HCA.TO vs. HAL.TO

Last updated Jun 4, 2026

HCA.TO (Hamilton Canadian Bank Mean Reversion Index ETF) and HAL.TO (Global X Active Canadian Dividend ETF) are both Canada Equities funds. HCA.TO is passively managed, while HAL.TO is actively managed. Over the past 5 years, HCA.TO returned 28.00%/yr vs 14.92%/yr for HAL.TO. A 0.57 correlation means they provide meaningful diversification when combined. HCA.TO charges 0.45%/yr vs 0.67%/yr for HAL.TO.

Performance

HCA.TO vs. HAL.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 Global X Active Canadian Dividend ETF (HAL.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HCA.TO achieves a 19.58% return, which is significantly higher than HAL.TO's 17.28% return.

HCA.TO

• 1D: 0.00%
• 1M: 5.81%
• YTD: 19.58%
• 6M: 24.76%
• 1Y: 61.56%
• 3Y*: 43.51%
• 5Y*: 28.00%
• 10Y*: —

HAL.TO

• 1D: 1.49%
• 1M: 3.85%
• YTD: 17.28%
• 6M: 20.97%
• 1Y: 42.29%
• 3Y*: 21.26%
• 5Y*: 14.92%
• 10Y*: 11.69%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020
HCA.TO Hamilton Canadian Bank Mean Reversion Index ETF	19.58%	51.09%	33.32%	26.95%	-4.34%	48.13%	23.46%
HAL.TO Global X Active Canadian Dividend ETF	17.28%	24.60%	21.69%	-0.73%	3.43%	21.17%	12.65%

Correlation

The correlation between HCA.TO and HAL.TO 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 (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (All Time) Calculated using the full available price history since Jun 30, 2020	0.57

The correlation between HCA.TO and HAL.TO shifts across timeframes, from 0.49 (1 year) to 0.61 (5 years), reflecting how their relationship changes across market environments.

HCA.TO vs. HAL.TO - Sectors Allocation Comparison

Sectors	HCA.TO	HAL.TO
Financial Services	100.0%	24.9%
Basic Materials	-	12.9%
Communication Services	-	-
Consumer Cyclical	-	1.8%
Consumer Defensive	-	4.0%
Energy	-	25.2%
Healthcare	-	-
Industrials	-	15.3%
Real Estate	-	3.2%
Technology	-	-
Utilities	-	12.6%

Return for Risk

HCA.TO vs. HAL.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: 96
HCA.TO Sharpe Ratio Rank: 97
HCA.TO Sortino Ratio Rank: 98
HCA.TO Omega Ratio Rank: 97
HCA.TO Calmar Ratio Rank: 94
HCA.TO Martin Ratio Rank: 95

HAL.TO

HAL.TO Risk / Return Rank: 96
HAL.TO Sharpe Ratio Rank: 97
HAL.TO Sortino Ratio Rank: 97
HAL.TO Omega Ratio Rank: 97
HAL.TO Calmar Ratio Rank: 95
HAL.TO Martin Ratio Rank: 96

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. HAL.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 Global X Active Canadian Dividend ETF (HAL.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	HAL.TO	Difference
Sharpe ratio: Return per unit of total volatility	4.82	4.46	+0.36
Sortino ratio: Return per unit of downside risk	7.08	6.04	+1.04
Omega ratio: Gain probability vs. loss probability	1.97	1.93	+0.04
Calmar ratio: Return relative to maximum drawdown	7.27	8.26	-0.99
Martin ratio: Return relative to average drawdown	32.98	37.67	-4.69
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. HAL.TO - Sharpe Ratio Comparison

The current HCA.TO Sharpe Ratio is 4.82, which is comparable to the HAL.TO Sharpe Ratio of 4.46. The chart below compares the historical Sharpe Ratios of HCA.TO and HAL.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.

Sharpe Ratios by Period

	HCA.TO	HAL.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.82	4.46	+0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.87	1.21	+0.65
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.79	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.18	0.79	+1.39

Drawdowns

HCA.TO vs. HAL.TO - Drawdown Comparison

The maximum HCA.TO drawdown since its inception was -17.82%, smaller than the maximum HAL.TO drawdown of -39.70%. Use the drawdown chart below to compare losses from any high point for HCA.TO and HAL.TO.

Drawdown Indicators

	HCA.TO	HAL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-17.82%	-39.70%	+21.88%
Max Drawdown (1Y) Largest decline over 1 year	-8.52%	-5.15%	-3.37%
Max Drawdown (3Y) Largest decline over 3 years	-12.51%	-12.44%	-0.07%
Max Drawdown (5Y) Largest decline over 5 years	-17.82%	-16.43%	-1.39%
Max Drawdown (10Y) Largest decline over 10 years	—	-39.70%	—
Current Drawdown Current decline from peak	-1.28%	0.00%	-1.28%
Average Drawdown Average peak-to-trough decline	-3.35%	-4.19%	+0.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.87%	1.13%	+0.74%

Volatility

HCA.TO vs. HAL.TO - Volatility Comparison

Hamilton Canadian Bank Mean Reversion Index ETF (HCA.TO) has a higher volatility of 4.15% compared to Global X Active Canadian Dividend ETF (HAL.TO) at 2.48%. This indicates that HCA.TO's price experiences larger fluctuations and is considered to be riskier than HAL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HCA.TO	HAL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.15%	2.48%	+1.67%
Volatility (6M) Calculated over the trailing 6-month period	11.14%	7.85%	+3.29%
Volatility (1Y) Calculated over the trailing 1-year period	12.85%	9.53%	+3.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.09%	12.36%	+2.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.09%	14.85%	+0.24%

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

HCA.TO has a 0.45% expense ratio, which is lower than HAL.TO's 0.67% expense ratio.

Dividends

HCA.TO vs. HAL.TO - Dividend Comparison

HCA.TO's dividend yield for the trailing twelve months is around 2.92%, more than HAL.TO's 1.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HAL.TO Global X Active Canadian Dividend ETF	1.97%	2.37%	2.79%	3.60%	4.84%	2.99%	3.56%	2.96%	3.43%	3.17%	2.84%	3.19%
HCA.TO Hamilton Canadian Bank Mean Reversion Index ETF	2.92%	5.59%	15.89%	20.26%	16.23%	11.79%	3.54%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HCA.TO and HAL.TO in my portfolio?

HCA.TO and HAL.TO 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, HCA.TO or HAL.TO?

On fees, HCA.TO is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HCA.TO or HAL.TO?

HCA.TO is cheaper with a 0.45% expense ratio, compared with 0.67% for HAL.TO.

What is the main difference between HCA.TO and HAL.TO?

They also come from different issuers: Hamilton and Global X. Their fees differ too: 0.45% for HCA.TO and 0.67% for HAL.TO.