HCAL.TO vs. CIC.TO

Last updated Jun 24, 2026

HCAL.TO (Hamilton Enhanced Canadian Bank ETF) and CIC.TO (CI Canadian Banks Covered Call Income Class ETF) are both Financials Equities funds. HCAL.TO is passively managed, while CIC.TO is actively managed. Over the past 5 years, HCAL.TO returned 23.64%/yr vs 16.24%/yr for CIC.TO. Their correlation of 0.94 suggests significant overlap in exposure. HCAL.TO charges 0.65%/yr vs 0.87%/yr for CIC.TO.

Performance

HCAL.TO vs. CIC.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 CI Canadian Banks Covered Call Income Class ETF (CIC.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 38.28% return, which is significantly higher than CIC.TO's 24.90% 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*: —

CIC.TO

• 1D: 0.37%
• 1M: 6.57%
• YTD: 24.90%
• 6M: 24.90%
• 1Y: 59.88%
• 3Y*: 31.09%
• 5Y*: 16.24%
• 10Y*: 13.82%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020
HCAL.TO Hamilton Enhanced Canadian Bank ETF	38.28%	54.09%	29.04%	11.73%	-17.54%	51.61%	17.59%
CIC.TO CI Canadian Banks Covered Call Income Class ETF	24.90%	36.24%	21.30%	6.58%	-10.99%	33.76%	13.13%

Correlation

The correlation between HCAL.TO and CIC.TO is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Oct 15, 2020	0.94

The correlation between HCAL.TO and CIC.TO has been stable across timeframes, ranging from 0.94 to 0.94 - a consistent structural relationship.

HCAL.TO vs. CIC.TO - Sectors Allocation Comparison

Sectors	HCAL.TO	CIC.TO
Financial Services	100.0%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

HCAL.TO vs. CIC.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: 98
HCAL.TO Sharpe Ratio Rank: 99
HCAL.TO Sortino Ratio Rank: 98
HCAL.TO Omega Ratio Rank: 98
HCAL.TO Calmar Ratio Rank: 96
HCAL.TO Martin Ratio Rank: 97

CIC.TO

CIC.TO Risk / Return Rank: 97
CIC.TO Sharpe Ratio Rank: 98
CIC.TO Sortino Ratio Rank: 98
CIC.TO Omega Ratio Rank: 98
CIC.TO Calmar Ratio Rank: 95
CIC.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.

HCAL.TO vs. CIC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton Enhanced Canadian Bank ETF (HCAL.TO) and CI Canadian Banks Covered Call Income Class ETF (CIC.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.TO	CIC.TO	Difference
Sharpe ratio: Return per unit of total volatility	5.99	5.28	+0.71
Sortino ratio: Return per unit of downside risk	7.48	7.17	+0.32
Omega ratio: Gain probability vs. loss probability	2.05	2.02	+0.03
Calmar ratio: Return relative to maximum drawdown	9.05	7.31	+1.74
Martin ratio: Return relative to average drawdown	39.30	34.28	+5.03

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

The current HCAL.TO Sharpe Ratio is 5.99, which is comparable to the CIC.TO Sharpe Ratio of 5.28. The chart below compares the historical Sharpe Ratios of HCAL.TO and CIC.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.

Drawdowns

HCAL.TO vs. CIC.TO - Drawdown Comparison

The maximum HCAL.TO drawdown since its inception was -35.05%, smaller than the maximum CIC.TO drawdown of -38.55%. Use the drawdown chart below to compare losses from any high point for HCAL.TO and CIC.TO.

Drawdown Indicators

	HCAL.TO	CIC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-35.05%	-38.55%	+3.50%
Max Drawdown (1Y) Largest decline over 1 year	-10.65%	-8.23%	-2.42%
Max Drawdown (3Y) Largest decline over 3 years	-18.77%	-14.32%	-4.45%
Max Drawdown (5Y) Largest decline over 5 years	-35.05%	-26.34%	-8.71%
Max Drawdown (10Y) Largest decline over 10 years	—	-38.55%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-9.52%	-5.48%	-4.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.45%	1.75%	+0.70%

Volatility

HCAL.TO vs. CIC.TO - Volatility Comparison

Hamilton Enhanced Canadian Bank ETF (HCAL.TO) has a higher volatility of 4.90% compared to CI Canadian Banks Covered Call Income Class ETF (CIC.TO) at 3.21%. This indicates that HCAL.TO's price experiences larger fluctuations and is considered to be riskier than CIC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HCAL.TO	CIC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.90%	3.21%	+1.69%
Volatility (6M) Calculated over the trailing 6-month period	14.00%	9.85%	+4.15%
Volatility (1Y) Calculated over the trailing 1-year period	16.10%	11.40%	+4.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.20%	12.80%	+4.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.99%	16.28%	+0.71%

HCAL.TO vs. CIC.TO - Expense Ratio Comparison

HCAL.TO has a 0.65% expense ratio, which is lower than CIC.TO's 0.87% expense ratio.

Dividends

HCAL.TO vs. CIC.TO - Dividend Comparison

HCAL.TO's dividend yield for the trailing twelve months is around 3.12%, less than CIC.TO's 4.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CIC.TO CI Canadian Banks Covered Call Income Class ETF	4.88%	5.72%	6.71%	7.37%	7.64%	5.48%	9.56%	6.16%	6.61%	5.68%	6.72%	7.31%
HCAL.TO Hamilton Enhanced Canadian Bank ETF	3.12%	4.20%	6.12%	7.37%	7.46%	4.99%	3.14%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HCAL.TO and CIC.TO in my portfolio?

With a correlation of 0.94, HCAL.TO and CIC.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.

Which ETF is better, HCAL.TO or CIC.TO?

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.

Which ETF is cheaper, HCAL.TO or CIC.TO?

HCAL.TO is cheaper with a 0.65% expense ratio, compared with 0.87% for CIC.TO.

What is the main difference between HCAL.TO and CIC.TO?

They also come from different issuers: Hamilton Capital and CI. Their fees differ too: 0.65% for HCAL.TO and 0.87% for CIC.TO.