EBNK.TO vs. ETSX.TO

Last updated Jun 4, 2026

EBNK.TO (Evolve European Banks Enhanced Yield ETF Hedged CAD) and ETSX.TO (Evolve S&P/TSX 60 Enhanced Yield Fund CAD Unhedged) are both exchange-traded funds - EBNK.TO is a Financials Equities fund actively managed by Evolve, while ETSX.TO is a Large Cap Blend Equities fund tracking the S&P/TSX 60. EBNK.TO is actively managed, while ETSX.TO is passively managed. Over the past 3 years, EBNK.TO returned 34.22%/yr vs 19.01%/yr for ETSX.TO. At a 0.34 correlation, their price movements are largely independent. EBNK.TO charges 0.60%/yr vs 0.45%/yr for ETSX.TO.

Performance

EBNK.TO vs. ETSX.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Evolve European Banks Enhanced Yield ETF Hedged CAD (EBNK.TO) and Evolve S&P/TSX 60 Enhanced Yield Fund CAD Unhedged (ETSX.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EBNK.TO achieves a 5.02% return, which is significantly lower than ETSX.TO's 7.49% return.

EBNK.TO

• 1D: -1.56%
• 1M: 6.02%
• YTD: 5.02%
• 6M: 9.74%
• 1Y: 29.21%
• 3Y*: 34.22%
• 5Y*: —
• 10Y*: —

ETSX.TO

• 1D: -0.37%
• 1M: 3.34%
• YTD: 7.49%
• 6M: 9.59%
• 1Y: 26.55%
• 3Y*: 19.01%
• 5Y*: —
• 10Y*: —

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

EBNK.TO vs. ETSX.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EBNK.TO Evolve European Banks Enhanced Yield ETF Hedged CAD	5.02%	60.13%	28.78%	15.19%
ETSX.TO Evolve S&P/TSX 60 Enhanced Yield Fund CAD Unhedged	7.49%	25.93%	18.50%	6.16%

Correlation

The correlation between EBNK.TO and ETSX.TO is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (All Time) Calculated using the full available price history since Jan 12, 2023	0.34

The correlation between EBNK.TO and ETSX.TO shifts across timeframes, from 0.33 (3 years) to 0.46 (1 year), reflecting how their relationship changes across market environments.

EBNK.TO vs. ETSX.TO - Sectors Allocation Comparison

Sectors	EBNK.TO	ETSX.TO
Financial Services	100.0%	39.1%
Basic Materials	-	13.6%
Communication Services	-	1.9%
Consumer Cyclical	-	4.0%
Consumer Defensive	-	3.2%
Energy	-	18.5%
Healthcare	-	-
Industrials	-	7.8%
Real Estate	-	0.2%
Technology	-	9.0%
Utilities	-	2.6%

Return for Risk

EBNK.TO vs. ETSX.TO — Risk / Return Rank

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

EBNK.TO

EBNK.TO Risk / Return Rank: 38
EBNK.TO Sharpe Ratio Rank: 37
EBNK.TO Sortino Ratio Rank: 37
EBNK.TO Omega Ratio Rank: 34
EBNK.TO Calmar Ratio Rank: 40
EBNK.TO Martin Ratio Rank: 43

ETSX.TO

ETSX.TO Risk / Return Rank: 75
ETSX.TO Sharpe Ratio Rank: 74
ETSX.TO Sortino Ratio Rank: 75
ETSX.TO Omega Ratio Rank: 75
ETSX.TO Calmar Ratio Rank: 69
ETSX.TO Martin Ratio Rank: 81

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.

EBNK.TO vs. ETSX.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Evolve European Banks Enhanced Yield ETF Hedged CAD (EBNK.TO) and Evolve S&P/TSX 60 Enhanced Yield Fund CAD Unhedged (ETSX.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.

	EBNK.TO	ETSX.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.35	2.43	-1.07
Sortino ratio: Return per unit of downside risk	1.93	3.36	-1.43
Omega ratio: Gain probability vs. loss probability	1.23	1.45	-0.21
Calmar ratio: Return relative to maximum drawdown	1.97	3.45	-1.48
Martin ratio: Return relative to average drawdown	6.97	15.85	-8.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EBNK.TO vs. ETSX.TO - Sharpe Ratio Comparison

The current EBNK.TO Sharpe Ratio is 1.35, which is lower than the ETSX.TO Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of EBNK.TO and ETSX.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

	EBNK.TO	ETSX.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.35	2.43	-1.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	1.46	-0.60

Drawdowns

EBNK.TO vs. ETSX.TO - Drawdown Comparison

The maximum EBNK.TO drawdown since its inception was -31.02%, which is greater than ETSX.TO's maximum drawdown of -12.23%. Use the drawdown chart below to compare losses from any high point for EBNK.TO and ETSX.TO.

Drawdown Indicators

	EBNK.TO	ETSX.TO	Difference
Max Drawdown Largest peak-to-trough decline	-31.02%	-12.23%	-18.79%
Max Drawdown (1Y) Largest decline over 1 year	-14.87%	-7.72%	-7.15%
Max Drawdown (3Y) Largest decline over 3 years	-21.16%	-12.23%	-8.93%
Current Drawdown Current decline from peak	-2.24%	-0.37%	-1.87%
Average Drawdown Average peak-to-trough decline	-7.43%	-1.67%	-5.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.20%	1.68%	+2.52%

Volatility

EBNK.TO vs. ETSX.TO - Volatility Comparison

Evolve European Banks Enhanced Yield ETF Hedged CAD (EBNK.TO) has a higher volatility of 6.37% compared to Evolve S&P/TSX 60 Enhanced Yield Fund CAD Unhedged (ETSX.TO) at 2.70%. This indicates that EBNK.TO's price experiences larger fluctuations and is considered to be riskier than ETSX.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EBNK.TO	ETSX.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.37%	2.70%	+3.67%
Volatility (6M) Calculated over the trailing 6-month period	17.02%	8.78%	+8.24%
Volatility (1Y) Calculated over the trailing 1-year period	21.66%	11.01%	+10.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.92%	11.71%	+15.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.92%	11.71%	+15.21%

EBNK.TO vs. ETSX.TO - Expense Ratio Comparison

EBNK.TO has a 0.60% expense ratio, which is higher than ETSX.TO's 0.45% expense ratio.

Dividends

EBNK.TO vs. ETSX.TO - Dividend Comparison

EBNK.TO's dividend yield for the trailing twelve months is around 11.02%, more than ETSX.TO's 9.19% yield.

Position	TTM	2025	2024	2023	2022
EBNK.TO Evolve European Banks Enhanced Yield ETF Hedged CAD	11.02%	11.05%	12.56%	7.32%	7.52%
ETSX.TO Evolve S&P/TSX 60 Enhanced Yield Fund CAD Unhedged	9.19%	9.39%	9.20%	9.92%	0.00%

Frequently Asked Questions

Can I hold both EBNK.TO and ETSX.TO in my portfolio?

EBNK.TO and ETSX.TO have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EBNK.TO or ETSX.TO?

On fees, ETSX.TO is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EBNK.TO or ETSX.TO?

ETSX.TO is cheaper with a 0.45% expense ratio, compared with 0.60% for EBNK.TO.

What is the main difference between EBNK.TO and ETSX.TO?

EBNK.TO is categorized as Financials Equities, while ETSX.TO is Large Cap Blend Equities. Their fees differ too: 0.60% for EBNK.TO and 0.45% for ETSX.TO.