HBND.TO vs. CM.TO
HBND.TO ( Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged)) is Government Bonds fund actively managed by Hamilton Capital, while CM.TO (Canadian Imperial Bank of Commerce) is a stock. Over the past year, HBND.TO returned 3.62% vs 69.04% for CM.TO. At a 0.18 correlation, their price movements are largely independent.
Performance
HBND.TO vs. CM.TO - Performance Comparison
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Returns By Period
In the year-to-date period, HBND.TO achieves a -0.06% return, which is significantly lower than CM.TO's 22.83% return.
HBND.TO
- 1D
- 0.25%
- 1M
- 0.45%
- YTD
- -0.06%
- 6M
- -1.01%
- 1Y
- 3.62%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CM.TO
- 1D
- 1.55%
- 1M
- 1.09%
- YTD
- 22.83%
- 6M
- 22.05%
- 1Y
- 69.04%
- 3Y*
- 45.77%
- 5Y*
- 21.85%
- 10Y*
- 17.21%
HBND.TO vs. CM.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
HBND.TO Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) | -0.06% | 4.05% | -7.02% | 4.80% |
CM.TO Canadian Imperial Bank of Commerce | 22.83% | 42.31% | 49.56% | 18.38% |
Correlation
The correlation between HBND.TO and CM.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 18, 2023 | 0.18 |
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Return for Risk
HBND.TO vs. CM.TO — Risk / Return Rank
HBND.TO
CM.TO
HBND.TO vs. CM.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) (HBND.TO) and Canadian Imperial Bank of Commerce (CM.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.
| HBND.TO | CM.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.54 | ||
| Sortino ratioReturn per unit of downside risk | -4.18 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.68 | -0.61 |
| Calmar ratioReturn relative to maximum drawdown | 0.54 | 7.62 | -7.08 |
| Martin ratioReturn relative to average drawdown | 1.39 | 28.77 | -27.37 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HBND.TO | CM.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.42 | 3.96 | -3.54 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 1.21 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.87 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.04 | 0.47 | -0.43 |
Drawdowns
HBND.TO vs. CM.TO - Drawdown Comparison
The maximum HBND.TO drawdown since its inception was -13.65%, smaller than the maximum CM.TO drawdown of -62.50%. Use the drawdown chart below to compare losses from any high point for HBND.TO and CM.TO.
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Drawdown Indicators
| HBND.TO | CM.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.65% | -62.50% | +48.85% |
Max Drawdown (1Y)Largest decline over 1 year | -6.76% | -9.11% | +2.35% |
Max Drawdown (3Y)Largest decline over 3 years | — | -16.57% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -35.35% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.37% | — |
Current DrawdownCurrent decline from peak | -7.79% | -5.70% | -2.09% |
Average DrawdownAverage peak-to-trough decline | -6.50% | -17.59% | +11.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.60% | 2.41% | +0.19% |
Volatility
HBND.TO vs. CM.TO - Volatility Comparison
The current volatility for Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) (HBND.TO) is 2.71%, while Canadian Imperial Bank of Commerce (CM.TO) has a volatility of 8.13%. This indicates that HBND.TO experiences smaller price fluctuations and is considered to be less risky than CM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HBND.TO | CM.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.71% | 8.13% | -5.42% |
Volatility (6M)Calculated over the trailing 6-month period | 5.72% | 15.31% | -9.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.70% | 17.51% | -8.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.33% | 18.15% | -6.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.33% | 19.83% | -8.50% |
Dividends
HBND.TO vs. CM.TO - Dividend Comparison
HBND.TO's dividend yield for the trailing twelve months is around 11.31%, more than CM.TO's 2.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CM.TO Canadian Imperial Bank of Commerce | 2.69% | 3.20% | 4.04% | 5.47% | 7.20% | 4.06% | 5.37% | 5.26% | 5.29% | 4.19% | 4.42% | 4.85% |
HBND.TO Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) | 11.31% | 11.84% | 11.51% | 2.41% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HBND.TO and CM.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.
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