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HFG.TO vs. CIC.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HFG.TO vs. CIC.TO

Last updated Jul 16, 2026
Documentation

HFG.TO (Hamilton Global Financials ETF) and CIC.TO (CI Canadian Banks Covered Call Income Class ETF) are both Financials Equities funds. Both are actively managed. Over the past 5 years, HFG.TO returned 15.43%/yr vs 17.12%/yr for CIC.TO. A 0.51 correlation means they provide meaningful diversification when combined.

Performance

HFG.TO vs. CIC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Hamilton Global Financials ETF (HFG.TO) and CI Canadian Banks Covered Call Income Class ETF (CIC.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, HFG.TO achieves a 7.76% return, which is significantly lower than CIC.TO's 29.84% return.

HFG.TO

1D
0.32%
1M
6.00%
6M
7.83%
YTD
7.76%
1Y
17.10%
3Y*
25.28%
5Y*
15.43%
10Y*
—

CIC.TO

1D
1.09%
1M
7.56%
6M
28.75%
YTD
29.84%
1Y
60.72%
3Y*
30.35%
5Y*
17.12%
10Y*
13.90%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HFG.TO vs. CIC.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HFG.TO
Hamilton Global Financials ETF		7.76%22.93%30.80%18.51%-9.52%30.39%15.62%16.95%-14.80%2.48%
CIC.TO
CI Canadian Banks Covered Call Income Class ETF		29.84%35.32%21.30%6.58%-10.99%33.76%1.89%14.12%-8.88%8.15%

Correlation

The correlation between HFG.TO and CIC.TO is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.45

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

0.46

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

0.50

Correlation (All Time)
Calculated using the full available price history since Feb 7, 2017

0.51

The correlation between HFG.TO and CIC.TO has been stable across timeframes, ranging from 0.45 to 0.51 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Hamilton Global Financials ETF

CI Canadian Banks Covered Call Income Class ETF

Often compared with CIC.TO:
CIC.TO vs. HEB.TOCIC.TO vs. FMAX.TOCIC.TO vs. CMNY.TOCIC.TO vs. ZEB.TOCIC.TO vs. CCOM.TOCIC.TO vs. ZWB.TOCIC.TO vs. VXM-B.TO

Return for Risk

HFG.TO vs. CIC.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HFG.TO
HFG.TO Risk / Return Rank: 4242
Overall Rank
HFG.TO Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
HFG.TO Sortino Ratio Rank: 4545
Sortino Ratio Rank
HFG.TO Omega Ratio Rank: 4848
Omega Ratio Rank
HFG.TO Calmar Ratio Rank: 3636
Calmar Ratio Rank
HFG.TO Martin Ratio Rank: 3838
Martin Ratio Rank
CIC.TO
CIC.TO Risk / Return Rank: 9797
Overall Rank
CIC.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
CIC.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
CIC.TO Omega Ratio Rank: 9898
Omega Ratio Rank
CIC.TO Calmar Ratio Rank: 9696
Calmar Ratio Rank
CIC.TO Martin Ratio Rank: 9797
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.

HFG.TO vs. CIC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton Global Financials ETF (HFG.TO) and CI Canadian Banks Covered Call Income Class ETF (CIC.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.

HFG.TOCIC.TODifference
Sharpe ratioReturn per unit of total volatility
1.31
5.14

-3.83

Sortino ratioReturn per unit of downside risk
1.93
6.82

-4.89

Omega ratioGain probability vs. loss probability

1.26

1.95

-0.70

Calmar ratioReturn relative to maximum drawdown

1.57

7.41

-5.84

Martin ratioReturn relative to average drawdown

4.96

34.61

-29.65

HFG.TO vs. CIC.TO - Sharpe Ratio Comparison

The current HFG.TO Sharpe Ratio is 1.31, which is lower than the CIC.TO Sharpe Ratio of 5.14. The chart below compares the historical Sharpe Ratios of HFG.TO and CIC.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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Drawdowns

HFG.TO vs. CIC.TO - Drawdown Comparison

The maximum HFG.TO drawdown since its inception was -42.71%, which is greater than CIC.TO's maximum drawdown of -38.55%. Use the drawdown chart below to compare losses from any high point for HFG.TO and CIC.TO.

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Drawdown Indicators

HFG.TOCIC.TODifference

Max Drawdown

Largest peak-to-trough decline

-42.71%

-38.55%

-4.16%

Max Drawdown (1Y)

Largest decline over 1 year

-10.95%

-8.23%

-2.72%

Max Drawdown (3Y)

Largest decline over 3 years

-13.64%

-14.32%

+0.68%

Max Drawdown (5Y)

Largest decline over 5 years

-20.20%

-26.34%

+6.14%

Max Drawdown (10Y)

Largest decline over 10 years

—

-38.55%

—

Current Drawdown

Current decline from peak

-0.54%

0.00%

-0.54%

Average Drawdown

Average peak-to-trough decline

-5.38%

-5.46%

+0.08%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.46%

1.76%

+1.70%

Volatility

HFG.TO vs. CIC.TO - Volatility Comparison

Hamilton Global Financials ETF (HFG.TO) and CI Canadian Banks Covered Call Income Class ETF (CIC.TO) have volatilities of 3.60% and 3.73%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HFG.TOCIC.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.60%

3.73%

-0.13%

Volatility (6M)

Calculated over the trailing 6-month period

10.69%

10.28%

+0.41%

Volatility (1Y)

Calculated over the trailing 1-year period

13.10%

11.87%

+1.23%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.03%

12.86%

+3.17%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.26%

16.29%

+3.97%

Dividends

HFG.TO vs. CIC.TO - Dividend Comparison

HFG.TO's dividend yield for the trailing twelve months is around 2.40%, less than CIC.TO's 4.80% yield.

PositionTTM20252024202320222021202020192018201720162015
CIC.TO
CI Canadian Banks Covered Call Income Class ETF		4.80%5.17%6.71%7.37%7.64%5.48%9.56%6.16%6.61%5.68%6.72%7.31%
HFG.TO
Hamilton Global Financials ETF		2.40%2.55%3.05%3.86%10.09%4.16%1.85%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

HFG.TO and CIC.TO have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: Hamilton and CI.

Portfolio Optimizer

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