HFIN.TO vs. BANK.TO

Last updated Jun 4, 2026

HFIN.TO (Hamilton Enhanced Canadian Financials ETF) and BANK.TO (Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund) are both exchange-traded funds - HFIN.TO is a Financials Equities fund tracking the Solactive Canadian Financials Equal-Weight Index, while BANK.TO is a Derivative Income fund tracking the Solactive Canadian Core Financials Equal Weight Index. Both are passively managed. Over the past 3 years, HFIN.TO returned 36.98%/yr vs 31.96%/yr for BANK.TO. Their correlation of 0.92 suggests significant overlap in exposure. HFIN.TO charges 2.18%/yr vs 0.60%/yr for BANK.TO.

Performance

HFIN.TO vs. BANK.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Hamilton Enhanced Canadian Financials ETF (HFIN.TO) and Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund (BANK.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HFIN.TO achieves a 13.11% return, which is significantly lower than BANK.TO's 17.36% return.

HFIN.TO

• 1D: -0.41%
• 1M: 4.91%
• YTD: 13.11%
• 6M: 20.27%
• 1Y: 46.70%
• 3Y*: 36.98%
• 5Y*: —
• 10Y*: —

BANK.TO

• 1D: -0.47%
• 1M: 6.16%
• YTD: 17.36%
• 6M: 23.52%
• 1Y: 55.24%
• 3Y*: 31.96%
• 5Y*: —
• 10Y*: —

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

HFIN.TO vs. BANK.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HFIN.TO Hamilton Enhanced Canadian Financials ETF	13.11%	40.87%	40.06%	23.18%	-18.57%
BANK.TO Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund	17.36%	41.00%	27.90%	16.23%	-20.47%

Correlation

The correlation between HFIN.TO and BANK.TO is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (All Time) Calculated using the full available price history since Feb 3, 2022	0.92

The correlation between HFIN.TO and BANK.TO has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.

HFIN.TO vs. BANK.TO - Sectors Allocation Comparison

Sectors	HFIN.TO	BANK.TO
Financial Services	100.0%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

HFIN.TO vs. BANK.TO — Risk / Return Rank

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

HFIN.TO

HFIN.TO Risk / Return Rank: 90
HFIN.TO Sharpe Ratio Rank: 92
HFIN.TO Sortino Ratio Rank: 93
HFIN.TO Omega Ratio Rank: 90
HFIN.TO Calmar Ratio Rank: 88
HFIN.TO Martin Ratio Rank: 89

BANK.TO

BANK.TO Risk / Return Rank: 96
BANK.TO Sharpe Ratio Rank: 97
BANK.TO Sortino Ratio Rank: 97
BANK.TO Omega Ratio Rank: 96
BANK.TO Calmar Ratio Rank: 93
BANK.TO Martin Ratio Rank: 95

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.

HFIN.TO vs. BANK.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton Enhanced Canadian Financials ETF (HFIN.TO) and Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund (BANK.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.

	HFIN.TO	BANK.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.37	4.59	-1.22
Sortino ratio: Return per unit of downside risk	4.61	6.28	-1.67
Omega ratio: Gain probability vs. loss probability	1.59	1.85	-0.26
Calmar ratio: Return relative to maximum drawdown	5.23	6.75	-1.52
Martin ratio: Return relative to average drawdown	19.84	29.78	-9.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HFIN.TO vs. BANK.TO - Sharpe Ratio Comparison

The current HFIN.TO Sharpe Ratio is 3.37, which is comparable to the BANK.TO Sharpe Ratio of 4.59. The chart below compares the historical Sharpe Ratios of HFIN.TO and BANK.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.

Sharpe Ratios by Period

	HFIN.TO	BANK.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.37	4.59	-1.22
Sharpe Ratio (All Time) Calculated using the full available price history	1.27	1.08	+0.19

Drawdowns

HFIN.TO vs. BANK.TO - Drawdown Comparison

The maximum HFIN.TO drawdown since its inception was -26.46%, smaller than the maximum BANK.TO drawdown of -29.03%. Use the drawdown chart below to compare losses from any high point for HFIN.TO and BANK.TO.

Drawdown Indicators

	HFIN.TO	BANK.TO	Difference
Max Drawdown Largest peak-to-trough decline	-26.46%	-29.03%	+2.57%
Max Drawdown (1Y) Largest decline over 1 year	-8.98%	-8.23%	-0.75%
Max Drawdown (3Y) Largest decline over 3 years	-13.24%	-15.49%	+2.25%
Current Drawdown Current decline from peak	-1.88%	-1.16%	-0.72%
Average Drawdown Average peak-to-trough decline	-7.21%	-8.81%	+1.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.36%	1.86%	+0.50%

Volatility

HFIN.TO vs. BANK.TO - Volatility Comparison

Hamilton Enhanced Canadian Financials ETF (HFIN.TO) and Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund (BANK.TO) have volatilities of 4.47% and 4.28%, 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.

Volatility by Period

	HFIN.TO	BANK.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.47%	4.28%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	11.58%	10.45%	+1.13%
Volatility (1Y) Calculated over the trailing 1-year period	13.93%	12.09%	+1.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.04%	15.65%	+1.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.04%	15.65%	+1.39%

HFIN.TO vs. BANK.TO - Expense Ratio Comparison

HFIN.TO has a 2.18% expense ratio, which is higher than BANK.TO's 0.60% expense ratio.

Dividends

HFIN.TO vs. BANK.TO - Dividend Comparison

HFIN.TO's dividend yield for the trailing twelve months is around 3.27%, less than BANK.TO's 13.02% yield.

Position	TTM	2025	2024	2023	2022
BANK.TO Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund	13.02%	13.73%	15.28%	13.60%	10.52%
HFIN.TO Hamilton Enhanced Canadian Financials ETF	3.27%	3.51%	4.59%	6.09%	6.37%

Frequently Asked Questions

Can I hold both HFIN.TO and BANK.TO in my portfolio?

With a correlation of 0.91, HFIN.TO and BANK.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, HFIN.TO or BANK.TO?

On fees, BANK.TO is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HFIN.TO or BANK.TO?

BANK.TO is cheaper with a 0.60% expense ratio, compared with 2.18% for HFIN.TO.

What is the main difference between HFIN.TO and BANK.TO?

HFIN.TO is categorized as Financials Equities, while BANK.TO is Derivative Income. HFIN.TO tracks Solactive Canadian Financials Equal-Weight Index, while BANK.TO tracks Solactive Canadian Core Financials Equal Weight Index. They also come from different issuers: Hamilton ETFs and Evolve. Their fees differ too: 2.18% for HFIN.TO and 0.60% for BANK.TO.