HBND.TO vs. HYXU

Last updated Jun 5, 2026

HBND.TO ( Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged)) and HYXU (iShares Euro High Yield Corporate Bond USD Hedged ETF) are both exchange-traded funds - HBND.TO is a Government Bonds fund actively managed by Hamilton Capital, while HYXU is a High Yield Bonds fund tracking the BBG Pan-European High Yield (Euro) Total Return 100% USD Hedged Index. HBND.TO is actively managed, while HYXU is passively managed. At a correlation of -0.90, they often move in opposite directions. HBND.TO charges 0.45%/yr vs 0.35%/yr for HYXU.

Performance

HBND.TO vs. HYXU - 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 iShares Euro High Yield Corporate Bond USD Hedged ETF (HYXU). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

HBND.TO

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

HYXU

• 1D: 0.10%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HBND.TO vs. HYXU - Yearly Performance Comparison

	2026 (YTD)
HBND.TO Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged)	0.21%
HYXU iShares Euro High Yield Corporate Bond USD Hedged ETF	0.92%

Correlation

The correlation between HBND.TO and HYXU is -0.90, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 29, 2026	-0.90

Return for Risk

HBND.TO vs. HYXU — 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

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. HYXU - 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 iShares Euro High Yield Corporate Bond USD Hedged ETF (HYXU). 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	HYXU	Difference
Sharpe ratio: Return per unit of total volatility	0.42	—	—
Sortino ratio: Return per unit of downside risk	0.65	—	—
Omega ratio: Gain probability vs. loss probability	1.08	—	—
Calmar ratio: Return relative to maximum drawdown	0.54	—	—
Martin ratio: Return relative to average drawdown	1.39	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	HBND.TO	HYXU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.42	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	20.69	-20.64

Drawdowns

HBND.TO vs. HYXU - Drawdown Comparison

The maximum HBND.TO drawdown since its inception was -13.65%, which is greater than HYXU's maximum drawdown of -0.01%. Use the drawdown chart below to compare losses from any high point for HBND.TO and HYXU.

Drawdown Indicators

	HBND.TO	HYXU	Difference
Max Drawdown Largest peak-to-trough decline	-13.65%	-0.01%	-13.64%
Max Drawdown (1Y) Largest decline over 1 year	-6.76%	—	—
Current Drawdown Current decline from peak	-7.79%	0.00%	-7.79%
Average Drawdown Average peak-to-trough decline	-6.50%	-0.00%	-6.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	—	—

Volatility

Volatility by Period

	HBND.TO	HYXU	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.71%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.72%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	8.70%	3.19%	+5.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.33%	3.19%	+8.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.33%	3.19%	+8.14%

HBND.TO vs. HYXU - Expense Ratio Comparison

HBND.TO has a 0.45% expense ratio, which is higher than HYXU's 0.35% expense ratio.

Dividends

HBND.TO vs. HYXU - Dividend Comparison

HBND.TO's dividend yield for the trailing twelve months is around 11.31%, while HYXU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
HBND.TO Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged)	11.31%	11.84%	11.51%	2.41%
HYXU iShares Euro High Yield Corporate Bond USD Hedged ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

HBND.TO and HYXU have a correlation of -0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HBND.TO or HYXU?

On fees, HYXU 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, HBND.TO or HYXU?

HYXU is cheaper with a 0.35% expense ratio, compared with 0.45% for HBND.TO.

What is the main difference between HBND.TO and HYXU?

HBND.TO is categorized as Government Bonds, while HYXU is High Yield Bonds. They also come from different issuers: Hamilton Capital and iShares. Their fees differ too: 0.45% for HBND.TO and 0.35% for HYXU.