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

HEB.TO vs. XEI.TO

Last updated Jun 4, 2026

HEB.TO (Hamilton Canadian Bank Equal-Weight Index ETF) and XEI.TO (iShares S&P/TSX Composite High Dividend Index ETF) are both exchange-traded funds - HEB.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index, while XEI.TO is a Canada Equities fund tracking the S&P/TSX Composite High Dividend Index. Both are passively managed. Over the past 3 years, HEB.TO returned 32.46%/yr vs 22.26%/yr for XEI.TO. A 0.59 correlation means they provide meaningful diversification when combined. HEB.TO charges 0.19%/yr vs 0.22%/yr for XEI.TO.

Performance

HEB.TO vs. XEI.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 S&P/TSX Composite High Dividend Index ETF (XEI.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HEB.TO achieves a 19.19% return, which is significantly lower than XEI.TO's 22.21% return.

HEB.TO

1D
-0.37%
1M
5.56%
YTD
19.19%
6M
25.16%
1Y
60.55%
3Y*
32.46%
5Y*
—
10Y*
—

XEI.TO

1D
0.00%
1M
3.33%
YTD
22.21%
6M
23.56%
1Y
43.59%
3Y*
22.26%
5Y*
15.55%
10Y*
12.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023
HEB.TO
Hamilton Canadian Bank Equal-Weight Index ETF		19.19%44.00%23.58%8.60%
XEI.TO
iShares S&P/TSX Composite High Dividend Index ETF		22.21%25.96%15.42%2.29%

Correlation

The correlation between HEB.TO and XEI.TO is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.42

Correlation (3Y)
Calculated over the trailing 3-year period

0.58

Correlation (All Time)
Calculated using the full available price history since Apr 5, 2023

0.59

The correlation between HEB.TO and XEI.TO shifts across timeframes, from 0.41 (1 year) to 0.59 (all time), reflecting how their relationship changes across market environments.

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

Sectors
HEB.TO
XEI.TO

Financial Services

100.0%
31.4%

Basic Materials

-

4.6%

Communication Services

-

7.6%

Consumer Cyclical

-

6.2%

Consumer Defensive

-

0.5%

Energy

-

32.1%

Healthcare

-

0.2%

Industrials

-

0.7%

Real Estate

-

4.8%

Technology

-

0.7%

Utilities

-

11.2%

Financial Services

HEB.TO
100.0%
XEI.TO
31.4%

Basic Materials

HEB.TO

-

XEI.TO
4.6%

Communication Services

HEB.TO

-

XEI.TO
7.6%

Consumer Cyclical

HEB.TO

-

XEI.TO
6.2%

Consumer Defensive

HEB.TO

-

XEI.TO
0.5%

Energy

HEB.TO

-

XEI.TO
32.1%

Healthcare

HEB.TO

-

XEI.TO
0.2%

Industrials

HEB.TO

-

XEI.TO
0.7%

Real Estate

HEB.TO

-

XEI.TO
4.8%

Technology

HEB.TO

-

XEI.TO
0.7%

Utilities

HEB.TO

-

XEI.TO
11.2%

Compare stocks, funds, or ETFs

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Hamilton Canadian Bank Equal-Weight Index ETF

iShares S&P/TSX Composite High Dividend Index ETF

Often compared with HEB.TO:
HEB.TO vs. HCA.TOHEB.TO vs. ZEB.TOHEB.TO vs. BNKL.TOHEB.TO vs. CIC.TOHEB.TO vs. HBA.TOHEB.TO vs. LMAX.TOHEB.TO vs. HCAL.TO
Often compared with XEI.TO:
XEI.TO vs. VDY.TOXEI.TO vs. XDIV.TOXEI.TO vs. XEQT.TOXEI.TO vs. VFV.TOXEI.TO vs. ZDV.TOXEI.TO vs. CDZ.TOXEI.TO vs. XDV.TO

Return for Risk

HEB.TO vs. XEI.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: 9696
Overall Rank
HEB.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
HEB.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
HEB.TO Omega Ratio Rank: 9797
Omega Ratio Rank
HEB.TO Calmar Ratio Rank: 9393
Calmar Ratio Rank
HEB.TO Martin Ratio Rank: 9595
Martin Ratio Rank
XEI.TO
XEI.TO Risk / Return Rank: 9898
Overall Rank
XEI.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
XEI.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
XEI.TO Omega Ratio Rank: 9898
Omega Ratio Rank
XEI.TO Calmar Ratio Rank: 9898
Calmar Ratio Rank
XEI.TO Martin Ratio Rank: 9898
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. XEI.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 S&P/TSX Composite High Dividend Index ETF (XEI.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.TOXEI.TODifference
Sharpe ratioReturn per unit of total volatility
4.67
6.08

-1.41

Sortino ratioReturn per unit of downside risk
6.44
9.07

-2.63

Omega ratioGain probability vs. loss probability

1.87

2.27

-0.41

Calmar ratioReturn relative to maximum drawdown

6.87

19.53

-12.66

Martin ratioReturn relative to average drawdown

30.91

66.28

-35.37

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. XEI.TO - Sharpe Ratio Comparison

The current HEB.TO Sharpe Ratio is 4.67, which is comparable to the XEI.TO Sharpe Ratio of 6.08. The chart below compares the historical Sharpe Ratios of HEB.TO and XEI.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.

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Sharpe Ratios by Period

HEB.TOXEI.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

4.67

6.08

-1.41

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

1.39

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.77

—

Sharpe Ratio (All Time)

Calculated using the full available price history

2.35

0.67

+1.68

Drawdowns

HEB.TO vs. XEI.TO - Drawdown Comparison

The maximum HEB.TO drawdown since its inception was -14.82%, smaller than the maximum XEI.TO drawdown of -45.51%. Use the drawdown chart below to compare losses from any high point for HEB.TO and XEI.TO.

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Drawdown Indicators

HEB.TOXEI.TODifference

Max Drawdown

Largest peak-to-trough decline

-14.82%

-45.51%

+30.69%

Max Drawdown (1Y)

Largest decline over 1 year

-8.86%

-2.24%

-6.62%

Max Drawdown (3Y)

Largest decline over 3 years

-14.82%

-9.92%

-4.90%

Max Drawdown (5Y)

Largest decline over 5 years

—

-17.32%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-45.51%

—

Current Drawdown

Current decline from peak

-1.93%

-0.76%

-1.17%

Average Drawdown

Average peak-to-trough decline

-2.43%

-5.05%

+2.62%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.96%

0.66%

+1.30%

Volatility

HEB.TO vs. XEI.TO - Volatility Comparison

Hamilton Canadian Bank Equal-Weight Index ETF (HEB.TO) has a higher volatility of 4.84% compared to iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO) at 2.87%. This indicates that HEB.TO's price experiences larger fluctuations and is considered to be riskier than XEI.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.TOXEI.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.84%

2.87%

+1.97%

Volatility (6M)

Calculated over the trailing 6-month period

11.53%

6.01%

+5.52%

Volatility (1Y)

Calculated over the trailing 1-year period

13.03%

7.21%

+5.82%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.92%

11.24%

+1.68%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.92%

16.01%

-3.09%

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

HEB.TO has a 0.19% expense ratio, which is lower than XEI.TO's 0.22% expense ratio. Despite the difference, 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. XEI.TO - Dividend Comparison

HEB.TO's dividend yield for the trailing twelve months is around 2.85%, less than XEI.TO's 3.56% yield.

PositionTTM20252024202320222021202020192018201720162015
HEB.TO
Hamilton Canadian Bank Equal-Weight Index ETF		2.85%3.20%4.24%3.75%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
XEI.TO
iShares S&P/TSX Composite High Dividend Index ETF		3.56%4.39%5.56%5.08%4.78%3.65%5.13%4.71%5.53%4.37%4.51%5.75%

Frequently Asked Questions

HEB.TO and XEI.TO have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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.

HEB.TO is cheaper with a 0.19% expense ratio, compared with 0.22% for XEI.TO.

HEB.TO is categorized as Financials Equities, while XEI.TO is Canada Equities. HEB.TO tracks Solactive Equal Weight Canada Banks Index, while XEI.TO tracks S&P/TSX Composite High Dividend Index. They also come from different issuers: Hamilton and iShares. Their fees differ too: 0.19% for HEB.TO and 0.22% for XEI.TO.

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