FFH.TO vs. HCAL.TO

Last updated Jun 5, 2026

FFH.TO (Fairfax Financial Holdings Limited) is a stock, while HCAL.TO (Hamilton Enhanced Canadian Bank ETF) is Leveraged Equities fund tracking the Solactive Equal Weight Canada Banks Index (125%). Over the past 5 years, FFH.TO returned 32.86%/yr vs 21.27%/yr for HCAL.TO. At a 0.31 correlation, their price movements are largely independent.

Performance

FFH.TO vs. HCAL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Fairfax Financial Holdings Limited (FFH.TO) and Hamilton Enhanced Canadian Bank ETF (HCAL.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FFH.TO achieves a -15.38% return, which is significantly lower than HCAL.TO's 26.15% return.

FFH.TO

• 1D: 1.21%
• 1M: -2.71%
• YTD: -15.38%
• 6M: -7.10%
• 1Y: -3.91%
• 3Y*: 32.17%
• 5Y*: 32.86%
• 10Y*: 14.90%

HCAL.TO

• 1D: 2.11%
• 1M: 8.69%
• YTD: 26.15%
• 6M: 30.35%
• 1Y: 81.17%
• 3Y*: 41.45%
• 5Y*: 21.27%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FFH.TO Fairfax Financial Holdings Limited	-15.38%	32.22%	66.26%	54.96%	31.51%	47.29%	12.56%
HCAL.TO Hamilton Enhanced Canadian Bank ETF	26.15%	54.09%	29.04%	11.73%	-17.53%	51.61%	16.06%

Correlation

The correlation between FFH.TO and HCAL.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	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (All Time) Calculated using the full available price history since Oct 16, 2020	0.31

The correlation between FFH.TO and HCAL.TO shifts across timeframes, from 0.15 (1 year) to 0.31 (all time), reflecting how their relationship changes across market environments.

Return for Risk

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

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

FFH.TO

FFH.TO Risk / Return Rank: 32
FFH.TO Sharpe Ratio Rank: 35
FFH.TO Sortino Ratio Rank: 29
FFH.TO Omega Ratio Rank: 28
FFH.TO Calmar Ratio Rank: 35
FFH.TO Martin Ratio Rank: 33

HCAL.TO

HCAL.TO Risk / Return Rank: 96
HCAL.TO Sharpe Ratio Rank: 98
HCAL.TO Sortino Ratio Rank: 97
HCAL.TO Omega Ratio Rank: 97
HCAL.TO Calmar Ratio Rank: 95
HCAL.TO Martin Ratio Rank: 96

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.

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

This table presents a comparison of risk-adjusted performance metrics for Fairfax Financial Holdings Limited (FFH.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.

	FFH.TO	HCAL.TO	Difference
Sharpe ratio: Return per unit of total volatility	-0.17	5.12	-5.30
Sortino ratio: Return per unit of downside risk	-0.08	6.62	-6.70
Omega ratio: Gain probability vs. loss probability	0.99	1.92	-0.93
Calmar ratio: Return relative to maximum drawdown	-0.21	7.66	-7.87
Martin ratio: Return relative to average drawdown	-0.48	33.26	-33.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current FFH.TO Sharpe Ratio is -0.17, which is lower than the HCAL.TO Sharpe Ratio of 5.12. The chart below compares the historical Sharpe Ratios of FFH.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.

Sharpe Ratios by Period

	FFH.TO	HCAL.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.17	5.12	-5.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.38	1.24	+0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	1.67	-1.20

Drawdowns

FFH.TO vs. HCAL.TO - Drawdown Comparison

The maximum FFH.TO drawdown since its inception was -88.18%, which is greater than HCAL.TO's maximum drawdown of -35.05%. Use the drawdown chart below to compare losses from any high point for FFH.TO and HCAL.TO.

Drawdown Indicators

	FFH.TO	HCAL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-88.18%	-35.05%	-53.13%
Max Drawdown (1Y) Largest decline over 1 year	-18.88%	-10.65%	-8.23%
Max Drawdown (3Y) Largest decline over 3 years	-18.88%	-18.77%	-0.11%
Max Drawdown (5Y) Largest decline over 5 years	-18.88%	-35.05%	+16.17%
Max Drawdown (10Y) Largest decline over 10 years	-56.23%	—	—
Current Drawdown Current decline from peak	-15.65%	-0.36%	-15.29%
Average Drawdown Average peak-to-trough decline	-27.42%	-9.61%	-17.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.19%	2.45%	+5.74%

Volatility

FFH.TO vs. HCAL.TO - Volatility Comparison

Fairfax Financial Holdings Limited (FFH.TO) and Hamilton Enhanced Canadian Bank ETF (HCAL.TO) have volatilities of 6.31% and 6.30%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FFH.TO	HCAL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.31%	6.30%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	18.42%	14.11%	+4.31%
Volatility (1Y) Calculated over the trailing 1-year period	22.64%	15.93%	+6.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.00%	17.18%	+6.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.57%	17.02%	+8.55%

Dividends

FFH.TO vs. HCAL.TO - Dividend Comparison

FFH.TO's dividend yield for the trailing twelve months is around 0.95%, less than HCAL.TO's 3.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFH.TO Fairfax Financial Holdings Limited	0.95%	0.82%	1.01%	1.10%	1.56%	2.05%	3.01%	2.17%	2.07%	1.97%	2.24%	1.82%
HCAL.TO Hamilton Enhanced Canadian Bank ETF	3.42%	4.20%	6.12%	7.37%	7.47%	4.99%	3.14%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FFH.TO and HCAL.TO in my portfolio?

FFH.TO and HCAL.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.