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HEWB.TO vs. CFOU.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HEWB.TO vs. CFOU.TO

Last updated Jun 4, 2026

HEWB.TO (Global X Equal Weight Canadian Banks Index Corporate Class ETF) and CFOU.TO (BetaPro S&P/TSX Capped Financials 2x Daily Bull ETF) are both exchange-traded funds - HEWB.TO is a Canada Equities fund tracking the Solactive Equal Weight Canada Banks Index, while CFOU.TO is a Leveraged Equities fund tracking the S&P/TSX Capped Financials Index. Both are passively managed. Over the past 5 years, HEWB.TO returned 18.20%/yr vs 28.45%/yr for CFOU.TO. Their correlation of 0.85 suggests significant overlap in exposure. HEWB.TO charges 0.28%/yr vs 1.52%/yr for CFOU.TO.

Performance

HEWB.TO vs. CFOU.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X Equal Weight Canadian Banks Index Corporate Class ETF (HEWB.TO) and BetaPro S&P/TSX Capped Financials 2x Daily Bull ETF (CFOU.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, HEWB.TO achieves a 19.10% return, which is significantly lower than CFOU.TO's 23.22% return.

HEWB.TO

1D
-0.42%
1M
5.52%
YTD
19.10%
6M
24.68%
1Y
59.97%
3Y*
32.65%
5Y*
18.20%
10Y*
—

CFOU.TO

1D
-1.41%
1M
9.71%
YTD
23.22%
6M
34.47%
1Y
88.95%
3Y*
57.23%
5Y*
28.45%
10Y*
22.91%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HEWB.TO vs. CFOU.TO - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
HEWB.TO
Global X Equal Weight Canadian Banks Index Corporate Class ETF		19.10%43.48%24.54%11.00%-10.46%39.19%4.74%3.66%
CFOU.TO
BetaPro S&P/TSX Capped Financials 2x Daily Bull ETF		23.22%69.17%56.15%18.37%-23.64%79.61%-14.70%12.30%

Correlation

The correlation between HEWB.TO and CFOU.TO is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.89

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

0.89

Correlation (5Y)
Calculated over the trailing 5-year period

0.89

Correlation (All Time)
Calculated using the full available price history since Mar 5, 2019

0.85

The correlation between HEWB.TO and CFOU.TO has been stable across timeframes, ranging from 0.85 to 0.89 - a consistent structural relationship.

HEWB.TO vs. CFOU.TO - Sectors Allocation Comparison

Sectors
HEWB.TO
CFOU.TO

Financial Services

100.0%
100.0%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Financial Services

HEWB.TO
100.0%
CFOU.TO
100.0%

Basic Materials

HEWB.TO

-

CFOU.TO

-

Communication Services

HEWB.TO

-

CFOU.TO

-

Consumer Cyclical

HEWB.TO

-

CFOU.TO

-

Consumer Defensive

HEWB.TO

-

CFOU.TO

-

Energy

HEWB.TO

-

CFOU.TO

-

Healthcare

HEWB.TO

-

CFOU.TO

-

Industrials

HEWB.TO

-

CFOU.TO

-

Real Estate

HEWB.TO

-

CFOU.TO

-

Technology

HEWB.TO

-

CFOU.TO

-

Utilities

HEWB.TO

-

CFOU.TO

-

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Global X Equal Weight Canadian Banks Index Corporate Class ETF

BetaPro S&P/TSX Capped Financials 2x Daily Bull ETF

Often compared with HEWB.TO:
HEWB.TO vs. FCCV.TOHEWB.TO vs. HBNK.TOHEWB.TO vs. XFN.TOHEWB.TO vs. BNKL.TOHEWB.TO vs. XIC.TOHEWB.TO vs. ZLB.TOHEWB.TO vs. XEI.TO
Often compared with CFOU.TO:
CFOU.TO vs. METE.TOCFOU.TO vs. TCND.TOCFOU.TO vs. HBNK.TOCFOU.TO vs. CACE.TOCFOU.TO vs. RBNK.TOCFOU.TO vs. XCSR.TOCFOU.TO vs. DMEC.TO

Return for Risk

HEWB.TO vs. CFOU.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HEWB.TO
HEWB.TO Risk / Return Rank: 9696
Overall Rank
HEWB.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
HEWB.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
HEWB.TO Omega Ratio Rank: 9797
Omega Ratio Rank
HEWB.TO Calmar Ratio Rank: 9393
Calmar Ratio Rank
HEWB.TO Martin Ratio Rank: 9595
Martin Ratio Rank
CFOU.TO
CFOU.TO Risk / Return Rank: 9191
Overall Rank
CFOU.TO Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
CFOU.TO Sortino Ratio Rank: 9292
Sortino Ratio Rank
CFOU.TO Omega Ratio Rank: 8989
Omega Ratio Rank
CFOU.TO Calmar Ratio Rank: 9090
Calmar Ratio Rank
CFOU.TO Martin Ratio Rank: 9292
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.

HEWB.TO vs. CFOU.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Equal Weight Canadian Banks Index Corporate Class ETF (HEWB.TO) and BetaPro S&P/TSX Capped Financials 2x Daily Bull ETF (CFOU.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.

HEWB.TOCFOU.TODifference
Sharpe ratioReturn per unit of total volatility
4.70
3.62

+1.08

Sortino ratioReturn per unit of downside risk
6.34
4.39

+1.95

Omega ratioGain probability vs. loss probability

1.87

1.57

+0.30

Calmar ratioReturn relative to maximum drawdown

6.72

5.56

+1.16

Martin ratioReturn relative to average drawdown

30.62

22.74

+7.88

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HEWB.TO vs. CFOU.TO - Sharpe Ratio Comparison

The current HEWB.TO Sharpe Ratio is 4.70, which is comparable to the CFOU.TO Sharpe Ratio of 3.62. The chart below compares the historical Sharpe Ratios of HEWB.TO and CFOU.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

HEWB.TOCFOU.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

4.70

3.62

+1.08

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.31

1.04

+0.27

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.68

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.91

0.33

+0.57

Drawdowns

HEWB.TO vs. CFOU.TO - Drawdown Comparison

The maximum HEWB.TO drawdown since its inception was -39.43%, smaller than the maximum CFOU.TO drawdown of -86.23%. Use the drawdown chart below to compare losses from any high point for HEWB.TO and CFOU.TO.

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Drawdown Indicators

HEWB.TOCFOU.TODifference

Max Drawdown

Largest peak-to-trough decline

-39.43%

-86.23%

+46.80%

Max Drawdown (1Y)

Largest decline over 1 year

-8.97%

-16.08%

+7.11%

Max Drawdown (3Y)

Largest decline over 3 years

-14.84%

-24.95%

+10.11%

Max Drawdown (5Y)

Largest decline over 5 years

-25.89%

-45.23%

+19.34%

Max Drawdown (10Y)

Largest decline over 10 years

—

-67.29%

—

Current Drawdown

Current decline from peak

-1.98%

-3.23%

+1.25%

Average Drawdown

Average peak-to-trough decline

-7.27%

-22.46%

+15.19%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.96%

3.93%

-1.97%

Volatility

HEWB.TO vs. CFOU.TO - Volatility Comparison

The current volatility for Global X Equal Weight Canadian Banks Index Corporate Class ETF (HEWB.TO) is 4.88%, while BetaPro S&P/TSX Capped Financials 2x Daily Bull ETF (CFOU.TO) has a volatility of 8.18%. This indicates that HEWB.TO experiences smaller price fluctuations and is considered to be less risky than CFOU.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HEWB.TOCFOU.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.88%

8.18%

-3.30%

Volatility (6M)

Calculated over the trailing 6-month period

11.40%

20.93%

-9.53%

Volatility (1Y)

Calculated over the trailing 1-year period

12.83%

24.70%

-11.87%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.99%

27.56%

-13.57%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.29%

33.85%

-14.56%

HEWB.TO vs. CFOU.TO - Expense Ratio Comparison

HEWB.TO has a 0.28% expense ratio, which is lower than CFOU.TO's 1.52% expense ratio.

Dividends

HEWB.TO vs. CFOU.TO - Dividend Comparison

Neither HEWB.TO nor CFOU.TO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

HEWB.TO and CFOU.TO have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, HEWB.TO is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.

HEWB.TO is cheaper with a 0.28% expense ratio, compared with 1.52% for CFOU.TO.

HEWB.TO is categorized as Canada Equities, while CFOU.TO is Leveraged Equities. HEWB.TO tracks Solactive Equal Weight Canada Banks Index, while CFOU.TO tracks S&P/TSX Capped Financials Index. Their fees differ too: 0.28% for HEWB.TO and 1.52% for CFOU.TO.

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