HCAL.TO vs. XEG.TO
HCAL.TO (Hamilton Enhanced Canadian Bank ETF) and XEG.TO (iShares S&P/TSX Capped Energy Index ETF) are both exchange-traded funds - HCAL.TO is a Leveraged Equities fund tracking the Solactive Equal Weight Canada Banks Index (125%), while XEG.TO is a Energy Equities fund tracking the S&P/TSX Capped Energy Index. Both are passively managed. Over the past 5 years, HCAL.TO returned 20.76%/yr vs 29.48%/yr for XEG.TO. At a 0.31 correlation, their price movements are largely independent. HCAL.TO charges 0.65%/yr vs 0.61%/yr for XEG.TO.
Performance
HCAL.TO vs. XEG.TO - Performance Comparison
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Returns By Period
In the year-to-date period, HCAL.TO achieves a 23.54% return, which is significantly lower than XEG.TO's 44.34% return.
HCAL.TO
- 1D
- -0.43%
- 1M
- 6.76%
- YTD
- 23.54%
- 6M
- 30.66%
- 1Y
- 76.99%
- 3Y*
- 39.62%
- 5Y*
- 20.76%
- 10Y*
- —
XEG.TO
- 1D
- 1.17%
- 1M
- -0.04%
- YTD
- 44.34%
- 6M
- 39.73%
- 1Y
- 70.40%
- 3Y*
- 28.08%
- 5Y*
- 29.48%
- 10Y*
- 11.85%
HCAL.TO vs. XEG.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
HCAL.TO Hamilton Enhanced Canadian Bank ETF | 23.54% | 54.09% | 29.04% | 11.73% | -17.53% | 51.61% | 16.06% |
XEG.TO iShares S&P/TSX Capped Energy Index ETF | 44.34% | 16.72% | 14.08% | 3.52% | 53.25% | 83.71% | 34.82% |
Correlation
The correlation between HCAL.TO and XEG.TO is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Oct 16, 2020 | 0.31 |
The correlation between HCAL.TO and XEG.TO shifts across timeframes, from -0.13 (1 year) to 0.31 (all time), reflecting how their relationship changes across market environments.
HCAL.TO vs. XEG.TO - Sectors Allocation Comparison
Sectors
HCAL.TO
XEG.TO
Financial Services
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Basic Materials
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Communication Services
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Consumer Cyclical
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Consumer Defensive
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Energy
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Healthcare
-
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Industrials
-
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Real Estate
-
-
Technology
-
-
Utilities
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-
Financial Services
HCAL.TO
XEG.TO
-
Basic Materials
HCAL.TO
-
XEG.TO
-
Communication Services
HCAL.TO
-
XEG.TO
-
Consumer Cyclical
HCAL.TO
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XEG.TO
-
Consumer Defensive
HCAL.TO
-
XEG.TO
-
Energy
HCAL.TO
-
XEG.TO
Healthcare
HCAL.TO
-
XEG.TO
-
Industrials
HCAL.TO
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XEG.TO
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Real Estate
HCAL.TO
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XEG.TO
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Technology
HCAL.TO
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XEG.TO
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Utilities
HCAL.TO
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XEG.TO
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Return for Risk
HCAL.TO vs. XEG.TO — Risk / Return Rank
HCAL.TO
XEG.TO
HCAL.TO vs. XEG.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 S&P/TSX Capped Energy Index ETF (XEG.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 | XEG.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.78 | ||
| Sortino ratioReturn per unit of downside risk | +2.70 | ||
| Omega ratioGain probability vs. loss probability | 1.88 | 1.49 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 7.26 | 6.36 | +0.90 |
| Martin ratioReturn relative to average drawdown | 31.55 | 19.02 | +12.52 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HCAL.TO | XEG.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.89 | 3.11 | +1.78 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.22 | 1.04 | +0.18 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.36 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.64 | 0.28 | +1.37 |
Drawdowns
HCAL.TO vs. XEG.TO - Drawdown Comparison
The maximum HCAL.TO drawdown since its inception was -35.05%, smaller than the maximum XEG.TO drawdown of -87.74%. Use the drawdown chart below to compare losses from any high point for HCAL.TO and XEG.TO.
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Drawdown Indicators
| HCAL.TO | XEG.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.05% | -87.74% | +52.69% |
Max Drawdown (1Y)Largest decline over 1 year | -10.65% | -11.12% | +0.47% |
Max Drawdown (3Y)Largest decline over 3 years | -18.77% | -25.67% | +6.90% |
Max Drawdown (5Y)Largest decline over 5 years | -35.05% | -28.42% | -6.63% |
Max Drawdown (10Y)Largest decline over 10 years | — | -79.66% | — |
Current DrawdownCurrent decline from peak | -2.42% | -4.00% | +1.58% |
Average DrawdownAverage peak-to-trough decline | -9.62% | -29.19% | +19.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.45% | 3.71% | -1.26% |
Volatility
HCAL.TO vs. XEG.TO - Volatility Comparison
The current volatility for Hamilton Enhanced Canadian Bank ETF (HCAL.TO) is 6.05%, while iShares S&P/TSX Capped Energy Index ETF (XEG.TO) has a volatility of 9.31%. This indicates that HCAL.TO experiences smaller price fluctuations and is considered to be less risky than XEG.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 | XEG.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.05% | 9.31% | -3.26% |
Volatility (6M)Calculated over the trailing 6-month period | 14.08% | 18.99% | -4.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.82% | 22.76% | -6.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.16% | 28.62% | -11.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.00% | 33.41% | -16.41% |
HCAL.TO vs. XEG.TO - Expense Ratio Comparison
HCAL.TO has a 0.65% expense ratio, which is higher than XEG.TO's 0.61% expense ratio.
Dividends
HCAL.TO vs. XEG.TO - Dividend Comparison
HCAL.TO's dividend yield for the trailing twelve months is around 3.49%, more than XEG.TO's 2.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HCAL.TO Hamilton Enhanced Canadian Bank ETF | 3.49% | 4.20% | 6.12% | 7.37% | 7.47% | 4.99% | 3.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XEG.TO iShares S&P/TSX Capped Energy Index ETF | 2.65% | 3.63% | 3.46% | 4.26% | 3.31% | 1.64% | 2.96% | 2.70% | 2.25% | 1.41% | 1.40% | 3.58% |
Frequently Asked Questions
HCAL.TO and XEG.TO have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XEG.TO is cheaper at 0.61% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XEG.TO is cheaper with a 0.61% expense ratio, compared with 0.65% for HCAL.TO.
HCAL.TO is categorized as Leveraged Equities, while XEG.TO is Energy Equities. HCAL.TO tracks Solactive Equal Weight Canada Banks Index (125%), while XEG.TO tracks S&P/TSX Capped Energy Index. They also come from different issuers: Hamilton Capital and iShares. Their fees differ too: 0.65% for HCAL.TO and 0.61% for XEG.TO.
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