HCAL.TO vs. CMR.TO
HCAL.TO (Hamilton Enhanced Canadian Bank ETF) and CMR.TO (iShares Premium Money Market ETF) are both exchange-traded funds - HCAL.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index (125%), while CMR.TO is a Money Market fund actively managed by iShares. HCAL.TO is passively managed, while CMR.TO is actively managed. Over the past 5 years, HCAL.TO returned 25.03%/yr vs 3.02%/yr for CMR.TO. At a correlation of -0.03, they often move in opposite directions. HCAL.TO charges 0.65%/yr vs 0.13%/yr for CMR.TO.
Performance
HCAL.TO vs. CMR.TO - Performance Comparison
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Returns By Period
In the year-to-date period, HCAL.TO achieves a 44.98% return, which is significantly higher than CMR.TO's 1.25% return.
HCAL.TO
- 1D
- -1.00%
- 1M
- 8.85%
- 6M
- 42.28%
- YTD
- 44.98%
- 1Y
- 94.58%
- 3Y*
- 45.48%
- 5Y*
- 25.03%
- 10Y*
- —
CMR.TO
- 1D
- 0.02%
- 1M
- 0.19%
- 6M
- 1.17%
- YTD
- 1.25%
- 1Y
- 2.46%
- 3Y*
- 3.68%
- 5Y*
- 3.02%
- 10Y*
- 1.93%
HCAL.TO vs. CMR.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
HCAL.TO Hamilton Enhanced Canadian Bank ETF | 44.98% | 54.09% | 29.04% | 11.73% | -17.54% | 50.25% | 16.92% |
CMR.TO iShares Premium Money Market ETF | 1.25% | 2.78% | 4.70% | 4.70% | 1.72% | 0.01% | -0.02% |
Correlation
The correlation between HCAL.TO and CMR.TO is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Oct 15, 2020 | -0.03 |
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Return for Risk
HCAL.TO vs. CMR.TO — Risk / Return Rank
HCAL.TO
CMR.TO
HCAL.TO vs. CMR.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hamilton Enhanced Canadian Bank ETF (HCAL.TO) and iShares Premium Money Market ETF (CMR.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 | CMR.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -6.50 | ||
| Sortino ratioReturn per unit of downside risk | -29.75 | ||
| Omega ratioGain probability vs. loss probability | 1.96 | 12.05 | -10.09 |
| Calmar ratioReturn relative to maximum drawdown | 8.93 | 123.47 | -114.54 |
| Martin ratioReturn relative to average drawdown | 38.62 | 542.78 | -504.16 |
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Drawdowns
HCAL.TO vs. CMR.TO - Drawdown Comparison
The maximum HCAL.TO drawdown since its inception was -35.05%, which is greater than CMR.TO's maximum drawdown of -0.52%. Use the drawdown chart below to compare losses from any high point for HCAL.TO and CMR.TO.
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Drawdown Indicators
| HCAL.TO | CMR.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.05% | -0.52% | -34.53% |
Max Drawdown (1Y)Largest decline over 1 year | -10.65% | -0.02% | -10.63% |
Max Drawdown (3Y)Largest decline over 3 years | -18.77% | -0.04% | -18.73% |
Max Drawdown (5Y)Largest decline over 5 years | -35.05% | -0.04% | -35.01% |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.14% | — |
Current DrawdownCurrent decline from peak | -1.00% | -0.00% | -1.00% |
Average DrawdownAverage peak-to-trough decline | -9.44% | -0.01% | -9.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.46% | 0.00% | +2.46% |
Volatility
HCAL.TO vs. CMR.TO - Volatility Comparison
Hamilton Enhanced Canadian Bank ETF (HCAL.TO) has a higher volatility of 5.39% compared to iShares Premium Money Market ETF (CMR.TO) at 0.05%. This indicates that HCAL.TO's price experiences larger fluctuations and is considered to be riskier than CMR.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.TO | CMR.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.39% | 0.05% | +5.34% |
Volatility (6M)Calculated over the trailing 6-month period | 14.68% | 0.15% | +14.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.79% | 0.20% | +16.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.31% | 0.27% | +17.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.02% | 0.27% | +16.75% |
HCAL.TO vs. CMR.TO - Expense Ratio Comparison
HCAL.TO has a 0.65% expense ratio, which is higher than CMR.TO's 0.13% expense ratio.
Dividends
HCAL.TO vs. CMR.TO - Dividend Comparison
HCAL.TO's dividend yield for the trailing twelve months is around 3.00%, more than CMR.TO's 2.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMR.TO iShares Premium Money Market ETF | 2.45% | 2.81% | 4.56% | 4.64% | 1.63% | 0.01% | 0.47% | 1.60% | 1.33% | 0.61% | 0.43% | 0.48% |
HCAL.TO Hamilton Enhanced Canadian Bank ETF | 3.00% | 4.20% | 6.12% | 7.37% | 7.46% | 4.27% | 2.66% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HCAL.TO and CMR.TO have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CMR.TO is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CMR.TO is cheaper with a 0.13% expense ratio, compared with 0.65% for HCAL.TO.
HCAL.TO is categorized as Financials Equities, while CMR.TO is Money Market. They also come from different issuers: Hamilton Capital and iShares. Their fees differ too: 0.65% for HCAL.TO and 0.13% for CMR.TO.
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