HEQT.TO vs. CVD.TO
HEQT.TO (Horizons All-Equity Asset Allocation ETF) and CVD.TO (iShares Convertible Bond Index ETF) are both exchange-traded funds - HEQT.TO is a Global Equities fund actively managed by Horizons, while CVD.TO is a High Yield Bonds fund tracking the FTSE Canada Convertible Bond Index. HEQT.TO is actively managed, while CVD.TO is passively managed. Over the past 5 years, HEQT.TO returned 12.70%/yr vs 5.03%/yr for CVD.TO. At a 0.17 correlation, their price movements are largely independent. HEQT.TO charges 0.20%/yr vs 0.49%/yr for CVD.TO.
Performance
HEQT.TO vs. CVD.TO - Performance Comparison
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Returns By Period
In the year-to-date period, HEQT.TO achieves a 15.01% return, which is significantly higher than CVD.TO's 6.66% return.
HEQT.TO
- 1D
- 0.08%
- 1M
- 0.06%
- 6M
- 10.97%
- YTD
- 15.01%
- 1Y
- 28.87%
- 3Y*
- 21.12%
- 5Y*
- 12.70%
- 10Y*
- —
CVD.TO
- 1D
- 1.26%
- 1M
- 2.13%
- 6M
- 4.49%
- YTD
- 6.66%
- 1Y
- 9.48%
- 3Y*
- 8.97%
- 5Y*
- 5.03%
- 10Y*
- 4.67%
HEQT.TO vs. CVD.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
HEQT.TO Horizons All-Equity Asset Allocation ETF | 15.01% | 19.82% | 23.83% | 22.29% | -18.95% | 22.54% | 16.34% | 7.44% |
CVD.TO iShares Convertible Bond Index ETF | 6.66% | 7.09% | 12.68% | 3.64% | -4.63% | 5.33% | 3.67% | 1.13% |
Correlation
The correlation between HEQT.TO and CVD.TO is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Sep 18, 2019 | 0.17 |
The correlation between HEQT.TO and CVD.TO shifts across timeframes, from 0.07 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HEQT.TO vs. CVD.TO — Risk / Return Rank
HEQT.TO
CVD.TO
HEQT.TO vs. CVD.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 iShares Convertible Bond Index ETF (CVD.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.
| HEQT.TO | CVD.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.98 | ||
| Sortino ratioReturn per unit of downside risk | +1.33 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.27 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 3.42 | 2.41 | +1.01 |
| Martin ratioReturn relative to average drawdown | 14.73 | 6.81 | +7.92 |
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Drawdowns
HEQT.TO vs. CVD.TO - Drawdown Comparison
The maximum HEQT.TO drawdown since its inception was -31.82%, which is greater than CVD.TO's maximum drawdown of -23.51%. Use the drawdown chart below to compare losses from any high point for HEQT.TO and CVD.TO.
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Drawdown Indicators
| HEQT.TO | CVD.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.82% | -23.51% | -8.31% |
Max Drawdown (1Y)Largest decline over 1 year | -8.49% | -3.95% | -4.54% |
Max Drawdown (3Y)Largest decline over 3 years | -15.33% | -11.46% | -3.87% |
Max Drawdown (5Y)Largest decline over 5 years | -24.89% | -14.62% | -10.27% |
Max Drawdown (10Y)Largest decline over 10 years | — | -23.51% | — |
Current DrawdownCurrent decline from peak | -1.19% | 0.00% | -1.19% |
Average DrawdownAverage peak-to-trough decline | -5.11% | -2.38% | -2.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.96% | 1.40% | +0.56% |
Volatility
HEQT.TO vs. CVD.TO - Volatility Comparison
Horizons All-Equity Asset Allocation ETF (HEQT.TO) has a higher volatility of 3.20% compared to iShares Convertible Bond Index ETF (CVD.TO) at 2.31%. This indicates that HEQT.TO's price experiences larger fluctuations and is considered to be riskier than CVD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HEQT.TO | CVD.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.20% | 2.31% | +0.89% |
Volatility (6M)Calculated over the trailing 6-month period | 10.70% | 4.63% | +6.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.76% | 7.34% | +5.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.01% | 9.43% | +5.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.84% | 9.51% | +7.33% |
HEQT.TO vs. CVD.TO - Expense Ratio Comparison
HEQT.TO has a 0.20% expense ratio, which is lower than CVD.TO's 0.49% expense ratio.
Dividends
HEQT.TO vs. CVD.TO - Dividend Comparison
HEQT.TO's dividend yield for the trailing twelve months is around 1.62%, less than CVD.TO's 4.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CVD.TO iShares Convertible Bond Index ETF | 4.83% | 4.91% | 5.14% | 5.33% | 5.05% | 4.61% | 4.48% | 4.52% | 4.97% | 4.65% | 4.51% | 4.94% |
HEQT.TO Horizons All-Equity Asset Allocation ETF | 1.62% | 1.70% | 1.67% | 0.84% | 0.03% | 0.02% | 1.40% | 0.22% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HEQT.TO and CVD.TO have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HEQT.TO is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HEQT.TO is cheaper with a 0.20% expense ratio, compared with 0.49% for CVD.TO.
HEQT.TO is categorized as Global Equities, while CVD.TO is High Yield Bonds. They also come from different issuers: Horizons and iShares. Their fees differ too: 0.20% for HEQT.TO and 0.49% for CVD.TO.
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