HCA.TO vs. CWIN.TO

Last updated Apr 1, 2026

Compare and contrast key facts about Hamilton Canadian Bank Mean Reversion Index ETF (HCA.TO) and HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units (CWIN.TO).

HCA.TO and CWIN.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HCA.TO is a passively managed fund by Hamilton that tracks the performance of the Solactive Canadian Bank Mean Reversion Index. It was launched on Jun 26, 2020. CWIN.TO is a passively managed fund by Hamilton that tracks the performance of the Solactive Canada Dividend Elite Champions Index. It was launched on Jan 27, 2025. Both HCA.TO and CWIN.TO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

HCA.TO vs. CWIN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Hamilton Canadian Bank Mean Reversion Index ETF (HCA.TO) and HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units (CWIN.TO). The values are adjusted to include any dividend payments, if applicable.

HCA.TO vs. CWIN.TO - Yearly Performance Comparison

	2026 (YTD)	2025
HCA.TO Hamilton Canadian Bank Mean Reversion Index ETF	-0.14%	46.73%
CWIN.TO HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units	7.09%	25.14%

Returns By Period

In the year-to-date period, HCA.TO achieves a -0.14% return, which is significantly lower than CWIN.TO's 7.09% return.

HCA.TO

• 1D: 0.00%
• 1M: -5.78%
• YTD: -0.14%
• 6M: 11.27%
• 1Y: 48.91%
• 3Y*: 34.39%
• 5Y*: 25.85%
• 10Y*: —

CWIN.TO

• 1D: 0.05%
• 1M: -5.88%
• YTD: 7.09%
• 6M: 12.26%
• 1Y: 30.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HCA.TO vs. CWIN.TO - Expense Ratio Comparison

HCA.TO has a 0.45% expense ratio, which is lower than CWIN.TO's 0.65% expense ratio.

CWIN.TO

HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units

HCA.TO

Hamilton Canadian Bank Mean Reversion Index ETF

Return for Risk

HCA.TO vs. CWIN.TO — Risk / Return Rank

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

HCA.TO

HCA.TO Risk / Return Rank: 98
HCA.TO Sharpe Ratio Rank: 98
HCA.TO Sortino Ratio Rank: 98
HCA.TO Omega Ratio Rank: 98
HCA.TO Calmar Ratio Rank: 98
HCA.TO Martin Ratio Rank: 98

CWIN.TO

CWIN.TO Risk / Return Rank: 92
CWIN.TO Sharpe Ratio Rank: 92
CWIN.TO Sortino Ratio Rank: 93
CWIN.TO Omega Ratio Rank: 93
CWIN.TO Calmar Ratio Rank: 89
CWIN.TO Martin Ratio Rank: 93

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.

HCA.TO vs. CWIN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton Canadian Bank Mean Reversion Index ETF (HCA.TO) and HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units (CWIN.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.

	HCA.TO	CWIN.TO	Difference
Sharpe ratio Return per unit of total volatility	3.65	2.12	+1.53
Sortino ratio Return per unit of downside risk	4.94	2.80	+2.14
Omega ratio Gain probability vs. loss probability	1.73	1.43	+0.29
Calmar ratio Return relative to maximum drawdown	5.74	2.98	+2.76
Martin ratio Return relative to average drawdown	23.87	14.03	+9.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HCA.TO vs. CWIN.TO - Sharpe Ratio Comparison

The current HCA.TO Sharpe Ratio is 3.65, which is higher than the CWIN.TO Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of HCA.TO and CWIN.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HCA.TO	CWIN.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.65	2.12	+1.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.75	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.99	2.02	-0.03

Correlation

The correlation between HCA.TO and CWIN.TO is 0.54, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

HCA.TO vs. CWIN.TO - Dividend Comparison

HCA.TO's dividend yield for the trailing twelve months is around 3.46%, more than CWIN.TO's 3.04% yield.

	TTM	2025	2024	2023	2022	2021	2020
HCA.TO Hamilton Canadian Bank Mean Reversion Index ETF	3.46%	5.59%	15.89%	20.26%	16.23%	11.79%	3.54%
CWIN.TO HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units	3.04%	3.21%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

HCA.TO vs. CWIN.TO - Drawdown Comparison

The maximum HCA.TO drawdown since its inception was -17.82%, which is greater than CWIN.TO's maximum drawdown of -10.87%. Use the drawdown chart below to compare losses from any high point for HCA.TO and CWIN.TO.

Drawdown Indicators

	HCA.TO	CWIN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-17.82%	-10.87%	-6.95%
Max Drawdown (1Y) Largest decline over 1 year	-8.52%	-10.87%	+2.35%
Max Drawdown (5Y) Largest decline over 5 years	-17.82%	—	—
Current Drawdown Current decline from peak	-7.83%	-6.01%	-1.82%
Average Drawdown Average peak-to-trough decline	-3.43%	-1.40%	-2.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	2.31%	-0.26%

Volatility

HCA.TO vs. CWIN.TO - Volatility Comparison

Hamilton Canadian Bank Mean Reversion Index ETF (HCA.TO) has a higher volatility of 5.12% compared to HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units (CWIN.TO) at 4.75%. This indicates that HCA.TO's price experiences larger fluctuations and is considered to be riskier than CWIN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HCA.TO	CWIN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.12%	4.75%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	9.86%	9.76%	+0.10%
Volatility (1Y) Calculated over the trailing 1-year period	13.45%	14.51%	-1.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.86%	14.17%	+0.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.04%	14.17%	+0.87%