DXQ.TO vs. HYLD.TO

Last updated Jun 4, 2026

DXQ.TO (Dynamic Active Enhanced Yield Covered Options ETF) and HYLD.TO (Hamilton Enhanced U.S. Covered Call ETF) are both Derivative Income funds. Both are actively managed. Over the past 3 years, DXQ.TO returned 17.27%/yr vs 23.83%/yr for HYLD.TO. A 0.56 correlation means they provide meaningful diversification when combined. DXQ.TO charges 0.72%/yr vs 2.37%/yr for HYLD.TO.

Performance

DXQ.TO vs. HYLD.TO - 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 U.S. Covered Call ETF (HYLD.TO). 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 HYLD.TO's 15.73% return.

DXQ.TO

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

HYLD.TO

• 1D: 0.09%
• 1M: 9.70%
• YTD: 15.73%
• 6M: 15.82%
• 1Y: 39.70%
• 3Y*: 23.83%
• 5Y*: —
• 10Y*: —

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

DXQ.TO vs. HYLD.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DXQ.TO Dynamic Active Enhanced Yield Covered Options ETF	6.80%	12.99%	21.07%	20.08%	3.57%
HYLD.TO Hamilton Enhanced U.S. Covered Call ETF	15.73%	22.14%	25.39%	19.01%	2.82%

Correlation

The correlation between DXQ.TO and HYLD.TO is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (All Time) Calculated using the full available price history since Sep 21, 2022	0.56

The correlation between DXQ.TO and HYLD.TO has been stable across timeframes, ranging from 0.56 to 0.62 - a consistent structural relationship.

Return for Risk

DXQ.TO vs. HYLD.TO — 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

HYLD.TO

HYLD.TO Risk / Return Rank: 75
HYLD.TO Sharpe Ratio Rank: 78
HYLD.TO Sortino Ratio Rank: 77
HYLD.TO Omega Ratio Rank: 77
HYLD.TO Calmar Ratio Rank: 66
HYLD.TO Martin Ratio Rank: 75

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. HYLD.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 Enhanced U.S. Covered Call ETF (HYLD.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	HYLD.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.08	2.61	-0.53
Sortino ratio: Return per unit of downside risk	2.95	3.52	-0.58
Omega ratio: Gain probability vs. loss probability	1.40	1.47	-0.07
Calmar ratio: Return relative to maximum drawdown	3.74	3.31	+0.43
Martin ratio: Return relative to average drawdown	10.46	14.63	-4.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DXQ.TO vs. HYLD.TO - Sharpe Ratio Comparison

The current DXQ.TO Sharpe Ratio is 2.08, which is comparable to the HYLD.TO Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of DXQ.TO and HYLD.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.

Sharpe Ratios by Period

	DXQ.TO	HYLD.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.08	2.61	-0.53
Sharpe Ratio (All Time) Calculated using the full available price history	1.61	0.69	+0.92

Drawdowns

DXQ.TO vs. HYLD.TO - Drawdown Comparison

The maximum DXQ.TO drawdown since its inception was -15.54%, smaller than the maximum HYLD.TO drawdown of -31.38%. Use the drawdown chart below to compare losses from any high point for DXQ.TO and HYLD.TO.

Drawdown Indicators

	DXQ.TO	HYLD.TO	Difference
Max Drawdown Largest peak-to-trough decline	-15.54%	-31.38%	+15.84%
Max Drawdown (1Y) Largest decline over 1 year	-5.11%	-12.04%	+6.93%
Max Drawdown (3Y) Largest decline over 3 years	-15.54%	-21.83%	+6.29%
Current Drawdown Current decline from peak	-0.70%	0.00%	-0.70%
Average Drawdown Average peak-to-trough decline	-1.27%	-8.91%	+7.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	2.72%	-0.90%

Volatility

DXQ.TO vs. HYLD.TO - Volatility Comparison

The current volatility for Dynamic Active Enhanced Yield Covered Options ETF (DXQ.TO) is 2.38%, while Hamilton Enhanced U.S. Covered Call ETF (HYLD.TO) has a volatility of 4.58%. This indicates that DXQ.TO experiences smaller price fluctuations and is considered to be less risky than HYLD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DXQ.TO	HYLD.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.38%	4.58%	-2.20%
Volatility (6M) Calculated over the trailing 6-month period	7.14%	12.17%	-5.03%
Volatility (1Y) Calculated over the trailing 1-year period	9.21%	15.31%	-6.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.92%	19.22%	-8.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.92%	19.22%	-8.30%

DXQ.TO vs. HYLD.TO - Expense Ratio Comparison

DXQ.TO has a 0.72% expense ratio, which is lower than HYLD.TO's 2.37% expense ratio.

Dividends

DXQ.TO vs. HYLD.TO - Dividend Comparison

DXQ.TO's dividend yield for the trailing twelve months is around 7.77%, less than HYLD.TO's 11.23% 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%
HYLD.TO Hamilton Enhanced U.S. Covered Call ETF	11.23%	11.98%	12.13%	12.11%	13.02%

Frequently Asked Questions

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

DXQ.TO and HYLD.TO have a correlation of 0.56, 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 HYLD.TO?

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 HYLD.TO?

DXQ.TO is cheaper with a 0.72% expense ratio, compared with 2.37% for HYLD.TO.

What is the main difference between DXQ.TO and HYLD.TO?

They also come from different issuers: Dynamic and Hamilton Capital. Their fees differ too: 0.72% for DXQ.TO and 2.37% for HYLD.TO.