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HDIF.TO vs. BANK.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HDIF.TO vs. BANK.TO

Last updated Jun 4, 2026

HDIF.TO (Harvest Diversified Monthly Income ETF - Class A Units) and BANK.TO (Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund) are both Derivative Income funds. HDIF.TO is actively managed, while BANK.TO is passively managed. Over the past 3 years, HDIF.TO returned 18.30%/yr vs 31.96%/yr for BANK.TO. A 0.69 correlation means they provide meaningful diversification when combined. HDIF.TO charges 2.47%/yr vs 0.60%/yr for BANK.TO.

Performance

HDIF.TO vs. BANK.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Harvest Diversified Monthly Income ETF - Class A Units (HDIF.TO) and Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund (BANK.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HDIF.TO achieves a 11.54% return, which is significantly lower than BANK.TO's 17.36% return.

HDIF.TO

1D
-0.73%
1M
6.52%
YTD
11.54%
6M
12.52%
1Y
28.86%
3Y*
18.30%
5Y*
—
10Y*
—

BANK.TO

1D
-0.47%
1M
6.16%
YTD
17.36%
6M
23.52%
1Y
55.24%
3Y*
31.96%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

HDIF.TO vs. BANK.TO - Yearly Performance Comparison

2026 (YTD)2025202420232022
HDIF.TO
Harvest Diversified Monthly Income ETF - Class A Units		11.54%15.61%18.52%12.79%-15.12%
BANK.TO
Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund		17.36%41.00%27.90%16.23%-20.07%

Correlation

The correlation between HDIF.TO and BANK.TO is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.66

Correlation (3Y)
Calculated over the trailing 3-year period

0.69

Correlation (All Time)
Calculated using the full available price history since Feb 17, 2022

0.69

The correlation between HDIF.TO and BANK.TO has been stable across timeframes, ranging from 0.66 to 0.69 - a consistent structural relationship.

HDIF.TO vs. BANK.TO - Sectors Allocation Comparison

Sectors
HDIF.TO
BANK.TO

Technology

27.6%

-

Financial Services

15.6%
100.0%

Healthcare

11.4%

-

Communication Services

10.3%

-

Consumer Cyclical

9.7%

-

Industrials

9.4%

-

Energy

5.3%

-

Utilities

5.0%

-

Consumer Defensive

3.9%

-

Basic Materials

1.1%

-

Real Estate

0.8%

-

Technology

HDIF.TO
27.6%
BANK.TO

-

Financial Services

HDIF.TO
15.6%
BANK.TO
100.0%

Healthcare

HDIF.TO
11.4%
BANK.TO

-

Communication Services

HDIF.TO
10.3%
BANK.TO

-

Consumer Cyclical

HDIF.TO
9.7%
BANK.TO

-

Industrials

HDIF.TO
9.4%
BANK.TO

-

Energy

HDIF.TO
5.3%
BANK.TO

-

Utilities

HDIF.TO
5.0%
BANK.TO

-

Consumer Defensive

HDIF.TO
3.9%
BANK.TO

-

Basic Materials

HDIF.TO
1.1%
BANK.TO

-

Real Estate

HDIF.TO
0.8%
BANK.TO

-

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Harvest Diversified Monthly Income ETF - Class A Units

Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund

Often compared with HDIF.TO:
HDIF.TO vs. HDIV.TOHDIF.TO vs. HYLD.TOHDIF.TO vs. XEQT.TOHDIF.TO vs. HTAE.TOHDIF.TO vs. MQQQHDIF.TO vs. ZMMK.TOHDIF.TO vs. VDY.TO
Often compared with BANK.TO:
BANK.TO vs. HMAX.TOBANK.TO vs. HCAL.TOBANK.TO vs. VDY.TOBANK.TO vs. RBNK.TOBANK.TO vs. HYLD.TOBANK.TO vs. VCN.TOBANK.TO vs. VEQT.TO

Return for Risk

HDIF.TO vs. BANK.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HDIF.TO
HDIF.TO Risk / Return Rank: 6868
Overall Rank
HDIF.TO Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
HDIF.TO Sortino Ratio Rank: 6666
Sortino Ratio Rank
HDIF.TO Omega Ratio Rank: 6868
Omega Ratio Rank
HDIF.TO Calmar Ratio Rank: 6666
Calmar Ratio Rank
HDIF.TO Martin Ratio Rank: 7272
Martin Ratio Rank
BANK.TO
BANK.TO Risk / Return Rank: 9696
Overall Rank
BANK.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
BANK.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
BANK.TO Omega Ratio Rank: 9696
Omega Ratio Rank
BANK.TO Calmar Ratio Rank: 9393
Calmar Ratio Rank
BANK.TO Martin Ratio Rank: 9595
Martin Ratio Rank
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.

HDIF.TO vs. BANK.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harvest Diversified Monthly Income ETF - Class A Units (HDIF.TO) and Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund (BANK.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.

HDIF.TOBANK.TODifference
Sharpe ratioReturn per unit of total volatility
2.29
4.59

-2.30

Sortino ratioReturn per unit of downside risk
3.11
6.28

-3.17

Omega ratioGain probability vs. loss probability

1.42

1.85

-0.43

Calmar ratioReturn relative to maximum drawdown

3.30

6.75

-3.45

Martin ratioReturn relative to average drawdown

13.66

29.78

-16.12

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HDIF.TO vs. BANK.TO - Sharpe Ratio Comparison

The current HDIF.TO Sharpe Ratio is 2.29, which is lower than the BANK.TO Sharpe Ratio of 4.59. The chart below compares the historical Sharpe Ratios of HDIF.TO and BANK.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.

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Sharpe Ratios by Period

HDIF.TOBANK.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.29

4.59

-2.30

Sharpe Ratio (All Time)

Calculated using the full available price history

0.53

1.08

-0.54

Drawdowns

HDIF.TO vs. BANK.TO - Drawdown Comparison

The maximum HDIF.TO drawdown since its inception was -24.07%, smaller than the maximum BANK.TO drawdown of -29.03%. Use the drawdown chart below to compare losses from any high point for HDIF.TO and BANK.TO.

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Drawdown Indicators

HDIF.TOBANK.TODifference

Max Drawdown

Largest peak-to-trough decline

-24.07%

-29.03%

+4.96%

Max Drawdown (1Y)

Largest decline over 1 year

-8.79%

-8.23%

-0.56%

Max Drawdown (3Y)

Largest decline over 3 years

-19.60%

-15.49%

-4.11%

Current Drawdown

Current decline from peak

-0.73%

-1.16%

+0.43%

Average Drawdown

Average peak-to-trough decline

-6.65%

-8.81%

+2.16%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.12%

1.86%

+0.26%

Volatility

HDIF.TO vs. BANK.TO - Volatility Comparison

The current volatility for Harvest Diversified Monthly Income ETF - Class A Units (HDIF.TO) is 3.50%, while Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund (BANK.TO) has a volatility of 4.28%. This indicates that HDIF.TO experiences smaller price fluctuations and is considered to be less risky than BANK.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HDIF.TOBANK.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.50%

4.28%

-0.78%

Volatility (6M)

Calculated over the trailing 6-month period

10.37%

10.45%

-0.08%

Volatility (1Y)

Calculated over the trailing 1-year period

12.67%

12.09%

+0.58%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.49%

15.65%

+1.84%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.49%

15.65%

+1.84%

HDIF.TO vs. BANK.TO - Expense Ratio Comparison

HDIF.TO has a 2.47% expense ratio, which is higher than BANK.TO's 0.60% expense ratio.

Dividends

HDIF.TO vs. BANK.TO - Dividend Comparison

HDIF.TO's dividend yield for the trailing twelve months is around 10.21%, less than BANK.TO's 13.02% yield.

PositionTTM2025202420232022
BANK.TO
Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund		13.02%13.73%15.28%13.60%10.52%
HDIF.TO
Harvest Diversified Monthly Income ETF - Class A Units		10.21%9.93%10.15%10.62%8.95%

Frequently Asked Questions

HDIF.TO and BANK.TO have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, BANK.TO is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

BANK.TO is cheaper with a 0.60% expense ratio, compared with 2.47% for HDIF.TO.

They also come from different issuers: Harvest and Evolve. Their fees differ too: 2.47% for HDIF.TO and 0.60% for BANK.TO.

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