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HDIV.TO vs. XEI.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HDIV.TO vs. XEI.TO

Last updated Jun 4, 2026

HDIV.TO (Hamilton Enhanced Multi-Sector Covered Call ETF) and XEI.TO (iShares S&P/TSX Composite High Dividend Index ETF) are both exchange-traded funds - HDIV.TO is a Derivative Income fund actively managed by Hamilton Capital, while XEI.TO is a Canada Equities fund tracking the S&P/TSX Composite High Dividend Index. HDIV.TO is actively managed, while XEI.TO is passively managed. Over the past 3 years, HDIV.TO returned 27.58%/yr vs 22.26%/yr for XEI.TO. Their correlation of 0.81 suggests significant overlap in exposure. HDIV.TO charges 0.00%/yr vs 0.22%/yr for XEI.TO.

Performance

HDIV.TO vs. XEI.TO - 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 iShares S&P/TSX Composite High Dividend Index ETF (XEI.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, HDIV.TO achieves a 16.21% return, which is significantly lower than XEI.TO's 22.21% return.

HDIV.TO

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

XEI.TO

1D
0.00%
1M
3.33%
YTD
22.21%
6M
23.56%
1Y
43.59%
3Y*
22.26%
5Y*
15.55%
10Y*
12.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HDIV.TO vs. XEI.TO - Yearly Performance Comparison

2026 (YTD)20252024202320222021
HDIV.TO
Hamilton Enhanced Multi-Sector Covered Call ETF		16.21%33.87%23.15%13.91%-2.52%12.70%
XEI.TO
iShares S&P/TSX Composite High Dividend Index ETF		22.21%25.96%15.42%6.69%0.41%9.35%

Correlation

The correlation between HDIV.TO and XEI.TO is 0.55, 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

0.55

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

0.74

Correlation (All Time)
Calculated using the full available price history since Jul 19, 2021

0.81

Over the past year, the correlation between HDIV.TO and XEI.TO has dropped to 0.55 - well below their long-term average of 0.81, suggesting their price drivers have been diverging.

HDIV.TO vs. XEI.TO - Sectors Allocation Comparison

Sectors
HDIV.TO
XEI.TO

Financial Services

39.8%
31.4%

Energy

18.4%
32.1%

Basic Materials

13.4%
4.6%

Technology

9.5%
0.7%

Communication Services

6.3%
7.6%

Utilities

4.7%
11.2%

Industrials

3.0%
0.7%

Consumer Cyclical

2.5%
6.2%

Real Estate

2.1%
4.8%

Consumer Defensive

0.3%
0.5%

Healthcare

0.2%
0.2%

Financial Services

HDIV.TO
39.8%
XEI.TO
31.4%

Energy

HDIV.TO
18.4%
XEI.TO
32.1%

Basic Materials

HDIV.TO
13.4%
XEI.TO
4.6%

Technology

HDIV.TO
9.5%
XEI.TO
0.7%

Communication Services

HDIV.TO
6.3%
XEI.TO
7.6%

Utilities

HDIV.TO
4.7%
XEI.TO
11.2%

Industrials

HDIV.TO
3.0%
XEI.TO
0.7%

Consumer Cyclical

HDIV.TO
2.5%
XEI.TO
6.2%

Real Estate

HDIV.TO
2.1%
XEI.TO
4.8%

Consumer Defensive

HDIV.TO
0.3%
XEI.TO
0.5%

Healthcare

HDIV.TO
0.2%
XEI.TO
0.2%

Compare stocks, funds, or ETFs

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Hamilton Enhanced Multi-Sector Covered Call ETF

iShares S&P/TSX Composite High Dividend Index 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 XEI.TO:
XEI.TO vs. VDY.TOXEI.TO vs. XDIV.TOXEI.TO vs. XEQT.TOXEI.TO vs. VFV.TOXEI.TO vs. ZDV.TOXEI.TO vs. CDZ.TOXEI.TO vs. XDV.TO

Return for Risk

HDIV.TO vs. XEI.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: 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
XEI.TO
XEI.TO Risk / Return Rank: 9898
Overall Rank
XEI.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
XEI.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
XEI.TO Omega Ratio Rank: 9898
Omega Ratio Rank
XEI.TO Calmar Ratio Rank: 9898
Calmar Ratio Rank
XEI.TO Martin Ratio Rank: 9898
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.

HDIV.TO vs. XEI.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 iShares S&P/TSX Composite High Dividend Index ETF (XEI.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.TOXEI.TODifference
Sharpe ratioReturn per unit of total volatility
3.67
6.08

-2.41

Sortino ratioReturn per unit of downside risk
4.70
9.07

-4.36

Omega ratioGain probability vs. loss probability

1.68

2.27

-0.60

Calmar ratioReturn relative to maximum drawdown

5.24

19.53

-14.29

Martin ratioReturn relative to average drawdown

25.39

66.28

-40.89

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. XEI.TO - Sharpe Ratio Comparison

The current HDIV.TO Sharpe Ratio is 3.67, which is lower than the XEI.TO Sharpe Ratio of 6.08. The chart below compares the historical Sharpe Ratios of HDIV.TO and XEI.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

HDIV.TOXEI.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.67

6.08

-2.41

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

1.39

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.77

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.26

0.67

+0.60

Drawdowns

HDIV.TO vs. XEI.TO - Drawdown Comparison

The maximum HDIV.TO drawdown since its inception was -22.32%, smaller than the maximum XEI.TO drawdown of -45.51%. Use the drawdown chart below to compare losses from any high point for HDIV.TO and XEI.TO.

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Drawdown Indicators

HDIV.TOXEI.TODifference

Max Drawdown

Largest peak-to-trough decline

-22.32%

-45.51%

+23.19%

Max Drawdown (1Y)

Largest decline over 1 year

-8.73%

-2.24%

-6.49%

Max Drawdown (3Y)

Largest decline over 3 years

-14.58%

-9.92%

-4.66%

Max Drawdown (5Y)

Largest decline over 5 years

—

-17.32%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-45.51%

—

Current Drawdown

Current decline from peak

-0.63%

-0.76%

+0.13%

Average Drawdown

Average peak-to-trough decline

-4.22%

-5.05%

+0.83%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.80%

0.66%

+1.14%

Volatility

HDIV.TO vs. XEI.TO - Volatility Comparison

Hamilton Enhanced Multi-Sector Covered Call ETF (HDIV.TO) has a higher volatility of 3.80% compared to iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO) at 2.87%. This indicates that HDIV.TO's price experiences larger fluctuations and is considered to be riskier than XEI.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.TOXEI.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.80%

2.87%

+0.93%

Volatility (6M)

Calculated over the trailing 6-month period

10.29%

6.01%

+4.28%

Volatility (1Y)

Calculated over the trailing 1-year period

12.47%

7.21%

+5.26%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.63%

11.24%

+4.39%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.63%

16.01%

-0.38%

HDIV.TO vs. XEI.TO - Expense Ratio Comparison

HDIV.TO has a 0.00% expense ratio, which is lower than XEI.TO's 0.22% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

HDIV.TO vs. XEI.TO - Dividend Comparison

HDIV.TO's dividend yield for the trailing twelve months is around 9.33%, more than XEI.TO's 3.56% yield.

PositionTTM20252024202320222021202020192018201720162015
HDIV.TO
Hamilton Enhanced Multi-Sector 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%
XEI.TO
iShares S&P/TSX Composite High Dividend Index ETF		3.56%4.39%5.56%5.08%4.78%3.65%5.13%4.71%5.53%4.37%4.51%5.75%

Frequently Asked Questions

HDIV.TO and XEI.TO have a correlation of 0.55, 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 0.22% for XEI.TO.

HDIV.TO is categorized as Derivative Income, while XEI.TO is Canada Equities. They also come from different issuers: Hamilton Capital and iShares. Their fees differ too: 0.00% for HDIV.TO and 0.22% for XEI.TO.

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