PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
CDZ.TO vs. HCAL.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CDZ.TO vs. HCAL.TO

Last updated Jul 1, 2026
See Documentation

CDZ.TO (iShares S&P/TSX Canadian Dividend Aristocrats Index ETF) and HCAL.TO (Hamilton Enhanced Canadian Bank ETF) are both exchange-traded funds - CDZ.TO is a Canada Equities fund tracking the S&P/TSX Canadian Dividend Aristocrats Index, while HCAL.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index (125%). Both are passively managed. Over the past 5 years, CDZ.TO returned 9.55%/yr vs 24.03%/yr for HCAL.TO. A 0.72 correlation means they provide meaningful diversification when combined. CDZ.TO charges 0.66%/yr vs 0.65%/yr for HCAL.TO.

Performance

CDZ.TO vs. HCAL.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 Enhanced Canadian Bank ETF (HCAL.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, CDZ.TO achieves a 9.82% return, which is significantly lower than HCAL.TO's 40.08% return.

CDZ.TO

1D
-0.09%
1M
1.65%
YTD
9.82%
6M
9.85%
1Y
16.60%
3Y*
15.64%
5Y*
9.55%
10Y*
9.24%

HCAL.TO

1D
0.97%
1M
13.87%
YTD
40.08%
6M
39.42%
1Y
92.01%
3Y*
44.83%
5Y*
24.03%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020
CDZ.TO
iShares S&P/TSX Canadian Dividend Aristocrats Index ETF		9.82%13.46%17.94%9.05%-4.39%22.95%9.55%
HCAL.TO
Hamilton Enhanced Canadian Bank ETF		40.08%54.09%29.04%11.73%-17.54%50.25%16.92%

Correlation

The correlation between CDZ.TO and HCAL.TO is 0.54, 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

0.54

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

0.68

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

0.73

Correlation (All Time)
Calculated using the full available price history since Oct 15, 2020

0.72

The correlation between CDZ.TO and HCAL.TO shifts across timeframes, from 0.54 (1 year) to 0.73 (5 years), reflecting how their relationship changes across market environments.

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

Sectors
CDZ.TO
HCAL.TO

Energy

20.4%

-

Financial Services

18.4%
100.0%

Industrials

14.0%

-

Utilities

10.7%

-

Real Estate

8.8%

-

Consumer Cyclical

7.9%

-

Communication Services

7.3%

-

Consumer Defensive

6.7%

-

Basic Materials

3.0%

-

Technology

2.4%

-

Healthcare

-

-

Energy

CDZ.TO
20.4%
HCAL.TO

-

Financial Services

CDZ.TO
18.4%
HCAL.TO
100.0%

Industrials

CDZ.TO
14.0%
HCAL.TO

-

Utilities

CDZ.TO
10.7%
HCAL.TO

-

Real Estate

CDZ.TO
8.8%
HCAL.TO

-

Consumer Cyclical

CDZ.TO
7.9%
HCAL.TO

-

Communication Services

CDZ.TO
7.3%
HCAL.TO

-

Consumer Defensive

CDZ.TO
6.7%
HCAL.TO

-

Basic Materials

CDZ.TO
3.0%
HCAL.TO

-

Technology

CDZ.TO
2.4%
HCAL.TO

-

Healthcare

CDZ.TO

-

HCAL.TO

-

Compare stocks, funds, or ETFs

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

iShares S&P/TSX Canadian Dividend Aristocrats Index ETF

Hamilton Enhanced Canadian Bank 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 HCAL.TO:
HCAL.TO vs. BANK.TOHCAL.TO vs. ZEB.TOHCAL.TO vs. VDY.TOHCAL.TO vs. HDIV.TOHCAL.TO vs. HBNK.TOHCAL.TO vs. HMAX.TOHCAL.TO vs. UMAX.TO

Return for Risk

CDZ.TO vs. HCAL.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: 5454
Overall Rank
CDZ.TO Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
CDZ.TO Sortino Ratio Rank: 4242
Sortino Ratio Rank
CDZ.TO Omega Ratio Rank: 7070
Omega Ratio Rank
CDZ.TO Calmar Ratio Rank: 5454
Calmar Ratio Rank
CDZ.TO Martin Ratio Rank: 5555
Martin Ratio Rank
HCAL.TO
HCAL.TO Risk / Return Rank: 9898
Overall Rank
HCAL.TO Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
HCAL.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
HCAL.TO Omega Ratio Rank: 9898
Omega Ratio Rank
HCAL.TO Calmar Ratio Rank: 9797
Calmar Ratio Rank
HCAL.TO Martin Ratio Rank: 9797
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. HCAL.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 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.

CDZ.TOHCAL.TODifference
Sharpe ratioReturn per unit of total volatility
1.51
5.74

-4.24

Sortino ratioReturn per unit of downside risk
1.92
7.24

-5.32

Omega ratioGain probability vs. loss probability

1.35

2.00

-0.65

Calmar ratioReturn relative to maximum drawdown

2.27

8.68

-6.41

Martin ratioReturn relative to average drawdown

8.15

37.71

-29.57

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

The current CDZ.TO Sharpe Ratio is 1.51, which is lower than the HCAL.TO Sharpe Ratio of 5.74. The chart below compares the historical Sharpe Ratios of CDZ.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.

Loading charts...

Drawdowns

CDZ.TO vs. HCAL.TO - Drawdown Comparison

The maximum CDZ.TO drawdown since its inception was -49.23%, which is greater than HCAL.TO's maximum drawdown of -35.05%. Use the drawdown chart below to compare losses from any high point for CDZ.TO and HCAL.TO.

Loading charts...

Drawdown Indicators

CDZ.TOHCAL.TODifference

Max Drawdown

Largest peak-to-trough decline

-49.23%

-35.05%

-14.18%

Max Drawdown (1Y)

Largest decline over 1 year

-7.33%

-10.65%

+3.32%

Max Drawdown (3Y)

Largest decline over 3 years

-13.00%

-18.77%

+5.77%

Max Drawdown (5Y)

Largest decline over 5 years

-17.15%

-35.05%

+17.90%

Max Drawdown (10Y)

Largest decline over 10 years

-45.70%

—

—

Current Drawdown

Current decline from peak

-0.42%

0.00%

-0.42%

Average Drawdown

Average peak-to-trough decline

-6.13%

-9.51%

+3.38%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.04%

2.45%

-0.41%

Volatility

CDZ.TO vs. HCAL.TO - Volatility Comparison

The current volatility for iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (CDZ.TO) is 2.07%, while Hamilton Enhanced Canadian Bank ETF (HCAL.TO) has a volatility of 3.76%. This indicates that CDZ.TO experiences smaller price fluctuations and is considered to be less risky than HCAL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

CDZ.TOHCAL.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.07%

3.76%

-1.69%

Volatility (6M)

Calculated over the trailing 6-month period

7.40%

14.05%

-6.65%

Volatility (1Y)

Calculated over the trailing 1-year period

11.09%

16.14%

-5.05%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.33%

17.20%

-5.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.77%

16.95%

-2.18%

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

CDZ.TO has a 0.66% expense ratio, which is higher than HCAL.TO's 0.65% expense ratio.

Dividends

CDZ.TO vs. HCAL.TO - Dividend Comparison

CDZ.TO's dividend yield for the trailing twelve months is around 3.08%, which matches HCAL.TO's 3.11% yield.

PositionTTM20252024202320222021202020192018201720162015
CDZ.TO
iShares S&P/TSX Canadian Dividend Aristocrats Index ETF		3.08%3.45%3.61%3.77%3.73%3.04%3.82%3.80%4.51%3.54%3.62%3.85%
HCAL.TO
Hamilton Enhanced Canadian Bank ETF		3.11%4.20%6.12%7.37%7.46%4.27%2.66%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

CDZ.TO and HCAL.TO have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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.

HCAL.TO is cheaper with a 0.65% expense ratio, compared with 0.66% for CDZ.TO.

CDZ.TO is categorized as Canada Equities, while HCAL.TO is Financials Equities. CDZ.TO tracks S&P/TSX Canadian Dividend Aristocrats Index, while HCAL.TO tracks Solactive Equal Weight Canada Banks Index (125%). They also come from different issuers: iShares and Hamilton Capital. Their fees differ too: 0.66% for CDZ.TO and 0.65% for HCAL.TO.

Portfolio Optimizer

Find the right allocation for CDZ.TO and HCAL.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer