HEB.TO vs. CDAY.NEO

Last updated Aug 2, 2026

HEB.TO (Hamilton Canadian Bank Equal-Weight Index ETF) and CDAY.NEO (Hamilton Enhanced Canadian Equity DayMAX ETF) are both exchange-traded funds - HEB.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index, while CDAY.NEO is a Derivative Income fund actively managed by Hamilton. HEB.TO is passively managed, while CDAY.NEO is actively managed. Over the past year, HEB.TO returned 68.66% vs 34.53% for CDAY.NEO. Their 0.61 correlation means they have sometimes moved together and sometimes differently. HEB.TO charges 0.19%/yr vs 1.04%/yr for CDAY.NEO.

Performance

HEB.TO vs. CDAY.NEO - Performance Comparison

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

Returns By Period

In the year-to-date period, HEB.TO achieves a 32.76% return, which is significantly higher than CDAY.NEO's 17.13% return.

HEB.TO

• 1D: 0.31%
• 1M: 1.89%
• 6M: 34.14%
• YTD: 32.76%
• 1Y: 68.66%
• 3Y*: 35.19%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 32.14%

CDAY.NEO

• 1D: -1.26%
• 1M: -1.31%
• 6M: 16.49%
• YTD: 17.13%
• 1Y: 34.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 31.09%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CDAY.NEO Hamilton Enhanced Canadian Equity DayMAX ETF	CA$2.16M	CA$1.89M	CA$1.65M
HEB.TO Hamilton Canadian Bank Equal-Weight Index ETF	CA$813.69K	CA$972.65K	CA$1.62M

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

	2026 (YTD)	2025
HEB.TO Hamilton Canadian Bank Equal-Weight Index ETF	32.76%	27.30%
CDAY.NEO Hamilton Enhanced Canadian Equity DayMAX ETF	17.13%	13.23%

Correlation

The correlation between HEB.TO and CDAY.NEO is 0.61, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.61
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	0.61

The correlation between HEB.TO and CDAY.NEO has been stable across timeframes, ranging from 0.61 to 0.61 - a consistent structural relationship.

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

Sectors	HEB.TO	CDAY.NEO
Financial Services	100.0%	33.3%
Basic Materials	-	12.1%
Communication Services	-	5.3%
Consumer Cyclical	-	8.0%
Consumer Defensive	-	7.0%
Energy	-	7.0%
Healthcare	-	1.6%
Industrials	-	14.6%
Real Estate	-	0.3%
Technology	-	7.4%
Utilities	-	3.4%

Return for Risk

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

Compare historical risk-adjusted metric ranks over the past 12 months.

HEB.TO

HEB.TO Risk / Return Rank: 98
HEB.TO Sharpe Ratio Rank: 98
HEB.TO Sortino Ratio Rank: 98
HEB.TO Omega Ratio Rank: 97
HEB.TO Calmar Ratio Rank: 97
HEB.TO Martin Ratio Rank: 97

CDAY.NEO

CDAY.NEO Risk / Return Rank: 92
CDAY.NEO Sharpe Ratio Rank: 94
CDAY.NEO Sortino Ratio Rank: 92
CDAY.NEO Omega Ratio Rank: 93
CDAY.NEO Calmar Ratio Rank: 87
CDAY.NEO Martin Ratio Rank: 92

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HEB.TO vs. CDAY.NEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton Canadian Bank Equal-Weight Index ETF (HEB.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	HEB.TO	CDAY.NEO	Difference
Sharpe ratio: Return per unit of total volatility	4.76	2.61	+2.16
Sortino ratio: Return per unit of downside risk	5.98	3.40	+2.58
Omega ratio: Gain probability vs. loss probability	1.83	1.47	+0.35
Calmar ratio: Return relative to maximum drawdown	7.83	3.48	+4.36
Martin ratio: Return relative to average drawdown	33.50	15.55	+17.94

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

The current HEB.TO Sharpe Ratio is 4.76, which is higher than the CDAY.NEO Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of HEB.TO and CDAY.NEO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HEB.TO vs. CDAY.NEO - Drawdown Comparison

The maximum HEB.TO drawdown since its inception was -14.77%, which is greater than CDAY.NEO's maximum drawdown of -9.65%. Use the drawdown chart below to compare losses from any high point for HEB.TO and CDAY.NEO.

Drawdown Indicators

	HEB.TO	CDAY.NEO	Difference
Max Drawdown Largest peak-to-trough decline	-14.77%	-9.65%	-5.12%
Max Drawdown (1Y) Largest decline over 1 year	-8.86%	-9.65%	+0.79%
Max Drawdown (3Y) Largest decline over 3 years	-13.40%	—	—
Current Drawdown Current decline from peak	-2.67%	-2.97%	+0.30%
Average Drawdown Average peak-to-trough decline	-2.37%	-1.22%	-1.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	2.15%	-0.09%

Volatility

HEB.TO vs. CDAY.NEO - Volatility Comparison

Hamilton Canadian Bank Equal-Weight Index ETF (HEB.TO) has a higher volatility of 6.13% compared to Hamilton Enhanced Canadian Equity DayMAX ETF (CDAY.NEO) at 3.59%. This indicates that HEB.TO's price experiences larger fluctuations and is considered to be riskier than CDAY.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEB.TO	CDAY.NEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.13%	3.59%	+2.54%
Volatility (6M) Calculated over the trailing 6-month period	12.51%	10.73%	+1.78%
Volatility (1Y) Calculated over the trailing 1-year period	14.59%	12.89%	+1.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.30%	12.77%	+0.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.30%	12.77%	+0.53%

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

HEB.TO has a 0.19% expense ratio, which is lower than CDAY.NEO's 1.04% expense ratio.

Dividends

HEB.TO vs. CDAY.NEO - Dividend Comparison

HEB.TO's dividend yield for the trailing twelve months is around 2.18%, less than CDAY.NEO's 14.44% yield.

Position	TTM	2025	2024	2023
CDAY.NEO Hamilton Enhanced Canadian Equity DayMAX ETF	14.44%	7.88%	0.00%	0.00%
HEB.TO Hamilton Canadian Bank Equal-Weight Index ETF	2.18%	2.93%	4.24%	3.75%

Frequently Asked Questions

Can I hold both HEB.TO and CDAY.NEO in my portfolio?

HEB.TO and CDAY.NEO have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HEB.TO or CDAY.NEO?

On fees, HEB.TO is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HEB.TO or CDAY.NEO?

HEB.TO is cheaper with a 0.19% expense ratio, compared with 1.04% for CDAY.NEO.

What is the main difference between HEB.TO and CDAY.NEO?

HEB.TO is categorized as Financials Equities, while CDAY.NEO is Derivative Income. Their fees differ too: 0.19% for HEB.TO and 1.04% for CDAY.NEO.