FIE.TO vs. HEB.TO
FIE.TO (iShares Canadian Financial Monthly Income ETF) and HEB.TO (Hamilton Canadian Bank Equal-Weight Index ETF) are both Financials Equities funds. FIE.TO is actively managed, while HEB.TO is passively managed. Over the past 3 years, FIE.TO returned 26.44%/yr vs 37.74%/yr for HEB.TO. A 0.77 correlation means they provide meaningful diversification when combined. FIE.TO charges 0.74%/yr vs 0.19%/yr for HEB.TO.
Performance
FIE.TO vs. HEB.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 HEB.TO's 30.59% 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%
HEB.TO
- 1D
- 0.49%
- 1M
- 8.34%
- YTD
- 30.59%
- 6M
- 30.46%
- 1Y
- 74.14%
- 3Y*
- 37.74%
- 5Y*
- —
- 10Y*
- —
FIE.TO vs. HEB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
FIE.TO iShares Canadian Financial Monthly Income ETF | 14.56% | 24.36% | 27.62% | 8.34% |
HEB.TO Hamilton Canadian Bank Equal-Weight Index ETF | 30.59% | 44.00% | 23.55% | 7.23% |
Correlation
The correlation between FIE.TO and HEB.TO is 0.84, 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 | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Apr 4, 2023 | 0.77 |
The correlation between FIE.TO and HEB.TO has been stable across timeframes, ranging from 0.77 to 0.84 - a consistent structural relationship.
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Return for Risk
FIE.TO vs. HEB.TO — Risk / Return Rank
FIE.TO
HEB.TO
FIE.TO vs. HEB.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 Canadian Bank Equal-Weight Index ETF (HEB.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 | HEB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.06 | ||
| Sortino ratioReturn per unit of downside risk | -2.66 | ||
| Omega ratioGain probability vs. loss probability | 1.71 | 2.04 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | 4.55 | 8.54 | -3.99 |
| Martin ratioReturn relative to average drawdown | 14.80 | 38.25 | -23.45 |
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Drawdowns
FIE.TO vs. HEB.TO - Drawdown Comparison
The maximum FIE.TO drawdown since its inception was -42.24%, which is greater than HEB.TO's maximum drawdown of -14.77%. Use the drawdown chart below to compare losses from any high point for FIE.TO and HEB.TO.
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Drawdown Indicators
| FIE.TO | HEB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.24% | -14.77% | -27.47% |
Max Drawdown (1Y)Largest decline over 1 year | -7.19% | -8.86% | +1.67% |
Max Drawdown (3Y)Largest decline over 3 years | -10.70% | -14.77% | +4.07% |
Max Drawdown (5Y)Largest decline over 5 years | -22.93% | — | — |
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% | -2.40% | -2.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.21% | 1.96% | +0.25% |
Volatility
FIE.TO vs. HEB.TO - Volatility Comparison
The current volatility for iShares Canadian Financial Monthly Income ETF (FIE.TO) is 2.54%, while Hamilton Canadian Bank Equal-Weight Index ETF (HEB.TO) has a volatility of 3.75%. This indicates that FIE.TO experiences smaller price fluctuations and is considered to be less risky than HEB.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 | HEB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.54% | 3.75% | -1.21% |
Volatility (6M)Calculated over the trailing 6-month period | 7.83% | 11.40% | -3.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.02% | 13.30% | -4.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.55% | 13.04% | -2.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.06% | 13.04% | +1.02% |
FIE.TO vs. HEB.TO - Expense Ratio Comparison
FIE.TO has a 0.74% expense ratio, which is higher than HEB.TO's 0.19% expense ratio.
Dividends
FIE.TO vs. HEB.TO - Dividend Comparison
FIE.TO's dividend yield for the trailing twelve months is around 4.34%, more than HEB.TO's 2.60% 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% |
HEB.TO Hamilton Canadian Bank Equal-Weight Index ETF | 2.60% | 3.20% | 4.24% | 3.75% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FIE.TO and HEB.TO have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HEB.TO is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HEB.TO is cheaper with a 0.19% expense ratio, compared with 0.74% for FIE.TO.
They also come from different issuers: iShares and Hamilton. Their fees differ too: 0.74% for FIE.TO and 0.19% for HEB.TO.
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