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DRFC.TO vs. HEWB.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DRFC.TO vs. HEWB.TO

Last updated Jul 16, 2026
Documentation

DRFC.TO (Desjardins RI Canada Multifactor - Net-Zero Emissions Pathway ETF) and HEWB.TO (Global X Equal Weight Canadian Banks Index Corporate Class ETF) are both Canada Equities funds. DRFC.TO is actively managed, while HEWB.TO is passively managed. Over the past 5 years, DRFC.TO returned 18.32%/yr vs 21.67%/yr for HEWB.TO. At a 0.43 correlation, their price movements are largely independent.

Performance

DRFC.TO vs. HEWB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Desjardins RI Canada Multifactor - Net-Zero Emissions Pathway ETF (DRFC.TO) and Global X Equal Weight Canadian Banks Index Corporate Class ETF (HEWB.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, DRFC.TO achieves a 11.16% return, which is significantly lower than HEWB.TO's 36.46% return.

DRFC.TO

1D
0.57%
1M
-0.03%
6M
6.78%
YTD
11.16%
1Y
29.61%
3Y*
25.13%
5Y*
18.32%
10Y*
—

HEWB.TO

1D
1.33%
1M
8.80%
6M
35.08%
YTD
36.46%
1Y
74.62%
3Y*
37.59%
5Y*
21.67%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

DRFC.TO vs. HEWB.TO - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
DRFC.TO
Desjardins RI Canada Multifactor - Net-Zero Emissions Pathway ETF		11.16%30.94%25.27%16.28%-0.80%29.17%-2.93%9.37%
HEWB.TO
Global X Equal Weight Canadian Banks Index Corporate Class ETF		36.46%43.48%24.54%11.00%-10.46%39.19%4.74%3.56%

Correlation

The correlation between DRFC.TO and HEWB.TO is 0.67, 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

0.67

Correlation (3Y)
Calculated over the trailing 3-year period

0.65

Correlation (5Y)
Calculated over the trailing 5-year period

0.52

Correlation (All Time)
Calculated using the full available price history since Mar 4, 2019

0.43

Over the past year, DRFC.TO and HEWB.TO have become more correlated (0.67) than their long-term average of 0.43, meaning their price movements have been converging.

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Desjardins RI Canada Multifactor - Net-Zero Emissions Pathway ETF

Global X Equal Weight Canadian Banks Index Corporate Class ETF

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Return for Risk

DRFC.TO vs. HEWB.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DRFC.TO
DRFC.TO Risk / Return Rank: 8181
Overall Rank
DRFC.TO Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
DRFC.TO Sortino Ratio Rank: 8080
Sortino Ratio Rank
DRFC.TO Omega Ratio Rank: 8282
Omega Ratio Rank
DRFC.TO Calmar Ratio Rank: 7575
Calmar Ratio Rank
DRFC.TO Martin Ratio Rank: 8383
Martin Ratio Rank
HEWB.TO
HEWB.TO Risk / Return Rank: 9898
Overall Rank
HEWB.TO Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
HEWB.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
HEWB.TO Omega Ratio Rank: 9898
Omega Ratio Rank
HEWB.TO Calmar Ratio Rank: 9797
Calmar Ratio Rank
HEWB.TO Martin Ratio Rank: 9797
Martin Ratio Rank
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.

DRFC.TO vs. HEWB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Desjardins RI Canada Multifactor - Net-Zero Emissions Pathway ETF (DRFC.TO) and Global X Equal Weight Canadian Banks Index Corporate Class ETF (HEWB.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.

DRFC.TOHEWB.TODifference
Sharpe ratioReturn per unit of total volatility
2.18
5.54

-3.37

Sortino ratioReturn per unit of downside risk
2.88
7.17

-4.29

Omega ratioGain probability vs. loss probability

1.39

1.99

-0.60

Calmar ratioReturn relative to maximum drawdown

3.08

8.37

-5.28

Martin ratioReturn relative to average drawdown

13.21

37.96

-24.76

DRFC.TO vs. HEWB.TO - Sharpe Ratio Comparison

The current DRFC.TO Sharpe Ratio is 2.18, which is lower than the HEWB.TO Sharpe Ratio of 5.54. The chart below compares the historical Sharpe Ratios of DRFC.TO and HEWB.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.

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Drawdowns

DRFC.TO vs. HEWB.TO - Drawdown Comparison

The maximum DRFC.TO drawdown since its inception was -39.87%, roughly equal to the maximum HEWB.TO drawdown of -39.43%. Use the drawdown chart below to compare losses from any high point for DRFC.TO and HEWB.TO.

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Drawdown Indicators

DRFC.TOHEWB.TODifference

Max Drawdown

Largest peak-to-trough decline

-39.87%

-39.43%

-0.44%

Max Drawdown (1Y)

Largest decline over 1 year

-9.65%

-8.97%

-0.68%

Max Drawdown (3Y)

Largest decline over 3 years

-10.87%

-14.84%

+3.97%

Max Drawdown (5Y)

Largest decline over 5 years

-14.04%

-25.89%

+11.85%

Current Drawdown

Current decline from peak

-0.31%

0.00%

-0.31%

Average Drawdown

Average peak-to-trough decline

-3.92%

-7.16%

+3.24%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.25%

1.97%

+0.28%

Volatility

DRFC.TO vs. HEWB.TO - Volatility Comparison

The current volatility for Desjardins RI Canada Multifactor - Net-Zero Emissions Pathway ETF (DRFC.TO) is 2.66%, while Global X Equal Weight Canadian Banks Index Corporate Class ETF (HEWB.TO) has a volatility of 4.30%. This indicates that DRFC.TO experiences smaller price fluctuations and is considered to be less risky than HEWB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

DRFC.TOHEWB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.66%

4.30%

-1.64%

Volatility (6M)

Calculated over the trailing 6-month period

11.32%

11.90%

-0.58%

Volatility (1Y)

Calculated over the trailing 1-year period

13.67%

13.54%

+0.13%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.77%

14.12%

-0.35%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.74%

19.24%

-2.50%

Dividends

DRFC.TO vs. HEWB.TO - Dividend Comparison

DRFC.TO's dividend yield for the trailing twelve months is around 1.46%, while HEWB.TO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018
DRFC.TO
Desjardins RI Canada Multifactor - Net-Zero Emissions Pathway ETF		1.46%1.58%1.94%2.34%2.23%2.33%2.94%4.77%0.70%
HEWB.TO
Global X Equal Weight Canadian Banks Index Corporate Class ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

DRFC.TO and HEWB.TO have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: Desjardins and Global X.

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