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HCAL.TO vs. CDAY.NEO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HCAL.TO vs. CDAY.NEO

Last updated Jun 4, 2026

HCAL.TO (Hamilton Enhanced Canadian Bank ETF) and CDAY.NEO (Hamilton Enhanced Canadian Equity DayMAX ETF) are both exchange-traded funds - HCAL.TO is a Leveraged Equities fund tracking the Solactive Equal Weight Canada Banks Index (125%), while CDAY.NEO is a Derivative Income fund actively managed by Hamilton Capital. HCAL.TO is passively managed, while CDAY.NEO is actively managed. A 0.68 correlation means they provide meaningful diversification when combined. HCAL.TO charges 0.65%/yr vs 0.85%/yr for CDAY.NEO.

Performance

HCAL.TO vs. CDAY.NEO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Hamilton Enhanced Canadian Bank ETF (HCAL.TO) and Hamilton Enhanced Canadian Equity DayMAX ETF (CDAY.NEO). 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 23.54% return, which is significantly higher than CDAY.NEO's 13.70% return.

HCAL.TO

1D
-0.43%
1M
6.76%
YTD
23.54%
6M
30.66%
1Y
76.99%
3Y*
39.62%
5Y*
20.76%
10Y*
—

CDAY.NEO

1D
-0.28%
1M
3.85%
YTD
13.70%
6M
15.38%
1Y
—
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

HCAL.TO vs. CDAY.NEO - Yearly Performance Comparison

2026 (YTD)2025
HCAL.TO
Hamilton Enhanced Canadian Bank ETF		23.54%34.40%
CDAY.NEO
Hamilton Enhanced Canadian Equity DayMAX ETF		13.70%14.26%

Correlation

The correlation between HCAL.TO and CDAY.NEO is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (All Time)
Calculated using the full available price history since Jul 15, 2025

0.68

HCAL.TO vs. CDAY.NEO - Sectors Allocation Comparison

Sectors
HCAL.TO
CDAY.NEO

Financial Services

100.0%
29.6%

Basic Materials

-

14.5%

Communication Services

-

8.2%

Consumer Cyclical

-

8.3%

Consumer Defensive

-

4.1%

Energy

-

9.3%

Healthcare

-

1.8%

Industrials

-

13.8%

Real Estate

-

0.4%

Technology

-

6.2%

Utilities

-

3.8%

Financial Services

HCAL.TO
100.0%
CDAY.NEO
29.6%

Basic Materials

HCAL.TO

-

CDAY.NEO
14.5%

Communication Services

HCAL.TO

-

CDAY.NEO
8.2%

Consumer Cyclical

HCAL.TO

-

CDAY.NEO
8.3%

Consumer Defensive

HCAL.TO

-

CDAY.NEO
4.1%

Energy

HCAL.TO

-

CDAY.NEO
9.3%

Healthcare

HCAL.TO

-

CDAY.NEO
1.8%

Industrials

HCAL.TO

-

CDAY.NEO
13.8%

Real Estate

HCAL.TO

-

CDAY.NEO
0.4%

Technology

HCAL.TO

-

CDAY.NEO
6.2%

Utilities

HCAL.TO

-

CDAY.NEO
3.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Hamilton Enhanced Canadian Bank ETF

Hamilton Enhanced Canadian Equity DayMAX 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 CDAY.NEO:
CDAY.NEO vs. HDIV.TOCDAY.NEO vs. QDAY.NEOCDAY.NEO vs. CANY.TOCDAY.NEO vs. SDAY.NEOCDAY.NEO vs. BANK.TOCDAY.NEO vs. VDY.TOCDAY.NEO vs. ZEB.TO

Return for Risk

HCAL.TO vs. CDAY.NEO — 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: 9696
Overall Rank
HCAL.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
HCAL.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
HCAL.TO Omega Ratio Rank: 9797
Omega Ratio Rank
HCAL.TO Calmar Ratio Rank: 9494
Calmar Ratio Rank
HCAL.TO Martin Ratio Rank: 9595
Martin Ratio Rank
CDAY.NEO
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. CDAY.NEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton Enhanced Canadian Bank ETF (HCAL.TO) and Hamilton Enhanced Canadian Equity DayMAX ETF (CDAY.NEO). 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.TOCDAY.NEODifference
Sharpe ratioReturn per unit of total volatility
4.89

—

—

Sortino ratioReturn per unit of downside risk
6.36

—

—

Omega ratioGain probability vs. loss probability

1.88

—

—

Calmar ratioReturn relative to maximum drawdown

7.26

—

—

Martin ratioReturn relative to average drawdown

31.55

—

—

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. CDAY.NEO - Sharpe Ratio Comparison

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Sharpe Ratios by Period

HCAL.TOCDAY.NEODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

4.89

—

—

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.22

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.64

3.03

-1.39

Drawdowns

HCAL.TO vs. CDAY.NEO - Drawdown Comparison

The maximum HCAL.TO drawdown since its inception was -35.05%, which is greater than CDAY.NEO's maximum drawdown of -8.00%. Use the drawdown chart below to compare losses from any high point for HCAL.TO and CDAY.NEO.

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Drawdown Indicators

HCAL.TOCDAY.NEODifference

Max Drawdown

Largest peak-to-trough decline

-35.05%

-8.00%

-27.05%

Max Drawdown (1Y)

Largest decline over 1 year

-10.65%

—

—

Max Drawdown (3Y)

Largest decline over 3 years

-18.77%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-35.05%

—

—

Current Drawdown

Current decline from peak

-2.42%

-0.83%

-1.59%

Average Drawdown

Average peak-to-trough decline

-9.62%

-1.02%

-8.60%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.45%

—

—

Volatility

HCAL.TO vs. CDAY.NEO - Volatility Comparison

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Volatility by Period

HCAL.TOCDAY.NEODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.05%

—

—

Volatility (6M)

Calculated over the trailing 6-month period

14.08%

—

—

Volatility (1Y)

Calculated over the trailing 1-year period

15.82%

11.37%

+4.45%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.16%

11.37%

+5.79%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.00%

11.37%

+5.63%

HCAL.TO vs. CDAY.NEO - Expense Ratio Comparison

HCAL.TO has a 0.65% expense ratio, which is lower than CDAY.NEO's 0.85% expense ratio.

Dividends

HCAL.TO vs. CDAY.NEO - Dividend Comparison

HCAL.TO's dividend yield for the trailing twelve months is around 3.49%, less than CDAY.NEO's 14.55% yield.

PositionTTM202520242023202220212020
CDAY.NEO
Hamilton Enhanced Canadian Equity DayMAX ETF		14.55%7.88%0.00%0.00%0.00%0.00%0.00%
HCAL.TO
Hamilton Enhanced Canadian Bank ETF		3.49%4.20%6.12%7.37%7.47%4.99%3.14%

Frequently Asked Questions

HCAL.TO and CDAY.NEO have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, HCAL.TO is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

HCAL.TO is cheaper with a 0.65% expense ratio, compared with 0.85% for CDAY.NEO.

HCAL.TO is categorized as Leveraged Equities, while CDAY.NEO is Derivative Income. Their fees differ too: 0.65% for HCAL.TO and 0.85% for CDAY.NEO.

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