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ESGA.TO vs. HCAL.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ESGA.TO vs. HCAL.TO

Last updated Jul 1, 2026
See Documentation

ESGA.TO (BMO MSCI Canada Selection Equity Index ETF) and HCAL.TO (Hamilton Enhanced Canadian Bank ETF) are both exchange-traded funds - ESGA.TO is a Canada Equities fund managed by BMO, while HCAL.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index (125%). Over the past 5 years, ESGA.TO returned 12.40%/yr vs 24.03%/yr for HCAL.TO. A 0.60 correlation means they provide meaningful diversification when combined.

Performance

ESGA.TO vs. HCAL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO MSCI Canada Selection Equity Index ETF (ESGA.TO) and Hamilton Enhanced Canadian Bank ETF (HCAL.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ESGA.TO achieves a 8.01% return, which is significantly lower than HCAL.TO's 40.08% return.

ESGA.TO

1D
0.16%
1M
2.81%
YTD
8.01%
6M
7.25%
1Y
28.36%
3Y*
22.99%
5Y*
12.40%
10Y*
—

HCAL.TO

1D
0.97%
1M
13.87%
YTD
40.08%
6M
39.42%
1Y
92.01%
3Y*
44.83%
5Y*
24.03%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ESGA.TO vs. HCAL.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
ESGA.TO
BMO MSCI Canada Selection Equity Index ETF		8.01%32.44%21.41%13.92%-15.59%24.90%7.42%
HCAL.TO
Hamilton Enhanced Canadian Bank ETF		40.08%54.09%29.04%11.73%-17.54%50.25%16.92%

Correlation

The correlation between ESGA.TO and HCAL.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

0.65

Correlation (5Y)
Calculated over the trailing 5-year period

0.62

Correlation (All Time)
Calculated using the full available price history since Oct 15, 2020

0.60

The correlation between ESGA.TO and HCAL.TO has been stable across timeframes, ranging from 0.56 to 0.65 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BMO MSCI Canada Selection Equity Index ETF

Hamilton Enhanced Canadian Bank ETF

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Return for Risk

ESGA.TO vs. HCAL.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ESGA.TO
ESGA.TO Risk / Return Rank: 7575
Overall Rank
ESGA.TO Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
ESGA.TO Sortino Ratio Rank: 7474
Sortino Ratio Rank
ESGA.TO Omega Ratio Rank: 7575
Omega Ratio Rank
ESGA.TO Calmar Ratio Rank: 7676
Calmar Ratio Rank
ESGA.TO Martin Ratio Rank: 7575
Martin Ratio Rank
HCAL.TO
HCAL.TO Risk / Return Rank: 9898
Overall Rank
HCAL.TO Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
HCAL.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
HCAL.TO Omega Ratio Rank: 9898
Omega Ratio Rank
HCAL.TO Calmar Ratio Rank: 9797
Calmar Ratio Rank
HCAL.TO Martin Ratio Rank: 9797
Martin Ratio Rank
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.

ESGA.TO vs. HCAL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO MSCI Canada Selection Equity Index ETF (ESGA.TO) and Hamilton Enhanced Canadian Bank ETF (HCAL.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

ESGA.TOHCAL.TODifference
Sharpe ratioReturn per unit of total volatility
2.08
5.74

-3.66

Sortino ratioReturn per unit of downside risk
2.87
7.24

-4.37

Omega ratioGain probability vs. loss probability

1.38

2.00

-0.62

Calmar ratioReturn relative to maximum drawdown

3.35

8.68

-5.33

Martin ratioReturn relative to average drawdown

11.99

37.71

-25.73

ESGA.TO vs. HCAL.TO - Sharpe Ratio Comparison

The current ESGA.TO Sharpe Ratio is 2.08, which is lower than the HCAL.TO Sharpe Ratio of 5.74. The chart below compares the historical Sharpe Ratios of ESGA.TO and HCAL.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.

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Drawdowns

ESGA.TO vs. HCAL.TO - Drawdown Comparison

The maximum ESGA.TO drawdown since its inception was -32.68%, smaller than the maximum HCAL.TO drawdown of -35.05%. Use the drawdown chart below to compare losses from any high point for ESGA.TO and HCAL.TO.

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Drawdown Indicators

ESGA.TOHCAL.TODifference

Max Drawdown

Largest peak-to-trough decline

-32.68%

-35.05%

+2.37%

Max Drawdown (1Y)

Largest decline over 1 year

-8.51%

-10.65%

+2.14%

Max Drawdown (3Y)

Largest decline over 3 years

-12.94%

-18.77%

+5.83%

Max Drawdown (5Y)

Largest decline over 5 years

-23.40%

-35.05%

+11.65%

Current Drawdown

Current decline from peak

-0.26%

0.00%

-0.26%

Average Drawdown

Average peak-to-trough decline

-6.34%

-9.51%

+3.17%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.37%

2.45%

-0.08%

Volatility

ESGA.TO vs. HCAL.TO - Volatility Comparison

The current volatility for BMO MSCI Canada Selection Equity Index ETF (ESGA.TO) is 3.14%, while Hamilton Enhanced Canadian Bank ETF (HCAL.TO) has a volatility of 3.76%. This indicates that ESGA.TO experiences smaller price fluctuations and is considered to be less risky than HCAL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ESGA.TOHCAL.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.14%

3.76%

-0.62%

Volatility (6M)

Calculated over the trailing 6-month period

10.67%

14.05%

-3.38%

Volatility (1Y)

Calculated over the trailing 1-year period

13.70%

16.14%

-2.44%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.84%

17.20%

-3.36%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.23%

16.95%

-0.72%

Dividends

ESGA.TO vs. HCAL.TO - Dividend Comparison

ESGA.TO's dividend yield for the trailing twelve months is around 1.87%, less than HCAL.TO's 3.11% yield.

PositionTTM202520242023202220212020
ESGA.TO
BMO MSCI Canada Selection Equity Index ETF		1.87%1.93%2.50%2.98%3.42%2.66%3.23%
HCAL.TO
Hamilton Enhanced Canadian Bank ETF		3.11%4.20%6.12%7.37%7.46%4.27%2.66%

Frequently Asked Questions

ESGA.TO and HCAL.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.

ESGA.TO is categorized as Canada Equities, while HCAL.TO is Financials Equities. They also come from different issuers: BMO and Hamilton Capital.

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