HEP.TO vs. VOLX.TO

Last updated Apr 1, 2026

Compare and contrast key facts about Horizons Gold Producer Equity Covered Call ETF (HEP.TO) and BetaPro S&P 500 VIX Short-Term Futures ETF (VOLX.TO).

HEP.TO and VOLX.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HEP.TO is a passively managed fund by Horizons that tracks the performance of the Solactive North American Listed Gold Producers Index. It was launched on Apr 11, 2011. VOLX.TO is a passively managed fund by Horizons that tracks the performance of the S&P 500 VIX Short-Term Futures Index. It was launched on Dec 15, 2010. Both HEP.TO and VOLX.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

HEP.TO vs. VOLX.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Horizons Gold Producer Equity Covered Call ETF (HEP.TO) and BetaPro S&P 500 VIX Short-Term Futures ETF (VOLX.TO). The values are adjusted to include any dividend payments, if applicable.

HEP.TO vs. VOLX.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HEP.TO Horizons Gold Producer Equity Covered Call ETF	-1.36%	126.50%	20.18%	6.19%	-1.80%	-9.38%	15.00%	38.71%	-0.38%	7.32%
VOLX.TO BetaPro S&P 500 VIX Short-Term Futures ETF	34.15%	-43.52%	-26.70%	-72.47%	-22.03%	-71.71%	14.02%	-67.84%	68.78%	-72.78%

Returns By Period

In the year-to-date period, HEP.TO achieves a -1.36% return, which is significantly lower than VOLX.TO's 34.15% return. Over the past 10 years, HEP.TO has outperformed VOLX.TO with an annualized return of 16.29%, while VOLX.TO has yielded a comparatively lower -45.93% annualized return.

HEP.TO

• 1D: 0.07%
• 1M: -23.06%
• YTD: -1.36%
• 6M: 10.32%
• 1Y: 65.25%
• 3Y*: 37.98%
• 5Y*: 23.17%
• 10Y*: 16.29%

VOLX.TO

• 1D: -8.87%
• 1M: 23.74%
• YTD: 34.15%
• 6M: 6.74%
• 1Y: -32.33%
• 3Y*: -42.29%
• 5Y*: -44.89%
• 10Y*: -45.93%

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

HEP.TO vs. VOLX.TO - Expense Ratio Comparison

HEP.TO has a 0.81% expense ratio, which is lower than VOLX.TO's 1.18% expense ratio.

VOLX.TO

BetaPro S&P 500 VIX Short-Term Futures ETF

HEP.TO

Horizons Gold Producer Equity Covered Call ETF

Return for Risk

HEP.TO vs. VOLX.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HEP.TO

HEP.TO Risk / Return Rank: 79
HEP.TO Sharpe Ratio Rank: 82
HEP.TO Sortino Ratio Rank: 76
HEP.TO Omega Ratio Rank: 77
HEP.TO Calmar Ratio Rank: 81
HEP.TO Martin Ratio Rank: 79

VOLX.TO

VOLX.TO Risk / Return Rank: 40
VOLX.TO Sharpe Ratio Rank: 9
VOLX.TO Sortino Ratio Rank: 85
VOLX.TO Omega Ratio Rank: 94
VOLX.TO Calmar Ratio Rank: 6
VOLX.TO Martin Ratio Rank: 8

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.

HEP.TO vs. VOLX.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizons Gold Producer Equity Covered Call ETF (HEP.TO) and BetaPro S&P 500 VIX Short-Term Futures ETF (VOLX.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.

	HEP.TO	VOLX.TO	Difference
Sharpe ratio Return per unit of total volatility	1.63	-0.11	+1.74
Sortino ratio Return per unit of downside risk	1.98	2.31	-0.32
Omega ratio Gain probability vs. loss probability	1.30	1.44	-0.14
Calmar ratio Return relative to maximum drawdown	2.32	-0.40	+2.72
Martin ratio Return relative to average drawdown	8.85	-0.54	+9.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HEP.TO vs. VOLX.TO - Sharpe Ratio Comparison

The current HEP.TO Sharpe Ratio is 1.63, which is higher than the VOLX.TO Sharpe Ratio of -0.11. The chart below compares the historical Sharpe Ratios of HEP.TO and VOLX.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.

Sharpe Ratios by Period

	HEP.TO	VOLX.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.63	-0.11	+1.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	-0.30	+1.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	-0.39	+0.91
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	-0.45	+0.62

Correlation

The correlation between HEP.TO and VOLX.TO is -0.08. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

HEP.TO vs. VOLX.TO - Dividend Comparison

HEP.TO's dividend yield for the trailing twelve months is around 0.94%, while VOLX.TO has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HEP.TO Horizons Gold Producer Equity Covered Call ETF	0.94%	2.16%	10.30%	11.16%	10.08%	6.31%	6.47%	4.58%	5.62%	7.08%	9.20%	11.62%
VOLX.TO BetaPro S&P 500 VIX Short-Term Futures ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

HEP.TO vs. VOLX.TO - Drawdown Comparison

The maximum HEP.TO drawdown since its inception was -71.13%, smaller than the maximum VOLX.TO drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for HEP.TO and VOLX.TO.

Drawdown Indicators

	HEP.TO	VOLX.TO	Difference
Max Drawdown Largest peak-to-trough decline	-71.13%	-100.00%	+28.87%
Max Drawdown (1Y) Largest decline over 1 year	-28.86%	-80.42%	+51.56%
Max Drawdown (5Y) Largest decline over 5 years	-37.60%	-96.62%	+59.02%
Max Drawdown (10Y) Largest decline over 10 years	-44.83%	-99.86%	+55.03%
Current Drawdown Current decline from peak	-23.06%	-100.00%	+76.94%
Average Drawdown Average peak-to-trough decline	-34.60%	-91.78%	+57.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.57%	59.53%	-51.96%

Volatility

HEP.TO vs. VOLX.TO - Volatility Comparison

The current volatility for Horizons Gold Producer Equity Covered Call ETF (HEP.TO) is 15.60%, while BetaPro S&P 500 VIX Short-Term Futures ETF (VOLX.TO) has a volatility of 29.41%. This indicates that HEP.TO experiences smaller price fluctuations and is considered to be less risky than VOLX.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEP.TO	VOLX.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.60%	29.41%	-13.81%
Volatility (6M) Calculated over the trailing 6-month period	34.44%	199.77%	-165.33%
Volatility (1Y) Calculated over the trailing 1-year period	41.26%	307.92%	-266.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.16%	150.08%	-118.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.74%	117.97%	-86.23%