EHE.TO vs. CIC.TO

Last updated Jun 8, 2026

EHE.TO (CI Europe Hedged Equity Index ETF) and CIC.TO (CI Canadian Banks Covered Call Income Class ETF) are both exchange-traded funds - EHE.TO is a Europe Equities fund tracking the WisdomTree Europe CAD-Hedged Equity Index, while CIC.TO is a Financials Equities fund actively managed by CI. EHE.TO is passively managed, while CIC.TO is actively managed. Over the past 5 years, EHE.TO returned 9.97%/yr vs 14.82%/yr for CIC.TO. At a 0.27 correlation, their price movements are largely independent.

Performance

EHE.TO vs. CIC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Europe Hedged Equity Index ETF (EHE.TO) and CI Canadian Banks Covered Call Income Class ETF (CIC.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EHE.TO achieves a 5.98% return, which is significantly lower than CIC.TO's 17.59% return.

EHE.TO

• 1D: 1.09%
• 1M: 3.27%
• YTD: 5.98%
• 6M: 7.19%
• 1Y: 14.83%
• 3Y*: 13.45%
• 5Y*: 9.97%
• 10Y*: —

CIC.TO

• 1D: 0.23%
• 1M: 4.63%
• YTD: 17.59%
• 6M: 19.90%
• 1Y: 51.37%
• 3Y*: 27.77%
• 5Y*: 14.82%
• 10Y*: 12.82%

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

EHE.TO vs. CIC.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EHE.TO CI Europe Hedged Equity Index ETF	5.98%	22.91%	4.20%	22.26%	-10.45%	23.79%	-5.96%	24.49%	-10.68%	15.40%
CIC.TO CI Canadian Banks Covered Call Income Class ETF	17.59%	36.24%	21.30%	6.58%	-10.99%	33.76%	1.89%	14.12%	-8.88%	12.14%

Correlation

The correlation between EHE.TO and CIC.TO is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (All Time) Calculated using the full available price history since Jul 18, 2016	0.27

The correlation between EHE.TO and CIC.TO shifts across timeframes, from 0.14 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.

Return for Risk

EHE.TO vs. CIC.TO — Risk / Return Rank

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

EHE.TO

EHE.TO Risk / Return Rank: 29
EHE.TO Sharpe Ratio Rank: 28
EHE.TO Sortino Ratio Rank: 28
EHE.TO Omega Ratio Rank: 29
EHE.TO Calmar Ratio Rank: 28
EHE.TO Martin Ratio Rank: 33

CIC.TO

CIC.TO Risk / Return Rank: 96
CIC.TO Sharpe Ratio Rank: 97
CIC.TO Sortino Ratio Rank: 97
CIC.TO Omega Ratio Rank: 97
CIC.TO Calmar Ratio Rank: 93
CIC.TO Martin Ratio Rank: 95

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.

EHE.TO vs. CIC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI Europe Hedged Equity Index ETF (EHE.TO) and CI Canadian Banks Covered Call Income Class ETF (CIC.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.

	EHE.TO	CIC.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.92	4.64	-3.72
Sortino ratio: Return per unit of downside risk	1.40	6.40	-4.99
Omega ratio: Gain probability vs. loss probability	1.18	1.90	-0.72
Calmar ratio: Return relative to maximum drawdown	1.24	6.36	-5.12
Martin ratio: Return relative to average drawdown	4.59	29.82	-25.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EHE.TO vs. CIC.TO - Sharpe Ratio Comparison

The current EHE.TO Sharpe Ratio is 0.92, which is lower than the CIC.TO Sharpe Ratio of 4.64. The chart below compares the historical Sharpe Ratios of EHE.TO and CIC.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

	EHE.TO	CIC.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	4.64	-3.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.56	1.16	-0.61
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.79	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.70	-0.15

Drawdowns

EHE.TO vs. CIC.TO - Drawdown Comparison

The maximum EHE.TO drawdown since its inception was -38.20%, roughly equal to the maximum CIC.TO drawdown of -38.55%. Use the drawdown chart below to compare losses from any high point for EHE.TO and CIC.TO.

Drawdown Indicators

	EHE.TO	CIC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-38.20%	-38.55%	+0.35%
Max Drawdown (1Y) Largest decline over 1 year	-11.85%	-8.23%	-3.62%
Max Drawdown (3Y) Largest decline over 3 years	-16.30%	-14.32%	-1.98%
Max Drawdown (5Y) Largest decline over 5 years	-22.91%	-26.34%	+3.43%
Max Drawdown (10Y) Largest decline over 10 years	—	-38.55%	—
Current Drawdown Current decline from peak	-0.62%	-0.28%	-0.34%
Average Drawdown Average peak-to-trough decline	-5.35%	-5.50%	+0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.19%	1.75%	+1.44%

Volatility

EHE.TO vs. CIC.TO - Volatility Comparison

CI Europe Hedged Equity Index ETF (EHE.TO) has a higher volatility of 5.64% compared to CI Canadian Banks Covered Call Income Class ETF (CIC.TO) at 3.66%. This indicates that EHE.TO's price experiences larger fluctuations and is considered to be riskier than CIC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EHE.TO	CIC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.64%	3.66%	+1.98%
Volatility (6M) Calculated over the trailing 6-month period	12.70%	9.92%	+2.78%
Volatility (1Y) Calculated over the trailing 1-year period	16.02%	11.30%	+4.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.98%	12.79%	+5.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.44%	16.30%	+1.14%

Dividends

EHE.TO vs. CIC.TO - Dividend Comparison

EHE.TO's dividend yield for the trailing twelve months is around 2.02%, less than CIC.TO's 5.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CIC.TO CI Canadian Banks Covered Call Income Class ETF	5.18%	5.72%	6.71%	7.37%	7.64%	5.48%	9.56%	6.16%	6.61%	5.68%	6.72%	7.31%
EHE.TO CI Europe Hedged Equity Index ETF	2.02%	2.16%	4.38%	3.30%	2.19%	1.90%	2.55%	2.02%	2.08%	1.37%	0.13%	0.00%

Frequently Asked Questions

Can I hold both EHE.TO and CIC.TO in my portfolio?

EHE.TO and CIC.TO have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between EHE.TO and CIC.TO?

EHE.TO is categorized as Europe Equities, while CIC.TO is Financials Equities.