - Sharpe Ratio Comparison

The current CDAY.NEO Sharpe Ratio is 2.98, which is lower than the XEI.TO Sharpe Ratio of 4.96. The chart below compares the historical Sharpe Ratios of CDAY.NEO and XEI.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.

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Drawdowns

CDAY.NEO vs. XEI.TO - Drawdown Comparison

The maximum CDAY.NEO drawdown since its inception was -9.65%, smaller than the maximum XEI.TO drawdown of -45.52%. Use the drawdown chart below to compare losses from any high point for CDAY.NEO and XEI.TO.

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Drawdown Indicators

CDAY.NEOXEI.TODifference

Max Drawdown

Largest peak-to-trough decline

-9.65%

-45.52%

+35.87%

Max Drawdown (1Y)

Largest decline over 1 year

-9.65%

-4.22%

-5.43%

Max Drawdown (3Y)

Largest decline over 3 years

—

-9.96%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-17.35%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-45.52%

—

Current Drawdown

Current decline from peak

-0.43%

0.00%

-0.43%

Average Drawdown

Average peak-to-trough decline

-1.22%

-5.07%

+3.85%

Ulcer Index

Depth and duration of drawdowns from previous peaks

—

0.96%

—

Volatility

CDAY.NEO vs. XEI.TO - Volatility Comparison

Hamilton Enhanced Canadian Equity DayMAX ETF (CDAY.NEO) has a higher volatility of 2.53% compared to iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO) at 2.21%. This indicates that CDAY.NEO's price experiences larger fluctuations and is considered to be riskier than XEI.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.NEOXEI.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.53%

2.21%

+0.32%

Volatility (6M)

Calculated over the trailing 6-month period

10.60%

6.00%

+4.60%

Volatility (1Y)

Calculated over the trailing 1-year period

12.57%

8.03%

+4.54%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.57%

11.30%

+1.27%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.57%

16.00%

-3.43%

CDAY.NEO vs. XEI.TO - Expense Ratio Comparison

CDAY.NEO has a 0.85% expense ratio, which is higher than XEI.TO's 0.22% expense ratio.

Dividends

CDAY.NEO vs. XEI.TO - Dividend Comparison

CDAY.NEO's dividend yield for the trailing twelve months is around 14.79%, more than XEI.TO's 3.41% yield.

PositionTTM20252024202320222021202020192018201720162015
CDAY.NEO
Hamilton Enhanced Canadian Equity DayMAX ETF		14.79%7.88%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
XEI.TO
iShares S&P/TSX Composite High Dividend Index ETF		3.41%4.47%5.45%4.97%4.68%3.58%5.03%4.62%5.42%4.29%4.41%5.64%

Frequently Asked Questions

CDAY.NEO and XEI.TO have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XEI.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XEI.TO is cheaper with a 0.22% expense ratio, compared with 0.85% for CDAY.NEO.

CDAY.NEO is categorized as Derivative Income, while XEI.TO is Canada Equities. They also come from different issuers: Hamilton Capital and iShares. Their fees differ too: 0.85% for CDAY.NEO and 0.22% for XEI.TO.

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