HEQT.TO vs. RY.TO
HEQT.TO (Horizons All-Equity Asset Allocation ETF) is Global Equities fund actively managed by Horizons, while RY.TO (Royal Bank of Canada) is a stock. Over the past 5 years, HEQT.TO returned 12.70%/yr vs 21.56%/yr for RY.TO. A 0.54 correlation means they provide meaningful diversification when combined.
Performance
HEQT.TO vs. RY.TO - Performance Comparison
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Returns By Period
In the year-to-date period, HEQT.TO achieves a 13.37% return, which is significantly lower than RY.TO's 20.87% return.
HEQT.TO
- 1D
- 0.59%
- 1M
- 2.47%
- YTD
- 13.37%
- 6M
- 13.85%
- 1Y
- 32.15%
- 3Y*
- 21.39%
- 5Y*
- 12.70%
- 10Y*
- —
RY.TO
- 1D
- 0.36%
- 1M
- 10.50%
- YTD
- 20.87%
- 6M
- 23.89%
- 1Y
- 65.59%
- 3Y*
- 35.54%
- 5Y*
- 21.56%
- 10Y*
- 18.12%
HEQT.TO vs. RY.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
HEQT.TO Horizons All-Equity Asset Allocation ETF | 13.37% | 19.82% | 23.83% | 22.29% | -18.95% | 22.54% | 16.34% | 7.44% |
RY.TO Royal Bank of Canada | 20.87% | 39.60% | 34.37% | 9.80% | -1.52% | 33.09% | 6.52% | -2.01% |
Correlation
The correlation between HEQT.TO and RY.TO is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Sep 18, 2019 | 0.54 |
The correlation between HEQT.TO and RY.TO has been stable across timeframes, ranging from 0.54 to 0.58 - a consistent structural relationship.
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Return for Risk
HEQT.TO vs. RY.TO — Risk / Return Rank
HEQT.TO
RY.TO
HEQT.TO vs. RY.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 Royal Bank of Canada (RY.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 | RY.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.22 | ||
| Sortino ratioReturn per unit of downside risk | -3.27 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.85 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | 3.60 | 7.91 | -4.31 |
| Martin ratioReturn relative to average drawdown | 15.68 | 29.39 | -13.71 |
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Drawdowns
HEQT.TO vs. RY.TO - Drawdown Comparison
The maximum HEQT.TO drawdown since its inception was -31.82%, smaller than the maximum RY.TO drawdown of -54.03%. Use the drawdown chart below to compare losses from any high point for HEQT.TO and RY.TO.
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Drawdown Indicators
| HEQT.TO | RY.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.82% | -54.03% | +22.21% |
Max Drawdown (1Y)Largest decline over 1 year | -8.49% | -8.12% | -0.37% |
Max Drawdown (3Y)Largest decline over 3 years | -15.33% | -16.00% | +0.67% |
Max Drawdown (5Y)Largest decline over 5 years | -24.89% | -21.21% | -3.68% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.84% | — |
Current DrawdownCurrent decline from peak | -0.75% | 0.00% | -0.75% |
Average DrawdownAverage peak-to-trough decline | -5.17% | -6.72% | +1.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.95% | 2.18% | -0.23% |
Volatility
HEQT.TO vs. RY.TO - Volatility Comparison
Horizons All-Equity Asset Allocation ETF (HEQT.TO) has a higher volatility of 4.92% compared to Royal Bank of Canada (RY.TO) at 4.23%. This indicates that HEQT.TO's price experiences larger fluctuations and is considered to be riskier than RY.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 | RY.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.92% | 4.23% | +0.69% |
Volatility (6M)Calculated over the trailing 6-month period | 10.45% | 10.44% | +0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.59% | 13.82% | -1.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.98% | 14.93% | +0.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.90% | 17.26% | -0.36% |
Dividends
HEQT.TO vs. RY.TO - Dividend Comparison
HEQT.TO's dividend yield for the trailing twelve months is around 1.62%, less than RY.TO's 2.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
RY.TO Royal Bank of Canada | 2.28% | 2.58% | 3.23% | 3.99% | 3.90% | 3.22% | 4.10% | 3.96% | 4.03% | 3.39% | 3.57% | 4.15% |
Frequently Asked Questions
HEQT.TO and RY.TO have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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