CWIN.TO vs. ICAE.TO

Last updated Jul 14, 2026

CWIN.TO (HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units) and ICAE.TO (Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF) are both Dividend funds - CWIN.TO tracks the Solactive Canada Dividend Elite Champions Index while ICAE.TO tracks the S&P/TSX Canadian Dividend Aristocrats ESG Index. Both are passively managed. Over the past year, CWIN.TO returned 39.32% vs 17.47% for ICAE.TO. At a 0.42 correlation, their price movements are largely independent. CWIN.TO charges 0.65%/yr vs 0.23%/yr for ICAE.TO.

Performance

CWIN.TO vs. ICAE.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 Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF (ICAE.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 21.63% return, which is significantly higher than ICAE.TO's 17.91% return.

CWIN.TO

• 1D: -0.04%
• 1M: 2.83%
• 6M: 19.10%
• YTD: 21.63%
• 1Y: 39.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ICAE.TO

• 1D: 0.25%
• 1M: 4.07%
• 6M: 16.71%
• YTD: 17.91%
• 1Y: 17.47%
• 3Y*: 16.16%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025
CWIN.TO HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units	21.63%	24.29%
ICAE.TO Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF	17.91%	6.55%

Correlation

The correlation between CWIN.TO and ICAE.TO is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (All Time) Calculated using the full available price history since Jan 28, 2025	0.42

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments 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: 95
CWIN.TO Calmar Ratio Rank: 94
CWIN.TO Martin Ratio Rank: 94

ICAE.TO

ICAE.TO Risk / Return Rank: 32
ICAE.TO Sharpe Ratio Rank: 30
ICAE.TO Sortino Ratio Rank: 25
ICAE.TO Omega Ratio Rank: 57
ICAE.TO Calmar Ratio Rank: 27
ICAE.TO Martin Ratio Rank: 22

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.

CWIN.TO vs. ICAE.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 Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF (ICAE.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	ICAE.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.16	0.89	+2.27
Sortino ratio: Return per unit of downside risk	4.21	1.15	+3.06
Omega ratio: Gain probability vs. loss probability	1.60	1.28	+0.32
Calmar ratio: Return relative to maximum drawdown	5.52	1.06	+4.46
Martin ratio: Return relative to average drawdown	20.43	2.13	+18.30

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

The current CWIN.TO Sharpe Ratio is 3.16, which is higher than the ICAE.TO Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of CWIN.TO and ICAE.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. ICAE.TO - Drawdown Comparison

The maximum CWIN.TO drawdown since its inception was -10.87%, smaller than the maximum ICAE.TO drawdown of -16.49%. Use the drawdown chart below to compare losses from any high point for CWIN.TO and ICAE.TO.

Drawdown Indicators

	CWIN.TO	ICAE.TO	Difference
Max Drawdown Largest peak-to-trough decline	-10.87%	-16.49%	+5.62%
Max Drawdown (1Y) Largest decline over 1 year	-7.15%	-16.49%	+9.34%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.49%	—
Current Drawdown Current decline from peak	-0.13%	-1.42%	+1.29%
Average Drawdown Average peak-to-trough decline	-1.35%	-3.53%	+2.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.93%	8.23%	-6.30%

Volatility

CWIN.TO vs. ICAE.TO - Volatility Comparison

HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units (CWIN.TO) has a higher volatility of 3.60% compared to Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF (ICAE.TO) at 2.14%. This indicates that CWIN.TO's price experiences larger fluctuations and is considered to be riskier than ICAE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CWIN.TO	ICAE.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.60%	2.14%	+1.46%
Volatility (6M) Calculated over the trailing 6-month period	9.81%	7.94%	+1.87%
Volatility (1Y) Calculated over the trailing 1-year period	12.51%	19.78%	-7.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.77%	15.99%	-2.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.77%	15.99%	-2.22%

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

CWIN.TO has a 0.65% expense ratio, which is higher than ICAE.TO's 0.23% expense ratio.

Dividends

CWIN.TO vs. ICAE.TO - Dividend Comparison

CWIN.TO's dividend yield for the trailing twelve months is around 3.09%, more than ICAE.TO's 2.72% yield.

Position	TTM	2025	2024	2023
CWIN.TO HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units	3.09%	3.21%	0.00%	0.00%
ICAE.TO Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF	2.72%	3.29%	3.33%	2.87%

Frequently Asked Questions

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

CWIN.TO and ICAE.TO have a correlation of 0.36, 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 ICAE.TO?

On fees, ICAE.TO is cheaper at 0.23% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CWIN.TO or ICAE.TO?

ICAE.TO is cheaper with a 0.23% expense ratio, compared with 0.65% for CWIN.TO.

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

CWIN.TO tracks Solactive Canada Dividend Elite Champions Index, while ICAE.TO tracks S&P/TSX Canadian Dividend Aristocrats ESG Index. They also come from different issuers: Hamilton and Invesco. Their fees differ too: 0.65% for CWIN.TO and 0.23% for ICAE.TO.