HEB.TO vs. DXF.TO

Last updated Aug 2, 2026

HEB.TO (Hamilton Canadian Bank Equal-Weight Index ETF) and DXF.TO (Dynamic Active Global Financial Services ETF) are both Financials Equities funds. HEB.TO is passively managed, while DXF.TO is actively managed. Over the past 3 years, HEB.TO returned 35.19%/yr vs 21.77%/yr for DXF.TO. Their 0.28 correlation means their historical movements had little consistent relationship. HEB.TO charges 0.19%/yr vs 0.84%/yr for DXF.TO.

Performance

HEB.TO vs. DXF.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 Dynamic Active Global Financial Services ETF (DXF.TO). 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 DXF.TO's 4.08% 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%

DXF.TO

• 1D: -1.27%
• 1M: 2.15%
• 6M: 5.25%
• YTD: 4.08%
• 1Y: 7.22%
• 3Y*: 21.77%
• 5Y*: 9.82%
• 10Y*: —
• ALL TIME*: 12.97%

*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)
DXF.TO Dynamic Active Global Financial Services ETF	CA$1.08K	CA$2.16K	CA$8.42K
HEB.TO Hamilton Canadian Bank Equal-Weight Index ETF	CA$813.69K	CA$972.65K	CA$1.62M

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

	2026 (YTD)	2025	2024	2023
HEB.TO Hamilton Canadian Bank Equal-Weight Index ETF	32.76%	43.56%	23.55%	7.23%
DXF.TO Dynamic Active Global Financial Services ETF	4.08%	17.12%	36.17%	18.37%

Correlation

The correlation between HEB.TO and DXF.TO is 0.21, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.21
Correlation (3Y) Balances recent behavior with more history.	0.28
Correlation (All Time) Calculated using the full available price history since Apr 4, 2023	0.28

HEB.TO vs. DXF.TO - Sectors Allocation Comparison

Sectors	HEB.TO	DXF.TO
Financial Services	100.0%	83.9%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	14.1%
Real Estate	-	2.0%
Technology	-	-
Utilities	-	-

Return for Risk

HEB.TO vs. DXF.TO — 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

DXF.TO

DXF.TO Risk / Return Rank: 23
DXF.TO Sharpe Ratio Rank: 26
DXF.TO Sortino Ratio Rank: 26
DXF.TO Omega Ratio Rank: 25
DXF.TO Calmar Ratio Rank: 20
DXF.TO Martin Ratio Rank: 20

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. DXF.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 Dynamic Active Global Financial Services ETF (DXF.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.

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	DXF.TO	Difference
Sharpe ratio: Return per unit of total volatility	4.76	0.60	+4.17
Sortino ratio: Return per unit of downside risk	5.98	0.95	+5.03
Omega ratio: Gain probability vs. loss probability	1.83	1.11	+0.71
Calmar ratio: Return relative to maximum drawdown	7.83	0.51	+7.32
Martin ratio: Return relative to average drawdown	33.50	1.28	+32.21

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

The current HEB.TO Sharpe Ratio is 4.76, which is higher than the DXF.TO Sharpe Ratio of 0.60. The chart below compares the historical Sharpe Ratios of HEB.TO and DXF.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.

Drawdowns

HEB.TO vs. DXF.TO - Drawdown Comparison

The maximum HEB.TO drawdown since its inception was -14.77%, smaller than the maximum DXF.TO drawdown of -35.27%. Use the drawdown chart below to compare losses from any high point for HEB.TO and DXF.TO.

Drawdown Indicators

	HEB.TO	DXF.TO	Difference
Max Drawdown Largest peak-to-trough decline	-14.77%	-35.27%	+20.50%
Max Drawdown (1Y) Largest decline over 1 year	-8.86%	-14.42%	+5.56%
Max Drawdown (3Y) Largest decline over 3 years	-13.40%	-14.42%	+1.02%
Max Drawdown (5Y) Largest decline over 5 years	—	-29.06%	—
Current Drawdown Current decline from peak	-2.67%	-1.27%	-1.40%
Average Drawdown Average peak-to-trough decline	-2.37%	-7.63%	+5.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	5.76%	-3.70%

Volatility

HEB.TO vs. DXF.TO - Volatility Comparison

Hamilton Canadian Bank Equal-Weight Index ETF (HEB.TO) has a higher volatility of 6.13% compared to Dynamic Active Global Financial Services ETF (DXF.TO) at 5.41%. This indicates that HEB.TO's price experiences larger fluctuations and is considered to be riskier than DXF.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEB.TO	DXF.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.13%	5.41%	+0.72%
Volatility (6M) Calculated over the trailing 6-month period	12.51%	10.13%	+2.38%
Volatility (1Y) Calculated over the trailing 1-year period	14.59%	12.43%	+2.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.30%	16.75%	-3.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.30%	22.32%	-9.02%

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

HEB.TO has a 0.19% expense ratio, which is lower than DXF.TO's 0.84% expense ratio.

Dividends

HEB.TO vs. DXF.TO - Dividend Comparison

HEB.TO's dividend yield for the trailing twelve months is around 2.18%, more than DXF.TO's 1.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DXF.TO Dynamic Active Global Financial Services ETF	1.09%	1.13%	1.18%	2.14%	1.95%	1.07%	1.30%	1.40%	2.08%
HEB.TO Hamilton Canadian Bank Equal-Weight Index ETF	2.18%	2.93%	4.24%	3.75%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

HEB.TO and DXF.TO have a correlation of 0.21, 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 DXF.TO?

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 DXF.TO?

HEB.TO is cheaper with a 0.19% expense ratio, compared with 0.84% for DXF.TO.

What is the main difference between HEB.TO and DXF.TO?

They also come from different issuers: Hamilton and Dynamic. Their fees differ too: 0.19% for HEB.TO and 0.84% for DXF.TO.