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HEB.TO vs. CEW.TO
Performance
Return for Risk
Dividends
Drawdowns
Volatility

HEB.TO vs. CEW.TO

Last updated Apr 1, 2026

Compare and contrast key facts about Hamilton Canadian Bank Equal-Weight Index ETF (HEB.TO) and iShares Equal Weight Banc & Lifeco ETF (CEW.TO).

HEB.TO and CEW.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HEB.TO is a passively managed fund by Hamilton that tracks the performance of the Solactive Equal Weight Canada Banks Index. It was launched on Apr 3, 2023. CEW.TO is a passively managed fund by iShares that tracks the performance of the Morningstar Gbl Fin Svc GR CAD. It was launched on Feb 6, 2008. Both HEB.TO and CEW.TO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

HEB.TO vs. CEW.TO - 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 iShares Equal Weight Banc & Lifeco ETF (CEW.TO). The values are adjusted to include any dividend payments, if applicable.

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HEB.TO vs. CEW.TO - Yearly Performance Comparison

2026 (YTD)202520242023
HEB.TO
Hamilton Canadian Bank Equal-Weight Index ETF		1.58%44.00%23.58%8.60%
CEW.TO
iShares Equal Weight Banc & Lifeco ETF		-0.53%32.58%29.48%11.83%

Returns By Period

In the year-to-date period, HEB.TO achieves a 1.58% return, which is significantly higher than CEW.TO's -0.53% return.

HEB.TO

1D
2.50%
1M
-4.22%
YTD
1.58%
6M
14.53%
1Y
51.60%
3Y*
—
5Y*
—
10Y*
—

CEW.TO

1D
2.37%
1M
-2.95%
YTD
-0.53%
6M
9.23%
1Y
32.00%
3Y*
24.23%
5Y*
15.52%
10Y*
13.75%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

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

Hamilton Canadian Bank Equal-Weight Index ETF

iShares Equal Weight Banc & Lifeco ETF

Often compared with HEB.TO:
HEB.TO vs. HCAL.TOHEB.TO vs. CMVP.TOHEB.TO vs. HBA.TOHEB.TO vs. ZEB.TOHEB.TO vs. BNKL.TOHEB.TO vs. HCA.TOHEB.TO vs. XIC.TO
Often compared with CEW.TO:
CEW.TO vs. XFN.TOCEW.TO vs. XDIV.TOCEW.TO vs. BMOCEW.TO vs. RY.TOCEW.TO vs. TEC.TOCEW.TO vs. SPYCEW.TO vs. VOO

HEB.TO vs. CEW.TO - Expense Ratio Comparison

HEB.TO has a 0.19% expense ratio, which is lower than CEW.TO's 0.61% expense ratio.

CEW.TO
iShares Equal Weight Banc & Lifeco ETF
HEB.TO
Hamilton Canadian Bank Equal-Weight Index ETF

Return for Risk

HEB.TO vs. CEW.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HEB.TO
HEB.TO Risk / Return Rank: 9898
Overall Rank
HEB.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
HEB.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
HEB.TO Omega Ratio Rank: 9898
Omega Ratio Rank
HEB.TO Calmar Ratio Rank: 9898
Calmar Ratio Rank
HEB.TO Martin Ratio Rank: 9898
Martin Ratio Rank
CEW.TO
CEW.TO Risk / Return Rank: 9494
Overall Rank
CEW.TO Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
CEW.TO Sortino Ratio Rank: 9595
Sortino Ratio Rank
CEW.TO Omega Ratio Rank: 9595
Omega Ratio Rank
CEW.TO Calmar Ratio Rank: 9393
Calmar Ratio Rank
CEW.TO Martin Ratio Rank: 9393
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.

HEB.TO vs. CEW.TO - 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 iShares Equal Weight Banc & Lifeco ETF (CEW.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.

HEB.TOCEW.TODifference

Sharpe ratio

Return per unit of total volatility

3.84

2.39

+1.45

Sortino ratio

Return per unit of downside risk

4.89

3.04

+1.85

Omega ratio

Gain probability vs. loss probability

1.74

1.47

+0.27

Calmar ratio

Return relative to maximum drawdown

5.92

3.44

+2.49

Martin ratio

Return relative to average drawdown

25.35

13.20

+12.15

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

HEB.TO vs. CEW.TO - Sharpe Ratio Comparison

The current HEB.TO Sharpe Ratio is 3.84, which is higher than the CEW.TO Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of HEB.TO and CEW.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

HEB.TOCEW.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.84

2.39

+1.45

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

1.17

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.81

—

Sharpe Ratio (All Time)

Calculated using the full available price history

2.01

0.55

+1.46

Correlation

The correlation between HEB.TO and CEW.TO is 0.78, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

HEB.TO vs. CEW.TO - Dividend Comparison

HEB.TO's dividend yield for the trailing twelve months is around 2.97%, more than CEW.TO's 2.81% yield.

TTM20252024202320222021202020192018201720162015
HEB.TO
Hamilton Canadian Bank Equal-Weight Index ETF		2.97%3.20%4.24%3.75%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
CEW.TO
iShares Equal Weight Banc & Lifeco ETF		2.81%2.75%3.32%3.87%3.84%2.93%3.61%3.20%2.95%2.47%2.54%2.74%

Drawdowns

HEB.TO vs. CEW.TO - Drawdown Comparison

The maximum HEB.TO drawdown since its inception was -14.82%, smaller than the maximum CEW.TO drawdown of -53.58%. Use the drawdown chart below to compare losses from any high point for HEB.TO and CEW.TO.

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Drawdown Indicators

HEB.TOCEW.TODifference

Max Drawdown

Largest peak-to-trough decline

-14.82%

-53.58%

+38.76%

Max Drawdown (1Y)

Largest decline over 1 year

-8.86%

-9.67%

+0.81%

Max Drawdown (5Y)

Largest decline over 5 years

—

-22.46%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-43.66%

—

Current Drawdown

Current decline from peak

-6.09%

-4.35%

-1.74%

Average Drawdown

Average peak-to-trough decline

-2.51%

-7.08%

+4.57%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.07%

2.52%

-0.45%

Volatility

HEB.TO vs. CEW.TO - Volatility Comparison

Hamilton Canadian Bank Equal-Weight Index ETF (HEB.TO) has a higher volatility of 6.09% compared to iShares Equal Weight Banc & Lifeco ETF (CEW.TO) at 5.49%. This indicates that HEB.TO's price experiences larger fluctuations and is considered to be riskier than CEW.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HEB.TOCEW.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.09%

5.49%

+0.60%

Volatility (6M)

Calculated over the trailing 6-month period

10.25%

9.40%

+0.85%

Volatility (1Y)

Calculated over the trailing 1-year period

13.52%

13.49%

+0.03%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.68%

13.34%

-0.66%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.68%

16.99%

-4.31%