HCAL.TO vs. AGF-B.TO

Last updated Jun 3, 2026

HCAL.TO (Hamilton Enhanced Canadian Bank ETF) is Leveraged Equities fund tracking the Solactive Equal Weight Canada Banks Index (125%), while AGF-B.TO (AGF Management Ltd) is a stock. Over the past 5 years, HCAL.TO returned 20.80%/yr vs 23.43%/yr for AGF-B.TO. At a 0.39 correlation, their price movements are largely independent.

Performance

HCAL.TO vs. AGF-B.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Hamilton Enhanced Canadian Bank ETF (HCAL.TO) and AGF Management Ltd (AGF-B.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HCAL.TO achieves a 24.08% return, which is significantly higher than AGF-B.TO's 8.56% return.

HCAL.TO

• 1D: 2.28%
• 1M: 5.54%
• YTD: 24.08%
• 6M: 31.04%
• 1Y: 78.37%
• 3Y*: 39.82%
• 5Y*: 20.80%
• 10Y*: —

AGF-B.TO

• 1D: -0.11%
• 1M: 7.41%
• YTD: 8.56%
• 6M: 24.55%
• 1Y: 52.29%
• 3Y*: 41.74%
• 5Y*: 23.43%
• 10Y*: 19.11%

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

HCAL.TO vs. AGF-B.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
HCAL.TO Hamilton Enhanced Canadian Bank ETF	24.08%	54.09%	29.04%	11.73%	-17.53%	51.61%	16.06%
AGF-B.TO AGF Management Ltd	8.56%	59.26%	45.89%	15.54%	-10.40%	43.95%	0.83%

Correlation

The correlation between HCAL.TO and AGF-B.TO is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (All Time) Calculated using the full available price history since Oct 16, 2020	0.39

Return for Risk

HCAL.TO vs. AGF-B.TO — Risk / Return Rank

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

HCAL.TO

HCAL.TO Risk / Return Rank: 96
HCAL.TO Sharpe Ratio Rank: 97
HCAL.TO Sortino Ratio Rank: 97
HCAL.TO Omega Ratio Rank: 97
HCAL.TO Calmar Ratio Rank: 94
HCAL.TO Martin Ratio Rank: 95

AGF-B.TO

AGF-B.TO Risk / Return Rank: 78
AGF-B.TO Sharpe Ratio Rank: 82
AGF-B.TO Sortino Ratio Rank: 75
AGF-B.TO Omega Ratio Rank: 80
AGF-B.TO Calmar Ratio Rank: 75
AGF-B.TO Martin Ratio Rank: 79

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.

HCAL.TO vs. AGF-B.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton Enhanced Canadian Bank ETF (HCAL.TO) and AGF Management Ltd (AGF-B.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.

	HCAL.TO	AGF-B.TO	Difference
Sharpe ratio Return per unit of total volatility	4.98	1.61	+3.37
Sortino ratio Return per unit of downside risk	6.45	2.03	+4.42
Omega ratio Gain probability vs. loss probability	1.90	1.31	+0.58
Calmar ratio Return relative to maximum drawdown	7.32	2.11	+5.22
Martin ratio Return relative to average drawdown	31.93	6.24	+25.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HCAL.TO vs. AGF-B.TO - Sharpe Ratio Comparison

The current HCAL.TO Sharpe Ratio is 4.98, which is higher than the AGF-B.TO Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of HCAL.TO and AGF-B.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

	HCAL.TO	AGF-B.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.98	1.61	+3.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.22	0.81	+0.41
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.59	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.65	0.28	+1.37

Drawdowns

HCAL.TO vs. AGF-B.TO - Drawdown Comparison

The maximum HCAL.TO drawdown since its inception was -35.05%, smaller than the maximum AGF-B.TO drawdown of -90.57%. Use the drawdown chart below to compare losses from any high point for HCAL.TO and AGF-B.TO.

Drawdown Indicators

	HCAL.TO	AGF-B.TO	Difference
Max Drawdown Largest peak-to-trough decline	-35.05%	-90.57%	+55.52%
Max Drawdown (1Y) Largest decline over 1 year	-10.65%	-25.57%	+14.92%
Max Drawdown (3Y) Largest decline over 3 years	-18.77%	-25.57%	+6.80%
Max Drawdown (5Y) Largest decline over 5 years	-35.05%	-29.90%	-5.15%
Max Drawdown (10Y) Largest decline over 10 years	—	-65.63%	—
Current Drawdown Current decline from peak	-2.00%	-15.38%	+13.38%
Average Drawdown Average peak-to-trough decline	-9.63%	-45.84%	+36.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	8.63%	-6.19%

Volatility

HCAL.TO vs. AGF-B.TO - Volatility Comparison

The current volatility for Hamilton Enhanced Canadian Bank ETF (HCAL.TO) is 6.30%, while AGF Management Ltd (AGF-B.TO) has a volatility of 7.16%. This indicates that HCAL.TO experiences smaller price fluctuations and is considered to be less risky than AGF-B.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HCAL.TO	AGF-B.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.30%	7.16%	-0.86%
Volatility (6M) Calculated over the trailing 6-month period	14.13%	26.95%	-12.82%
Volatility (1Y) Calculated over the trailing 1-year period	15.82%	32.67%	-16.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.16%	29.20%	-12.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.01%	32.84%	-15.83%

Dividends

HCAL.TO vs. AGF-B.TO - Dividend Comparison

HCAL.TO's dividend yield for the trailing twelve months is around 3.47%, more than AGF-B.TO's 2.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AGF-B.TO AGF Management Ltd	2.93%	3.01%	4.26%	5.58%	5.52%	4.07%	5.26%	4.97%	6.64%	3.91%	3.83%	11.35%
HCAL.TO Hamilton Enhanced Canadian Bank ETF	3.47%	4.20%	6.12%	7.37%	7.47%	4.99%	3.14%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HCAL.TO and AGF-B.TO in my portfolio?

HCAL.TO and AGF-B.TO have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.