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HBF.TO vs. CBNK.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HBF.TO vs. CBNK.TO

Last updated Jun 4, 2026

HBF.TO (Harvest US Equity Leaders Income ETF Class A (CAD Hedged)) and CBNK.TO (Mulvihill Canadian Bank Enhanced Yield ETF) are both Derivative Income funds. Both are actively managed. Over the past 3 years, HBF.TO returned 14.19%/yr vs 38.97%/yr for CBNK.TO. A 0.57 correlation means they provide meaningful diversification when combined.

Performance

HBF.TO vs. CBNK.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Harvest US Equity Leaders Income ETF Class A (CAD Hedged) (HBF.TO) and Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HBF.TO achieves a 8.15% return, which is significantly lower than CBNK.TO's 25.56% return.

HBF.TO

1D
-1.15%
1M
3.49%
YTD
8.15%
6M
7.25%
1Y
25.20%
3Y*
14.19%
5Y*
7.67%
10Y*
11.18%

CBNK.TO

1D
0.42%
1M
7.74%
YTD
25.56%
6M
32.17%
1Y
79.20%
3Y*
38.97%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

HBF.TO vs. CBNK.TO - Yearly Performance Comparison

2026 (YTD)2025202420232022
HBF.TO
Harvest US Equity Leaders Income ETF Class A (CAD Hedged)		8.15%15.51%13.12%11.23%-10.64%
CBNK.TO
Mulvihill Canadian Bank Enhanced Yield ETF		25.56%51.67%27.42%8.42%-19.87%

Correlation

The correlation between HBF.TO and CBNK.TO is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.48

Correlation (3Y)
Calculated over the trailing 3-year period

0.52

Correlation (All Time)
Calculated using the full available price history since Mar 3, 2022

0.57

The correlation between HBF.TO and CBNK.TO has been stable across timeframes, ranging from 0.48 to 0.57 - a consistent structural relationship.

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Harvest US Equity Leaders Income ETF Class A (CAD Hedged)

Mulvihill Canadian Bank Enhanced Yield ETF

Often compared with HBF.TO:
HBF.TO vs. YGOG.NEOHBF.TO vs. RUD.TOHBF.TO vs. XTOT.TOHBF.TO vs. HPYE.TOHBF.TO vs. HPYB.TOHBF.TO vs. METE.TOHBF.TO vs. FLUS.TO
Often compared with CBNK.TO:
CBNK.TO vs. BANK.TOCBNK.TO vs. BKCL.TOCBNK.TO vs. YGOG.NEOCBNK.TO vs. CANY.TOCBNK.TO vs. NXF.TOCBNK.TO vs. ECHI.TOCBNK.TO vs. VDY.TO

Return for Risk

HBF.TO vs. CBNK.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HBF.TO
HBF.TO Risk / Return Rank: 7474
Overall Rank
HBF.TO Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
HBF.TO Sortino Ratio Rank: 7979
Sortino Ratio Rank
HBF.TO Omega Ratio Rank: 7575
Omega Ratio Rank
HBF.TO Calmar Ratio Rank: 6666
Calmar Ratio Rank
HBF.TO Martin Ratio Rank: 7272
Martin Ratio Rank
CBNK.TO
CBNK.TO Risk / Return Rank: 9696
Overall Rank
CBNK.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
CBNK.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
CBNK.TO Omega Ratio Rank: 9797
Omega Ratio Rank
CBNK.TO Calmar Ratio Rank: 9595
Calmar Ratio Rank
CBNK.TO Martin Ratio Rank: 9696
Martin Ratio Rank
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.

HBF.TO vs. CBNK.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harvest US Equity Leaders Income ETF Class A (CAD Hedged) (HBF.TO) and Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.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.

HBF.TOCBNK.TODifference
Sharpe ratioReturn per unit of total volatility
2.46
5.12

-2.66

Sortino ratioReturn per unit of downside risk
3.52
6.76

-3.25

Omega ratioGain probability vs. loss probability

1.44

1.87

-0.43

Calmar ratioReturn relative to maximum drawdown

3.25

7.94

-4.69

Martin ratioReturn relative to average drawdown

13.35

34.25

-20.90

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HBF.TO vs. CBNK.TO - Sharpe Ratio Comparison

The current HBF.TO Sharpe Ratio is 2.46, which is lower than the CBNK.TO Sharpe Ratio of 5.12. The chart below compares the historical Sharpe Ratios of HBF.TO and CBNK.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.

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Sharpe Ratios by Period

HBF.TOCBNK.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.46

5.12

-2.66

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.55

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.66

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.50

1.10

-0.60

Drawdowns

HBF.TO vs. CBNK.TO - Drawdown Comparison

The maximum HBF.TO drawdown since its inception was -35.28%, which is greater than CBNK.TO's maximum drawdown of -32.12%. Use the drawdown chart below to compare losses from any high point for HBF.TO and CBNK.TO.

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Drawdown Indicators

HBF.TOCBNK.TODifference

Max Drawdown

Largest peak-to-trough decline

-35.28%

-32.12%

-3.16%

Max Drawdown (1Y)

Largest decline over 1 year

-7.79%

-10.03%

+2.24%

Max Drawdown (3Y)

Largest decline over 3 years

-15.21%

-17.92%

+2.71%

Max Drawdown (5Y)

Largest decline over 5 years

-23.69%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-35.28%

—

—

Current Drawdown

Current decline from peak

-1.15%

-2.29%

+1.14%

Average Drawdown

Average peak-to-trough decline

-6.77%

-10.92%

+4.15%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.89%

2.32%

-0.43%

Volatility

HBF.TO vs. CBNK.TO - Volatility Comparison

The current volatility for Harvest US Equity Leaders Income ETF Class A (CAD Hedged) (HBF.TO) is 2.65%, while Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.TO) has a volatility of 5.67%. This indicates that HBF.TO experiences smaller price fluctuations and is considered to be less risky than CBNK.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HBF.TOCBNK.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.65%

5.67%

-3.02%

Volatility (6M)

Calculated over the trailing 6-month period

7.79%

13.29%

-5.50%

Volatility (1Y)

Calculated over the trailing 1-year period

10.29%

15.55%

-5.26%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.07%

17.55%

-3.48%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.95%

17.55%

-0.60%

Dividends

HBF.TO vs. CBNK.TO - Dividend Comparison

HBF.TO's dividend yield for the trailing twelve months is around 7.41%, more than CBNK.TO's 5.94% yield.

PositionTTM20252024202320222021202020192018201720162015
CBNK.TO
Mulvihill Canadian Bank Enhanced Yield ETF		5.94%5.86%8.25%9.59%7.85%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
HBF.TO
Harvest US Equity Leaders Income ETF Class A (CAD Hedged)		7.41%7.27%7.48%7.52%7.75%5.62%6.34%6.57%7.72%6.86%7.54%7.74%

Frequently Asked Questions

HBF.TO and CBNK.TO have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: Harvest Portfolios Group and Mulvihill.

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