DMEC.TO vs. HCAL.TO

Last updated Jun 25, 2026

DMEC.TO (Desjardins Canadian Equity Index ETF) and HCAL.TO (Hamilton Enhanced Canadian Bank ETF) are both exchange-traded funds - DMEC.TO is a Canada Equities fund tracking the Solactive Canada Broad Market Index (CA NTR), while HCAL.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index (125%). Both are passively managed. Over the past year, DMEC.TO returned 32.78% vs 93.00% for HCAL.TO. A 0.63 correlation means they provide meaningful diversification when combined. DMEC.TO charges 0.05%/yr vs 0.65%/yr for HCAL.TO.

Performance

DMEC.TO vs. HCAL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Desjardins Canadian Equity Index ETF (DMEC.TO) and Hamilton Enhanced Canadian Bank ETF (HCAL.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DMEC.TO achieves a 10.38% return, which is significantly lower than HCAL.TO's 37.50% return.

DMEC.TO

• 1D: -0.55%
• 1M: -0.22%
• YTD: 10.38%
• 6M: 9.50%
• 1Y: 32.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HCAL.TO

• 1D: -0.57%
• 1M: 8.61%
• YTD: 37.50%
• 6M: 36.85%
• 1Y: 93.00%
• 3Y*: 46.36%
• 5Y*: 23.32%
• 10Y*: —

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

DMEC.TO vs. HCAL.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DMEC.TO Desjardins Canadian Equity Index ETF	10.38%	31.87%	16.56%
HCAL.TO Hamilton Enhanced Canadian Bank ETF	37.50%	54.09%	27.98%

Correlation

The correlation between DMEC.TO and HCAL.TO is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.65
Correlation (All Time) Calculated using the full available price history since Apr 18, 2024	0.63

The correlation between DMEC.TO and HCAL.TO has been stable across timeframes, ranging from 0.63 to 0.65 - a consistent structural relationship.

Return for Risk

DMEC.TO vs. HCAL.TO — Risk / Return Rank

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

DMEC.TO

DMEC.TO Risk / Return Rank: 84
DMEC.TO Sharpe Ratio Rank: 88
DMEC.TO Sortino Ratio Rank: 83
DMEC.TO Omega Ratio Rank: 84
DMEC.TO Calmar Ratio Rank: 77
DMEC.TO Martin Ratio Rank: 85

HCAL.TO

HCAL.TO Risk / Return Rank: 98
HCAL.TO Sharpe Ratio Rank: 99
HCAL.TO Sortino Ratio Rank: 98
HCAL.TO Omega Ratio Rank: 98
HCAL.TO Calmar Ratio Rank: 97
HCAL.TO Martin Ratio Rank: 97

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.

DMEC.TO vs. HCAL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Desjardins Canadian Equity Index ETF (DMEC.TO) and Hamilton Enhanced Canadian Bank ETF (HCAL.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.

	DMEC.TO	HCAL.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.52	5.81	-3.28
Sortino ratio: Return per unit of downside risk	3.25	7.31	-4.06
Omega ratio: Gain probability vs. loss probability	1.45	2.01	-0.57
Calmar ratio: Return relative to maximum drawdown	3.50	8.78	-5.28
Martin ratio: Return relative to average drawdown	15.84	38.12	-22.28

DMEC.TO vs. HCAL.TO - Sharpe Ratio Comparison

The current DMEC.TO Sharpe Ratio is 2.52, which is lower than the HCAL.TO Sharpe Ratio of 5.81. The chart below compares the historical Sharpe Ratios of DMEC.TO and HCAL.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

DMEC.TO vs. HCAL.TO - Drawdown Comparison

The maximum DMEC.TO drawdown since its inception was -12.15%, smaller than the maximum HCAL.TO drawdown of -35.05%. Use the drawdown chart below to compare losses from any high point for DMEC.TO and HCAL.TO.

Drawdown Indicators

	DMEC.TO	HCAL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-12.15%	-35.05%	+22.90%
Max Drawdown (1Y) Largest decline over 1 year	-9.41%	-10.65%	+1.24%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.77%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-35.05%	—
Current Drawdown Current decline from peak	-1.94%	-0.57%	-1.37%
Average Drawdown Average peak-to-trough decline	-1.42%	-9.52%	+8.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	2.45%	-0.37%

Volatility

DMEC.TO vs. HCAL.TO - Volatility Comparison

The current volatility for Desjardins Canadian Equity Index ETF (DMEC.TO) is 4.31%, while Hamilton Enhanced Canadian Bank ETF (HCAL.TO) has a volatility of 4.89%. This indicates that DMEC.TO experiences smaller price fluctuations and is considered to be less risky than HCAL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DMEC.TO	HCAL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.31%	4.89%	-0.58%
Volatility (6M) Calculated over the trailing 6-month period	10.74%	14.01%	-3.27%
Volatility (1Y) Calculated over the trailing 1-year period	13.06%	16.12%	-3.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.03%	17.20%	-4.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.03%	16.98%	-3.95%

DMEC.TO vs. HCAL.TO - Expense Ratio Comparison

DMEC.TO has a 0.05% expense ratio, which is lower than HCAL.TO's 0.65% expense ratio.

Dividends

DMEC.TO vs. HCAL.TO - Dividend Comparison

DMEC.TO's dividend yield for the trailing twelve months is around 1.75%, less than HCAL.TO's 3.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
DMEC.TO Desjardins Canadian Equity Index ETF	1.75%	1.78%	1.39%	0.00%	0.00%	0.00%	0.00%
HCAL.TO Hamilton Enhanced Canadian Bank ETF	3.13%	4.20%	6.12%	7.37%	7.46%	4.99%	3.14%

Frequently Asked Questions

Can I hold both DMEC.TO and HCAL.TO in my portfolio?

DMEC.TO and HCAL.TO have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DMEC.TO or HCAL.TO?

On fees, DMEC.TO is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DMEC.TO or HCAL.TO?

DMEC.TO is cheaper with a 0.05% expense ratio, compared with 0.65% for HCAL.TO.

What is the main difference between DMEC.TO and HCAL.TO?

DMEC.TO is categorized as Canada Equities, while HCAL.TO is Financials Equities. DMEC.TO tracks Solactive Canada Broad Market Index (CA NTR), while HCAL.TO tracks Solactive Equal Weight Canada Banks Index (125%). They also come from different issuers: Desjardins and Hamilton Capital. Their fees differ too: 0.05% for DMEC.TO and 0.65% for HCAL.TO.