HBND.TO vs. SCHZ

Last updated Jun 4, 2026

HBND.TO ( Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged)) and SCHZ (Schwab U.S. Aggregate Bond ETF) are both exchange-traded funds - HBND.TO is a Government Bonds fund actively managed by Hamilton Capital, while SCHZ is a Total Bond Market fund tracking the Bloomberg US Aggregate Bond Index. HBND.TO is actively managed, while SCHZ is passively managed. Over the past year, HBND.TO returned 4.89% vs 6.51% for SCHZ. A 0.59 correlation means they provide meaningful diversification when combined. HBND.TO charges 0.45%/yr vs 0.03%/yr for SCHZ.

Performance

HBND.TO vs. SCHZ - 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 Schwab U.S. Aggregate Bond ETF (SCHZ). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HBND.TO is traded in CAD, while SCHZ is traded in USD. To make them comparable, the SCHZ 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 -0.30% return, which is significantly lower than SCHZ's 1.57% return.

HBND.TO

• 1D: -0.45%
• 1M: 0.70%
• YTD: -0.30%
• 6M: -1.71%
• 1Y: 4.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SCHZ

• 1D: 0.24%
• 1M: 2.27%
• YTD: 1.57%
• 6M: -0.23%
• 1Y: 6.51%
• 3Y*: 5.15%
• 5Y*: 2.93%
• 10Y*: 2.26%

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

HBND.TO vs. SCHZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HBND.TO Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged)	-0.30%	4.05%	-7.02%	4.80%
SCHZ Schwab U.S. Aggregate Bond ETF	1.57%	2.32%	9.96%	2.93%

Correlation

The correlation between HBND.TO and SCHZ is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (All Time) Calculated using the full available price history since Sep 18, 2023	0.59

The correlation between HBND.TO and SCHZ has been stable across timeframes, ranging from 0.49 to 0.59 - a consistent structural relationship.

Return for Risk

HBND.TO vs. SCHZ — 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: 18
HBND.TO Sharpe Ratio Rank: 18
HBND.TO Sortino Ratio Rank: 17
HBND.TO Omega Ratio Rank: 17
HBND.TO Calmar Ratio Rank: 18
HBND.TO Martin Ratio Rank: 18

SCHZ

SCHZ Risk / Return Rank: 37
SCHZ Sharpe Ratio Rank: 37
SCHZ Sortino Ratio Rank: 39
SCHZ Omega Ratio Rank: 35
SCHZ Calmar Ratio Rank: 38
SCHZ Martin Ratio Rank: 37

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. SCHZ - 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 Schwab U.S. Aggregate Bond ETF (SCHZ). 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	SCHZ	Difference
Sharpe ratio: Return per unit of total volatility	0.56	1.20	-0.63
Sortino ratio: Return per unit of downside risk	0.86	1.75	-0.89
Omega ratio: Gain probability vs. loss probability	1.10	1.21	-0.11
Calmar ratio: Return relative to maximum drawdown	0.73	1.50	-0.77
Martin ratio: Return relative to average drawdown	1.89	3.41	-1.52
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. SCHZ - Sharpe Ratio Comparison

The current HBND.TO Sharpe Ratio is 0.56, which is lower than the SCHZ Sharpe Ratio of 1.20. The chart below compares the historical Sharpe Ratios of HBND.TO and SCHZ, 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	SCHZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.56	1.20	-0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.38	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.29	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	0.56	-0.53

Drawdowns

HBND.TO vs. SCHZ - Drawdown Comparison

The maximum HBND.TO drawdown since its inception was -13.65%, smaller than the maximum SCHZ drawdown of -20.05%. Use the drawdown chart below to compare losses from any high point for HBND.TO and SCHZ.

Drawdown Indicators

	HBND.TO	SCHZ	Difference
Max Drawdown Largest peak-to-trough decline	-13.65%	-20.05%	+6.40%
Max Drawdown (1Y) Largest decline over 1 year	-6.76%	-4.36%	-2.40%
Max Drawdown (3Y) Largest decline over 3 years	—	-6.81%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-12.82%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-20.05%	—
Current Drawdown Current decline from peak	-8.01%	-1.83%	-6.18%
Average Drawdown Average peak-to-trough decline	-6.50%	-6.53%	+0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	1.91%	+0.68%

Volatility

HBND.TO vs. SCHZ - Volatility Comparison

Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) (HBND.TO) has a higher volatility of 2.74% compared to Schwab U.S. Aggregate Bond ETF (SCHZ) at 1.31%. This indicates that HBND.TO's price experiences larger fluctuations and is considered to be riskier than SCHZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HBND.TO	SCHZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.74%	1.31%	+1.43%
Volatility (6M) Calculated over the trailing 6-month period	5.72%	4.19%	+1.53%
Volatility (1Y) Calculated over the trailing 1-year period	8.70%	5.46%	+3.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.34%	7.80%	+3.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.34%	7.89%	+3.45%

HBND.TO vs. SCHZ - Expense Ratio Comparison

HBND.TO has a 0.45% expense ratio, which is higher than SCHZ's 0.03% expense ratio.

Dividends

HBND.TO vs. SCHZ - Dividend Comparison

HBND.TO's dividend yield for the trailing twelve months is around 11.34%, more than SCHZ's 4.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HBND.TO Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged)	11.34%	11.84%	11.51%	2.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SCHZ Schwab U.S. Aggregate Bond ETF	4.12%	4.05%	3.96%	3.28%	2.63%	2.16%	2.43%	2.79%	2.56%	2.40%	2.24%	2.11%

Frequently Asked Questions

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

HBND.TO and SCHZ have a correlation of 0.49, 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 SCHZ?

On fees, SCHZ is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HBND.TO or SCHZ?

SCHZ is cheaper with a 0.03% expense ratio, compared with 0.45% for HBND.TO.

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

HBND.TO is categorized as Government Bonds, while SCHZ is Total Bond Market. They also come from different issuers: Hamilton Capital and Charles Schwab. Their fees differ too: 0.45% for HBND.TO and 0.03% for SCHZ.