CU.TO vs. HDIV.TO

Last updated Jun 4, 2026

CU.TO (Canadian Utilities Limited) is a stock, while HDIV.TO (Hamilton Enhanced Canadian Covered Call ETF) is Derivative Income fund actively managed by Hamilton ETFs. Over the past 3 years, CU.TO returned 17.09%/yr vs 27.58%/yr for HDIV.TO. At a 0.25 correlation, their price movements are largely independent.

Performance

CU.TO vs. HDIV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Canadian Utilities Limited (CU.TO) and Hamilton Enhanced Canadian Covered Call ETF (HDIV.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CU.TO achieves a 20.03% return, which is significantly higher than HDIV.TO's 16.21% return.

CU.TO

• 1D: 1.93%
• 1M: 4.21%
• YTD: 20.03%
• 6M: 22.58%
• 1Y: 36.66%
• 3Y*: 17.09%
• 5Y*: 12.76%
• 10Y*: 7.99%

HDIV.TO

• 1D: -0.26%
• 1M: 6.14%
• YTD: 16.21%
• 6M: 17.63%
• 1Y: 45.50%
• 3Y*: 27.58%
• 5Y*: —
• 10Y*: —

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

CU.TO vs. HDIV.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CU.TO Canadian Utilities Limited	20.03%	28.76%	15.61%	-8.23%	4.73%	6.82%
HDIV.TO Hamilton Enhanced Canadian Covered Call ETF	16.21%	33.87%	23.15%	13.91%	-2.52%	12.70%

Correlation

The correlation between CU.TO and HDIV.TO is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (All Time) Calculated using the full available price history since Jul 19, 2021	0.25

The correlation between CU.TO and HDIV.TO shifts across timeframes, from -0.02 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CU.TO vs. HDIV.TO — Risk / Return Rank

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

CU.TO

CU.TO Risk / Return Rank: 93
CU.TO Sharpe Ratio Rank: 93
CU.TO Sortino Ratio Rank: 94
CU.TO Omega Ratio Rank: 93
CU.TO Calmar Ratio Rank: 91
CU.TO Martin Ratio Rank: 94

HDIV.TO

HDIV.TO Risk / Return Rank: 92
HDIV.TO Sharpe Ratio Rank: 94
HDIV.TO Sortino Ratio Rank: 93
HDIV.TO Omega Ratio Rank: 94
HDIV.TO Calmar Ratio Rank: 88
HDIV.TO Martin Ratio Rank: 93

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.

CU.TO vs. HDIV.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Canadian Utilities Limited (CU.TO) and Hamilton Enhanced Canadian Covered Call ETF (HDIV.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.

	CU.TO	HDIV.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.80	3.67	-0.86
Sortino ratio: Return per unit of downside risk	3.91	4.70	-0.79
Omega ratio: Gain probability vs. loss probability	1.52	1.68	-0.16
Calmar ratio: Return relative to maximum drawdown	5.09	5.24	-0.15
Martin ratio: Return relative to average drawdown	17.50	25.39	-7.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CU.TO vs. HDIV.TO - Sharpe Ratio Comparison

The current CU.TO Sharpe Ratio is 2.80, which is comparable to the HDIV.TO Sharpe Ratio of 3.67. The chart below compares the historical Sharpe Ratios of CU.TO and HDIV.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

	CU.TO	HDIV.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.80	3.67	-0.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.88	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	1.26	-0.79

Drawdowns

CU.TO vs. HDIV.TO - Drawdown Comparison

The maximum CU.TO drawdown since its inception was -40.15%, which is greater than HDIV.TO's maximum drawdown of -22.32%. Use the drawdown chart below to compare losses from any high point for CU.TO and HDIV.TO.

Drawdown Indicators

	CU.TO	HDIV.TO	Difference
Max Drawdown Largest peak-to-trough decline	-40.15%	-22.32%	-17.83%
Max Drawdown (1Y) Largest decline over 1 year	-7.24%	-8.73%	+1.49%
Max Drawdown (3Y) Largest decline over 3 years	-20.26%	-14.58%	-5.68%
Max Drawdown (5Y) Largest decline over 5 years	-27.67%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-40.15%	—	—
Current Drawdown Current decline from peak	-0.65%	-0.63%	-0.02%
Average Drawdown Average peak-to-trough decline	-9.28%	-4.22%	-5.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	1.80%	+0.36%

Volatility

CU.TO vs. HDIV.TO - Volatility Comparison

Canadian Utilities Limited (CU.TO) has a higher volatility of 4.32% compared to Hamilton Enhanced Canadian Covered Call ETF (HDIV.TO) at 3.80%. This indicates that CU.TO's price experiences larger fluctuations and is considered to be riskier than HDIV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CU.TO	HDIV.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.32%	3.80%	+0.52%
Volatility (6M) Calculated over the trailing 6-month period	10.44%	10.29%	+0.15%
Volatility (1Y) Calculated over the trailing 1-year period	13.15%	12.47%	+0.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.52%	15.63%	-1.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.42%	15.63%	+2.79%

Dividends

CU.TO vs. HDIV.TO - Dividend Comparison

CU.TO's dividend yield for the trailing twelve months is around 3.66%, less than HDIV.TO's 9.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CU.TO Canadian Utilities Limited	3.66%	4.29%	5.20%	5.63%	4.85%	4.80%	5.60%	4.32%	5.02%	3.83%	3.59%	3.69%
HDIV.TO Hamilton Enhanced Canadian Covered Call ETF	9.33%	10.09%	11.38%	10.41%	9.64%	3.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CU.TO and HDIV.TO in my portfolio?

CU.TO and HDIV.TO have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.