HBAL.TO vs. HEQT.TO

Last updated Jun 4, 2026

HBAL.TO (Global X Balanced Asset Allocation ETF) and HEQT.TO (Horizons All-Equity Asset Allocation ETF) are both exchange-traded funds - HBAL.TO is a Diversified Portfolio fund actively managed by Global X, while HEQT.TO is a Global Equities fund actively managed by Horizons. Both are actively managed. Over the past 5 years, HBAL.TO returned 7.93%/yr vs 16.77%/yr for HEQT.TO. A 0.79 correlation means they provide meaningful diversification when combined. Both charge a 0.20% expense ratio.

Performance

HBAL.TO vs. HEQT.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X Balanced Asset Allocation ETF (HBAL.TO) and Horizons All-Equity Asset Allocation ETF (HEQT.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HBAL.TO achieves a 8.04% return, which is significantly lower than HEQT.TO's 13.56% return.

HBAL.TO

• 1D: -0.11%
• 1M: 4.73%
• YTD: 8.04%
• 6M: 8.08%
• 1Y: 19.77%
• 3Y*: 14.75%
• 5Y*: 7.93%
• 10Y*: —

HEQT.TO

• 1D: -0.58%
• 1M: 6.87%
• YTD: 13.56%
• 6M: 13.18%
• 1Y: 31.58%
• 3Y*: 25.58%
• 5Y*: 16.77%
• 10Y*: —

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

HBAL.TO vs. HEQT.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
HBAL.TO Global X Balanced Asset Allocation ETF	8.04%	13.57%	16.65%	15.57%	-17.70%	14.70%	15.50%	4.70%
HEQT.TO Horizons All-Equity Asset Allocation ETF	13.56%	19.82%	25.95%	31.63%	-12.65%	23.11%	16.34%	7.76%

Correlation

The correlation between HBAL.TO and HEQT.TO is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Sep 19, 2019	0.79

The correlation between HBAL.TO and HEQT.TO shifts across timeframes, from 0.79 (all time) to 0.90 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

HBAL.TO vs. HEQT.TO — Risk / Return Rank

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

HBAL.TO

HBAL.TO Risk / Return Rank: 77
HBAL.TO Sharpe Ratio Rank: 78
HBAL.TO Sortino Ratio Rank: 81
HBAL.TO Omega Ratio Rank: 82
HBAL.TO Calmar Ratio Rank: 69
HBAL.TO Martin Ratio Rank: 75

HEQT.TO

HEQT.TO Risk / Return Rank: 80
HEQT.TO Sharpe Ratio Rank: 80
HEQT.TO Sortino Ratio Rank: 81
HEQT.TO Omega Ratio Rank: 82
HEQT.TO Calmar Ratio Rank: 73
HEQT.TO Martin Ratio Rank: 81

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.

HBAL.TO vs. HEQT.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Balanced Asset Allocation ETF (HBAL.TO) and Horizons All-Equity Asset Allocation ETF (HEQT.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.

	HBAL.TO	HEQT.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.53	2.65	-0.13
Sortino ratio: Return per unit of downside risk	3.63	3.70	-0.07
Omega ratio: Gain probability vs. loss probability	1.49	1.50	0.00
Calmar ratio: Return relative to maximum drawdown	3.42	3.74	-0.31
Martin ratio: Return relative to average drawdown	14.23	16.49	-2.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HBAL.TO vs. HEQT.TO - Sharpe Ratio Comparison

The current HBAL.TO Sharpe Ratio is 2.53, which is comparable to the HEQT.TO Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of HBAL.TO and HEQT.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

	HBAL.TO	HEQT.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.53	2.65	-0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	1.10	-0.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	1.05	-0.28

Drawdowns

HBAL.TO vs. HEQT.TO - Drawdown Comparison

The maximum HBAL.TO drawdown since its inception was -22.49%, smaller than the maximum HEQT.TO drawdown of -31.82%. Use the drawdown chart below to compare losses from any high point for HBAL.TO and HEQT.TO.

Drawdown Indicators

	HBAL.TO	HEQT.TO	Difference
Max Drawdown Largest peak-to-trough decline	-22.49%	-31.82%	+9.33%
Max Drawdown (1Y) Largest decline over 1 year	-5.80%	-8.49%	+2.69%
Max Drawdown (3Y) Largest decline over 3 years	-9.29%	-15.33%	+6.04%
Max Drawdown (5Y) Largest decline over 5 years	-22.11%	-24.25%	+2.14%
Current Drawdown Current decline from peak	-0.11%	-0.58%	+0.47%
Average Drawdown Average peak-to-trough decline	-4.53%	-4.29%	-0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.39%	1.92%	-0.53%

Volatility

HBAL.TO vs. HEQT.TO - Volatility Comparison

The current volatility for Global X Balanced Asset Allocation ETF (HBAL.TO) is 2.59%, while Horizons All-Equity Asset Allocation ETF (HEQT.TO) has a volatility of 3.53%. This indicates that HBAL.TO experiences smaller price fluctuations and is considered to be less risky than HEQT.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HBAL.TO	HEQT.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.59%	3.53%	-0.94%
Volatility (6M) Calculated over the trailing 6-month period	6.55%	9.67%	-3.12%
Volatility (1Y) Calculated over the trailing 1-year period	7.86%	11.96%	-4.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.49%	15.33%	-4.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.13%	17.16%	-5.03%

HBAL.TO vs. HEQT.TO - Expense Ratio Comparison

Both HBAL.TO and HEQT.TO have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

HBAL.TO vs. HEQT.TO - Dividend Comparison

HBAL.TO's dividend yield for the trailing twelve months is around 2.25%, more than HEQT.TO's 1.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
HBAL.TO Global X Balanced Asset Allocation ETF	2.25%	2.41%	2.28%	1.08%	0.02%	0.06%	0.04%	0.19%
HEQT.TO Horizons All-Equity Asset Allocation ETF	1.61%	1.70%	3.22%	7.85%	7.31%	0.48%	1.40%	0.22%

Frequently Asked Questions

Can I hold both HBAL.TO and HEQT.TO in my portfolio?

With a correlation of 0.90, HBAL.TO and HEQT.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, HBAL.TO or HEQT.TO?

Both ETFs have the same 0.20% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HBAL.TO or HEQT.TO?

HBAL.TO and HEQT.TO have the same expense ratio: 0.20% per year.

What is the main difference between HBAL.TO and HEQT.TO?

HBAL.TO is categorized as Diversified Portfolio, while HEQT.TO is Global Equities. They also come from different issuers: Global X and Horizons.