HCAL.TO vs. HPYB.TO

Last updated Jul 14, 2026

HCAL.TO (Hamilton Enhanced Canadian Bank ETF) and HPYB.TO (Harvest Premium Yield Canadian Bank ETF) are both exchange-traded funds - HCAL.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index (125%), while HPYB.TO is a Derivative Income fund actively managed by Harvest. HCAL.TO is passively managed, while HPYB.TO is actively managed. Their correlation of 0.94 suggests significant overlap in exposure.

Performance

HCAL.TO vs. HPYB.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 Harvest Premium Yield Canadian Bank ETF (HPYB.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

HCAL.TO

• 1D: -0.33%
• 1M: 8.31%
• 6M: 39.96%
• YTD: 42.24%
• 1Y: 91.03%
• 3Y*: 44.89%
• 5Y*: 24.35%
• 10Y*: —

HPYB.TO

• 1D: -0.08%
• 1M: 3.60%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)
HCAL.TO Hamilton Enhanced Canadian Bank ETF	41.85%
HPYB.TO Harvest Premium Yield Canadian Bank ETF	17.25%

Correlation

The correlation between HCAL.TO and HPYB.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 (All Time) Calculated using the full available price history since Jan 21, 2026	0.94

Return for Risk

HCAL.TO vs. HPYB.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: 97
HCAL.TO Martin Ratio Rank: 97

HPYB.TO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. HPYB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton Enhanced Canadian Bank ETF (HCAL.TO) and Harvest Premium Yield Canadian Bank ETF (HPYB.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	HPYB.TO	Difference
Sharpe ratio: Return per unit of total volatility	5.49	—	—
Sortino ratio: Return per unit of downside risk	6.81	—	—
Omega ratio: Gain probability vs. loss probability	1.94	—	—
Calmar ratio: Return relative to maximum drawdown	8.59	—	—
Martin ratio: Return relative to average drawdown	37.18	—	—

Drawdowns

HCAL.TO vs. HPYB.TO - Drawdown Comparison

The maximum HCAL.TO drawdown since its inception was -35.05%, which is greater than HPYB.TO's maximum drawdown of -6.37%. Use the drawdown chart below to compare losses from any high point for HCAL.TO and HPYB.TO.

Drawdown Indicators

	HCAL.TO	HPYB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-35.05%	-6.37%	-28.68%
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	-0.33%	-0.08%	-0.25%
Average Drawdown Average peak-to-trough decline	-9.46%	-1.11%	-8.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.46%	—	—

Volatility

Volatility by Period

	HCAL.TO	HPYB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.04%	—	—
Volatility (6M) Calculated over the trailing 6-month period	14.53%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	16.69%	11.92%	+4.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.28%	11.92%	+5.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.00%	11.92%	+5.08%

Dividends

HCAL.TO vs. HPYB.TO - Dividend Comparison

HCAL.TO's dividend yield for the trailing twelve months is around 3.06%, less than HPYB.TO's 5.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
HCAL.TO Hamilton Enhanced Canadian Bank ETF	3.06%	4.20%	6.12%	7.37%	7.46%	4.27%	2.66%
HPYB.TO Harvest Premium Yield Canadian Bank ETF	5.83%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

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

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

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