GDXU.TO vs. HCAL.TO

Last updated Jul 1, 2026

GDXU.TO (BetaPro Canadian Gold Miners 2x Daily Bull ETF) and HCAL.TO (Hamilton Enhanced Canadian Bank ETF) are both exchange-traded funds - GDXU.TO is a Leveraged Equities fund actively managed by Global X, while HCAL.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index (125%). GDXU.TO is actively managed, while HCAL.TO is passively managed. Over the past 5 years, GDXU.TO returned 35.57%/yr vs 24.03%/yr for HCAL.TO. At a 0.17 correlation, their price movements are largely independent.

Performance

GDXU.TO vs. HCAL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BetaPro Canadian Gold Miners 2x Daily Bull ETF (GDXU.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, GDXU.TO achieves a -28.76% return, which is significantly lower than HCAL.TO's 40.08% return.

GDXU.TO

• 1D: -0.19%
• 1M: -28.04%
• YTD: -28.76%
• 6M: -30.23%
• 1Y: 101.37%
• 3Y*: 82.36%
• 5Y*: 35.57%
• 10Y*: 11.19%

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)

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GDXU.TO BetaPro Canadian Gold Miners 2x Daily Bull ETF	-28.76%	432.04%	49.04%	1.08%	-13.97%	-26.64%	-33.51%
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 GDXU.TO and HCAL.TO is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.20
Correlation (All Time) Calculated using the full available price history since Oct 15, 2020	0.17

The correlation between GDXU.TO and HCAL.TO shifts across timeframes, from 0.17 (all time) to 0.31 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

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

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

GDXU.TO

GDXU.TO Risk / Return Rank: 36
GDXU.TO Sharpe Ratio Rank: 35
GDXU.TO Sortino Ratio Rank: 36
GDXU.TO Omega Ratio Rank: 41
GDXU.TO Calmar Ratio Rank: 38
GDXU.TO Martin Ratio Rank: 30

HCAL.TO

HCAL.TO Risk / Return Rank: 98
HCAL.TO Sharpe Ratio Rank: 99
HCAL.TO Sortino Ratio Rank: 98
HCAL.TO Omega Ratio Rank: 98
HCAL.TO Calmar Ratio Rank: 97
HCAL.TO Martin Ratio Rank: 97

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.

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

This table presents a comparison of risk-adjusted performance metrics for BetaPro Canadian Gold Miners 2x Daily Bull ETF (GDXU.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.

	GDXU.TO	HCAL.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.11	5.74	-4.63
Sortino ratio: Return per unit of downside risk	1.70	7.24	-5.54
Omega ratio: Gain probability vs. loss probability	1.24	2.00	-0.76
Calmar ratio: Return relative to maximum drawdown	1.68	8.68	-7.00
Martin ratio: Return relative to average drawdown	3.88	37.71	-33.83

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

The current GDXU.TO Sharpe Ratio is 1.11, which is lower than the HCAL.TO Sharpe Ratio of 5.74. The chart below compares the historical Sharpe Ratios of GDXU.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.

Drawdowns

GDXU.TO vs. HCAL.TO - Drawdown Comparison

The maximum GDXU.TO drawdown since its inception was -98.01%, 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 GDXU.TO and HCAL.TO.

Drawdown Indicators

	GDXU.TO	HCAL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-98.01%	-35.05%	-62.96%
Max Drawdown (1Y) Largest decline over 1 year	-60.60%	-10.65%	-49.95%
Max Drawdown (3Y) Largest decline over 3 years	-60.60%	-18.77%	-41.83%
Max Drawdown (5Y) Largest decline over 5 years	-62.92%	-35.05%	-27.87%
Max Drawdown (10Y) Largest decline over 10 years	-79.29%	—	—
Current Drawdown Current decline from peak	-58.27%	0.00%	-58.27%
Average Drawdown Average peak-to-trough decline	-78.33%	-9.51%	-68.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.19%	2.45%	+23.74%

Volatility

GDXU.TO vs. HCAL.TO - Volatility Comparison

BetaPro Canadian Gold Miners 2x Daily Bull ETF (GDXU.TO) has a higher volatility of 32.90% compared to Hamilton Enhanced Canadian Bank ETF (HCAL.TO) at 3.76%. This indicates that GDXU.TO's price experiences larger fluctuations and is considered to be riskier than HCAL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDXU.TO	HCAL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	32.90%	3.76%	+29.14%
Volatility (6M) Calculated over the trailing 6-month period	76.15%	14.05%	+62.10%
Volatility (1Y) Calculated over the trailing 1-year period	91.66%	16.14%	+75.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.25%	17.20%	+51.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	67.32%	16.95%	+50.37%

Dividends

GDXU.TO vs. HCAL.TO - Dividend Comparison

GDXU.TO has not paid dividends to shareholders, while HCAL.TO's dividend yield for the trailing twelve months is around 3.11%.

Position	TTM	2025	2024	2023	2022	2021	2020
GDXU.TO BetaPro Canadian Gold Miners 2x Daily Bull ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HCAL.TO Hamilton Enhanced Canadian Bank ETF	3.11%	4.20%	6.12%	7.37%	7.46%	4.27%	2.66%

Frequently Asked Questions

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

GDXU.TO and HCAL.TO have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between GDXU.TO and HCAL.TO?

GDXU.TO is categorized as Leveraged Equities, while HCAL.TO is Financials Equities. They also come from different issuers: Global X and Hamilton Capital.