H.TO vs. CPX.TO

Last updated Apr 1, 2026

Compare and contrast key facts about Hydro One Limited (H.TO) and Capital Power Corporation (CPX.TO).

Performance

H.TO vs. CPX.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Hydro One Limited (H.TO) and Capital Power Corporation (CPX.TO). The values are adjusted to include any dividend payments, if applicable.

H.TO vs. CPX.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
H.TO Hydro One Limited	5.74%	26.73%	14.75%	12.95%	14.72%	18.87%	18.51%	29.05%	-5.41%	-1.36%
CPX.TO Capital Power Corporation	12.54%	-3.64%	77.90%	-13.28%	23.39%	18.96%	8.92%	37.12%	16.05%	12.44%

Fundamentals

Market Cap H.TO : CA$34.46B CPX.TO : CA$10.28B
EPS H.TO : CA$2.23 CPX.TO : CA$1.04
PE Ratio H.TO : 25.76 CPX.TO : 63.49
PEG Ratio H.TO : 3.00 CPX.TO : 0.40
PS Ratio H.TO : 3.82 CPX.TO : 3.06
PB Ratio H.TO : 2.72 CPX.TO : 2.33
Total Revenue (TTM) H.TO : CA$9.04B CPX.TO : CA$3.32B
Gross Profit (TTM) H.TO : CA$2.51B CPX.TO : -CA$173.00M
EBITDA (TTM) H.TO : CA$3.33B CPX.TO : CA$697.00M

Returns By Period

In the year-to-date period, H.TO achieves a 5.74% return, which is significantly lower than CPX.TO's 12.54% return. Over the past 10 years, H.TO has underperformed CPX.TO with an annualized return of 12.86%, while CPX.TO has yielded a comparatively higher 20.58% annualized return.

H.TO

• 1D: -0.24%
• 1M: -1.44%
• YTD: 5.74%
• 6M: 17.11%
• 1Y: 21.79%
• 3Y*: 17.55%
• 5Y*: 17.82%
• 10Y*: 12.86%

CPX.TO

• 1D: 1.20%
• 1M: 2.90%
• YTD: 12.54%
• 6M: 2.02%
• 1Y: 42.55%
• 3Y*: 22.44%
• 5Y*: 18.18%
• 10Y*: 20.58%

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

Return for Risk

H.TO vs. CPX.TO — Risk / Return Rank

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

H.TO

H.TO Risk / Return Rank: 81
H.TO Sharpe Ratio Rank: 86
H.TO Sortino Ratio Rank: 82
H.TO Omega Ratio Rank: 79
H.TO Calmar Ratio Rank: 81
H.TO Martin Ratio Rank: 76

CPX.TO

CPX.TO Risk / Return Rank: 78
CPX.TO Sharpe Ratio Rank: 84
CPX.TO Sortino Ratio Rank: 78
CPX.TO Omega Ratio Rank: 78
CPX.TO Calmar Ratio Rank: 77
CPX.TO Martin Ratio Rank: 73

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.

H.TO vs. CPX.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hydro One Limited (H.TO) and Capital Power Corporation (CPX.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.

	H.TO	CPX.TO	Difference
Sharpe ratio Return per unit of total volatility	1.54	1.46	+0.09
Sortino ratio Return per unit of downside risk	2.15	1.94	+0.21
Omega ratio Gain probability vs. loss probability	1.27	1.26	+0.01
Calmar ratio Return relative to maximum drawdown	2.31	1.87	+0.44
Martin ratio Return relative to average drawdown	4.69	3.81	+0.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

H.TO vs. CPX.TO - Sharpe Ratio Comparison

The current H.TO Sharpe Ratio is 1.54, which is comparable to the CPX.TO Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of H.TO and CPX.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

	H.TO	CPX.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.54	1.46	+0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.25	0.76	+0.49
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	0.81	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	0.56	+0.31

Correlation

The correlation between H.TO and CPX.TO is 0.30, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

H.TO vs. CPX.TO - Dividend Comparison

H.TO's dividend yield for the trailing twelve months is around 2.32%, less than CPX.TO's 3.09% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
H.TO Hydro One Limited	2.32%	2.40%	2.80%	2.94%	3.78%	3.20%	3.50%	3.81%	4.49%	3.88%	4.11%	0.00%
CPX.TO Capital Power Corporation	3.09%	4.59%	3.98%	6.32%	4.87%	5.38%	5.68%	5.40%	6.51%	6.60%	6.50%	7.93%

Drawdowns

H.TO vs. CPX.TO - Drawdown Comparison

The maximum H.TO drawdown since its inception was -27.68%, smaller than the maximum CPX.TO drawdown of -47.38%. Use the drawdown chart below to compare losses from any high point for H.TO and CPX.TO.

Drawdown Indicators

	H.TO	CPX.TO	Difference
Max Drawdown Largest peak-to-trough decline	-27.68%	-47.38%	+19.70%
Max Drawdown (1Y) Largest decline over 1 year	-9.84%	-21.94%	+12.10%
Max Drawdown (5Y) Largest decline over 5 years	-17.08%	-33.75%	+16.67%
Max Drawdown (10Y) Largest decline over 10 years	-27.68%	-47.38%	+19.70%
Current Drawdown Current decline from peak	-4.52%	-9.40%	+4.88%
Average Drawdown Average peak-to-trough decline	-6.12%	-9.60%	+3.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.84%	10.73%	-5.89%

Volatility

H.TO vs. CPX.TO - Volatility Comparison

The current volatility for Hydro One Limited (H.TO) is 5.38%, while Capital Power Corporation (CPX.TO) has a volatility of 8.47%. This indicates that H.TO experiences smaller price fluctuations and is considered to be less risky than CPX.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	H.TO	CPX.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.38%	8.47%	-3.09%
Volatility (6M) Calculated over the trailing 6-month period	9.58%	21.13%	-11.55%
Volatility (1Y) Calculated over the trailing 1-year period	14.20%	29.40%	-15.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.38%	24.15%	-9.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.92%	25.65%	-9.73%

Financials

H.TO vs. CPX.TO - Profitability Comparison

The chart below illustrates the profitability comparison between Hydro One Limited and Capital Power Corporation over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

H.TO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Hydro One Limited reported a gross profit of 436.00M and revenue of 2.27B. Therefore, the gross margin over that period was 19.2%.

CPX.TO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Capital Power Corporation reported a gross profit of -199.00M and revenue of 979.00M. Therefore, the gross margin over that period was -20.3%.

H.TO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Hydro One Limited reported an operating income of 436.00M and revenue of 2.27B, resulting in an operating margin of 19.2%.

CPX.TO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Capital Power Corporation reported an operating income of -257.00M and revenue of 979.00M, resulting in an operating margin of -26.3%.

H.TO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Hydro One Limited reported a net income of 233.00M and revenue of 2.27B, resulting in a net margin of 10.3%.

CPX.TO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Capital Power Corporation reported a net income of -13.00M and revenue of 979.00M, resulting in a net margin of -1.3%.