HBF.TO vs. HBIL-U.TO

Last updated Jul 17, 2026

HBF.TO (Harvest US Equity Leaders Income ETF Class A (CAD Hedged)) and HBIL-U.TO (Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units) are both exchange-traded funds - HBF.TO is a Derivative Income fund actively managed by Harvest Portfolios Group, while HBIL-U.TO is a Government Bonds fund actively managed by Hamilton. Both are actively managed. Over the past year, HBF.TO returned 17.58% vs 6.47% for HBIL-U.TO. At a 0.01 correlation, their price movements are largely independent.

Performance

HBF.TO vs. HBIL-U.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 Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HBF.TO is traded in CAD, while HBIL-U.TO is traded in USD. To make them comparable, the HBIL-U.TO values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, HBF.TO achieves a 5.50% return, which is significantly higher than HBIL-U.TO's 3.86% return.

HBF.TO

• 1D: -0.64%
• 1M: -1.83%
• 6M: 4.82%
• YTD: 5.50%
• 1Y: 17.58%
• 3Y*: 12.46%
• 5Y*: 6.86%
• 10Y*: 10.87%

HBIL-U.TO

• 1D: -0.10%
• 1M: 0.03%
• 6M: 2.17%
• YTD: 3.86%
• 1Y: 6.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HBF.TO vs. HBIL-U.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HBF.TO Harvest US Equity Leaders Income ETF Class A (CAD Hedged)	5.50%	15.51%	3.33%
HBIL-U.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units	3.86%	0.03%	4.69%

Correlation

The correlation between HBF.TO and HBIL-U.TO is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Sep 16, 2024	0.01

Return for Risk

HBF.TO vs. HBIL-U.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: 60
HBF.TO Sharpe Ratio Rank: 63
HBF.TO Sortino Ratio Rank: 63
HBF.TO Omega Ratio Rank: 59
HBF.TO Calmar Ratio Rank: 56
HBF.TO Martin Ratio Rank: 57

HBIL-U.TO

HBIL-U.TO Risk / Return Rank: 86
HBIL-U.TO Sharpe Ratio Rank: 82
HBIL-U.TO Sortino Ratio Rank: 82
HBIL-U.TO Omega Ratio Rank: 91
HBIL-U.TO Calmar Ratio Rank: 85
HBIL-U.TO Martin Ratio Rank: 87

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. HBIL-U.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 Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.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.

	HBF.TO	HBIL-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.66	1.39	+0.27
Sortino ratio: Return per unit of downside risk	2.36	1.99	+0.37
Omega ratio: Gain probability vs. loss probability	1.29	1.25	+0.05
Calmar ratio: Return relative to maximum drawdown	2.27	1.62	+0.65
Martin ratio: Return relative to average drawdown	7.92	4.12	+3.81

HBF.TO vs. HBIL-U.TO - Sharpe Ratio Comparison

The current HBF.TO Sharpe Ratio is 1.66, which is comparable to the HBIL-U.TO Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of HBF.TO and HBIL-U.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

HBF.TO vs. HBIL-U.TO - Drawdown Comparison

The maximum HBF.TO drawdown since its inception was -35.27%, which is greater than HBIL-U.TO's maximum drawdown of -6.68%. Use the drawdown chart below to compare losses from any high point for HBF.TO and HBIL-U.TO.

Drawdown Indicators

	HBF.TO	HBIL-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-35.27%	-6.68%	-28.59%
Max Drawdown (1Y) Largest decline over 1 year	-7.79%	-4.01%	-3.78%
Max Drawdown (3Y) Largest decline over 3 years	-15.25%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-23.69%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.27%	—	—
Current Drawdown Current decline from peak	-3.56%	-2.20%	-1.36%
Average Drawdown Average peak-to-trough decline	-6.72%	-2.26%	-4.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.22%	1.57%	+0.65%

Volatility

HBF.TO vs. HBIL-U.TO - Volatility Comparison

Harvest US Equity Leaders Income ETF Class A (CAD Hedged) (HBF.TO) has a higher volatility of 2.87% compared to Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.TO) at 1.82%. This indicates that HBF.TO's price experiences larger fluctuations and is considered to be riskier than HBIL-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HBF.TO	HBIL-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	1.82%	+1.05%
Volatility (6M) Calculated over the trailing 6-month period	8.29%	3.60%	+4.69%
Volatility (1Y) Calculated over the trailing 1-year period	10.67%	4.68%	+5.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.06%	5.85%	+8.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.86%	5.85%	+11.01%

Dividends

HBF.TO vs. HBIL-U.TO - Dividend Comparison

HBF.TO's dividend yield for the trailing twelve months is around 7.74%, more than HBIL-U.TO's 6.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HBF.TO Harvest US Equity Leaders Income ETF Class A (CAD Hedged)	7.74%	7.27%	7.48%	7.52%	7.75%	5.64%	6.36%	6.60%	7.75%	6.88%	7.57%	7.77%
HBIL-U.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units	6.75%	7.37%	2.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HBF.TO and HBIL-U.TO in my portfolio?

HBF.TO and HBIL-U.TO have a correlation of -0.01, 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 HBF.TO and HBIL-U.TO?

HBF.TO is categorized as Derivative Income, while HBIL-U.TO is Government Bonds. They also come from different issuers: Harvest Portfolios Group and Hamilton.