HBIL-U.TO vs. HBND.TO
HBIL-U.TO (Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units) and HBND.TO ( Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged)) are both Government Bonds funds. Both are actively managed. Over the past year, HBIL-U.TO returned 4.03% vs 0.91% for HBND.TO. A 0.68 correlation means they provide meaningful diversification when combined.
Performance
HBIL-U.TO vs. HBND.TO - Performance Comparison
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Different Trading Currencies
HBIL-U.TO is traded in USD, while HBND.TO is traded in CAD. To make them comparable, the HBND.TO values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, HBIL-U.TO achieves a 1.33% return, which is significantly higher than HBND.TO's -3.69% return.
HBIL-U.TO
- 1D
- -0.07%
- 1M
- -0.04%
- 6M
- 1.06%
- YTD
- 1.33%
- 1Y
- 4.03%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HBND.TO
- 1D
- 0.95%
- 1M
- -2.07%
- 6M
- -3.49%
- YTD
- -3.69%
- 1Y
- 0.91%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HBIL-U.TO vs. HBND.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
HBIL-U.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units | 1.33% | 4.81% | -0.94% |
HBND.TO Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) | -3.69% | 9.03% | -15.63% |
Correlation
The correlation between HBIL-U.TO and HBND.TO is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since Sep 16, 2024 | 0.68 |
The correlation between HBIL-U.TO and HBND.TO has been stable across timeframes, ranging from 0.61 to 0.68 - a consistent structural relationship.
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Return for Risk
HBIL-U.TO vs. HBND.TO — Risk / Return Rank
HBIL-U.TO
HBND.TO
HBIL-U.TO vs. HBND.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.TO) and Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) (HBND.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.
| HBIL-U.TO | HBND.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.02 | ||
| Sortino ratioReturn per unit of downside risk | +2.78 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.02 | +0.46 |
| Calmar ratioReturn relative to maximum drawdown | 3.79 | 0.11 | +3.68 |
| Martin ratioReturn relative to average drawdown | 14.88 | 0.28 | +14.60 |
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Drawdowns
HBIL-U.TO vs. HBND.TO - Drawdown Comparison
The maximum HBIL-U.TO drawdown since its inception was -1.48%, smaller than the maximum HBND.TO drawdown of -18.37%. Use the drawdown chart below to compare losses from any high point for HBIL-U.TO and HBND.TO.
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Drawdown Indicators
| HBIL-U.TO | HBND.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.48% | -18.37% | +16.89% |
Max Drawdown (1Y)Largest decline over 1 year | -1.07% | -8.40% | +7.33% |
Current DrawdownCurrent decline from peak | -1.00% | -11.90% | +10.90% |
Average DrawdownAverage peak-to-trough decline | -0.32% | -8.71% | +8.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.27% | 3.31% | -3.04% |
Volatility
HBIL-U.TO vs. HBND.TO - Volatility Comparison
The current volatility for Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.TO) is 1.25%, while Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) (HBND.TO) has a volatility of 2.79%. This indicates that HBIL-U.TO experiences smaller price fluctuations and is considered to be less risky than HBND.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HBIL-U.TO | HBND.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.25% | 2.79% | -1.54% |
Volatility (6M)Calculated over the trailing 6-month period | 1.64% | 7.09% | -5.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.91% | 9.33% | -7.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.12% | 12.52% | -10.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.12% | 12.52% | -10.40% |
Dividends
HBIL-U.TO vs. HBND.TO - Dividend Comparison
HBIL-U.TO's dividend yield for the trailing twelve months is around 6.75%, less than HBND.TO's 11.28% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
HBIL-U.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units | 6.75% | 7.37% | 2.40% | 0.00% |
HBND.TO Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) | 11.28% | 11.84% | 11.51% | 2.41% |
Frequently Asked Questions
HBIL-U.TO and HBND.TO have a correlation of 0.61, 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: Hamilton and Hamilton Capital.
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