HCAL.TO vs. DXF.TO

Last updated Aug 2, 2026

HCAL.TO (Hamilton Enhanced Canadian Bank ETF) and DXF.TO (Dynamic Active Global Financial Services ETF) are both Financials Equities funds. HCAL.TO is passively managed, while DXF.TO is actively managed. Over the past 5 years, HCAL.TO returned 24.47%/yr vs 9.82%/yr for DXF.TO. Their 0.35 correlation means their historical movements had little consistent relationship. HCAL.TO charges 0.65%/yr vs 0.84%/yr for DXF.TO.

Performance

HCAL.TO vs. DXF.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 Dynamic Active Global Financial Services ETF (DXF.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 41.03% return, which is significantly higher than DXF.TO's 4.08% return.

HCAL.TO

• 1D: 0.22%
• 1M: 1.89%
• 6M: 42.14%
• YTD: 41.03%
• 1Y: 88.97%
• 3Y*: 43.38%
• 5Y*: 24.47%
• 10Y*: —
• ALL TIME*: 29.85%

DXF.TO

• 1D: -1.27%
• 1M: 2.15%
• 6M: 5.25%
• YTD: 4.08%
• 1Y: 7.22%
• 3Y*: 21.77%
• 5Y*: 9.82%
• 10Y*: —
• ALL TIME*: 12.97%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DXF.TO Dynamic Active Global Financial Services ETF	CA$1.08K	CA$2.16K	CA$8.42K
HCAL.TO Hamilton Enhanced Canadian Bank ETF	CA$4.03M	CA$3.86M	CA$4.00M

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020
HCAL.TO Hamilton Enhanced Canadian Bank ETF	41.03%	54.09%	29.04%	11.73%	-17.54%	50.25%	16.92%
DXF.TO Dynamic Active Global Financial Services ETF	4.08%	17.12%	36.17%	18.06%	-19.33%	23.02%	8.01%

Correlation

The correlation between HCAL.TO and DXF.TO is 0.22, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.22
Correlation (3Y) Balances recent behavior with more history.	0.29
Correlation (5Y) Shows whether the relationship held over a longer period.	0.36
Correlation (All Time) Calculated using the full available price history since Oct 15, 2020	0.35

The correlation between HCAL.TO and DXF.TO shifts across timeframes, from 0.22 (1 year) to 0.36 (5 years), reflecting how their relationship changes across market environments.

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

Sectors	HCAL.TO	DXF.TO
Financial Services	100.0%	83.9%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	14.1%
Real Estate	-	2.0%
Technology	-	-
Utilities	-	-

Return for Risk

HCAL.TO vs. DXF.TO — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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: 97
HCAL.TO Calmar Ratio Rank: 97
HCAL.TO Martin Ratio Rank: 97

DXF.TO

DXF.TO Risk / Return Rank: 23
DXF.TO Sharpe Ratio Rank: 26
DXF.TO Sortino Ratio Rank: 26
DXF.TO Omega Ratio Rank: 25
DXF.TO Calmar Ratio Rank: 20
DXF.TO Martin Ratio Rank: 20

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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

This table presents a comparison of risk-adjusted performance metrics for Hamilton Enhanced Canadian Bank ETF (HCAL.TO) and Dynamic Active Global Financial Services ETF (DXF.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	DXF.TO	Difference
Sharpe ratio: Return per unit of total volatility	5.00	0.60	+4.41
Sortino ratio: Return per unit of downside risk	5.91	0.95	+4.96
Omega ratio: Gain probability vs. loss probability	1.84	1.11	+0.72
Calmar ratio: Return relative to maximum drawdown	8.34	0.51	+7.83
Martin ratio: Return relative to average drawdown	34.52	1.28	+33.24

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

The current HCAL.TO Sharpe Ratio is 5.00, which is higher than the DXF.TO Sharpe Ratio of 0.60. The chart below compares the historical Sharpe Ratios of HCAL.TO and DXF.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. DXF.TO - Drawdown Comparison

The maximum HCAL.TO drawdown since its inception was -35.05%, roughly equal to the maximum DXF.TO drawdown of -35.27%. Use the drawdown chart below to compare losses from any high point for HCAL.TO and DXF.TO.

Drawdown Indicators

	HCAL.TO	DXF.TO	Difference
Max Drawdown Largest peak-to-trough decline	-35.05%	-35.27%	+0.22%
Max Drawdown (1Y) Largest decline over 1 year	-10.65%	-14.42%	+3.77%
Max Drawdown (3Y) Largest decline over 3 years	-16.66%	-14.42%	-2.24%
Max Drawdown (5Y) Largest decline over 5 years	-35.05%	-29.06%	-5.99%
Current Drawdown Current decline from peak	-3.70%	-1.27%	-2.43%
Average Drawdown Average peak-to-trough decline	-9.40%	-7.63%	-1.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	5.76%	-3.19%

Volatility

HCAL.TO vs. DXF.TO - Volatility Comparison

Hamilton Enhanced Canadian Bank ETF (HCAL.TO) has a higher volatility of 7.79% compared to Dynamic Active Global Financial Services ETF (DXF.TO) at 5.41%. This indicates that HCAL.TO's price experiences larger fluctuations and is considered to be riskier than DXF.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HCAL.TO	DXF.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.79%	5.41%	+2.38%
Volatility (6M) Calculated over the trailing 6-month period	15.58%	10.13%	+5.45%
Volatility (1Y) Calculated over the trailing 1-year period	17.80%	12.43%	+5.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.44%	16.75%	+0.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.13%	22.32%	-5.19%

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

HCAL.TO has a 0.65% expense ratio, which is lower than DXF.TO's 0.84% expense ratio.

Dividends

HCAL.TO vs. DXF.TO - Dividend Comparison

HCAL.TO's dividend yield for the trailing twelve months is around 3.12%, more than DXF.TO's 1.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DXF.TO Dynamic Active Global Financial Services ETF	1.09%	1.13%	1.18%	2.14%	1.95%	1.07%	1.30%	1.40%	2.08%
HCAL.TO Hamilton Enhanced Canadian Bank ETF	3.12%	4.20%	6.12%	7.37%	7.46%	4.27%	2.66%	0.00%	0.00%

Frequently Asked Questions

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

HCAL.TO and DXF.TO have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

HCAL.TO is cheaper with a 0.65% expense ratio, compared with 0.84% for DXF.TO.

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

They also come from different issuers: Hamilton and Dynamic. Their fees differ too: 0.65% for HCAL.TO and 0.84% for DXF.TO.