HBND.TO vs. FGO.TO
HBND.TO ( Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged)) and FGO.TO (CI Enhanced Government Bond ETF) are both Government Bonds funds. Both are actively managed. Over the past year, HBND.TO returned 3.27% vs 2.14% for FGO.TO. A 0.75 correlation means they provide meaningful diversification when combined.
Performance
HBND.TO vs. FGO.TO - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with HBND.TO having a 1.71% return and FGO.TO slightly lower at 1.63%.
HBND.TO
- 1D
- -0.11%
- 1M
- 1.94%
- YTD
- 1.71%
- 6M
- 1.14%
- 1Y
- 3.27%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FGO.TO
- 1D
- -0.20%
- 1M
- 0.38%
- YTD
- 1.63%
- 6M
- 1.42%
- 1Y
- 2.14%
- 3Y*
- 3.04%
- 5Y*
- 0.29%
- 10Y*
- —
HBND.TO vs. FGO.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
HBND.TO Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) | 1.71% | 4.05% | -7.02% | 4.34% |
FGO.TO CI Enhanced Government Bond ETF | 1.63% | 3.02% | 1.37% | 4.98% |
Correlation
The correlation between HBND.TO and FGO.TO is 0.67, 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 | 0.67 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2023 | 0.75 |
The correlation between HBND.TO and FGO.TO has been stable across timeframes, ranging from 0.67 to 0.75 - a consistent structural relationship.
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Return for Risk
HBND.TO vs. FGO.TO — Risk / Return Rank
HBND.TO
FGO.TO
HBND.TO vs. FGO.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 CI Enhanced Government Bond ETF (FGO.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.
| HBND.TO | FGO.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.09 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.49 | 0.76 | -0.28 |
| Martin ratioReturn relative to average drawdown | 1.22 | 1.72 | -0.50 |
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Drawdowns
HBND.TO vs. FGO.TO - Drawdown Comparison
The maximum HBND.TO drawdown since its inception was -13.62%, smaller than the maximum FGO.TO drawdown of -14.83%. Use the drawdown chart below to compare losses from any high point for HBND.TO and FGO.TO.
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Drawdown Indicators
| HBND.TO | FGO.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.62% | -14.83% | +1.21% |
Max Drawdown (1Y)Largest decline over 1 year | -6.76% | -2.82% | -3.94% |
Max Drawdown (3Y)Largest decline over 3 years | — | -6.12% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -13.26% | — |
Current DrawdownCurrent decline from peak | -6.15% | -1.54% | -4.61% |
Average DrawdownAverage peak-to-trough decline | -6.52% | -4.66% | -1.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.71% | 1.30% | +1.41% |
Volatility
HBND.TO vs. FGO.TO - Volatility Comparison
Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) (HBND.TO) has a higher volatility of 2.51% compared to CI Enhanced Government Bond ETF (FGO.TO) at 1.05%. This indicates that HBND.TO's price experiences larger fluctuations and is considered to be riskier than FGO.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 | FGO.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.51% | 1.05% | +1.46% |
Volatility (6M)Calculated over the trailing 6-month period | 6.03% | 3.11% | +2.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.49% | 4.42% | +4.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.26% | 6.12% | +5.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.26% | 5.81% | +5.45% |
Dividends
HBND.TO vs. FGO.TO - Dividend Comparison
HBND.TO's dividend yield for the trailing twelve months is around 10.96%, more than FGO.TO's 2.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FGO.TO CI Enhanced Government Bond ETF | 2.42% | 2.80% | 3.10% | 2.33% | 1.46% | 0.62% | 0.68% | 0.92% | 0.15% |
HBND.TO Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) | 10.96% | 11.84% | 11.51% | 2.41% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HBND.TO and FGO.TO have a correlation of 0.67, 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 Capital and CI.
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