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CDZ.TO vs. HCA.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CDZ.TO vs. HCA.TO

Last updated Jun 4, 2026

CDZ.TO (iShares S&P/TSX Canadian Dividend Aristocrats Index ETF) and HCA.TO (Hamilton Canadian Bank Mean Reversion Index ETF) are both Canada Equities funds - CDZ.TO tracks the Morningstar Canada GR CAD while HCA.TO tracks the Solactive Canadian Bank Mean Reversion Index. Both are passively managed. Over the past 5 years, CDZ.TO returned 10.31%/yr vs 28.00%/yr for HCA.TO. A 0.66 correlation means they provide meaningful diversification when combined. CDZ.TO charges 0.66%/yr vs 0.45%/yr for HCA.TO.

Performance

CDZ.TO vs. HCA.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (CDZ.TO) and Hamilton Canadian Bank Mean Reversion Index ETF (HCA.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, CDZ.TO achieves a 13.46% return, which is significantly lower than HCA.TO's 19.58% return.

CDZ.TO

1D
0.00%
1M
3.31%
YTD
13.46%
6M
10.74%
1Y
22.32%
3Y*
16.81%
5Y*
10.31%
10Y*
9.44%

HCA.TO

1D
0.00%
1M
5.81%
YTD
19.58%
6M
24.76%
1Y
61.56%
3Y*
43.51%
5Y*
28.00%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

CDZ.TO vs. HCA.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
CDZ.TO
iShares S&P/TSX Canadian Dividend Aristocrats Index ETF		13.46%13.45%17.86%8.98%-4.43%22.80%21.57%
HCA.TO
Hamilton Canadian Bank Mean Reversion Index ETF		19.58%51.09%33.32%26.95%-4.34%48.13%23.46%

Correlation

The correlation between CDZ.TO and HCA.TO is 0.52, 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

0.52

Correlation (3Y)
Calculated over the trailing 3-year period

0.64

Correlation (5Y)
Calculated over the trailing 5-year period

0.69

Correlation (All Time)
Calculated using the full available price history since Jun 30, 2020

0.66

The correlation between CDZ.TO and HCA.TO shifts across timeframes, from 0.52 (1 year) to 0.69 (5 years), reflecting how their relationship changes across market environments.

CDZ.TO vs. HCA.TO - Sectors Allocation Comparison

Sectors
CDZ.TO
HCA.TO

Energy

22.7%

-

Financial Services

17.1%
100.0%

Industrials

14.5%

-

Utilities

9.0%

-

Real Estate

8.9%

-

Consumer Cyclical

7.6%

-

Communication Services

7.5%

-

Consumer Defensive

6.7%

-

Basic Materials

3.3%

-

Technology

2.7%

-

Healthcare

-

-

Energy

CDZ.TO
22.7%
HCA.TO

-

Financial Services

CDZ.TO
17.1%
HCA.TO
100.0%

Industrials

CDZ.TO
14.5%
HCA.TO

-

Utilities

CDZ.TO
9.0%
HCA.TO

-

Real Estate

CDZ.TO
8.9%
HCA.TO

-

Consumer Cyclical

CDZ.TO
7.6%
HCA.TO

-

Communication Services

CDZ.TO
7.5%
HCA.TO

-

Consumer Defensive

CDZ.TO
6.7%
HCA.TO

-

Basic Materials

CDZ.TO
3.3%
HCA.TO

-

Technology

CDZ.TO
2.7%
HCA.TO

-

Healthcare

CDZ.TO

-

HCA.TO

-

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iShares S&P/TSX Canadian Dividend Aristocrats Index ETF

Hamilton Canadian Bank Mean Reversion Index ETF

Often compared with CDZ.TO:
CDZ.TO vs. VDY.TOCDZ.TO vs. XDIV.TOCDZ.TO vs. XEI.TOCDZ.TO vs. XDV.TOCDZ.TO vs. XEQT.TOCDZ.TO vs. CUD.TOCDZ.TO vs. VEQT.TO
Often compared with HCA.TO:
HCA.TO vs. HCAL.TOHCA.TO vs. HEB.TOHCA.TO vs. VCE.TOHCA.TO vs. PMIF.TOHCA.TO vs. XIC.TOHCA.TO vs. LMAX.TOHCA.TO vs. FCCM.NEO

Return for Risk

CDZ.TO vs. HCA.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CDZ.TO
CDZ.TO Risk / Return Rank: 8484
Overall Rank
CDZ.TO Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
CDZ.TO Sortino Ratio Rank: 7777
Sortino Ratio Rank
CDZ.TO Omega Ratio Rank: 8888
Omega Ratio Rank
CDZ.TO Calmar Ratio Rank: 8989
Calmar Ratio Rank
CDZ.TO Martin Ratio Rank: 8686
Martin Ratio Rank
HCA.TO
HCA.TO Risk / Return Rank: 9696
Overall Rank
HCA.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
HCA.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
HCA.TO Omega Ratio Rank: 9797
Omega Ratio Rank
HCA.TO Calmar Ratio Rank: 9494
Calmar Ratio Rank
HCA.TO Martin Ratio Rank: 9595
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.

CDZ.TO vs. HCA.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (CDZ.TO) and Hamilton Canadian Bank Mean Reversion Index ETF (HCA.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.

CDZ.TOHCA.TODifference
Sharpe ratioReturn per unit of total volatility
2.72
4.82

-2.11

Sortino ratioReturn per unit of downside risk
3.53
7.08

-3.55

Omega ratioGain probability vs. loss probability

1.56

1.97

-0.41

Calmar ratioReturn relative to maximum drawdown

5.46

7.27

-1.81

Martin ratioReturn relative to average drawdown

18.49

32.98

-14.49

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CDZ.TO vs. HCA.TO - Sharpe Ratio Comparison

The current CDZ.TO Sharpe Ratio is 2.72, which is lower than the HCA.TO Sharpe Ratio of 4.82. The chart below compares the historical Sharpe Ratios of CDZ.TO and HCA.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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Sharpe Ratios by Period

CDZ.TOHCA.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.72

4.82

-2.11

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.95

1.87

-0.91

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.65

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.52

2.18

-1.66

Drawdowns

CDZ.TO vs. HCA.TO - Drawdown Comparison

The maximum CDZ.TO drawdown since its inception was -49.33%, which is greater than HCA.TO's maximum drawdown of -17.82%. Use the drawdown chart below to compare losses from any high point for CDZ.TO and HCA.TO.

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Drawdown Indicators

CDZ.TOHCA.TODifference

Max Drawdown

Largest peak-to-trough decline

-49.33%

-17.82%

-31.51%

Max Drawdown (1Y)

Largest decline over 1 year

-4.11%

-8.52%

+4.41%

Max Drawdown (3Y)

Largest decline over 3 years

-12.99%

-12.51%

-0.48%

Max Drawdown (5Y)

Largest decline over 5 years

-17.15%

-17.82%

+0.67%

Max Drawdown (10Y)

Largest decline over 10 years

-45.70%

—

—

Current Drawdown

Current decline from peak

-0.09%

-1.28%

+1.19%

Average Drawdown

Average peak-to-trough decline

-6.14%

-3.35%

-2.79%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.21%

1.87%

-0.66%

Volatility

CDZ.TO vs. HCA.TO - Volatility Comparison

The current volatility for iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (CDZ.TO) is 1.88%, while Hamilton Canadian Bank Mean Reversion Index ETF (HCA.TO) has a volatility of 4.15%. This indicates that CDZ.TO experiences smaller price fluctuations and is considered to be less risky than HCA.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CDZ.TOHCA.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.88%

4.15%

-2.27%

Volatility (6M)

Calculated over the trailing 6-month period

6.91%

11.14%

-4.23%

Volatility (1Y)

Calculated over the trailing 1-year period

8.26%

12.85%

-4.59%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.86%

15.09%

-4.23%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.63%

15.09%

-0.46%

CDZ.TO vs. HCA.TO - Expense Ratio Comparison

CDZ.TO has a 0.66% expense ratio, which is higher than HCA.TO's 0.45% expense ratio.

Dividends

CDZ.TO vs. HCA.TO - Dividend Comparison

CDZ.TO's dividend yield for the trailing twelve months is around 3.07%, more than HCA.TO's 2.92% yield.

PositionTTM20252024202320222021202020192018201720162015
CDZ.TO
iShares S&P/TSX Canadian Dividend Aristocrats Index ETF		3.07%3.46%3.56%3.71%3.67%2.95%3.70%3.68%4.37%3.43%3.51%3.72%
HCA.TO
Hamilton Canadian Bank Mean Reversion Index ETF		2.92%5.59%15.89%20.26%16.23%11.79%3.54%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

CDZ.TO and HCA.TO have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, HCA.TO is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

HCA.TO is cheaper with a 0.45% expense ratio, compared with 0.66% for CDZ.TO.

CDZ.TO tracks Morningstar Canada GR CAD, while HCA.TO tracks Solactive Canadian Bank Mean Reversion Index. They also come from different issuers: iShares and Hamilton. Their fees differ too: 0.66% for CDZ.TO and 0.45% for HCA.TO.

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