HBIL-U.TO vs. HCA.TO
HBIL-U.TO (Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units) and HCA.TO (Hamilton Canadian Bank Mean Reversion Index ETF) are both exchange-traded funds - HBIL-U.TO is a Government Bonds fund actively managed by Hamilton, while HCA.TO is a Canada Equities fund tracking the Solactive Canadian Bank Mean Reversion Index. HBIL-U.TO is actively managed, while HCA.TO is passively managed. Over the past year, HBIL-U.TO returned 4.03% vs 73.98% for HCA.TO. At a 0.14 correlation, their price movements are largely independent.
Performance
HBIL-U.TO vs. HCA.TO - Performance Comparison
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Different Trading Currencies
HBIL-U.TO is traded in USD, while HCA.TO is traded in CAD. To make them comparable, the HCA.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 lower than HCA.TO's 34.35% return.
HBIL-U.TO
- 1D
- -0.07%
- 1M
- -0.04%
- 6M
- 1.06%
- YTD
- 1.33%
- 1Y
- 4.03%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HCA.TO
- 1D
- 2.02%
- 1M
- 7.43%
- 6M
- 35.42%
- YTD
- 34.35%
- 1Y
- 73.98%
- 3Y*
- 33.48%
- 5Y*
- 18.21%
- 10Y*
- —
HBIL-U.TO vs. HCA.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% |
HCA.TO Hamilton Canadian Bank Mean Reversion Index ETF | 34.35% | 53.37% | 1.61% |
Correlation
The correlation between HBIL-U.TO and HCA.TO is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Sep 16, 2024 | 0.14 |
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Return for Risk
HBIL-U.TO vs. HCA.TO — Risk / Return Rank
HBIL-U.TO
HCA.TO
HBIL-U.TO vs. HCA.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 Canadian Bank Mean Reversion Index ETF (HCA.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 | HCA.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.01 | ||
| Sortino ratioReturn per unit of downside risk | -4.17 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.95 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | 3.79 | 7.99 | -4.20 |
| Martin ratioReturn relative to average drawdown | 14.88 | 35.19 | -20.32 |
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Drawdowns
HBIL-U.TO vs. HCA.TO - Drawdown Comparison
The maximum HBIL-U.TO drawdown since its inception was -1.48%, smaller than the maximum HCA.TO drawdown of -44.96%. Use the drawdown chart below to compare losses from any high point for HBIL-U.TO and HCA.TO.
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Drawdown Indicators
| HBIL-U.TO | HCA.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.48% | -44.96% | +43.48% |
Max Drawdown (1Y)Largest decline over 1 year | -1.07% | -9.31% | +8.24% |
Max Drawdown (3Y)Largest decline over 3 years | — | -19.13% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -34.11% | — |
Current DrawdownCurrent decline from peak | -1.00% | 0.00% | -1.00% |
Average DrawdownAverage peak-to-trough decline | -0.32% | -10.58% | +10.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.27% | 2.11% | -1.84% |
Volatility
HBIL-U.TO vs. HCA.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 Canadian Bank Mean Reversion Index ETF (HCA.TO) has a volatility of 4.34%. This indicates that HBIL-U.TO experiences smaller price fluctuations and is considered to be less risky than HCA.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 | HCA.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.25% | 4.34% | -3.09% |
Volatility (6M)Calculated over the trailing 6-month period | 1.64% | 12.23% | -10.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.91% | 14.50% | -12.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.12% | 15.86% | -13.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.12% | 24.23% | -22.11% |
Dividends
HBIL-U.TO vs. HCA.TO - Dividend Comparison
HBIL-U.TO's dividend yield for the trailing twelve months is around 6.75%, more than HCA.TO's 2.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
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% |
HCA.TO Hamilton Canadian Bank Mean Reversion Index ETF | 2.55% | 3.44% | 4.42% | 8.53% | 5.45% | 3.56% | 3.54% |
Frequently Asked Questions
HBIL-U.TO and HCA.TO have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HBIL-U.TO is categorized as Government Bonds, while HCA.TO is Canada Equities.
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