DIVS.TO vs. CALL.TO

Last updated Jul 25, 2026

DIVS.TO (Evolve Active Canadian Preferred Share Fund) and CALL.TO (Evolve US Banks Enhanced Yield Fund Hedged Units) are both exchange-traded funds - DIVS.TO is a Actively Managed fund actively managed by Evolve Funds Group Inc., while CALL.TO is a Derivative Income fund tracking the Solactive Equal Weight US Bank Index Canadian Dollar Hedged. DIVS.TO is actively managed, while CALL.TO is passively managed. Over the past 5 years, DIVS.TO returned 6.01%/yr vs 6.13%/yr for CALL.TO. At a 0.19 correlation, their price movements are largely independent.

Performance

DIVS.TO vs. CALL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Evolve Active Canadian Preferred Share Fund (DIVS.TO) and Evolve US Banks Enhanced Yield Fund Hedged Units (CALL.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DIVS.TO achieves a 5.28% return, which is significantly lower than CALL.TO's 10.93% return.

DIVS.TO

• 1D: -0.38%
• 1M: 1.93%
• 6M: 5.70%
• YTD: 5.28%
• 1Y: 12.28%
• 3Y*: 15.03%
• 5Y*: 6.01%
• 10Y*: —
• ALL TIME*: 4.02%

CALL.TO

• 1D: 0.61%
• 1M: 1.96%
• 6M: 9.99%
• YTD: 10.93%
• 1Y: 20.33%
• 3Y*: 22.20%
• 5Y*: 6.13%
• 10Y*: —
• ALL TIME*: 5.91%

*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)
CALL.TO Evolve US Banks Enhanced Yield Fund Hedged Units	CA$110.65K	CA$160.68K	CA$121.83K
DIVS.TO Evolve Active Canadian Preferred Share Fund	CA$83.46K	CA$44.26K	CA$19.33K

DIVS.TO vs. CALL.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DIVS.TO Evolve Active Canadian Preferred Share Fund	5.28%	14.45%	20.78%	5.70%	-15.55%	19.87%	-1.19%	-1.14%	-9.96%	0.83%
CALL.TO Evolve US Banks Enhanced Yield Fund Hedged Units	10.93%	17.96%	30.56%	-10.46%	-21.68%	35.56%	-12.36%	36.22%	-21.42%	8.63%

Correlation

The correlation between DIVS.TO and CALL.TO is 0.03, 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	0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (All Time) Calculated using the full available price history since Oct 16, 2017	0.19

The correlation between DIVS.TO and CALL.TO shifts across timeframes, from 0.03 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DIVS.TO vs. CALL.TO — Risk / Return Rank

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

DIVS.TO

DIVS.TO Risk / Return Rank: 94
DIVS.TO Sharpe Ratio Rank: 91
DIVS.TO Sortino Ratio Rank: 93
DIVS.TO Omega Ratio Rank: 94
DIVS.TO Calmar Ratio Rank: 95
DIVS.TO Martin Ratio Rank: 96

CALL.TO

CALL.TO Risk / Return Rank: 39
CALL.TO Sharpe Ratio Rank: 42
CALL.TO Sortino Ratio Rank: 40
CALL.TO Omega Ratio Rank: 42
CALL.TO Calmar Ratio Rank: 37
CALL.TO Martin Ratio Rank: 35

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.

DIVS.TO vs. CALL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Evolve Active Canadian Preferred Share Fund (DIVS.TO) and Evolve US Banks Enhanced Yield Fund Hedged Units (CALL.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.

	DIVS.TO	CALL.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.28	1.03	+1.25
Sortino ratio: Return per unit of downside risk	3.43	1.50	+1.94
Omega ratio: Gain probability vs. loss probability	1.52	1.20	+0.32
Calmar ratio: Return relative to maximum drawdown	5.59	1.28	+4.31
Martin ratio: Return relative to average drawdown	21.54	3.59	+17.95

DIVS.TO vs. CALL.TO - Sharpe Ratio Comparison

The current DIVS.TO Sharpe Ratio is 2.28, which is higher than the CALL.TO Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of DIVS.TO and CALL.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

DIVS.TO vs. CALL.TO - Drawdown Comparison

The maximum DIVS.TO drawdown since its inception was -49.95%, roughly equal to the maximum CALL.TO drawdown of -52.03%. Use the drawdown chart below to compare losses from any high point for DIVS.TO and CALL.TO.

Drawdown Indicators

	DIVS.TO	CALL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-49.95%	-52.03%	+2.08%
Max Drawdown (1Y) Largest decline over 1 year	-2.21%	-15.97%	+13.76%
Max Drawdown (3Y) Largest decline over 3 years	-6.50%	-26.25%	+19.75%
Max Drawdown (5Y) Largest decline over 5 years	-19.80%	-52.03%	+32.23%
Current Drawdown Current decline from peak	-0.76%	-1.53%	+0.77%
Average Drawdown Average peak-to-trough decline	-9.00%	-18.51%	+9.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.57%	5.69%	-5.12%

Volatility

DIVS.TO vs. CALL.TO - Volatility Comparison

The current volatility for Evolve Active Canadian Preferred Share Fund (DIVS.TO) is 1.46%, while Evolve US Banks Enhanced Yield Fund Hedged Units (CALL.TO) has a volatility of 4.52%. This indicates that DIVS.TO experiences smaller price fluctuations and is considered to be less risky than CALL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DIVS.TO	CALL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.46%	4.52%	-3.06%
Volatility (6M) Calculated over the trailing 6-month period	4.04%	14.44%	-10.40%
Volatility (1Y) Calculated over the trailing 1-year period	5.41%	19.74%	-14.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.65%	26.95%	-19.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.79%	28.97%	-16.18%

Dividends

DIVS.TO vs. CALL.TO - Dividend Comparison

DIVS.TO's dividend yield for the trailing twelve months is around 4.94%, less than CALL.TO's 10.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CALL.TO Evolve US Banks Enhanced Yield Fund Hedged Units	10.16%	10.68%	11.24%	13.02%	10.20%	6.87%	8.49%	6.15%	5.59%	0.35%
DIVS.TO Evolve Active Canadian Preferred Share Fund	4.94%	4.92%	5.30%	5.89%	5.87%	4.70%	5.37%	5.00%	4.70%	0.68%

Frequently Asked Questions

Can I hold both DIVS.TO and CALL.TO in my portfolio?

DIVS.TO and CALL.TO have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between DIVS.TO and CALL.TO?

DIVS.TO is categorized as Actively Managed, while CALL.TO is Derivative Income.