ETSX.TO vs. HDIV.TO

Last updated Apr 1, 2026

Compare and contrast key facts about Evolve S&P/TSX 60 Enhanced Yield Fund CAD Unhedged (ETSX.TO) and Hamilton Enhanced Multi-Sector Covered Call ETF (HDIV.TO).

ETSX.TO and HDIV.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ETSX.TO is a passively managed fund by Evolve that tracks the performance of the S&P/TSX 60. It was launched on Jan 9, 2023. HDIV.TO is an actively managed fund by Hamilton Capital. It was launched on Jul 19, 2021.

Performance

ETSX.TO vs. HDIV.TO - Performance Comparison

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

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

	2026 (YTD)	2025	2024	2023
ETSX.TO Evolve S&P/TSX 60 Enhanced Yield Fund CAD Unhedged	0.82%	25.93%	18.50%	6.16%
HDIV.TO Hamilton Enhanced Multi-Sector Covered Call ETF	3.20%	33.87%	23.15%	8.92%

Returns By Period

In the year-to-date period, ETSX.TO achieves a 0.82% return, which is significantly lower than HDIV.TO's 3.20% return.

ETSX.TO

• 1D: 1.29%
• 1M: -4.15%
• YTD: 0.82%
• 6M: 7.20%
• 1Y: 27.15%
• 3Y*: 16.81%
• 5Y*: —
• 10Y*: —

HDIV.TO

• 1D: 1.91%
• 1M: -4.61%
• YTD: 3.20%
• 6M: 9.39%
• 1Y: 34.41%
• 3Y*: 23.25%
• 5Y*: —
• 10Y*: —

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

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

ETSX.TO has a 0.45% expense ratio, which is higher than HDIV.TO's 0.00% expense ratio.

ETSX.TO

Evolve S&P/TSX 60 Enhanced Yield Fund CAD Unhedged

HDIV.TO

Hamilton Enhanced Multi-Sector Covered Call ETF

Return for Risk

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

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

ETSX.TO

ETSX.TO Risk / Return Rank: 89
ETSX.TO Sharpe Ratio Rank: 90
ETSX.TO Sortino Ratio Rank: 92
ETSX.TO Omega Ratio Rank: 92
ETSX.TO Calmar Ratio Rank: 82
ETSX.TO Martin Ratio Rank: 90

HDIV.TO

HDIV.TO Risk / Return Rank: 92
HDIV.TO Sharpe Ratio Rank: 92
HDIV.TO Sortino Ratio Rank: 91
HDIV.TO Omega Ratio Rank: 95
HDIV.TO Calmar Ratio Rank: 88
HDIV.TO Martin Ratio Rank: 93

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.

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

This table presents a comparison of risk-adjusted performance metrics for Evolve S&P/TSX 60 Enhanced Yield Fund CAD Unhedged (ETSX.TO) and Hamilton Enhanced Multi-Sector 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.

	ETSX.TO	HDIV.TO	Difference
Sharpe ratio Return per unit of total volatility	2.01	2.05	-0.04
Sortino ratio Return per unit of downside risk	2.72	2.59	+0.13
Omega ratio Gain probability vs. loss probability	1.41	1.45	-0.04
Calmar ratio Return relative to maximum drawdown	2.41	2.61	-0.20
Martin ratio Return relative to average drawdown	11.88	12.70	-0.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current ETSX.TO Sharpe Ratio is 2.01, which is comparable to the HDIV.TO Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of ETSX.TO and HDIV.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ETSX.TO	HDIV.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.01	2.05	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	1.34	1.11	+0.23

Correlation

The correlation between ETSX.TO and HDIV.TO is 0.72, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

ETSX.TO vs. HDIV.TO - Dividend Comparison

ETSX.TO's dividend yield for the trailing twelve months is around 8.77%, less than HDIV.TO's 9.23% yield.

	TTM	2025	2024	2023	2022	2021
ETSX.TO Evolve S&P/TSX 60 Enhanced Yield Fund CAD Unhedged	8.77%	9.39%	9.20%	9.92%	0.00%	0.00%
HDIV.TO Hamilton Enhanced Multi-Sector Covered Call ETF	9.23%	10.09%	11.38%	10.41%	9.64%	3.39%

Drawdowns

ETSX.TO vs. HDIV.TO - Drawdown Comparison

The maximum ETSX.TO drawdown since its inception was -12.23%, smaller than the maximum HDIV.TO drawdown of -22.32%. Use the drawdown chart below to compare losses from any high point for ETSX.TO and HDIV.TO.

Drawdown Indicators

	ETSX.TO	HDIV.TO	Difference
Max Drawdown Largest peak-to-trough decline	-12.23%	-22.32%	+10.09%
Max Drawdown (1Y) Largest decline over 1 year	-9.97%	-13.77%	+3.80%
Current Drawdown Current decline from peak	-4.81%	-5.09%	+0.28%
Average Drawdown Average peak-to-trough decline	-1.69%	-4.35%	+2.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.02%	2.83%	-0.81%

Volatility

ETSX.TO vs. HDIV.TO - Volatility Comparison

The current volatility for Evolve S&P/TSX 60 Enhanced Yield Fund CAD Unhedged (ETSX.TO) is 5.04%, while Hamilton Enhanced Multi-Sector Covered Call ETF (HDIV.TO) has a volatility of 6.01%. This indicates that ETSX.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

	ETSX.TO	HDIV.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.04%	6.01%	-0.97%
Volatility (6M) Calculated over the trailing 6-month period	9.12%	10.54%	-1.42%
Volatility (1Y) Calculated over the trailing 1-year period	13.83%	16.89%	-3.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.75%	15.73%	-3.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.75%	15.73%	-3.98%