DIVS.TO vs. CBNK.TO

Last updated Jul 25, 2026

DIVS.TO (Evolve Active Canadian Preferred Share Fund) and CBNK.TO (Mulvihill Canadian Bank Enhanced Yield ETF) are both exchange-traded funds - DIVS.TO is a Actively Managed fund actively managed by Evolve Funds Group Inc., while CBNK.TO is a Derivative Income fund actively managed by Mulvihill. Both are actively managed. Over the past 3 years, DIVS.TO returned 15.03%/yr vs 42.19%/yr for CBNK.TO. At a 0.11 correlation, their price movements are largely independent. DIVS.TO charges 0.80%/yr vs 1.68%/yr for CBNK.TO.

Performance

DIVS.TO vs. CBNK.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 Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.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 CBNK.TO's 43.96% 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%

CBNK.TO

• 1D: 0.86%
• 1M: 2.05%
• 6M: 41.11%
• YTD: 43.96%
• 1Y: 89.88%
• 3Y*: 42.19%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 22.24%

*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)
CBNK.TO Mulvihill Canadian Bank Enhanced Yield ETF	CA$306.67K	CA$283.95K	CA$214.78K
DIVS.TO Evolve Active Canadian Preferred Share Fund	CA$83.46K	CA$44.26K	CA$19.33K

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

	2026 (YTD)	2025	2024	2023	2022
DIVS.TO Evolve Active Canadian Preferred Share Fund	5.28%	14.45%	20.78%	5.70%	-13.11%
CBNK.TO Mulvihill Canadian Bank Enhanced Yield ETF	43.96%	51.67%	27.42%	8.42%	-19.87%

Correlation

The correlation between DIVS.TO and CBNK.TO is 0.04, 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	0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (All Time) Calculated using the full available price history since Mar 2, 2022	0.11

Return for Risk

DIVS.TO vs. CBNK.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

CBNK.TO

CBNK.TO Risk / Return Rank: 98
CBNK.TO Sharpe Ratio Rank: 99
CBNK.TO Sortino Ratio Rank: 98
CBNK.TO Omega Ratio Rank: 98
CBNK.TO Calmar Ratio Rank: 98
CBNK.TO Martin Ratio Rank: 98

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. CBNK.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 Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.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	CBNK.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.28	5.28	-3.00
Sortino ratio: Return per unit of downside risk	3.43	6.57	-3.14
Omega ratio: Gain probability vs. loss probability	1.52	1.86	-0.34
Calmar ratio: Return relative to maximum drawdown	5.59	9.01	-3.42
Martin ratio: Return relative to average drawdown	21.54	37.73	-16.19

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

The current DIVS.TO Sharpe Ratio is 2.28, which is lower than the CBNK.TO Sharpe Ratio of 5.28. The chart below compares the historical Sharpe Ratios of DIVS.TO and CBNK.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. CBNK.TO - Drawdown Comparison

The maximum DIVS.TO drawdown since its inception was -49.95%, which is greater than CBNK.TO's maximum drawdown of -32.12%. Use the drawdown chart below to compare losses from any high point for DIVS.TO and CBNK.TO.

Drawdown Indicators

	DIVS.TO	CBNK.TO	Difference
Max Drawdown Largest peak-to-trough decline	-49.95%	-32.12%	-17.83%
Max Drawdown (1Y) Largest decline over 1 year	-2.21%	-10.03%	+7.82%
Max Drawdown (3Y) Largest decline over 3 years	-6.50%	-17.90%	+11.40%
Max Drawdown (5Y) Largest decline over 5 years	-19.80%	—	—
Current Drawdown Current decline from peak	-0.76%	-3.98%	+3.22%
Average Drawdown Average peak-to-trough decline	-9.00%	-10.59%	+1.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.57%	2.39%	-1.82%

Volatility

DIVS.TO vs. CBNK.TO - Volatility Comparison

The current volatility for Evolve Active Canadian Preferred Share Fund (DIVS.TO) is 1.46%, while Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.TO) has a volatility of 7.37%. This indicates that DIVS.TO experiences smaller price fluctuations and is considered to be less risky than CBNK.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DIVS.TO	CBNK.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.46%	7.37%	-5.91%
Volatility (6M) Calculated over the trailing 6-month period	4.04%	14.74%	-10.70%
Volatility (1Y) Calculated over the trailing 1-year period	5.41%	17.12%	-11.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.65%	17.69%	-10.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.79%	17.69%	-4.90%

DIVS.TO vs. CBNK.TO - Expense Ratio Comparison

DIVS.TO has a 0.80% expense ratio, which is lower than CBNK.TO's 1.68% expense ratio.

Dividends

DIVS.TO vs. CBNK.TO - Dividend Comparison

DIVS.TO's dividend yield for the trailing twelve months is around 4.94%, less than CBNK.TO's 5.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CBNK.TO Mulvihill Canadian Bank Enhanced Yield ETF	5.41%	5.86%	8.25%	9.59%	7.85%	0.00%	0.00%	0.00%	0.00%	0.00%
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 CBNK.TO in my portfolio?

DIVS.TO and CBNK.TO have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DIVS.TO or CBNK.TO?

On fees, DIVS.TO is cheaper at 0.80% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DIVS.TO or CBNK.TO?

DIVS.TO is cheaper with a 0.80% expense ratio, compared with 1.68% for CBNK.TO.

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

DIVS.TO is categorized as Actively Managed, while CBNK.TO is Derivative Income. They also come from different issuers: Evolve Funds Group Inc. and Mulvihill. Their fees differ too: 0.80% for DIVS.TO and 1.68% for CBNK.TO.