ENB-PP.TO vs. HDIV.TO

Last updated Jun 5, 2026

ENB-PP.TO (Enbridge Inc.) is a stock, while HDIV.TO (Hamilton Enhanced Canadian Covered Call ETF) is Derivative Income fund actively managed by Hamilton ETFs. Over the past 3 years, ENB-PP.TO returned 23.19%/yr vs 28.06%/yr for HDIV.TO. At a 0.25 correlation, their price movements are largely independent.

Performance

ENB-PP.TO vs. HDIV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Enbridge Inc. (ENB-PP.TO) and Hamilton Enhanced Canadian Covered Call ETF (HDIV.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ENB-PP.TO achieves a 10.31% return, which is significantly lower than HDIV.TO's 17.22% return.

ENB-PP.TO

• 1D: 0.12%
• 1M: 1.31%
• YTD: 10.31%
• 6M: 12.10%
• 1Y: 25.26%
• 3Y*: 23.19%
• 5Y*: 11.60%
• 10Y*: 11.49%

HDIV.TO

• 1D: 0.86%
• 1M: 6.14%
• YTD: 17.22%
• 6M: 17.73%
• 1Y: 47.51%
• 3Y*: 28.06%
• 5Y*: —
• 10Y*: —

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

ENB-PP.TO vs. HDIV.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ENB-PP.TO Enbridge Inc.	10.31%	19.26%	30.47%	14.74%	-16.47%	10.36%
HDIV.TO Hamilton Enhanced Canadian Covered Call ETF	17.22%	33.87%	23.15%	13.91%	-2.52%	12.70%

Correlation

The correlation between ENB-PP.TO and HDIV.TO is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (All Time) Calculated using the full available price history since Jul 19, 2021	0.25

Return for Risk

ENB-PP.TO vs. HDIV.TO — Risk / Return Rank

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

ENB-PP.TO

ENB-PP.TO Risk / Return Rank: 96
ENB-PP.TO Sharpe Ratio Rank: 96
ENB-PP.TO Sortino Ratio Rank: 98
ENB-PP.TO Omega Ratio Rank: 97
ENB-PP.TO Calmar Ratio Rank: 93
ENB-PP.TO Martin Ratio Rank: 97

HDIV.TO

HDIV.TO Risk / Return Rank: 93
HDIV.TO Sharpe Ratio Rank: 95
HDIV.TO Sortino Ratio Rank: 94
HDIV.TO Omega Ratio Rank: 95
HDIV.TO Calmar Ratio Rank: 90
HDIV.TO Martin Ratio Rank: 94

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.

ENB-PP.TO vs. HDIV.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Enbridge Inc. (ENB-PP.TO) and Hamilton Enhanced Canadian Covered Call ETF (HDIV.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.

	ENB-PP.TO	HDIV.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.53	3.83	-0.29
Sortino ratio: Return per unit of downside risk	5.45	4.88	+0.57
Omega ratio: Gain probability vs. loss probability	1.73	1.71	+0.03
Calmar ratio: Return relative to maximum drawdown	5.98	5.47	+0.51
Martin ratio: Return relative to average drawdown	26.26	26.51	-0.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ENB-PP.TO vs. HDIV.TO - Sharpe Ratio Comparison

The current ENB-PP.TO Sharpe Ratio is 3.53, which is comparable to the HDIV.TO Sharpe Ratio of 3.83. The chart below compares the historical Sharpe Ratios of ENB-PP.TO and HDIV.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

	ENB-PP.TO	HDIV.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.53	3.83	-0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.92	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	1.27	-0.93

Drawdowns

ENB-PP.TO vs. HDIV.TO - Drawdown Comparison

The maximum ENB-PP.TO drawdown since its inception was -50.40%, which is greater than HDIV.TO's maximum drawdown of -22.32%. Use the drawdown chart below to compare losses from any high point for ENB-PP.TO and HDIV.TO.

Drawdown Indicators

	ENB-PP.TO	HDIV.TO	Difference
Max Drawdown Largest peak-to-trough decline	-50.40%	-22.32%	-28.08%
Max Drawdown (1Y) Largest decline over 1 year	-4.25%	-8.73%	+4.48%
Max Drawdown (3Y) Largest decline over 3 years	-10.83%	-14.58%	+3.75%
Max Drawdown (5Y) Largest decline over 5 years	-24.75%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-50.40%	—	—
Current Drawdown Current decline from peak	-0.86%	0.00%	-0.86%
Average Drawdown Average peak-to-trough decline	-10.97%	-4.22%	-6.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	1.80%	-0.83%

Volatility

ENB-PP.TO vs. HDIV.TO - Volatility Comparison

The current volatility for Enbridge Inc. (ENB-PP.TO) is 1.60%, while Hamilton Enhanced Canadian Covered Call ETF (HDIV.TO) has a volatility of 3.80%. This indicates that ENB-PP.TO experiences smaller price fluctuations and is considered to be less risky than HDIV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ENB-PP.TO	HDIV.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.60%	3.80%	-2.20%
Volatility (6M) Calculated over the trailing 6-month period	4.57%	10.31%	-5.74%
Volatility (1Y) Calculated over the trailing 1-year period	7.19%	12.49%	-5.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.68%	15.63%	-2.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.33%	15.63%	+1.70%

Dividends

ENB-PP.TO vs. HDIV.TO - Dividend Comparison

ENB-PP.TO's dividend yield for the trailing twelve months is around 6.13%, less than HDIV.TO's 9.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ENB-PP.TO Enbridge Inc.	6.13%	6.55%	6.81%	6.54%	7.02%	5.52%	7.62%	6.60%	6.15%	4.92%	5.59%	5.93%
HDIV.TO Hamilton Enhanced Canadian Covered Call ETF	9.25%	10.09%	11.38%	10.41%	9.64%	3.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ENB-PP.TO and HDIV.TO in my portfolio?

ENB-PP.TO and HDIV.TO have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.