HDLB vs. PDC.TO

Last updated Jun 4, 2026

HDLB (ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B) and PDC.TO (Invesco Canadian Dividend Index ETF) are both exchange-traded funds - HDLB is a Leveraged Equities fund tracking the Solactive US High Dividend Low Volatility (USD)(TR) (200%), while PDC.TO is a Dividend fund managed by Invesco. Over the past 5 years, HDLB returned 11.24%/yr vs 10.00%/yr for PDC.TO. A 0.61 correlation means they provide meaningful diversification when combined. HDLB charges 1.65%/yr vs 0.58%/yr for PDC.TO.

Performance

HDLB vs. PDC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB) and Invesco Canadian Dividend Index ETF (PDC.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HDLB is traded in USD, while PDC.TO is traded in CAD. To make them comparable, the PDC.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, HDLB achieves a 9.69% return, which is significantly lower than PDC.TO's 17.55% return.

HDLB

• 1D: -1.72%
• 1M: -4.18%
• YTD: 9.69%
• 6M: 8.78%
• 1Y: 17.78%
• 3Y*: 26.82%
• 5Y*: 11.24%
• 10Y*: —

PDC.TO

• 1D: -0.15%
• 1M: 2.59%
• YTD: 17.55%
• 6M: 17.76%
• 1Y: 33.65%
• 3Y*: 18.79%
• 5Y*: 10.00%
• 10Y*: 10.06%

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

HDLB vs. PDC.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
HDLB ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B	9.69%	27.26%	28.21%	-4.12%	-11.46%	62.67%	-50.94%	7.93%
PDC.TO Invesco Canadian Dividend Index ETF	17.55%	27.45%	6.97%	9.17%	-10.74%	30.87%	-3.81%	4.76%

Correlation

The correlation between HDLB and PDC.TO is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (All Time) Calculated using the full available price history since Oct 28, 2019	0.61

The correlation between HDLB and PDC.TO shifts across timeframes, from 0.46 (1 year) to 0.61 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HDLB vs. PDC.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HDLB

HDLB Risk / Return Rank: 21
HDLB Sharpe Ratio Rank: 20
HDLB Sortino Ratio Rank: 20
HDLB Omega Ratio Rank: 20
HDLB Calmar Ratio Rank: 25
HDLB Martin Ratio Rank: 22

PDC.TO

PDC.TO Risk / Return Rank: 96
PDC.TO Sharpe Ratio Rank: 96
PDC.TO Sortino Ratio Rank: 96
PDC.TO Omega Ratio Rank: 97
PDC.TO Calmar Ratio Rank: 96
PDC.TO Martin Ratio Rank: 96

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.

HDLB vs. PDC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB) and Invesco Canadian Dividend Index ETF (PDC.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.

	HDLB	PDC.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.68	3.44	-2.76
Sortino ratio: Return per unit of downside risk	1.11	4.55	-3.44
Omega ratio: Gain probability vs. loss probability	1.13	1.65	-0.52
Calmar ratio: Return relative to maximum drawdown	1.23	6.75	-5.52
Martin ratio: Return relative to average drawdown	2.69	23.12	-20.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HDLB vs. PDC.TO - Sharpe Ratio Comparison

The current HDLB Sharpe Ratio is 0.68, which is lower than the PDC.TO Sharpe Ratio of 3.44. The chart below compares the historical Sharpe Ratios of HDLB and PDC.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

	HDLB	PDC.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.68	3.44	-2.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.68	-0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.54	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	0.45	-0.36

Drawdowns

HDLB vs. PDC.TO - Drawdown Comparison

The maximum HDLB drawdown since its inception was -78.70%, which is greater than PDC.TO's maximum drawdown of -47.11%. Use the drawdown chart below to compare losses from any high point for HDLB and PDC.TO.

Drawdown Indicators

	HDLB	PDC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-78.70%	-47.11%	-31.59%
Max Drawdown (1Y) Largest decline over 1 year	-14.50%	-5.00%	-9.50%
Max Drawdown (3Y) Largest decline over 3 years	-22.46%	-15.42%	-7.04%
Max Drawdown (5Y) Largest decline over 5 years	-43.81%	-26.36%	-17.45%
Max Drawdown (10Y) Largest decline over 10 years	—	-47.11%	—
Current Drawdown Current decline from peak	-14.15%	-0.85%	-13.30%
Average Drawdown Average peak-to-trough decline	-27.47%	-8.53%	-18.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.62%	1.46%	+5.16%

Volatility

HDLB vs. PDC.TO - Volatility Comparison

ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB) has a higher volatility of 6.21% compared to Invesco Canadian Dividend Index ETF (PDC.TO) at 3.01%. This indicates that HDLB's price experiences larger fluctuations and is considered to be riskier than PDC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HDLB	PDC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.21%	3.01%	+3.20%
Volatility (6M) Calculated over the trailing 6-month period	18.14%	8.19%	+9.95%
Volatility (1Y) Calculated over the trailing 1-year period	26.46%	9.83%	+16.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.55%	14.77%	+15.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.58%	18.74%	+24.84%

HDLB vs. PDC.TO - Expense Ratio Comparison

HDLB has a 1.65% expense ratio, which is higher than PDC.TO's 0.58% expense ratio.

Dividends

HDLB vs. PDC.TO - Dividend Comparison

HDLB's dividend yield for the trailing twelve months is around 12.13%, more than PDC.TO's 3.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDLB ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B	12.13%	12.20%	10.09%	12.36%	10.86%	8.07%	16.23%	0.97%	0.00%	0.00%	0.00%	0.00%
PDC.TO Invesco Canadian Dividend Index ETF	3.26%	3.84%	4.29%	4.56%	4.05%	3.49%	4.85%	4.14%	4.90%	4.05%	3.61%	4.20%

Frequently Asked Questions

Can I hold both HDLB and PDC.TO in my portfolio?

HDLB and PDC.TO have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HDLB or PDC.TO?

On fees, PDC.TO is cheaper at 0.58% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HDLB or PDC.TO?

PDC.TO is cheaper with a 0.58% expense ratio, compared with 1.65% for HDLB.

What is the main difference between HDLB and PDC.TO?

HDLB is categorized as Leveraged Equities, while PDC.TO is Dividend. They also come from different issuers: UBS and Invesco. Their fees differ too: 1.65% for HDLB and 0.58% for PDC.TO.