HCAL.TO vs. HUTS.TO

Last updated Aug 2, 2026

HCAL.TO (Hamilton Enhanced Canadian Bank ETF) and HUTS.TO (Hamilton Enhanced Utilities ETF) are both exchange-traded funds - HCAL.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index (125%), while HUTS.TO is a Utilities Equities fund tracking the Solactive Canadian Utility Services High Dividend Index TR. Both are passively managed. Over the past 3 years, HCAL.TO returned 43.38%/yr vs 15.99%/yr for HUTS.TO. Their 0.38 correlation means their historical movements had little consistent relationship. HCAL.TO charges 0.65%/yr vs 2.06%/yr for HUTS.TO.

Performance

HCAL.TO vs. HUTS.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 Hamilton Enhanced Utilities ETF (HUTS.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 HUTS.TO's 17.30% 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%

HUTS.TO

• 1D: -1.70%
• 1M: 1.83%
• 6M: 12.88%
• YTD: 17.30%
• 1Y: 26.23%
• 3Y*: 15.99%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.00%

*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)
HCAL.TO Hamilton Enhanced Canadian Bank ETF	CA$4.03M	CA$3.86M	CA$4.00M
HUTS.TO Hamilton Enhanced Utilities ETF	CA$234.27K	CA$216.16K	CA$186.37K

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

	2026 (YTD)	2025	2024	2023	2022
HCAL.TO Hamilton Enhanced Canadian Bank ETF	41.03%	54.09%	29.04%	11.73%	-3.61%
HUTS.TO Hamilton Enhanced Utilities ETF	17.30%	21.29%	9.40%	-3.91%	-12.96%

Correlation

The correlation between HCAL.TO and HUTS.TO is -0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.03
Correlation (3Y) Balances recent behavior with more history.	0.36
Correlation (All Time) Calculated using the full available price history since Sep 6, 2022	0.38

The correlation between HCAL.TO and HUTS.TO shifts across timeframes, from -0.03 (1 year) to 0.38 (all time), reflecting how their relationship changes across market environments.

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

Sectors	HCAL.TO	HUTS.TO
Financial Services	100.0%	-
Basic Materials	-	-
Communication Services	-	22.5%
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	35.9%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	41.5%

Return for Risk

HCAL.TO vs. HUTS.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

HUTS.TO

HUTS.TO Risk / Return Rank: 90
HUTS.TO Sharpe Ratio Rank: 92
HUTS.TO Sortino Ratio Rank: 92
HUTS.TO Omega Ratio Rank: 91
HUTS.TO Calmar Ratio Rank: 93
HUTS.TO Martin Ratio Rank: 85

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. HUTS.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton Enhanced Canadian Bank ETF (HCAL.TO) and Hamilton Enhanced Utilities ETF (HUTS.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	HUTS.TO	Difference
Sharpe ratio: Return per unit of total volatility	5.00	2.43	+2.57
Sortino ratio: Return per unit of downside risk	5.91	3.42	+2.50
Omega ratio: Gain probability vs. loss probability	1.84	1.43	+0.41
Calmar ratio: Return relative to maximum drawdown	8.34	4.39	+3.95
Martin ratio: Return relative to average drawdown	34.52	12.04	+22.48

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

The current HCAL.TO Sharpe Ratio is 5.00, which is higher than the HUTS.TO Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of HCAL.TO and HUTS.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. HUTS.TO - Drawdown Comparison

The maximum HCAL.TO drawdown since its inception was -35.05%, which is greater than HUTS.TO's maximum drawdown of -30.57%. Use the drawdown chart below to compare losses from any high point for HCAL.TO and HUTS.TO.

Drawdown Indicators

	HCAL.TO	HUTS.TO	Difference
Max Drawdown Largest peak-to-trough decline	-35.05%	-30.57%	-4.48%
Max Drawdown (1Y) Largest decline over 1 year	-10.65%	-5.87%	-4.78%
Max Drawdown (3Y) Largest decline over 3 years	-16.66%	-14.20%	-2.46%
Max Drawdown (5Y) Largest decline over 5 years	-35.05%	—	—
Current Drawdown Current decline from peak	-3.70%	-3.22%	-0.48%
Average Drawdown Average peak-to-trough decline	-9.40%	-9.73%	+0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	2.14%	+0.43%

Volatility

HCAL.TO vs. HUTS.TO - Volatility Comparison

Hamilton Enhanced Canadian Bank ETF (HCAL.TO) has a higher volatility of 7.79% compared to Hamilton Enhanced Utilities ETF (HUTS.TO) at 4.29%. This indicates that HCAL.TO's price experiences larger fluctuations and is considered to be riskier than HUTS.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HCAL.TO	HUTS.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.79%	4.29%	+3.50%
Volatility (6M) Calculated over the trailing 6-month period	15.58%	9.06%	+6.52%
Volatility (1Y) Calculated over the trailing 1-year period	17.80%	10.60%	+7.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.44%	14.97%	+2.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.13%	14.97%	+2.16%

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

HCAL.TO has a 0.65% expense ratio, which is lower than HUTS.TO's 2.06% expense ratio.

Dividends

HCAL.TO vs. HUTS.TO - Dividend Comparison

HCAL.TO's dividend yield for the trailing twelve months is around 3.12%, less than HUTS.TO's 5.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
HCAL.TO Hamilton Enhanced Canadian Bank ETF	3.12%	4.20%	6.12%	7.37%	7.46%	4.27%	2.66%
HUTS.TO Hamilton Enhanced Utilities ETF	5.64%	6.45%	7.45%	7.83%	2.33%	0.00%	0.00%

Frequently Asked Questions

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

HCAL.TO and HUTS.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.

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

HCAL.TO is cheaper with a 0.65% expense ratio, compared with 2.06% for HUTS.TO.

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

HCAL.TO is categorized as Financials Equities, while HUTS.TO is Utilities Equities. HCAL.TO tracks Solactive Equal Weight Canada Banks Index (125%), while HUTS.TO tracks Solactive Canadian Utility Services High Dividend Index TR. Their fees differ too: 0.65% for HCAL.TO and 2.06% for HUTS.TO.