HEQT.TO vs. CAGE.TO

Last updated Jun 5, 2026

HEQT.TO (Horizons All-Equity Asset Allocation ETF) and CAGE.TO (Avantis CIBC All-Equity Asset Allocation ETF) are both Global Equities funds. Both are actively managed. Their correlation of 0.81 suggests significant overlap in exposure.

Performance

HEQT.TO vs. CAGE.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Horizons All-Equity Asset Allocation ETF (HEQT.TO) and Avantis CIBC All-Equity Asset Allocation ETF (CAGE.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

HEQT.TO

• 1D: 0.50%
• 1M: 6.41%
• YTD: 14.13%
• 6M: 13.38%
• 1Y: 32.17%
• 3Y*: 25.88%
• 5Y*: 16.89%
• 10Y*: —

CAGE.TO

• 1D: 0.67%
• 1M: 5.30%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HEQT.TO vs. CAGE.TO - Yearly Performance Comparison

	2026 (YTD)
HEQT.TO Horizons All-Equity Asset Allocation ETF	14.58%
CAGE.TO Avantis CIBC All-Equity Asset Allocation ETF	12.46%

Correlation

The correlation between HEQT.TO and CAGE.TO is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 19, 2026	0.81

Return for Risk

HEQT.TO vs. CAGE.TO — Risk / Return Rank

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

HEQT.TO

HEQT.TO Risk / Return Rank: 82
HEQT.TO Sharpe Ratio Rank: 84
HEQT.TO Sortino Ratio Rank: 84
HEQT.TO Omega Ratio Rank: 84
HEQT.TO Calmar Ratio Rank: 76
HEQT.TO Martin Ratio Rank: 83

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.

HEQT.TO vs. CAGE.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizons All-Equity Asset Allocation ETF (HEQT.TO) and Avantis CIBC All-Equity Asset Allocation ETF (CAGE.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.

	HEQT.TO	CAGE.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.70	—	—
Sortino ratio: Return per unit of downside risk	3.76	—	—
Omega ratio: Gain probability vs. loss probability	1.51	—	—
Calmar ratio: Return relative to maximum drawdown	3.81	—	—
Martin ratio: Return relative to average drawdown	16.80	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	HEQT.TO	CAGE.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.70	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.11	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.06	4.71	-3.65

Drawdowns

HEQT.TO vs. CAGE.TO - Drawdown Comparison

The maximum HEQT.TO drawdown since its inception was -31.82%, which is greater than CAGE.TO's maximum drawdown of -2.93%. Use the drawdown chart below to compare losses from any high point for HEQT.TO and CAGE.TO.

Drawdown Indicators

	HEQT.TO	CAGE.TO	Difference
Max Drawdown Largest peak-to-trough decline	-31.82%	-2.93%	-28.89%
Max Drawdown (1Y) Largest decline over 1 year	-8.49%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-15.33%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.25%	—	—
Current Drawdown Current decline from peak	-0.08%	-1.31%	+1.23%
Average Drawdown Average peak-to-trough decline	-4.28%	-0.73%	-3.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	—	—

Volatility

Volatility by Period

	HEQT.TO	CAGE.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.48%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.68%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.96%	15.63%	-3.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.33%	15.63%	-0.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.16%	15.63%	+1.53%

Dividends

HEQT.TO vs. CAGE.TO - Dividend Comparison

HEQT.TO's dividend yield for the trailing twelve months is around 1.61%, while CAGE.TO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CAGE.TO Avantis CIBC All-Equity Asset Allocation ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HEQT.TO Horizons All-Equity Asset Allocation ETF	1.61%	1.70%	3.22%	7.85%	7.31%	0.48%	1.40%	0.22%

Frequently Asked Questions

Can I hold both HEQT.TO and CAGE.TO in my portfolio?

HEQT.TO and CAGE.TO have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between HEQT.TO and CAGE.TO?

They also come from different issuers: Horizons and Avantis.