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

HDIF.TO vs. TBIL.TO

Last updated Jun 4, 2026

HDIF.TO (Harvest Diversified Monthly Income ETF - Class A Units) and TBIL.TO (Harvest Canadian T-Bill ETF) are both exchange-traded funds - HDIF.TO is a Derivative Income fund actively managed by Harvest, while TBIL.TO is a Money Market fund actively managed by Harvest. Both are actively managed. Over the past year, HDIF.TO returned 28.86% vs 2.28% for TBIL.TO. At a 0.01 correlation, their price movements are largely independent. HDIF.TO charges 2.47%/yr vs 0.00%/yr for TBIL.TO.

Performance

HDIF.TO vs. TBIL.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 Harvest Canadian T-Bill ETF (TBIL.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 higher than TBIL.TO's 0.83% return.

HDIF.TO

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

TBIL.TO

1D
0.00%
1M
0.16%
YTD
0.83%
6M
1.04%
1Y
2.28%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024
HDIF.TO
Harvest Diversified Monthly Income ETF - Class A Units		11.54%15.61%18.96%
TBIL.TO
Harvest Canadian T-Bill ETF		0.83%2.60%9.21%

Correlation

The correlation between HDIF.TO and TBIL.TO is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.11

Correlation (All Time)
Calculated using the full available price history since Jan 17, 2024

0.01

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Harvest Diversified Monthly Income ETF - Class A Units

Harvest Canadian T-Bill ETF

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 TBIL.TO:
TBIL.TO vs. CASH.TOTBIL.TO vs. NVHE.TOTBIL.TO vs. CSAV.TOTBIL.TO vs. CMNY.TOTBIL.TO vs. HISU-U.TOTBIL.TO vs. CCAD.TOTBIL.TO vs. HSUV-U.TO

Return for Risk

HDIF.TO vs. TBIL.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
TBIL.TO
TBIL.TO Risk / Return Rank: 9999
Overall Rank
TBIL.TO Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
TBIL.TO Sortino Ratio Rank: 9999
Sortino Ratio Rank
TBIL.TO Omega Ratio Rank: 9999
Omega Ratio Rank
TBIL.TO Calmar Ratio Rank: 100100
Calmar Ratio Rank
TBIL.TO Martin Ratio Rank: 9999
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. TBIL.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 Harvest Canadian T-Bill ETF (TBIL.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.TOTBIL.TODifference
Sharpe ratioReturn per unit of total volatility
2.29
8.01

-5.72

Sortino ratioReturn per unit of downside risk
3.11
19.26

-16.15

Omega ratioGain probability vs. loss probability

1.42

4.08

-2.66

Calmar ratioReturn relative to maximum drawdown

3.30

57.46

-54.16

Martin ratioReturn relative to average drawdown

13.66

258.77

-245.11

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. TBIL.TO - Sharpe Ratio Comparison

The current HDIF.TO Sharpe Ratio is 2.29, which is lower than the TBIL.TO Sharpe Ratio of 8.01. The chart below compares the historical Sharpe Ratios of HDIF.TO and TBIL.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.TOTBIL.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.29

8.01

-5.72

Sharpe Ratio (All Time)

Calculated using the full available price history

0.53

5.26

-4.73

Drawdowns

HDIF.TO vs. TBIL.TO - Drawdown Comparison

The maximum HDIF.TO drawdown since its inception was -24.07%, which is greater than TBIL.TO's maximum drawdown of -0.38%. Use the drawdown chart below to compare losses from any high point for HDIF.TO and TBIL.TO.

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Drawdown Indicators

HDIF.TOTBIL.TODifference

Max Drawdown

Largest peak-to-trough decline

-24.07%

-0.38%

-23.69%

Max Drawdown (1Y)

Largest decline over 1 year

-8.79%

-0.04%

-8.75%

Max Drawdown (3Y)

Largest decline over 3 years

-19.60%

—

—

Current Drawdown

Current decline from peak

-0.73%

0.00%

-0.73%

Average Drawdown

Average peak-to-trough decline

-6.65%

-0.00%

-6.65%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.12%

0.01%

+2.11%

Volatility

HDIF.TO vs. TBIL.TO - Volatility Comparison

Harvest Diversified Monthly Income ETF - Class A Units (HDIF.TO) has a higher volatility of 3.50% compared to Harvest Canadian T-Bill ETF (TBIL.TO) at 0.04%. This indicates that HDIF.TO's price experiences larger fluctuations and is considered to be riskier than TBIL.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.TOTBIL.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.50%

0.04%

+3.46%

Volatility (6M)

Calculated over the trailing 6-month period

10.37%

0.18%

+10.19%

Volatility (1Y)

Calculated over the trailing 1-year period

12.67%

0.29%

+12.38%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.49%

1.08%

+16.41%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.49%

1.08%

+16.41%

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

HDIF.TO has a 2.47% expense ratio, which is higher than TBIL.TO's 0.00% expense ratio.

Dividends

HDIF.TO vs. TBIL.TO - Dividend Comparison

HDIF.TO's dividend yield for the trailing twelve months is around 10.21%, more than TBIL.TO's 2.27% yield.

PositionTTM2025202420232022
HDIF.TO
Harvest Diversified Monthly Income ETF - Class A Units		10.21%9.93%10.15%10.62%8.95%
TBIL.TO
Harvest Canadian T-Bill ETF		2.27%2.57%8.81%0.00%0.00%

Frequently Asked Questions

HDIF.TO and TBIL.TO have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, TBIL.TO is cheaper at 0.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.

TBIL.TO is cheaper with a 0.00% expense ratio, compared with 2.47% for HDIF.TO.

HDIF.TO is categorized as Derivative Income, while TBIL.TO is Money Market. Their fees differ too: 2.47% for HDIF.TO and 0.00% for TBIL.TO.

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