HBND.TO vs. HBIL-U.TO

Last updated Jul 18, 2026

HBND.TO ( Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged)) and HBIL-U.TO (Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units) are both Government Bonds funds. Both are actively managed. Over the past year, HBND.TO returned 3.64% vs 6.60% for HBIL-U.TO. At a 0.27 correlation, their price movements are largely independent.

Performance

HBND.TO vs. HBIL-U.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 Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HBND.TO is traded in CAD, while HBIL-U.TO is traded in USD. To make them comparable, the HBIL-U.TO values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, HBND.TO achieves a -0.94% return, which is significantly lower than HBIL-U.TO's 3.86% return.

HBND.TO

• 1D: 0.59%
• 1M: -1.69%
• 6M: -1.64%
• YTD: -0.94%
• 1Y: 3.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HBIL-U.TO

• 1D: -0.00%
• 1M: 0.12%
• 6M: 2.21%
• YTD: 3.86%
• 1Y: 6.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HBND.TO vs. HBIL-U.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HBND.TO Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged)	-0.94%	4.05%	-10.82%
HBIL-U.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units	3.86%	0.03%	4.69%

Correlation

The correlation between HBND.TO and HBIL-U.TO is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (All Time) Calculated using the full available price history since Sep 16, 2024	0.27

Return for Risk

HBND.TO vs. HBIL-U.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: 17
HBND.TO Sharpe Ratio Rank: 18
HBND.TO Sortino Ratio Rank: 16
HBND.TO Omega Ratio Rank: 16
HBND.TO Calmar Ratio Rank: 18
HBND.TO Martin Ratio Rank: 18

HBIL-U.TO

HBIL-U.TO Risk / Return Rank: 89
HBIL-U.TO Sharpe Ratio Rank: 87
HBIL-U.TO Sortino Ratio Rank: 86
HBIL-U.TO Omega Ratio Rank: 93
HBIL-U.TO Calmar Ratio Rank: 88
HBIL-U.TO Martin Ratio Rank: 89

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. HBIL-U.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 Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.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	HBIL-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.43	1.42	-0.98
Sortino ratio: Return per unit of downside risk	0.67	2.03	-1.36
Omega ratio: Gain probability vs. loss probability	1.08	1.25	-0.17
Calmar ratio: Return relative to maximum drawdown	0.54	1.65	-1.11
Martin ratio: Return relative to average drawdown	1.29	4.19	-2.90

HBND.TO vs. HBIL-U.TO - Sharpe Ratio Comparison

The current HBND.TO Sharpe Ratio is 0.43, which is lower than the HBIL-U.TO Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of HBND.TO and HBIL-U.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.

Drawdowns

HBND.TO vs. HBIL-U.TO - Drawdown Comparison

The maximum HBND.TO drawdown since its inception was -13.62%, which is greater than HBIL-U.TO's maximum drawdown of -6.68%. Use the drawdown chart below to compare losses from any high point for HBND.TO and HBIL-U.TO.

Drawdown Indicators

	HBND.TO	HBIL-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-13.62%	-6.68%	-6.94%
Max Drawdown (1Y) Largest decline over 1 year	-6.76%	-4.01%	-2.75%
Current Drawdown Current decline from peak	-8.60%	-2.20%	-6.40%
Average Drawdown Average peak-to-trough decline	-6.56%	-2.26%	-4.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.82%	1.58%	+1.24%

Volatility

HBND.TO vs. HBIL-U.TO - Volatility Comparison

Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) (HBND.TO) has a higher volatility of 2.74% compared to Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.TO) at 1.82%. This indicates that HBND.TO's price experiences larger fluctuations and is considered to be riskier than HBIL-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HBND.TO	HBIL-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.74%	1.82%	+0.92%
Volatility (6M) Calculated over the trailing 6-month period	6.21%	3.60%	+2.61%
Volatility (1Y) Calculated over the trailing 1-year period	8.43%	4.68%	+3.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.23%	5.85%	+5.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.23%	5.85%	+5.38%

Dividends

HBND.TO vs. HBIL-U.TO - Dividend Comparison

HBND.TO's dividend yield for the trailing twelve months is around 11.25%, more than HBIL-U.TO's 6.74% yield.

Position	TTM	2025	2024	2023
HBIL-U.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units	6.74%	7.37%	2.40%	0.00%
HBND.TO Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged)	11.25%	11.84%	11.51%	2.41%

Frequently Asked Questions

Can I hold both HBND.TO and HBIL-U.TO in my portfolio?

HBND.TO and HBIL-U.TO have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between HBND.TO and HBIL-U.TO?

They also come from different issuers: Hamilton Capital and Hamilton.