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CIC.TO vs. HEB.TO
Performance
Return for Risk
Dividends
Drawdowns
Volatility

CIC.TO vs. HEB.TO

Last updated Apr 1, 2026

Compare and contrast key facts about CI Canadian Banks Covered Call Income Class ETF (CIC.TO) and Hamilton Canadian Bank Equal-Weight Index ETF (HEB.TO).

CIC.TO and HEB.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CIC.TO is an actively managed fund by CI. It was launched on Aug 18, 2010. HEB.TO is a passively managed fund by Hamilton that tracks the performance of the Solactive Equal Weight Canada Banks Index. It was launched on Apr 3, 2023.

Performance

CIC.TO vs. HEB.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 Canadian Bank Equal-Weight Index ETF (HEB.TO). The values are adjusted to include any dividend payments, if applicable.

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

2026 (YTD)202520242023
CIC.TO
CI Canadian Banks Covered Call Income Class ETF		1.51%36.24%21.30%5.54%
HEB.TO
Hamilton Canadian Bank Equal-Weight Index ETF		1.58%44.00%23.58%8.60%

Returns By Period

The year-to-date returns for both investments are quite close, with CIC.TO having a 1.51% return and HEB.TO slightly higher at 1.58%.

CIC.TO

1D
1.51%
1M
-3.47%
YTD
1.51%
6M
12.87%
1Y
42.80%
3Y*
21.09%
5Y*
13.42%
10Y*
11.85%

HEB.TO

1D
2.50%
1M
-4.22%
YTD
1.58%
6M
14.53%
1Y
51.60%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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CI Canadian Banks Covered Call Income Class ETF

Hamilton Canadian Bank Equal-Weight Index ETF

Often compared with CIC.TO:
CIC.TO vs. CCOM.TOCIC.TO vs. ZEB.TOCIC.TO vs. CMNY.TOCIC.TO vs. FMAX.TOCIC.TO vs. VXM-B.TOCIC.TO vs. SIXY.TOCIC.TO vs. CEW.TO
Often compared with HEB.TO:
HEB.TO vs. HCAL.TOHEB.TO vs. ZEB.TOHEB.TO vs. CMVP.TOHEB.TO vs. HBA.TOHEB.TO vs. BNKL.TOHEB.TO vs. HCA.TOHEB.TO vs. XIC.TO

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

CIC.TO has a 0.87% expense ratio, which is higher than HEB.TO's 0.19% expense ratio.

CIC.TO
CI Canadian Banks Covered Call Income Class ETF
HEB.TO
Hamilton Canadian Bank Equal-Weight Index ETF

Return for Risk

CIC.TO vs. HEB.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: 9898
Overall Rank
CIC.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
CIC.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
CIC.TO Omega Ratio Rank: 9898
Omega Ratio Rank
CIC.TO Calmar Ratio Rank: 9797
Calmar Ratio Rank
CIC.TO Martin Ratio Rank: 9797
Martin Ratio Rank
HEB.TO
HEB.TO Risk / Return Rank: 9898
Overall Rank
HEB.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
HEB.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
HEB.TO Omega Ratio Rank: 9898
Omega Ratio Rank
HEB.TO Calmar Ratio Rank: 9898
Calmar Ratio Rank
HEB.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.

CIC.TO vs. HEB.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 Canadian Bank Equal-Weight Index ETF (HEB.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.

CIC.TOHEB.TODifference

Sharpe ratio

Return per unit of total volatility

3.45

3.84

-0.39

Sortino ratio

Return per unit of downside risk

4.45

4.89

-0.45

Omega ratio

Gain probability vs. loss probability

1.71

1.74

-0.03

Calmar ratio

Return relative to maximum drawdown

5.28

5.92

-0.65

Martin ratio

Return relative to average drawdown

22.30

25.35

-3.05

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

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

The current CIC.TO Sharpe Ratio is 3.45, which is comparable to the HEB.TO Sharpe Ratio of 3.84. The chart below compares the historical Sharpe Ratios of CIC.TO and HEB.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

CIC.TOHEB.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.45

3.84

-0.39

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.08

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.73

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.64

2.01

-1.36

Correlation

The correlation between CIC.TO and HEB.TO is 0.87, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

CIC.TO vs. HEB.TO - Dividend Comparison

CIC.TO's dividend yield for the trailing twelve months is around 5.85%, more than HEB.TO's 2.97% yield.

TTM20252024202320222021202020192018201720162015
CIC.TO
CI Canadian Banks Covered Call Income Class ETF		5.85%5.72%6.71%7.37%7.64%5.48%9.56%6.16%6.61%5.68%6.72%7.31%
HEB.TO
Hamilton Canadian Bank Equal-Weight Index ETF		2.97%3.20%4.24%3.75%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Drawdowns

CIC.TO vs. HEB.TO - Drawdown Comparison

The maximum CIC.TO drawdown since its inception was -38.55%, which is greater than HEB.TO's maximum drawdown of -14.82%. Use the drawdown chart below to compare losses from any high point for CIC.TO and HEB.TO.

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Drawdown Indicators

CIC.TOHEB.TODifference

Max Drawdown

Largest peak-to-trough decline

-38.55%

-14.82%

-23.73%

Max Drawdown (1Y)

Largest decline over 1 year

-8.23%

-8.86%

+0.63%

Max Drawdown (5Y)

Largest decline over 5 years

-26.34%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-38.55%

—

—

Current Drawdown

Current decline from peak

-5.35%

-6.09%

+0.74%

Average Drawdown

Average peak-to-trough decline

-5.54%

-2.51%

-3.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.95%

2.07%

-0.12%

Volatility

CIC.TO vs. HEB.TO - Volatility Comparison

The current volatility for CI Canadian Banks Covered Call Income Class ETF (CIC.TO) is 5.39%, while Hamilton Canadian Bank Equal-Weight Index ETF (HEB.TO) has a volatility of 6.09%. This indicates that CIC.TO experiences smaller price fluctuations and is considered to be less risky than HEB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CIC.TOHEB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.39%

6.09%

-0.70%

Volatility (6M)

Calculated over the trailing 6-month period

9.06%

10.25%

-1.19%

Volatility (1Y)

Calculated over the trailing 1-year period

12.48%

13.52%

-1.04%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.56%

12.68%

-0.12%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.26%

12.68%

+3.58%