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HCAL.TO vs. CBNK.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HCAL.TO vs. CBNK.TO

Last updated Jun 24, 2026

HCAL.TO (Hamilton Enhanced Canadian Bank ETF) and CBNK.TO (Mulvihill Canadian Bank Enhanced Yield ETF) are both exchange-traded funds - HCAL.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index (125%), while CBNK.TO is a Derivative Income fund actively managed by Mulvihill. HCAL.TO is passively managed, while CBNK.TO is actively managed. Over the past 3 years, HCAL.TO returned 46.64%/yr vs 45.19%/yr for CBNK.TO. Their correlation of 0.87 suggests significant overlap in exposure.

Performance

HCAL.TO vs. CBNK.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 Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HCAL.TO achieves a 38.28% return, which is significantly lower than CBNK.TO's 41.95% return.

HCAL.TO

1D
0.49%
1M
10.30%
YTD
38.28%
6M
38.09%
1Y
95.86%
3Y*
46.64%
5Y*
23.64%
10Y*
—

CBNK.TO

1D
1.06%
1M
11.75%
YTD
41.95%
6M
41.92%
1Y
100.05%
3Y*
45.19%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

HCAL.TO vs. CBNK.TO - Yearly Performance Comparison

2026 (YTD)2025202420232022
HCAL.TO
Hamilton Enhanced Canadian Bank ETF		38.28%54.09%29.04%11.73%-20.53%
CBNK.TO
Mulvihill Canadian Bank Enhanced Yield ETF		41.95%51.67%27.42%8.42%-19.87%

Correlation

The correlation between HCAL.TO and CBNK.TO is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.90

Correlation (3Y)
Calculated over the trailing 3-year period

0.91

Correlation (All Time)
Calculated using the full available price history since Mar 2, 2022

0.87

The correlation between HCAL.TO and CBNK.TO has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.

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Hamilton Enhanced Canadian Bank ETF

Mulvihill Canadian Bank Enhanced Yield ETF

Often compared with HCAL.TO:
HCAL.TO vs. BANK.TOHCAL.TO vs. ZEB.TOHCAL.TO vs. VDY.TOHCAL.TO vs. HDIV.TOHCAL.TO vs. HBNK.TOHCAL.TO vs. HMAX.TOHCAL.TO vs. UMAX.TO
Often compared with CBNK.TO:
CBNK.TO vs. BANK.TOCBNK.TO vs. BKCL.TOCBNK.TO vs. YAVG.NEOCBNK.TO vs. YGOG.NEOCBNK.TO vs. NXF.TOCBNK.TO vs. CLSA.TOCBNK.TO vs. CANY.TO

Return for Risk

HCAL.TO vs. CBNK.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: 9898
Overall Rank
HCAL.TO Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
HCAL.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
HCAL.TO Omega Ratio Rank: 9898
Omega Ratio Rank
HCAL.TO Calmar Ratio Rank: 9696
Calmar Ratio Rank
HCAL.TO Martin Ratio Rank: 9797
Martin Ratio Rank
CBNK.TO
CBNK.TO Risk / Return Rank: 9898
Overall Rank
CBNK.TO Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
CBNK.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
CBNK.TO Omega Ratio Rank: 9898
Omega Ratio Rank
CBNK.TO Calmar Ratio Rank: 9797
Calmar Ratio Rank
CBNK.TO Martin Ratio Rank: 9797
Martin Ratio Rank
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. CBNK.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton Enhanced Canadian Bank ETF (HCAL.TO) and Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

HCAL.TOCBNK.TODifference
Sharpe ratioReturn per unit of total volatility
5.99
6.40

-0.41

Sortino ratioReturn per unit of downside risk
7.48
8.11

-0.63

Omega ratioGain probability vs. loss probability

2.05

2.06

-0.02

Calmar ratioReturn relative to maximum drawdown

9.05

10.03

-0.98

Martin ratioReturn relative to average drawdown

39.30

43.39

-4.08

HCAL.TO vs. CBNK.TO - Sharpe Ratio Comparison

The current HCAL.TO Sharpe Ratio is 5.99, which is comparable to the CBNK.TO Sharpe Ratio of 6.40. The chart below compares the historical Sharpe Ratios of HCAL.TO and CBNK.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.

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Drawdowns

HCAL.TO vs. CBNK.TO - Drawdown Comparison

The maximum HCAL.TO drawdown since its inception was -35.05%, which is greater than CBNK.TO's maximum drawdown of -32.12%. Use the drawdown chart below to compare losses from any high point for HCAL.TO and CBNK.TO.

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Drawdown Indicators

HCAL.TOCBNK.TODifference

Max Drawdown

Largest peak-to-trough decline

-35.05%

-32.12%

-2.93%

Max Drawdown (1Y)

Largest decline over 1 year

-10.65%

-10.03%

-0.62%

Max Drawdown (3Y)

Largest decline over 3 years

-18.77%

-17.92%

-0.85%

Max Drawdown (5Y)

Largest decline over 5 years

-35.05%

—

—

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-9.52%

-10.77%

+1.25%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.45%

2.31%

+0.14%

Volatility

HCAL.TO vs. CBNK.TO - Volatility Comparison

Hamilton Enhanced Canadian Bank ETF (HCAL.TO) has a higher volatility of 4.90% compared to Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.TO) at 4.46%. This indicates that HCAL.TO's price experiences larger fluctuations and is considered to be riskier than CBNK.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HCAL.TOCBNK.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.90%

4.46%

+0.44%

Volatility (6M)

Calculated over the trailing 6-month period

14.00%

13.41%

+0.59%

Volatility (1Y)

Calculated over the trailing 1-year period

16.10%

15.72%

+0.38%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.20%

17.53%

-0.33%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.99%

17.53%

-0.54%

Dividends

HCAL.TO vs. CBNK.TO - Dividend Comparison

HCAL.TO's dividend yield for the trailing twelve months is around 3.12%, less than CBNK.TO's 5.26% yield.

PositionTTM202520242023202220212020
CBNK.TO
Mulvihill Canadian Bank Enhanced Yield ETF		5.26%5.86%8.25%9.59%7.85%0.00%0.00%
HCAL.TO
Hamilton Enhanced Canadian Bank ETF		3.12%4.20%6.12%7.37%7.46%4.99%3.14%

Frequently Asked Questions

With a correlation of 0.90, HCAL.TO and CBNK.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

HCAL.TO is categorized as Financials Equities, while CBNK.TO is Derivative Income. They also come from different issuers: Hamilton Capital and Mulvihill.

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