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HDIV.TO vs. CDAY.NEO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HDIV.TO vs. CDAY.NEO

Last updated Jun 4, 2026

HDIV.TO (Hamilton Enhanced Multi-Sector Covered Call ETF) and CDAY.NEO (Hamilton Enhanced Canadian Equity DayMAX ETF) are both Derivative Income funds from Hamilton Capital. Both are actively managed. Their correlation of 0.83 suggests significant overlap in exposure. HDIV.TO charges 0.00%/yr vs 0.85%/yr for CDAY.NEO.

Performance

HDIV.TO vs. CDAY.NEO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Hamilton Enhanced Multi-Sector Covered Call ETF (HDIV.TO) and Hamilton Enhanced Canadian Equity DayMAX ETF (CDAY.NEO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HDIV.TO achieves a 16.21% return, which is significantly higher than CDAY.NEO's 13.70% return.

HDIV.TO

1D
-0.26%
1M
6.14%
YTD
16.21%
6M
17.63%
1Y
45.50%
3Y*
27.58%
5Y*
—
10Y*
—

CDAY.NEO

1D
-0.28%
1M
3.85%
YTD
13.70%
6M
15.38%
1Y
—
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

HDIV.TO vs. CDAY.NEO - Yearly Performance Comparison

2026 (YTD)2025
HDIV.TO
Hamilton Enhanced Multi-Sector Covered Call ETF		16.21%20.26%
CDAY.NEO
Hamilton Enhanced Canadian Equity DayMAX ETF		13.70%14.26%

Correlation

The correlation between HDIV.TO and CDAY.NEO is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (All Time)
Calculated using the full available price history since Jul 15, 2025

0.83

HDIV.TO vs. CDAY.NEO - Sectors Allocation Comparison

Sectors
HDIV.TO
CDAY.NEO

Financial Services

39.8%
29.6%

Energy

18.4%
9.3%

Basic Materials

13.4%
14.5%

Technology

9.5%
6.2%

Communication Services

6.3%
8.2%

Utilities

4.7%
3.8%

Industrials

3.0%
13.8%

Consumer Cyclical

2.5%
8.3%

Real Estate

2.1%
0.4%

Consumer Defensive

0.3%
4.1%

Healthcare

0.2%
1.8%

Financial Services

HDIV.TO
39.8%
CDAY.NEO
29.6%

Energy

HDIV.TO
18.4%
CDAY.NEO
9.3%

Basic Materials

HDIV.TO
13.4%
CDAY.NEO
14.5%

Technology

HDIV.TO
9.5%
CDAY.NEO
6.2%

Communication Services

HDIV.TO
6.3%
CDAY.NEO
8.2%

Utilities

HDIV.TO
4.7%
CDAY.NEO
3.8%

Industrials

HDIV.TO
3.0%
CDAY.NEO
13.8%

Consumer Cyclical

HDIV.TO
2.5%
CDAY.NEO
8.3%

Real Estate

HDIV.TO
2.1%
CDAY.NEO
0.4%

Consumer Defensive

HDIV.TO
0.3%
CDAY.NEO
4.1%

Healthcare

HDIV.TO
0.2%
CDAY.NEO
1.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Hamilton Enhanced Multi-Sector Covered Call ETF

Hamilton Enhanced Canadian Equity DayMAX ETF

Often compared with HDIV.TO:
HDIV.TO vs. HYLD.TOHDIV.TO vs. HMAX.TOHDIV.TO vs. HDIF.TOHDIV.TO vs. XDIV.TOHDIV.TO vs. HHIS.TOHDIV.TO vs. VDY.TOHDIV.TO vs. ZWC.TO
Often compared with CDAY.NEO:
CDAY.NEO vs. QDAY.NEOCDAY.NEO vs. CANY.TOCDAY.NEO vs. SDAY.NEOCDAY.NEO vs. HCAL.TOCDAY.NEO vs. BANK.TOCDAY.NEO vs. VDY.TOCDAY.NEO vs. ZEB.TO

Return for Risk

HDIV.TO vs. CDAY.NEO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HDIV.TO
HDIV.TO Risk / Return Rank: 9292
Overall Rank
HDIV.TO Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
HDIV.TO Sortino Ratio Rank: 9393
Sortino Ratio Rank
HDIV.TO Omega Ratio Rank: 9494
Omega Ratio Rank
HDIV.TO Calmar Ratio Rank: 8888
Calmar Ratio Rank
HDIV.TO Martin Ratio Rank: 9393
Martin Ratio Rank
CDAY.NEO
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.

HDIV.TO vs. CDAY.NEO - 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 Hamilton Enhanced Canadian Equity DayMAX ETF (CDAY.NEO). 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.TOCDAY.NEODifference

Sharpe ratio

Return per unit of total volatility

3.67

—

—

Sortino ratio

Return per unit of downside risk

4.70

—

—

Omega ratio

Gain probability vs. loss probability

1.68

—

—

Calmar ratio

Return relative to maximum drawdown

5.24

—

—

Martin ratio

Return relative to average drawdown

25.39

—

—

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

HDIV.TO vs. CDAY.NEO - Sharpe Ratio Comparison

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Sharpe Ratios by Period

HDIV.TOCDAY.NEODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.67

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.26

3.03

-1.77

Drawdowns

HDIV.TO vs. CDAY.NEO - Drawdown Comparison

The maximum HDIV.TO drawdown since its inception was -22.32%, which is greater than CDAY.NEO's maximum drawdown of -8.00%. Use the drawdown chart below to compare losses from any high point for HDIV.TO and CDAY.NEO.

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Drawdown Indicators

HDIV.TOCDAY.NEODifference

Max Drawdown

Largest peak-to-trough decline

-22.32%

-8.00%

-14.32%

Max Drawdown (1Y)

Largest decline over 1 year

-8.73%

—

—

Max Drawdown (3Y)

Largest decline over 3 years

-14.58%

—

—

Current Drawdown

Current decline from peak

-0.63%

-0.83%

+0.20%

Average Drawdown

Average peak-to-trough decline

-4.22%

-1.02%

-3.20%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.80%

—

—

Volatility

HDIV.TO vs. CDAY.NEO - Volatility Comparison

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Volatility by Period

HDIV.TOCDAY.NEODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.80%

—

—

Volatility (6M)

Calculated over the trailing 6-month period

10.29%

—

—

Volatility (1Y)

Calculated over the trailing 1-year period

12.47%

11.37%

+1.10%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.63%

11.37%

+4.26%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.63%

11.37%

+4.26%

HDIV.TO vs. CDAY.NEO - Expense Ratio Comparison

HDIV.TO has a 0.00% expense ratio, which is lower than CDAY.NEO's 0.85% expense ratio.

Dividends

HDIV.TO vs. CDAY.NEO - Dividend Comparison

HDIV.TO's dividend yield for the trailing twelve months is around 9.33%, less than CDAY.NEO's 14.55% yield.

PositionTTM20252024202320222021
CDAY.NEO
Hamilton Enhanced Canadian Equity DayMAX ETF		14.55%7.88%0.00%0.00%0.00%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 CDAY.NEO have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

HDIV.TO is cheaper with a 0.00% expense ratio, compared with 0.85% for CDAY.NEO.

Their fees differ too: 0.00% for HDIV.TO and 0.85% for CDAY.NEO.

Portfolio Optimizer

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