DXQ.TO vs. HBIL.TO
DXQ.TO (Dynamic Active Enhanced Yield Covered Options ETF) and HBIL.TO (Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged)) are both Derivative Income funds. Both are actively managed. Over the past year, DXQ.TO returned 19.04% vs 2.87% for HBIL.TO. At a 0.04 correlation, their price movements are largely independent. DXQ.TO charges 0.72%/yr vs 0.35%/yr for HBIL.TO.
Performance
DXQ.TO vs. HBIL.TO - Performance Comparison
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Returns By Period
In the year-to-date period, DXQ.TO achieves a 6.80% return, which is significantly higher than HBIL.TO's 0.59% return.
DXQ.TO
- 1D
- -0.70%
- 1M
- 2.65%
- YTD
- 6.80%
- 6M
- 5.77%
- 1Y
- 19.04%
- 3Y*
- 17.27%
- 5Y*
- —
- 10Y*
- —
HBIL.TO
- 1D
- 0.00%
- 1M
- 0.23%
- YTD
- 0.59%
- 6M
- 0.53%
- 1Y
- 2.87%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DXQ.TO vs. HBIL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
DXQ.TO Dynamic Active Enhanced Yield Covered Options ETF | 6.80% | 12.99% | 8.56% |
HBIL.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) | 0.59% | 3.05% | -1.40% |
Correlation
The correlation between DXQ.TO and HBIL.TO is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Sep 17, 2024 | 0.04 |
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Return for Risk
DXQ.TO vs. HBIL.TO — Risk / Return Rank
DXQ.TO
HBIL.TO
DXQ.TO vs. HBIL.TO - 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 U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) (HBIL.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.
| DXQ.TO | HBIL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.34 | ||
| Sortino ratioReturn per unit of downside risk | +0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.34 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.74 | 3.03 | +0.71 |
| Martin ratioReturn relative to average drawdown | 10.46 | 9.74 | +0.72 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DXQ.TO | HBIL.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.08 | 1.74 | +0.34 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.61 | 0.64 | +0.97 |
Drawdowns
DXQ.TO vs. HBIL.TO - Drawdown Comparison
The maximum DXQ.TO drawdown since its inception was -15.54%, which is greater than HBIL.TO's maximum drawdown of -1.69%. Use the drawdown chart below to compare losses from any high point for DXQ.TO and HBIL.TO.
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Drawdown Indicators
| DXQ.TO | HBIL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.54% | -1.69% | -13.85% |
Max Drawdown (1Y)Largest decline over 1 year | -5.11% | -0.95% | -4.16% |
Max Drawdown (3Y)Largest decline over 3 years | -15.54% | — | — |
Current DrawdownCurrent decline from peak | -0.70% | -0.31% | -0.39% |
Average DrawdownAverage peak-to-trough decline | -1.27% | -0.48% | -0.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.82% | 0.30% | +1.52% |
Volatility
DXQ.TO vs. HBIL.TO - Volatility Comparison
Dynamic Active Enhanced Yield Covered Options ETF (DXQ.TO) has a higher volatility of 2.38% compared to Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) (HBIL.TO) at 0.62%. This indicates that DXQ.TO's price experiences larger fluctuations and is considered to be riskier than HBIL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DXQ.TO | HBIL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.38% | 0.62% | +1.76% |
Volatility (6M)Calculated over the trailing 6-month period | 7.14% | 1.24% | +5.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.21% | 1.66% | +7.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.92% | 2.03% | +8.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.92% | 2.03% | +8.89% |
DXQ.TO vs. HBIL.TO - Expense Ratio Comparison
DXQ.TO has a 0.72% expense ratio, which is higher than HBIL.TO's 0.35% expense ratio.
Dividends
DXQ.TO vs. HBIL.TO - Dividend Comparison
DXQ.TO's dividend yield for the trailing twelve months is around 7.77%, more than HBIL.TO's 6.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
DXQ.TO Dynamic Active Enhanced Yield Covered Options ETF | 7.77% | 7.45% | 5.74% | 6.54% | 1.83% |
HBIL.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) | 6.52% | 7.49% | 2.58% | 0.00% | 0.00% |
Frequently Asked Questions
DXQ.TO and HBIL.TO have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HBIL.TO is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HBIL.TO is cheaper with a 0.35% expense ratio, compared with 0.72% for DXQ.TO.
They also come from different issuers: Dynamic and Hamilton Capital. Their fees differ too: 0.72% for DXQ.TO and 0.35% for HBIL.TO.
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