CRQ.NEO vs. HCAL.TO
CRQ.NEO (iShares Canadian Fundamental Index ETF) and HCAL.TO (Hamilton Enhanced Canadian Bank ETF) are both exchange-traded funds - CRQ.NEO is a Canada Equities fund tracking the FTSE RAFI Canada 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, CRQ.NEO returned 18.12%/yr vs 24.03%/yr for HCAL.TO. A 0.68 correlation means they provide meaningful diversification when combined. CRQ.NEO charges 0.72%/yr vs 0.65%/yr for HCAL.TO.
Performance
CRQ.NEO vs. HCAL.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CRQ.NEO achieves a 17.86% return, which is significantly lower than HCAL.TO's 40.08% return.
CRQ.NEO
- 1D
- 0.13%
- 1M
- 2.97%
- YTD
- 17.86%
- 6M
- 17.27%
- 1Y
- 42.87%
- 3Y*
- 26.28%
- 5Y*
- 18.12%
- 10Y*
- 13.69%
HCAL.TO
- 1D
- 0.97%
- 1M
- 13.87%
- YTD
- 40.08%
- 6M
- 39.42%
- 1Y
- 92.01%
- 3Y*
- 44.83%
- 5Y*
- 24.03%
- 10Y*
- —
CRQ.NEO vs. HCAL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
CRQ.NEO iShares Canadian Fundamental Index ETF | 17.86% | 31.87% | 22.17% | 9.76% | 0.89% | 33.95% | 13.17% |
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 CRQ.NEO and HCAL.TO is 0.59, 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 | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Oct 15, 2020 | 0.68 |
The correlation between CRQ.NEO and HCAL.TO has been stable across timeframes, ranging from 0.59 to 0.68 - a consistent structural relationship.
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Return for Risk
CRQ.NEO vs. HCAL.TO — Risk / Return Rank
CRQ.NEO
HCAL.TO
CRQ.NEO vs. HCAL.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Canadian Fundamental Index ETF (CRQ.NEO) 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.
| CRQ.NEO | HCAL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.47 | ||
| Sortino ratioReturn per unit of downside risk | -1.29 | ||
| Omega ratioGain probability vs. loss probability | 1.93 | 2.00 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 6.33 | 8.68 | -2.36 |
| Martin ratioReturn relative to average drawdown | 30.59 | 37.71 | -7.13 |
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Drawdowns
CRQ.NEO vs. HCAL.TO - Drawdown Comparison
The maximum CRQ.NEO drawdown since its inception was -41.75%, 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 CRQ.NEO and HCAL.TO.
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Drawdown Indicators
| CRQ.NEO | HCAL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.75% | -35.05% | -6.70% |
Max Drawdown (1Y)Largest decline over 1 year | -6.84% | -10.65% | +3.81% |
Max Drawdown (3Y)Largest decline over 3 years | -11.70% | -18.77% | +7.07% |
Max Drawdown (5Y)Largest decline over 5 years | -15.82% | -35.05% | +19.23% |
Max Drawdown (10Y)Largest decline over 10 years | -41.75% | — | — |
Current DrawdownCurrent decline from peak | -0.33% | 0.00% | -0.33% |
Average DrawdownAverage peak-to-trough decline | -5.60% | -9.51% | +3.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.41% | 2.45% | -1.04% |
Volatility
CRQ.NEO vs. HCAL.TO - Volatility Comparison
The current volatility for iShares Canadian Fundamental Index ETF (CRQ.NEO) is 3.20%, while Hamilton Enhanced Canadian Bank ETF (HCAL.TO) has a volatility of 3.76%. This indicates that CRQ.NEO 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.
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Volatility by Period
| CRQ.NEO | HCAL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.20% | 3.76% | -0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 8.32% | 14.05% | -5.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.14% | 16.14% | -6.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.43% | 17.20% | -4.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.21% | 16.95% | -0.74% |
CRQ.NEO vs. HCAL.TO - Expense Ratio Comparison
CRQ.NEO has a 0.72% expense ratio, which is higher than HCAL.TO's 0.65% expense ratio.
Dividends
CRQ.NEO vs. HCAL.TO - Dividend Comparison
CRQ.NEO's dividend yield for the trailing twelve months is around 1.83%, less than HCAL.TO's 3.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CRQ.NEO iShares Canadian Fundamental Index ETF | 1.83% | 2.18% | 2.72% | 2.97% | 2.90% | 2.17% | 2.98% | 2.71% | 2.46% | 1.91% | 1.89% | 3.09% |
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
CRQ.NEO and HCAL.TO have a correlation of 0.59, 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 0.72% for CRQ.NEO.
CRQ.NEO is categorized as Canada Equities, while HCAL.TO is Financials Equities. CRQ.NEO tracks FTSE RAFI Canada 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: 0.72% for CRQ.NEO and 0.65% for HCAL.TO.
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