HCAL.TO vs. HPYE.TO

Last updated Jun 3, 2026

HCAL.TO (Hamilton Enhanced Canadian Bank ETF) and HPYE.TO (Harvest Premium Yield Enhanced ETF) are both exchange-traded funds - HCAL.TO is a Leveraged Equities fund tracking the Solactive Equal Weight Canada Banks Index (125%), while HPYE.TO is a Derivative Income fund actively managed by Harvest Portfolios Group. HCAL.TO is passively managed, while HPYE.TO is actively managed. A 0.58 correlation means they provide meaningful diversification when combined. Both charge a 0.65% expense ratio.

Performance

HCAL.TO vs. HPYE.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 Enhanced ETF (HPYE.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

HCAL.TO

• 1D: 2.28%
• 1M: 5.54%
• YTD: 24.08%
• 6M: 31.04%
• 1Y: 78.37%
• 3Y*: 39.82%
• 5Y*: 20.80%
• 10Y*: —

HPYE.TO

• 1D: 0.08%
• 1M: 6.05%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)
HCAL.TO Hamilton Enhanced Canadian Bank ETF	22.93%
HPYE.TO Harvest Premium Yield Enhanced ETF	8.80%

Correlation

The correlation between HCAL.TO and HPYE.TO is 0.58, 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 Jan 22, 2026	0.58

Return for Risk

HCAL.TO vs. HPYE.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: 96
HCAL.TO Sharpe Ratio Rank: 97
HCAL.TO Sortino Ratio Rank: 97
HCAL.TO Omega Ratio Rank: 97
HCAL.TO Calmar Ratio Rank: 94
HCAL.TO Martin Ratio Rank: 95

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. HPYE.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 Enhanced ETF (HPYE.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.

	HCAL.TO	HPYE.TO	Difference
Sharpe ratio Return per unit of total volatility	4.98	—	—
Sortino ratio Return per unit of downside risk	6.45	—	—
Omega ratio Gain probability vs. loss probability	1.90	—	—
Calmar ratio Return relative to maximum drawdown	7.32	—	—
Martin ratio Return relative to average drawdown	31.93	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	HCAL.TO	HPYE.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.98	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.22	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.65	2.04	-0.38

Drawdowns

HCAL.TO vs. HPYE.TO - Drawdown Comparison

The maximum HCAL.TO drawdown since its inception was -35.05%, which is greater than HPYE.TO's maximum drawdown of -5.51%. Use the drawdown chart below to compare losses from any high point for HCAL.TO and HPYE.TO.

Drawdown Indicators

	HCAL.TO	HPYE.TO	Difference
Max Drawdown Largest peak-to-trough decline	-35.05%	-5.51%	-29.54%
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	-2.00%	-0.23%	-1.77%
Average Drawdown Average peak-to-trough decline	-9.63%	-1.40%	-8.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	—	—

Volatility

Volatility by Period

	HCAL.TO	HPYE.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.30%	—	—
Volatility (6M) Calculated over the trailing 6-month period	14.13%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	15.82%	12.99%	+2.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.16%	12.99%	+4.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.01%	12.99%	+4.02%

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

Both HCAL.TO and HPYE.TO have an expense ratio of 0.65%.

Dividends

HCAL.TO vs. HPYE.TO - Dividend Comparison

HCAL.TO's dividend yield for the trailing twelve months is around 3.47%, less than HPYE.TO's 5.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
HCAL.TO Hamilton Enhanced Canadian Bank ETF	3.47%	4.20%	6.12%	7.37%	7.47%	4.99%	3.14%
HPYE.TO Harvest Premium Yield Enhanced ETF	5.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

HCAL.TO and HPYE.TO have a correlation of 0.58, 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 HPYE.TO?

Both ETFs have the same 0.65% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

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

HCAL.TO and HPYE.TO have the same expense ratio: 0.65% per year.

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

HCAL.TO is categorized as Leveraged Equities, while HPYE.TO is Derivative Income. They also come from different issuers: Hamilton Capital and Harvest Portfolios Group.