HDIV.TO vs. EIT-UN.TO

Last updated Jun 4, 2026

HDIV.TO (Hamilton Enhanced Canadian Covered Call ETF) and EIT-UN.TO (Canoe EIT Income Fund) are both funds - HDIV.TO is a Derivative Income fund actively managed by Hamilton ETFs, while EIT-UN.TO is a Diversified Portfolio fund actively managed by Canoe. Both are actively managed. Over the past 3 years, HDIV.TO returned 27.58%/yr vs 22.10%/yr for EIT-UN.TO. A 0.53 correlation means they provide meaningful diversification when combined. HDIV.TO charges 0.00%/yr vs 1.10%/yr for EIT-UN.TO.

Performance

HDIV.TO vs. EIT-UN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Hamilton Enhanced Canadian Covered Call ETF (HDIV.TO) and Canoe EIT Income Fund (EIT-UN.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HDIV.TO achieves a 16.21% return, which is significantly lower than EIT-UN.TO's 27.79% return.

HDIV.TO

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

EIT-UN.TO

• 1D: 23.25%
• 1M: 24.15%
• YTD: 27.79%
• 6M: 33.97%
• 1Y: 25.62%
• 3Y*: 22.10%
• 5Y*: 131.16%
• 10Y*: 118.84%

*Multi-year figures are annualized to reflect compound growth (CAGR)

HDIV.TO vs. EIT-UN.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
HDIV.TO Hamilton Enhanced Canadian Covered Call ETF	16.21%	33.87%	23.15%	13.91%	-2.52%	12.70%
EIT-UN.TO Canoe EIT Income Fund	27.79%	3.45%	28.25%	5.94%	10.49%	3,158.38%

Correlation

The correlation between HDIV.TO and EIT-UN.TO is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (All Time) Calculated using the full available price history since Jul 19, 2021	0.53

Over the past year, the correlation between HDIV.TO and EIT-UN.TO has dropped to 0.06 - well below their long-term average of 0.53, suggesting their price drivers have been diverging.

Return for Risk

HDIV.TO vs. EIT-UN.TO — 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: 92
HDIV.TO Sharpe Ratio Rank: 94
HDIV.TO Sortino Ratio Rank: 93
HDIV.TO Omega Ratio Rank: 94
HDIV.TO Calmar Ratio Rank: 88
HDIV.TO Martin Ratio Rank: 93

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. EIT-UN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton Enhanced Canadian Covered Call ETF (HDIV.TO) and Canoe EIT Income Fund (EIT-UN.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	EIT-UN.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.67	1.00	+2.67
Sortino ratio: Return per unit of downside risk	4.70	2.53	+2.17
Omega ratio: Gain probability vs. loss probability	1.68	3.53	-1.85
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. EIT-UN.TO - Sharpe Ratio Comparison

The current HDIV.TO Sharpe Ratio is 3.67, which is higher than the EIT-UN.TO Sharpe Ratio of 1.00. The chart below compares the historical Sharpe Ratios of HDIV.TO and EIT-UN.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.

Sharpe Ratios by Period

	HDIV.TO	EIT-UN.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.67	1.00	+2.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.11	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.12	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.26	0.00	+1.26

Drawdowns

HDIV.TO vs. EIT-UN.TO - Drawdown Comparison

The maximum HDIV.TO drawdown since its inception was -22.32%, smaller than the maximum EIT-UN.TO drawdown of -56.65%. Use the drawdown chart below to compare losses from any high point for HDIV.TO and EIT-UN.TO.

Drawdown Indicators

	HDIV.TO	EIT-UN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-22.32%	-56.65%	+34.33%
Max Drawdown (1Y) Largest decline over 1 year	-8.73%	0.00%	-8.73%
Max Drawdown (3Y) Largest decline over 3 years	-14.58%	-10.73%	-3.85%
Max Drawdown (5Y) Largest decline over 5 years	—	-15.57%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-50.36%	—
Current Drawdown Current decline from peak	-0.63%	0.00%	-0.63%
Average Drawdown Average peak-to-trough decline	-4.22%	-3.87%	-0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	6.16%	-4.36%

Volatility

HDIV.TO vs. EIT-UN.TO - Volatility Comparison

The current volatility for Hamilton Enhanced Canadian Covered Call ETF (HDIV.TO) is 3.80%, while Canoe EIT Income Fund (EIT-UN.TO) has a volatility of 20.88%. This indicates that HDIV.TO experiences smaller price fluctuations and is considered to be less risky than EIT-UN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HDIV.TO	EIT-UN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.80%	20.88%	-17.08%
Volatility (6M) Calculated over the trailing 6-month period	10.29%	21.29%	-11.00%
Volatility (1Y) Calculated over the trailing 1-year period	12.47%	25.85%	-13.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.63%	1,193.88%	-1,178.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.63%	1,020.22%	-1,004.59%

HDIV.TO vs. EIT-UN.TO - Expense Ratio Comparison

HDIV.TO has a 0.00% expense ratio, which is lower than EIT-UN.TO's 1.10% expense ratio.

Dividends

HDIV.TO vs. EIT-UN.TO - Dividend Comparison

HDIV.TO's dividend yield for the trailing twelve months is around 9.33%, less than EIT-UN.TO's 10.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EIT-UN.TO Canoe EIT Income Fund	10.19%	12.56%	7.90%	9.29%	8.97%	104.98%	108.64%	11.53%	11.62%	11.01%	10.06%	10.71%
HDIV.TO Hamilton Enhanced Canadian Covered Call ETF	9.33%	10.09%	11.38%	10.41%	9.64%	3.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HDIV.TO and EIT-UN.TO in my portfolio?

HDIV.TO and EIT-UN.TO have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.