HDIV.TO vs. CBNK.TO
HDIV.TO (Hamilton Enhanced Multi-Sector Covered Call ETF) and CBNK.TO (Mulvihill Canadian Bank Enhanced Yield ETF) are both Derivative Income funds. Both are actively managed. Over the past 3 years, HDIV.TO returned 27.58%/yr vs 38.97%/yr for CBNK.TO. A 0.68 correlation means they provide meaningful diversification when combined.
Performance
HDIV.TO vs. CBNK.TO - Performance Comparison
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Returns By Period
In the year-to-date period, HDIV.TO achieves a 16.21% return, which is significantly lower than CBNK.TO's 25.56% return.
HDIV.TO
- 1D
- -0.26%
- 1M
- 6.14%
- YTD
- 16.21%
- 6M
- 17.63%
- 1Y
- 45.50%
- 3Y*
- 27.58%
- 5Y*
- —
- 10Y*
- —
CBNK.TO
- 1D
- 0.42%
- 1M
- 7.74%
- YTD
- 25.56%
- 6M
- 32.17%
- 1Y
- 79.20%
- 3Y*
- 38.97%
- 5Y*
- —
- 10Y*
- —
HDIV.TO vs. CBNK.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HDIV.TO Hamilton Enhanced Multi-Sector Covered Call ETF | 16.21% | 33.87% | 23.15% | 13.91% | -6.67% |
CBNK.TO Mulvihill Canadian Bank Enhanced Yield ETF | 25.56% | 51.67% | 27.42% | 8.42% | -19.87% |
Correlation
The correlation between HDIV.TO and CBNK.TO is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Mar 3, 2022 | 0.68 |
The correlation between HDIV.TO and CBNK.TO has been stable across timeframes, ranging from 0.63 to 0.69 - a consistent structural relationship.
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Return for Risk
HDIV.TO vs. CBNK.TO — Risk / Return Rank
HDIV.TO
CBNK.TO
HDIV.TO vs. CBNK.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hamilton Enhanced Multi-Sector Covered Call ETF (HDIV.TO) and Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.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.
| HDIV.TO | CBNK.TO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 3.67 | 5.12 | -1.46 |
Sortino ratioReturn per unit of downside risk | 4.70 | 6.76 | -2.06 |
Omega ratioGain probability vs. loss probability | 1.68 | 1.87 | -0.19 |
Calmar ratioReturn relative to maximum drawdown | 5.24 | 7.94 | -2.70 |
Martin ratioReturn relative to average drawdown | 25.39 | 34.25 | -8.86 |
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
| HDIV.TO | CBNK.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.67 | 5.12 | -1.46 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.26 | 1.10 | +0.17 |
Drawdowns
HDIV.TO vs. CBNK.TO - Drawdown Comparison
The maximum HDIV.TO drawdown since its inception was -22.32%, smaller than the maximum CBNK.TO drawdown of -32.12%. Use the drawdown chart below to compare losses from any high point for HDIV.TO and CBNK.TO.
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Drawdown Indicators
| HDIV.TO | CBNK.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.32% | -32.12% | +9.80% |
Max Drawdown (1Y)Largest decline over 1 year | -8.73% | -10.03% | +1.30% |
Max Drawdown (3Y)Largest decline over 3 years | -14.58% | -17.92% | +3.34% |
Current DrawdownCurrent decline from peak | -0.63% | -2.29% | +1.66% |
Average DrawdownAverage peak-to-trough decline | -4.22% | -10.92% | +6.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.80% | 2.32% | -0.52% |
Volatility
HDIV.TO vs. CBNK.TO - Volatility Comparison
The current volatility for Hamilton Enhanced Multi-Sector Covered Call ETF (HDIV.TO) is 3.80%, while Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.TO) has a volatility of 5.67%. This indicates that HDIV.TO experiences smaller price fluctuations and is considered to be less risky than CBNK.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HDIV.TO | CBNK.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.80% | 5.67% | -1.87% |
Volatility (6M)Calculated over the trailing 6-month period | 10.29% | 13.29% | -3.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.47% | 15.55% | -3.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.63% | 17.55% | -1.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.63% | 17.55% | -1.92% |
Dividends
HDIV.TO vs. CBNK.TO - Dividend Comparison
HDIV.TO's dividend yield for the trailing twelve months is around 9.33%, more than CBNK.TO's 5.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
CBNK.TO Mulvihill Canadian Bank Enhanced Yield ETF | 5.94% | 5.86% | 8.25% | 9.59% | 7.85% | 0.00% |
HDIV.TO Hamilton Enhanced Multi-Sector Covered Call ETF | 9.33% | 10.09% | 11.38% | 10.41% | 9.64% | 3.39% |
Frequently Asked Questions
HDIV.TO and CBNK.TO have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: Hamilton Capital and Mulvihill.
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