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DXC.TO vs. HCAL.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DXC.TO vs. HCAL.TO

Last updated Jul 16, 2026
Documentation

DXC.TO (Dynamic Active Canadian Dividend ETF) and HCAL.TO (Hamilton Enhanced Canadian Bank ETF) are both exchange-traded funds - DXC.TO is a Canada Equities fund actively managed by Dynamic, while HCAL.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index (125%). DXC.TO is actively managed, while HCAL.TO is passively managed. Over the past 5 years, DXC.TO returned 13.10%/yr vs 25.28%/yr for HCAL.TO. A 0.75 correlation means they provide meaningful diversification when combined.

Performance

DXC.TO vs. HCAL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Dynamic Active Canadian Dividend ETF (DXC.TO) and Hamilton Enhanced Canadian Bank ETF (HCAL.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, DXC.TO achieves a 15.19% return, which is significantly lower than HCAL.TO's 46.44% return.

DXC.TO

1D
0.38%
1M
2.40%
6M
13.57%
YTD
15.19%
1Y
27.78%
3Y*
17.93%
5Y*
13.10%
10Y*
—

HCAL.TO

1D
2.03%
1M
11.16%
6M
44.73%
YTD
46.44%
1Y
97.75%
3Y*
46.31%
5Y*
25.28%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020
DXC.TO
Dynamic Active Canadian Dividend ETF		15.19%19.73%13.93%10.41%-1.73%27.18%5.27%
HCAL.TO
Hamilton Enhanced Canadian Bank ETF		46.44%54.09%29.04%11.73%-17.54%50.25%16.92%

Correlation

The correlation between DXC.TO and HCAL.TO is 0.66, 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

0.66

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

0.74

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

0.77

Correlation (All Time)
Calculated using the full available price history since Oct 15, 2020

0.75

The correlation between DXC.TO and HCAL.TO shifts across timeframes, from 0.66 (1 year) to 0.77 (5 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Dynamic Active Canadian Dividend ETF

Hamilton Enhanced Canadian Bank ETF

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Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DXC.TO
DXC.TO Risk / Return Rank: 9494
Overall Rank
DXC.TO Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
DXC.TO Sortino Ratio Rank: 9595
Sortino Ratio Rank
DXC.TO Omega Ratio Rank: 9494
Omega Ratio Rank
DXC.TO Calmar Ratio Rank: 9292
Calmar Ratio Rank
DXC.TO Martin Ratio Rank: 9494
Martin Ratio Rank
HCAL.TO
HCAL.TO Risk / Return Rank: 9898
Overall Rank
HCAL.TO Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
HCAL.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
HCAL.TO Omega Ratio Rank: 9898
Omega Ratio Rank
HCAL.TO Calmar Ratio Rank: 9797
Calmar Ratio Rank
HCAL.TO Martin Ratio Rank: 9898
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.

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

This table presents a comparison of risk-adjusted performance metrics for Dynamic Active Canadian Dividend ETF (DXC.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.

DXC.TOHCAL.TODifference
Sharpe ratioReturn per unit of total volatility
3.14
5.87

-2.73

Sortino ratioReturn per unit of downside risk
4.40
7.18

-2.78

Omega ratioGain probability vs. loss probability

1.58

1.99

-0.42

Calmar ratioReturn relative to maximum drawdown

4.78

9.23

-4.45

Martin ratioReturn relative to average drawdown

21.63

39.93

-18.30

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

The current DXC.TO Sharpe Ratio is 3.14, which is lower than the HCAL.TO Sharpe Ratio of 5.87. The chart below compares the historical Sharpe Ratios of DXC.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.

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Drawdowns

DXC.TO vs. HCAL.TO - Drawdown Comparison

The maximum DXC.TO drawdown since its inception was -30.48%, smaller than the maximum HCAL.TO drawdown of -35.05%. Use the drawdown chart below to compare losses from any high point for DXC.TO and HCAL.TO.

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Drawdown Indicators

DXC.TOHCAL.TODifference

Max Drawdown

Largest peak-to-trough decline

-30.48%

-35.05%

+4.57%

Max Drawdown (1Y)

Largest decline over 1 year

-5.84%

-10.65%

+4.81%

Max Drawdown (3Y)

Largest decline over 3 years

-9.64%

-18.77%

+9.13%

Max Drawdown (5Y)

Largest decline over 5 years

-13.30%

-35.05%

+21.75%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-2.59%

-9.45%

+6.86%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.29%

2.46%

-1.17%

Volatility

DXC.TO vs. HCAL.TO - Volatility Comparison

The current volatility for Dynamic Active Canadian Dividend ETF (DXC.TO) is 1.69%, while Hamilton Enhanced Canadian Bank ETF (HCAL.TO) has a volatility of 5.22%. This indicates that DXC.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.

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Volatility by Period

DXC.TOHCAL.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.69%

5.22%

-3.53%

Volatility (6M)

Calculated over the trailing 6-month period

7.02%

14.63%

-7.61%

Volatility (1Y)

Calculated over the trailing 1-year period

8.90%

16.76%

-7.86%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.51%

17.31%

-6.80%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.99%

17.01%

-4.02%

Dividends

DXC.TO vs. HCAL.TO - Dividend Comparison

DXC.TO's dividend yield for the trailing twelve months is around 2.05%, less than HCAL.TO's 2.97% yield.

PositionTTM202520242023202220212020201920182017
DXC.TO
Dynamic Active Canadian Dividend ETF		2.05%2.33%2.61%2.44%1.85%1.47%1.84%1.96%2.35%1.97%
HCAL.TO
Hamilton Enhanced Canadian Bank ETF		2.97%4.20%6.12%7.37%7.46%4.27%2.66%0.00%0.00%0.00%

Frequently Asked Questions

DXC.TO and HCAL.TO have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DXC.TO is categorized as Canada Equities, while HCAL.TO is Financials Equities. They also come from different issuers: Dynamic and Hamilton Capital.

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