HEB.TO vs. HDIV.TO

Last updated Jul 14, 2026

HEB.TO (Hamilton Canadian Bank Equal-Weight Index ETF) and HDIV.TO (Hamilton Enhanced Canadian Covered Call ETF) are both exchange-traded funds - HEB.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index, while HDIV.TO is a Derivative Income fund actively managed by Hamilton ETFs. HEB.TO is passively managed, while HDIV.TO is actively managed. Over the past 3 years, HEB.TO returned 36.16%/yr vs 28.00%/yr for HDIV.TO. A 0.65 correlation means they provide meaningful diversification when combined. HEB.TO charges 0.19%/yr vs 0.00%/yr for HDIV.TO.

Performance

HEB.TO vs. HDIV.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 Hamilton Enhanced Canadian Covered Call ETF (HDIV.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 33.24% return, which is significantly higher than HDIV.TO's 19.24% return.

HEB.TO

• 1D: -0.36%
• 1M: 6.70%
• 6M: 31.36%
• YTD: 33.24%
• 1Y: 69.46%
• 3Y*: 36.16%
• 5Y*: —
• 10Y*: —

HDIV.TO

• 1D: -0.17%
• 1M: 1.86%
• 6M: 15.36%
• YTD: 19.24%
• 1Y: 43.40%
• 3Y*: 28.00%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023
HEB.TO Hamilton Canadian Bank Equal-Weight Index ETF	33.24%	43.56%	23.55%	7.23%
HDIV.TO Hamilton Enhanced Canadian Covered Call ETF	19.24%	33.87%	23.15%	8.18%

Correlation

The correlation between HEB.TO and HDIV.TO is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (All Time) Calculated using the full available price history since Apr 4, 2023	0.65

The correlation between HEB.TO and HDIV.TO has been stable across timeframes, ranging from 0.65 to 0.68 - a consistent structural relationship.

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

Sectors	HEB.TO	HDIV.TO
Financial Services	100.0%	39.7%
Basic Materials	-	12.3%
Communication Services	-	6.2%
Consumer Cyclical	-	2.6%
Consumer Defensive	-	0.3%
Energy	-	17.9%
Healthcare	-	0.1%
Industrials	-	3.0%
Real Estate	-	2.0%
Technology	-	11.3%
Utilities	-	4.6%

Return for Risk

HEB.TO vs. HDIV.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: 98
HEB.TO Sharpe Ratio Rank: 98
HEB.TO Sortino Ratio Rank: 98
HEB.TO Omega Ratio Rank: 98
HEB.TO Calmar Ratio Rank: 97
HEB.TO Martin Ratio Rank: 97

HDIV.TO

HDIV.TO Risk / Return Rank: 95
HDIV.TO Sharpe Ratio Rank: 96
HDIV.TO Sortino Ratio Rank: 95
HDIV.TO Omega Ratio Rank: 95
HDIV.TO Calmar Ratio Rank: 93
HDIV.TO Martin Ratio Rank: 95

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. HDIV.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 Hamilton Enhanced Canadian Covered Call ETF (HDIV.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	HDIV.TO	Difference
Sharpe ratio: Return per unit of total volatility	5.13	3.32	+1.81
Sortino ratio: Return per unit of downside risk	6.75	4.25	+2.50
Omega ratio: Gain probability vs. loss probability	1.91	1.59	+0.31
Calmar ratio: Return relative to maximum drawdown	7.96	4.99	+2.97
Martin ratio: Return relative to average drawdown	35.52	23.76	+11.76

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

The current HEB.TO Sharpe Ratio is 5.13, which is higher than the HDIV.TO Sharpe Ratio of 3.32. The chart below compares the historical Sharpe Ratios of HEB.TO and HDIV.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. HDIV.TO - Drawdown Comparison

The maximum HEB.TO drawdown since its inception was -14.77%, smaller than the maximum HDIV.TO drawdown of -22.32%. Use the drawdown chart below to compare losses from any high point for HEB.TO and HDIV.TO.

Drawdown Indicators

	HEB.TO	HDIV.TO	Difference
Max Drawdown Largest peak-to-trough decline	-14.77%	-22.32%	+7.55%
Max Drawdown (1Y) Largest decline over 1 year	-8.86%	-8.73%	-0.13%
Max Drawdown (3Y) Largest decline over 3 years	-14.77%	-14.58%	-0.19%
Current Drawdown Current decline from peak	-0.36%	-0.17%	-0.19%
Average Drawdown Average peak-to-trough decline	-2.37%	-4.15%	+1.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	1.83%	+0.15%

Volatility

HEB.TO vs. HDIV.TO - Volatility Comparison

Hamilton Canadian Bank Equal-Weight Index ETF (HEB.TO) has a higher volatility of 4.10% compared to Hamilton Enhanced Canadian Covered Call ETF (HDIV.TO) at 3.16%. This indicates that HEB.TO's price experiences larger fluctuations and is considered to be riskier than HDIV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEB.TO	HDIV.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.10%	3.16%	+0.94%
Volatility (6M) Calculated over the trailing 6-month period	11.84%	10.84%	+1.00%
Volatility (1Y) Calculated over the trailing 1-year period	13.78%	13.16%	+0.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.11%	15.57%	-2.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.11%	15.57%	-2.46%

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

HEB.TO has a 0.19% expense ratio, which is higher than HDIV.TO's 0.00% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

HEB.TO vs. HDIV.TO - Dividend Comparison

HEB.TO's dividend yield for the trailing twelve months is around 2.15%, less than HDIV.TO's 9.26% yield.

Position	TTM	2025	2024	2023	2022	2021
HDIV.TO Hamilton Enhanced Canadian Covered Call ETF	9.26%	10.09%	11.38%	10.41%	9.64%	3.37%
HEB.TO Hamilton Canadian Bank Equal-Weight Index ETF	2.15%	2.93%	4.24%	3.75%	0.00%	0.00%

Frequently Asked Questions

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

HEB.TO and HDIV.TO have a correlation of 0.68, 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 HDIV.TO?

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.

Which ETF is cheaper, HEB.TO or HDIV.TO?

HDIV.TO is cheaper with a 0.00% expense ratio, compared with 0.19% for HEB.TO.

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

HEB.TO is categorized as Financials Equities, while HDIV.TO is Derivative Income. They also come from different issuers: Hamilton and Hamilton ETFs. Their fees differ too: 0.19% for HEB.TO and 0.00% for HDIV.TO.