CFOU.TO vs. HCAL.TO

Last updated Jun 5, 2026

CFOU.TO (BetaPro S&P/TSX Capped Financials 2x Daily Bull ETF) and HCAL.TO (Hamilton Enhanced Canadian Bank ETF) are both Leveraged Equities funds - CFOU.TO tracks the S&P/TSX Capped Financials Index while HCAL.TO tracks the Solactive Equal Weight Canada Banks Index (125%). Both are passively managed. Over the past 5 years, CFOU.TO returned 29.38%/yr vs 21.27%/yr for HCAL.TO. Their correlation of 0.91 suggests significant overlap in exposure. CFOU.TO charges 1.52%/yr vs 0.65%/yr for HCAL.TO.

Performance

CFOU.TO vs. HCAL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BetaPro S&P/TSX Capped Financials 2x Daily Bull ETF (CFOU.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, CFOU.TO achieves a 27.75% return, which is significantly higher than HCAL.TO's 26.15% return.

CFOU.TO

• 1D: 3.68%
• 1M: 12.30%
• YTD: 27.75%
• 6M: 35.24%
• 1Y: 96.97%
• 3Y*: 59.80%
• 5Y*: 29.38%
• 10Y*: 23.35%

HCAL.TO

• 1D: 2.11%
• 1M: 8.69%
• YTD: 26.15%
• 6M: 30.35%
• 1Y: 81.17%
• 3Y*: 41.45%
• 5Y*: 21.27%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020
CFOU.TO BetaPro S&P/TSX Capped Financials 2x Daily Bull ETF	27.75%	69.17%	56.15%	18.37%	-23.64%	79.61%	29.08%
HCAL.TO Hamilton Enhanced Canadian Bank ETF	26.15%	54.09%	29.04%	11.73%	-17.53%	51.61%	16.06%

Correlation

The correlation between CFOU.TO and HCAL.TO is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Oct 16, 2020	0.91

The correlation between CFOU.TO and HCAL.TO has been stable across timeframes, ranging from 0.89 to 0.91 - a consistent structural relationship.

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

Sectors	CFOU.TO	HCAL.TO
Financial Services	100.0%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CFOU.TO

CFOU.TO Risk / Return Rank: 93
CFOU.TO Sharpe Ratio Rank: 96
CFOU.TO Sortino Ratio Rank: 94
CFOU.TO Omega Ratio Rank: 92
CFOU.TO Calmar Ratio Rank: 92
CFOU.TO Martin Ratio Rank: 93

HCAL.TO

HCAL.TO Risk / Return Rank: 96
HCAL.TO Sharpe Ratio Rank: 98
HCAL.TO Sortino Ratio Rank: 97
HCAL.TO Omega Ratio Rank: 97
HCAL.TO Calmar Ratio Rank: 95
HCAL.TO Martin Ratio Rank: 96

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.

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

This table presents a comparison of risk-adjusted performance metrics for BetaPro S&P/TSX Capped Financials 2x Daily Bull ETF (CFOU.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.

	CFOU.TO	HCAL.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.91	5.12	-1.21
Sortino ratio: Return per unit of downside risk	4.68	6.62	-1.94
Omega ratio: Gain probability vs. loss probability	1.61	1.92	-0.31
Calmar ratio: Return relative to maximum drawdown	6.06	7.66	-1.60
Martin ratio: Return relative to average drawdown	24.79	33.26	-8.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current CFOU.TO Sharpe Ratio is 3.91, which is comparable to the HCAL.TO Sharpe Ratio of 5.12. The chart below compares the historical Sharpe Ratios of CFOU.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.

Sharpe Ratios by Period

	CFOU.TO	HCAL.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.91	5.12	-1.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.07	1.24	-0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	1.67	-1.33

Drawdowns

CFOU.TO vs. HCAL.TO - Drawdown Comparison

The maximum CFOU.TO drawdown since its inception was -86.23%, 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 CFOU.TO and HCAL.TO.

Drawdown Indicators

	CFOU.TO	HCAL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-86.23%	-35.05%	-51.18%
Max Drawdown (1Y) Largest decline over 1 year	-16.08%	-10.65%	-5.43%
Max Drawdown (3Y) Largest decline over 3 years	-24.95%	-18.77%	-6.18%
Max Drawdown (5Y) Largest decline over 5 years	-45.23%	-35.05%	-10.18%
Max Drawdown (10Y) Largest decline over 10 years	-67.29%	—	—
Current Drawdown Current decline from peak	0.00%	-0.36%	+0.36%
Average Drawdown Average peak-to-trough decline	-22.46%	-9.61%	-12.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.93%	2.45%	+1.48%

Volatility

CFOU.TO vs. HCAL.TO - Volatility Comparison

BetaPro S&P/TSX Capped Financials 2x Daily Bull ETF (CFOU.TO) has a higher volatility of 8.75% compared to Hamilton Enhanced Canadian Bank ETF (HCAL.TO) at 6.30%. This indicates that CFOU.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

	CFOU.TO	HCAL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.75%	6.30%	+2.45%
Volatility (6M) Calculated over the trailing 6-month period	21.17%	14.11%	+7.06%
Volatility (1Y) Calculated over the trailing 1-year period	24.93%	15.93%	+9.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.61%	17.18%	+10.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.86%	17.02%	+16.84%

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

CFOU.TO has a 1.52% expense ratio, which is higher than HCAL.TO's 0.65% expense ratio.

Dividends

CFOU.TO vs. HCAL.TO - Dividend Comparison

CFOU.TO has not paid dividends to shareholders, while HCAL.TO's dividend yield for the trailing twelve months is around 3.42%.

Position	TTM	2025	2024	2023	2022	2021	2020
CFOU.TO BetaPro S&P/TSX Capped Financials 2x Daily Bull ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HCAL.TO Hamilton Enhanced Canadian Bank ETF	3.42%	4.20%	6.12%	7.37%	7.47%	4.99%	3.14%

Frequently Asked Questions

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

CFOU.TO and HCAL.TO have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CFOU.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, CFOU.TO or HCAL.TO?

HCAL.TO is cheaper with a 0.65% expense ratio, compared with 1.52% for CFOU.TO.

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

CFOU.TO tracks S&P/TSX Capped Financials Index, while HCAL.TO tracks Solactive Equal Weight Canada Banks Index (125%). They also come from different issuers: Global X and Hamilton Capital. Their fees differ too: 1.52% for CFOU.TO and 0.65% for HCAL.TO.