DXQ.TO vs. CDAY.NEO

Last updated Jun 4, 2026

DXQ.TO (Dynamic Active Enhanced Yield Covered Options ETF) and CDAY.NEO (Hamilton Enhanced Canadian Equity DayMAX ETF) are both Derivative Income funds. Both are actively managed. At a 0.38 correlation, their price movements are largely independent. DXQ.TO charges 0.72%/yr vs 0.85%/yr for CDAY.NEO.

Performance

DXQ.TO vs. CDAY.NEO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Dynamic Active Enhanced Yield Covered Options ETF (DXQ.TO) and Hamilton Enhanced Canadian Equity DayMAX ETF (CDAY.NEO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DXQ.TO achieves a 6.80% return, which is significantly lower than CDAY.NEO's 13.70% return.

DXQ.TO

• 1D: -0.70%
• 1M: 2.65%
• YTD: 6.80%
• 6M: 5.77%
• 1Y: 19.04%
• 3Y*: 17.27%
• 5Y*: —
• 10Y*: —

CDAY.NEO

• 1D: -0.28%
• 1M: 3.85%
• YTD: 13.70%
• 6M: 15.38%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DXQ.TO vs. CDAY.NEO - Yearly Performance Comparison

	2026 (YTD)	2025
DXQ.TO Dynamic Active Enhanced Yield Covered Options ETF	6.80%	7.51%
CDAY.NEO Hamilton Enhanced Canadian Equity DayMAX ETF	13.70%	14.26%

Correlation

The correlation between DXQ.TO and CDAY.NEO is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	0.38

Return for Risk

DXQ.TO vs. CDAY.NEO — Risk / Return Rank

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

DXQ.TO

DXQ.TO Risk / Return Rank: 65
DXQ.TO Sharpe Ratio Rank: 62
DXQ.TO Sortino Ratio Rank: 64
DXQ.TO Omega Ratio Rank: 66
DXQ.TO Calmar Ratio Rank: 75
DXQ.TO Martin Ratio Rank: 60

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.

DXQ.TO vs. CDAY.NEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dynamic Active Enhanced Yield Covered Options ETF (DXQ.TO) and Hamilton Enhanced Canadian Equity DayMAX ETF (CDAY.NEO). 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.

	DXQ.TO	CDAY.NEO	Difference
Sharpe ratio: Return per unit of total volatility	2.08	—	—
Sortino ratio: Return per unit of downside risk	2.95	—	—
Omega ratio: Gain probability vs. loss probability	1.40	—	—
Calmar ratio: Return relative to maximum drawdown	3.74	—	—
Martin ratio: Return relative to average drawdown	10.46	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	DXQ.TO	CDAY.NEO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.08	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.61	3.03	-1.42

Drawdowns

DXQ.TO vs. CDAY.NEO - Drawdown Comparison

The maximum DXQ.TO drawdown since its inception was -15.54%, which is greater than CDAY.NEO's maximum drawdown of -8.00%. Use the drawdown chart below to compare losses from any high point for DXQ.TO and CDAY.NEO.

Drawdown Indicators

	DXQ.TO	CDAY.NEO	Difference
Max Drawdown Largest peak-to-trough decline	-15.54%	-8.00%	-7.54%
Max Drawdown (1Y) Largest decline over 1 year	-5.11%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-15.54%	—	—
Current Drawdown Current decline from peak	-0.70%	-0.83%	+0.13%
Average Drawdown Average peak-to-trough decline	-1.27%	-1.02%	-0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	—	—

Volatility

Volatility by Period

	DXQ.TO	CDAY.NEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.38%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.14%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	9.21%	11.37%	-2.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.92%	11.37%	-0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.92%	11.37%	-0.45%

DXQ.TO vs. CDAY.NEO - Expense Ratio Comparison

DXQ.TO has a 0.72% expense ratio, which is lower than CDAY.NEO's 0.85% expense ratio.

Dividends

DXQ.TO vs. CDAY.NEO - Dividend Comparison

DXQ.TO's dividend yield for the trailing twelve months is around 7.77%, less than CDAY.NEO's 14.55% yield.

Position	TTM	2025	2024	2023	2022
CDAY.NEO Hamilton Enhanced Canadian Equity DayMAX ETF	14.55%	7.88%	0.00%	0.00%	0.00%
DXQ.TO Dynamic Active Enhanced Yield Covered Options ETF	7.77%	7.45%	5.74%	6.54%	1.83%

Frequently Asked Questions

Can I hold both DXQ.TO and CDAY.NEO in my portfolio?

DXQ.TO and CDAY.NEO have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DXQ.TO or CDAY.NEO?

On fees, DXQ.TO is cheaper at 0.72% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DXQ.TO or CDAY.NEO?

DXQ.TO is cheaper with a 0.72% expense ratio, compared with 0.85% for CDAY.NEO.

What is the main difference between DXQ.TO and CDAY.NEO?

They also come from different issuers: Dynamic and Hamilton Capital. Their fees differ too: 0.72% for DXQ.TO and 0.85% for CDAY.NEO.