HBND.TO vs. CPX.TO

Last updated Jun 5, 2026

HBND.TO ( Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged)) is Government Bonds fund actively managed by Hamilton Capital, while CPX.TO (Capital Power Corporation) is a stock. Over the past year, HBND.TO returned 3.62% vs 34.27% for CPX.TO. At a 0.12 correlation, their price movements are largely independent.

Performance

HBND.TO vs. CPX.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) (HBND.TO) and Capital Power Corporation (CPX.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HBND.TO achieves a -0.06% return, which is significantly lower than CPX.TO's 23.08% return.

HBND.TO

• 1D: 0.25%
• 1M: 0.45%
• YTD: -0.06%
• 6M: -1.01%
• 1Y: 3.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPX.TO

• 1D: -1.01%
• 1M: 8.87%
• YTD: 23.08%
• 6M: 16.90%
• 1Y: 34.27%
• 3Y*: 22.39%
• 5Y*: 18.96%
• 10Y*: 20.48%

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

HBND.TO vs. CPX.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%
CPX.TO Capital Power Corporation	23.08%	-3.64%	77.90%	-7.33%

Correlation

The correlation between HBND.TO and CPX.TO is 0.03, 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	0.03
Correlation (All Time) Calculated using the full available price history since Sep 18, 2023	0.12

Return for Risk

HBND.TO vs. CPX.TO — Risk / Return Rank

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

HBND.TO

HBND.TO Risk / Return Rank: 15
HBND.TO Sharpe Ratio Rank: 16
HBND.TO Sortino Ratio Rank: 15
HBND.TO Omega Ratio Rank: 15
HBND.TO Calmar Ratio Rank: 16
HBND.TO Martin Ratio Rank: 16

CPX.TO

CPX.TO Risk / Return Rank: 70
CPX.TO Sharpe Ratio Rank: 76
CPX.TO Sortino Ratio Rank: 68
CPX.TO Omega Ratio Rank: 69
CPX.TO Calmar Ratio Rank: 70
CPX.TO Martin Ratio Rank: 68

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.

HBND.TO vs. CPX.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 Capital Power Corporation (CPX.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	CPX.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.42	1.18	-0.75
Sortino ratio: Return per unit of downside risk	0.65	1.62	-0.96
Omega ratio: Gain probability vs. loss probability	1.08	1.22	-0.14
Calmar ratio: Return relative to maximum drawdown	0.54	1.57	-1.03
Martin ratio: Return relative to average drawdown	1.39	3.09	-1.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HBND.TO vs. CPX.TO - Sharpe Ratio Comparison

The current HBND.TO Sharpe Ratio is 0.42, which is lower than the CPX.TO Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of HBND.TO and CPX.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

	HBND.TO	CPX.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.42	1.18	-0.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.77	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.79	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	0.57	-0.53

Drawdowns

HBND.TO vs. CPX.TO - Drawdown Comparison

The maximum HBND.TO drawdown since its inception was -13.65%, smaller than the maximum CPX.TO drawdown of -47.38%. Use the drawdown chart below to compare losses from any high point for HBND.TO and CPX.TO.

Drawdown Indicators

	HBND.TO	CPX.TO	Difference
Max Drawdown Largest peak-to-trough decline	-13.65%	-47.38%	+33.73%
Max Drawdown (1Y) Largest decline over 1 year	-6.76%	-21.94%	+15.18%
Max Drawdown (3Y) Largest decline over 3 years	—	-33.75%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.75%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-47.38%	—
Current Drawdown Current decline from peak	-7.79%	-1.07%	-6.72%
Average Drawdown Average peak-to-trough decline	-6.50%	-9.58%	+3.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	11.10%	-8.50%

Volatility

HBND.TO vs. CPX.TO - Volatility Comparison

The current volatility for Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) (HBND.TO) is 2.71%, while Capital Power Corporation (CPX.TO) has a volatility of 7.69%. This indicates that HBND.TO experiences smaller price fluctuations and is considered to be less risky than CPX.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HBND.TO	CPX.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.71%	7.69%	-4.98%
Volatility (6M) Calculated over the trailing 6-month period	5.72%	21.50%	-15.78%
Volatility (1Y) Calculated over the trailing 1-year period	8.70%	29.32%	-20.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.33%	24.66%	-13.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.33%	25.92%	-14.59%

Dividends

HBND.TO vs. CPX.TO - Dividend Comparison

HBND.TO's dividend yield for the trailing twelve months is around 11.31%, more than CPX.TO's 3.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CPX.TO Capital Power Corporation	3.82%	4.59%	3.98%	6.32%	4.87%	5.38%	5.68%	5.40%	6.51%	6.60%	6.50%	7.93%
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

Can I hold both HBND.TO and CPX.TO in my portfolio?

HBND.TO and CPX.TO have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.