CIC.TO vs. HCAL.TO

Last updated Jun 24, 2026

CIC.TO (CI Canadian Banks Covered Call Income Class ETF) and HCAL.TO (Hamilton Enhanced Canadian Bank ETF) are both Financials Equities funds. CIC.TO is actively managed, while HCAL.TO is passively managed. Over the past 5 years, CIC.TO returned 16.24%/yr vs 23.64%/yr for HCAL.TO. Their correlation of 0.94 suggests significant overlap in exposure. CIC.TO charges 0.87%/yr vs 0.65%/yr for HCAL.TO.

Performance

CIC.TO vs. HCAL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Canadian Banks Covered Call Income Class ETF (CIC.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, CIC.TO achieves a 24.90% return, which is significantly lower than HCAL.TO's 38.28% return.

CIC.TO

• 1D: 0.37%
• 1M: 6.57%
• YTD: 24.90%
• 6M: 24.90%
• 1Y: 59.88%
• 3Y*: 31.09%
• 5Y*: 16.24%
• 10Y*: 13.82%

HCAL.TO

• 1D: 0.49%
• 1M: 10.30%
• YTD: 38.28%
• 6M: 38.09%
• 1Y: 95.86%
• 3Y*: 46.64%
• 5Y*: 23.64%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020
CIC.TO CI Canadian Banks Covered Call Income Class ETF	24.90%	36.24%	21.30%	6.58%	-10.99%	33.76%	13.13%
HCAL.TO Hamilton Enhanced Canadian Bank ETF	38.28%	54.09%	29.04%	11.73%	-17.54%	51.61%	17.59%

Correlation

The correlation between CIC.TO and HCAL.TO is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Oct 15, 2020	0.94

The correlation between CIC.TO and HCAL.TO has been stable across timeframes, ranging from 0.94 to 0.94 - a consistent structural relationship.

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

Sectors	CIC.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

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

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

CIC.TO

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

HCAL.TO

HCAL.TO Risk / Return Rank: 98
HCAL.TO Sharpe Ratio Rank: 99
HCAL.TO Sortino Ratio Rank: 98
HCAL.TO Omega Ratio Rank: 98
HCAL.TO Calmar Ratio Rank: 96
HCAL.TO Martin Ratio Rank: 97

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.

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

This table presents a comparison of risk-adjusted performance metrics for CI Canadian Banks Covered Call Income Class ETF (CIC.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.

	CIC.TO	HCAL.TO	Difference
Sharpe ratio: Return per unit of total volatility	5.28	5.99	-0.71
Sortino ratio: Return per unit of downside risk	7.17	7.48	-0.32
Omega ratio: Gain probability vs. loss probability	2.02	2.05	-0.03
Calmar ratio: Return relative to maximum drawdown	7.31	9.05	-1.74
Martin ratio: Return relative to average drawdown	34.28	39.30	-5.03

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

The current CIC.TO Sharpe Ratio is 5.28, which is comparable to the HCAL.TO Sharpe Ratio of 5.99. The chart below compares the historical Sharpe Ratios of CIC.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.

Drawdowns

CIC.TO vs. HCAL.TO - Drawdown Comparison

The maximum CIC.TO drawdown since its inception was -38.55%, 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 CIC.TO and HCAL.TO.

Drawdown Indicators

	CIC.TO	HCAL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-38.55%	-35.05%	-3.50%
Max Drawdown (1Y) Largest decline over 1 year	-8.23%	-10.65%	+2.42%
Max Drawdown (3Y) Largest decline over 3 years	-14.32%	-18.77%	+4.45%
Max Drawdown (5Y) Largest decline over 5 years	-26.34%	-35.05%	+8.71%
Max Drawdown (10Y) Largest decline over 10 years	-38.55%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.48%	-9.52%	+4.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.75%	2.45%	-0.70%

Volatility

CIC.TO vs. HCAL.TO - Volatility Comparison

The current volatility for CI Canadian Banks Covered Call Income Class ETF (CIC.TO) is 3.21%, while Hamilton Enhanced Canadian Bank ETF (HCAL.TO) has a volatility of 4.90%. This indicates that CIC.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.

Volatility by Period

	CIC.TO	HCAL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.21%	4.90%	-1.69%
Volatility (6M) Calculated over the trailing 6-month period	9.85%	14.00%	-4.15%
Volatility (1Y) Calculated over the trailing 1-year period	11.40%	16.10%	-4.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.80%	17.20%	-4.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.28%	16.99%	-0.71%

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

CIC.TO has a 0.87% expense ratio, which is higher than HCAL.TO's 0.65% expense ratio.

Dividends

CIC.TO vs. HCAL.TO - Dividend Comparison

CIC.TO's dividend yield for the trailing twelve months is around 4.88%, more than HCAL.TO's 3.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CIC.TO CI Canadian Banks Covered Call Income Class ETF	4.88%	5.72%	6.71%	7.37%	7.64%	5.48%	9.56%	6.16%	6.61%	5.68%	6.72%	7.31%
HCAL.TO Hamilton Enhanced Canadian Bank ETF	3.12%	4.20%	6.12%	7.37%	7.46%	4.99%	3.14%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

With a correlation of 0.94, CIC.TO and HCAL.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

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

HCAL.TO is cheaper with a 0.65% expense ratio, compared with 0.87% for CIC.TO.

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

They also come from different issuers: CI and Hamilton Capital. Their fees differ too: 0.87% for CIC.TO and 0.65% for HCAL.TO.