HBIL.TO vs. HPYM.TO

Last updated Jun 4, 2026

HBIL.TO (Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged)) and HPYM.TO (Harvest Premium Yield 7-10 Year Treasury ETF - Class A Units) are both exchange-traded funds - HBIL.TO is a Derivative Income fund actively managed by Hamilton Capital, while HPYM.TO is a Government Bonds fund actively managed by Harvest. Both are actively managed. Over the past year, HBIL.TO returned 2.87% vs 2.79% for HPYM.TO. A 0.75 correlation means they provide meaningful diversification when combined. HBIL.TO charges 0.35%/yr vs 0.45%/yr for HPYM.TO.

Performance

HBIL.TO vs. HPYM.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) (HBIL.TO) and Harvest Premium Yield 7-10 Year Treasury ETF - Class A Units (HPYM.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HBIL.TO achieves a 0.59% return, which is significantly higher than HPYM.TO's -1.25% return.

HBIL.TO

• 1D: 0.00%
• 1M: 0.23%
• YTD: 0.59%
• 6M: 0.53%
• 1Y: 2.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HPYM.TO

• 1D: -0.20%
• 1M: -0.10%
• YTD: -1.25%
• 6M: -1.71%
• 1Y: 2.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HBIL.TO vs. HPYM.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HBIL.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged)	0.59%	3.05%	-1.40%
HPYM.TO Harvest Premium Yield 7-10 Year Treasury ETF - Class A Units	-1.25%	6.72%	-4.97%

Correlation

The correlation between HBIL.TO and HPYM.TO is 0.71, 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	0.71
Correlation (All Time) Calculated using the full available price history since Sep 17, 2024	0.75

The correlation between HBIL.TO and HPYM.TO has been stable across timeframes, ranging from 0.71 to 0.75 - a consistent structural relationship.

Return for Risk

HBIL.TO vs. HPYM.TO — Risk / Return Rank

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

HBIL.TO

HBIL.TO Risk / Return Rank: 56
HBIL.TO Sharpe Ratio Rank: 50
HBIL.TO Sortino Ratio Rank: 57
HBIL.TO Omega Ratio Rank: 56
HBIL.TO Calmar Ratio Rank: 61
HBIL.TO Martin Ratio Rank: 56

HPYM.TO

HPYM.TO Risk / Return Rank: 19
HPYM.TO Sharpe Ratio Rank: 19
HPYM.TO Sortino Ratio Rank: 19
HPYM.TO Omega Ratio Rank: 18
HPYM.TO Calmar Ratio Rank: 18
HPYM.TO Martin Ratio Rank: 19

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.

HBIL.TO vs. HPYM.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) (HBIL.TO) and Harvest Premium Yield 7-10 Year Treasury ETF - Class A Units (HPYM.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.

	HBIL.TO	HPYM.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.74	0.62	+1.12
Sortino ratio: Return per unit of downside risk	2.71	0.90	+1.81
Omega ratio: Gain probability vs. loss probability	1.34	1.11	+0.23
Calmar ratio: Return relative to maximum drawdown	3.03	0.73	+2.30
Martin ratio: Return relative to average drawdown	9.74	2.05	+7.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HBIL.TO vs. HPYM.TO - Sharpe Ratio Comparison

The current HBIL.TO Sharpe Ratio is 1.74, which is higher than the HPYM.TO Sharpe Ratio of 0.62. The chart below compares the historical Sharpe Ratios of HBIL.TO and HPYM.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

	HBIL.TO	HPYM.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	0.62	+1.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.37	+0.27

Drawdowns

HBIL.TO vs. HPYM.TO - Drawdown Comparison

The maximum HBIL.TO drawdown since its inception was -1.69%, smaller than the maximum HPYM.TO drawdown of -6.19%. Use the drawdown chart below to compare losses from any high point for HBIL.TO and HPYM.TO.

Drawdown Indicators

	HBIL.TO	HPYM.TO	Difference
Max Drawdown Largest peak-to-trough decline	-1.69%	-6.19%	+4.50%
Max Drawdown (1Y) Largest decline over 1 year	-0.95%	-3.85%	+2.90%
Current Drawdown Current decline from peak	-0.31%	-2.71%	+2.40%
Average Drawdown Average peak-to-trough decline	-0.48%	-1.94%	+1.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	1.36%	-1.06%

Volatility

HBIL.TO vs. HPYM.TO - Volatility Comparison

The current volatility for Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) (HBIL.TO) is 0.62%, while Harvest Premium Yield 7-10 Year Treasury ETF - Class A Units (HPYM.TO) has a volatility of 2.02%. This indicates that HBIL.TO experiences smaller price fluctuations and is considered to be less risky than HPYM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HBIL.TO	HPYM.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.62%	2.02%	-1.40%
Volatility (6M) Calculated over the trailing 6-month period	1.24%	3.28%	-2.04%
Volatility (1Y) Calculated over the trailing 1-year period	1.66%	4.53%	-2.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.03%	5.61%	-3.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.03%	5.61%	-3.58%

HBIL.TO vs. HPYM.TO - Expense Ratio Comparison

HBIL.TO has a 0.35% expense ratio, which is lower than HPYM.TO's 0.45% expense ratio.

Dividends

HBIL.TO vs. HPYM.TO - Dividend Comparison

HBIL.TO's dividend yield for the trailing twelve months is around 6.52%, less than HPYM.TO's 9.38% yield.

Position	TTM	2025	2024
HBIL.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged)	6.52%	7.49%	2.58%
HPYM.TO Harvest Premium Yield 7-10 Year Treasury ETF - Class A Units	9.38%	9.01%	8.07%

Frequently Asked Questions

Can I hold both HBIL.TO and HPYM.TO in my portfolio?

HBIL.TO and HPYM.TO have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HBIL.TO or HPYM.TO?

On fees, HBIL.TO is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HBIL.TO or HPYM.TO?

HBIL.TO is cheaper with a 0.35% expense ratio, compared with 0.45% for HPYM.TO.

What is the main difference between HBIL.TO and HPYM.TO?

HBIL.TO is categorized as Derivative Income, while HPYM.TO is Government Bonds. They also come from different issuers: Hamilton Capital and Harvest. Their fees differ too: 0.35% for HBIL.TO and 0.45% for HPYM.TO.