CWIN.TO vs. HYLD.TO

Last updated Aug 1, 2026

CWIN.TO (HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units) and HYLD.TO (Hamilton Enhanced U.S. Covered Call ETF) are both exchange-traded funds - CWIN.TO is a Dividend fund tracking the Solactive Canada Dividend Elite Champions Index, while HYLD.TO is a Derivative Income fund actively managed by Hamilton. CWIN.TO is passively managed, while HYLD.TO is actively managed. Over the past year, CWIN.TO returned 40.70% vs 28.57% for HYLD.TO. Their 0.32 correlation means their historical movements had little consistent relationship. CWIN.TO charges 0.65%/yr vs 2.37%/yr for HYLD.TO.

Performance

CWIN.TO vs. HYLD.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units (CWIN.TO) and Hamilton Enhanced U.S. Covered Call ETF (HYLD.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CWIN.TO achieves a 21.87% return, which is significantly higher than HYLD.TO's 11.33% return.

CWIN.TO

• 1D: -0.33%
• 1M: 1.25%
• 6M: 19.54%
• YTD: 21.87%
• 1Y: 40.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 31.82%

HYLD.TO

• 1D: 0.28%
• 1M: -3.96%
• 6M: 11.71%
• YTD: 11.33%
• 1Y: 28.57%
• 3Y*: 20.75%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.05%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CWIN.TO HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units	CA$14.83K	CA$14.75K	CA$24.96K
HYLD.TO Hamilton Enhanced U.S. Covered Call ETF	CA$3.13M	CA$3.34M	CA$3.51M

CWIN.TO vs. HYLD.TO - Yearly Performance Comparison

	2026 (YTD)	2025
CWIN.TO HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units	21.87%	24.29%
HYLD.TO Hamilton Enhanced U.S. Covered Call ETF	11.33%	18.34%

Correlation

The correlation between CWIN.TO and HYLD.TO is 0.23, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.23
Correlation (All Time) Calculated using the full available price history since Jan 28, 2025	0.32

Return for Risk

CWIN.TO vs. HYLD.TO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CWIN.TO

CWIN.TO Risk / Return Rank: 95
CWIN.TO Sharpe Ratio Rank: 96
CWIN.TO Sortino Ratio Rank: 95
CWIN.TO Omega Ratio Rank: 96
CWIN.TO Calmar Ratio Rank: 95
CWIN.TO Martin Ratio Rank: 95

HYLD.TO

HYLD.TO Risk / Return Rank: 68
HYLD.TO Sharpe Ratio Rank: 68
HYLD.TO Sortino Ratio Rank: 66
HYLD.TO Omega Ratio Rank: 66
HYLD.TO Calmar Ratio Rank: 64
HYLD.TO Martin Ratio Rank: 73

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CWIN.TO vs. HYLD.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units (CWIN.TO) and Hamilton Enhanced U.S. Covered Call ETF (HYLD.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.

	CWIN.TO	HYLD.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.10	1.55	+1.55
Sortino ratio: Return per unit of downside risk	4.12	2.17	+1.95
Omega ratio: Gain probability vs. loss probability	1.58	1.28	+0.31
Calmar ratio: Return relative to maximum drawdown	5.42	2.22	+3.20
Martin ratio: Return relative to average drawdown	20.02	8.98	+11.03

CWIN.TO vs. HYLD.TO - Sharpe Ratio Comparison

The current CWIN.TO Sharpe Ratio is 3.10, which is higher than the HYLD.TO Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of CWIN.TO and HYLD.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

CWIN.TO vs. HYLD.TO - Drawdown Comparison

The maximum CWIN.TO drawdown since its inception was -10.87%, smaller than the maximum HYLD.TO drawdown of -31.38%. Use the drawdown chart below to compare losses from any high point for CWIN.TO and HYLD.TO.

Drawdown Indicators

	CWIN.TO	HYLD.TO	Difference
Max Drawdown Largest peak-to-trough decline	-10.87%	-31.38%	+20.51%
Max Drawdown (1Y) Largest decline over 1 year	-7.15%	-12.01%	+4.86%
Max Drawdown (3Y) Largest decline over 3 years	—	-21.83%	—
Current Drawdown Current decline from peak	-2.14%	-4.50%	+2.36%
Average Drawdown Average peak-to-trough decline	-1.32%	-8.66%	+7.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.93%	2.96%	-1.03%

Volatility

CWIN.TO vs. HYLD.TO - Volatility Comparison

The current volatility for HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units (CWIN.TO) is 2.60%, while Hamilton Enhanced U.S. Covered Call ETF (HYLD.TO) has a volatility of 5.22%. This indicates that CWIN.TO experiences smaller price fluctuations and is considered to be less risky than HYLD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CWIN.TO	HYLD.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.60%	5.22%	-2.62%
Volatility (6M) Calculated over the trailing 6-month period	9.31%	14.44%	-5.13%
Volatility (1Y) Calculated over the trailing 1-year period	12.53%	17.25%	-4.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.63%	19.31%	-5.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.63%	19.31%	-5.68%

CWIN.TO vs. HYLD.TO - Expense Ratio Comparison

CWIN.TO has a 0.65% expense ratio, which is lower than HYLD.TO's 2.37% expense ratio.

Dividends

CWIN.TO vs. HYLD.TO - Dividend Comparison

CWIN.TO's dividend yield for the trailing twelve months is around 3.13%, less than HYLD.TO's 12.14% yield.

Position	TTM	2025	2024	2023	2022
CWIN.TO HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units	3.13%	3.21%	0.00%	0.00%	0.00%
HYLD.TO Hamilton Enhanced U.S. Covered Call ETF	12.14%	11.98%	12.13%	12.11%	13.02%

Frequently Asked Questions

Can I hold both CWIN.TO and HYLD.TO in my portfolio?

CWIN.TO and HYLD.TO have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CWIN.TO or HYLD.TO?

On fees, CWIN.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, CWIN.TO or HYLD.TO?

CWIN.TO is cheaper with a 0.65% expense ratio, compared with 2.37% for HYLD.TO.

What is the main difference between CWIN.TO and HYLD.TO?

CWIN.TO is categorized as Dividend, while HYLD.TO is Derivative Income. Their fees differ too: 0.65% for CWIN.TO and 2.37% for HYLD.TO.