FIE.TO vs. HCAL.TO
FIE.TO (iShares Canadian Financial Monthly Income ETF) and HCAL.TO (Hamilton Enhanced Canadian Bank ETF) are both Financials Equities funds. FIE.TO is actively managed, while HCAL.TO is passively managed. Over the past 5 years, FIE.TO returned 13.03%/yr vs 23.64%/yr for HCAL.TO. Their correlation of 0.89 suggests significant overlap in exposure. FIE.TO charges 0.74%/yr vs 0.65%/yr for HCAL.TO.
Performance
FIE.TO vs. HCAL.TO - Performance Comparison
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Returns By Period
In the year-to-date period, FIE.TO achieves a 14.56% return, which is significantly lower than HCAL.TO's 38.28% return.
FIE.TO
- 1D
- 0.09%
- 1M
- 4.86%
- YTD
- 14.56%
- 6M
- 11.23%
- 1Y
- 32.60%
- 3Y*
- 26.44%
- 5Y*
- 13.03%
- 10Y*
- 12.31%
HCAL.TO
- 1D
- 0.49%
- 1M
- 10.30%
- YTD
- 38.28%
- 6M
- 38.09%
- 1Y
- 95.86%
- 3Y*
- 46.64%
- 5Y*
- 23.64%
- 10Y*
- —
FIE.TO vs. HCAL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
FIE.TO iShares Canadian Financial Monthly Income ETF | 14.56% | 24.36% | 27.62% | 12.58% | -14.35% | 27.34% | 11.94% |
HCAL.TO Hamilton Enhanced Canadian Bank ETF | 38.28% | 54.09% | 29.04% | 11.73% | -17.54% | 51.61% | 17.59% |
Correlation
The correlation between FIE.TO and HCAL.TO is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Oct 15, 2020 | 0.89 |
The correlation between FIE.TO and HCAL.TO has been stable across timeframes, ranging from 0.85 to 0.89 - a consistent structural relationship.
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Return for Risk
FIE.TO vs. HCAL.TO — Risk / Return Rank
FIE.TO
HCAL.TO
FIE.TO vs. HCAL.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Canadian Financial Monthly Income ETF (FIE.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.
| FIE.TO | HCAL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.35 | ||
| Sortino ratioReturn per unit of downside risk | -2.58 | ||
| Omega ratioGain probability vs. loss probability | 1.71 | 2.05 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | 4.55 | 9.05 | -4.49 |
| Martin ratioReturn relative to average drawdown | 14.80 | 39.30 | -24.50 |
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Drawdowns
FIE.TO vs. HCAL.TO - Drawdown Comparison
The maximum FIE.TO drawdown since its inception was -42.24%, 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 FIE.TO and HCAL.TO.
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Drawdown Indicators
| FIE.TO | HCAL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.24% | -35.05% | -7.19% |
Max Drawdown (1Y)Largest decline over 1 year | -7.19% | -10.65% | +3.46% |
Max Drawdown (3Y)Largest decline over 3 years | -10.70% | -18.77% | +8.07% |
Max Drawdown (5Y)Largest decline over 5 years | -22.93% | -35.05% | +12.12% |
Max Drawdown (10Y)Largest decline over 10 years | -42.24% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -4.88% | -9.52% | +4.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.21% | 2.45% | -0.24% |
Volatility
FIE.TO vs. HCAL.TO - Volatility Comparison
The current volatility for iShares Canadian Financial Monthly Income ETF (FIE.TO) is 2.54%, while Hamilton Enhanced Canadian Bank ETF (HCAL.TO) has a volatility of 4.90%. This indicates that FIE.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
| FIE.TO | HCAL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.54% | 4.90% | -2.36% |
Volatility (6M)Calculated over the trailing 6-month period | 7.83% | 14.00% | -6.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.02% | 16.10% | -7.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.55% | 17.20% | -6.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.06% | 16.99% | -2.93% |
FIE.TO vs. HCAL.TO - Expense Ratio Comparison
FIE.TO has a 0.74% expense ratio, which is higher than HCAL.TO's 0.65% expense ratio.
Dividends
FIE.TO vs. HCAL.TO - Dividend Comparison
FIE.TO's dividend yield for the trailing twelve months is around 4.34%, more than HCAL.TO's 3.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FIE.TO iShares Canadian Financial Monthly Income ETF | 4.34% | 4.94% | 5.83% | 6.98% | 7.31% | 5.92% | 7.10% | 6.65% | 7.38% | 6.28% | 6.59% | 7.43% |
HCAL.TO Hamilton Enhanced Canadian Bank ETF | 3.12% | 4.20% | 6.12% | 7.37% | 7.46% | 4.99% | 3.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FIE.TO and HCAL.TO have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HCAL.TO is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HCAL.TO is cheaper with a 0.65% expense ratio, compared with 0.74% for FIE.TO.
They also come from different issuers: iShares and Hamilton Capital. Their fees differ too: 0.74% for FIE.TO and 0.65% for HCAL.TO.
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