HPF.TO vs. HXE.TO

Last updated Jul 16, 2026

HPF.TO (Harvest Energy Leaders Income ETF Class A CAD Hedged) and HXE.TO (Global X S&P/TSX Capped Energy Index Corporate Class ETF) are both Energy Equities funds. HPF.TO is actively managed, while HXE.TO is passively managed. Over the past 10 years, HPF.TO returned 5.03%/yr vs 11.14%/yr for HXE.TO. A 0.61 correlation means they provide meaningful diversification when combined.

Performance

HPF.TO vs. HXE.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Harvest Energy Leaders Income ETF Class A CAD Hedged (HPF.TO) and Global X S&P/TSX Capped Energy Index Corporate Class ETF (HXE.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HPF.TO achieves a 28.72% return, which is significantly lower than HXE.TO's 36.07% return. Over the past 10 years, HPF.TO has underperformed HXE.TO with an annualized return of 5.03%, while HXE.TO has yielded a comparatively higher 11.14% annualized return.

HPF.TO

• 1D: -0.80%
• 1M: 2.08%
• 6M: 22.63%
• YTD: 28.72%
• 1Y: 37.02%
• 3Y*: 14.19%
• 5Y*: 16.67%
• 10Y*: 5.03%

HXE.TO

• 1D: 0.18%
• 1M: 1.10%
• 6M: 29.41%
• YTD: 36.07%
• 1Y: 53.23%
• 3Y*: 25.40%
• 5Y*: 30.97%
• 10Y*: 11.14%

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

HPF.TO vs. HXE.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HPF.TO Harvest Energy Leaders Income ETF Class A CAD Hedged	28.72%	8.98%	-2.46%	2.51%	38.58%	33.23%	-37.56%	9.43%	-18.69%	-0.07%
HXE.TO Global X S&P/TSX Capped Energy Index Corporate Class ETF	36.07%	17.30%	14.39%	3.95%	53.52%	81.48%	-33.82%	10.05%	-26.98%	-12.23%

Correlation

The correlation between HPF.TO and HXE.TO is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Oct 21, 2014	0.61

The correlation between HPF.TO and HXE.TO shifts across timeframes, from 0.61 (all time) to 0.77 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

HPF.TO vs. HXE.TO — Risk / Return Rank

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

HPF.TO

HPF.TO Risk / Return Rank: 69
HPF.TO Sharpe Ratio Rank: 73
HPF.TO Sortino Ratio Rank: 67
HPF.TO Omega Ratio Rank: 64
HPF.TO Calmar Ratio Rank: 76
HPF.TO Martin Ratio Rank: 64

HXE.TO

HXE.TO Risk / Return Rank: 77
HXE.TO Sharpe Ratio Rank: 85
HXE.TO Sortino Ratio Rank: 76
HXE.TO Omega Ratio Rank: 78
HXE.TO Calmar Ratio Rank: 78
HXE.TO Martin Ratio Rank: 69

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.

HPF.TO vs. HXE.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harvest Energy Leaders Income ETF Class A CAD Hedged (HPF.TO) and Global X S&P/TSX Capped Energy Index Corporate Class ETF (HXE.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.

	HPF.TO	HXE.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.89	2.18	-0.29
Sortino ratio: Return per unit of downside risk	2.49	2.72	-0.23
Omega ratio: Gain probability vs. loss probability	1.31	1.36	-0.05
Calmar ratio: Return relative to maximum drawdown	3.10	3.24	-0.14
Martin ratio: Return relative to average drawdown	9.15	9.95	-0.79

HPF.TO vs. HXE.TO - Sharpe Ratio Comparison

The current HPF.TO Sharpe Ratio is 1.89, which is comparable to the HXE.TO Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of HPF.TO and HXE.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.

Drawdowns

HPF.TO vs. HXE.TO - Drawdown Comparison

The maximum HPF.TO drawdown since its inception was -72.97%, smaller than the maximum HXE.TO drawdown of -85.92%. Use the drawdown chart below to compare losses from any high point for HPF.TO and HXE.TO.

Drawdown Indicators

	HPF.TO	HXE.TO	Difference
Max Drawdown Largest peak-to-trough decline	-72.97%	-85.92%	+12.95%
Max Drawdown (1Y) Largest decline over 1 year	-12.01%	-16.52%	+4.51%
Max Drawdown (3Y) Largest decline over 3 years	-22.85%	-25.34%	+2.49%
Max Drawdown (5Y) Largest decline over 5 years	-23.87%	-28.83%	+4.96%
Max Drawdown (10Y) Largest decline over 10 years	-69.11%	-80.40%	+11.29%
Current Drawdown Current decline from peak	-5.69%	-9.35%	+3.66%
Average Drawdown Average peak-to-trough decline	-26.28%	-30.63%	+4.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.06%	5.37%	-1.31%

Volatility

HPF.TO vs. HXE.TO - Volatility Comparison

The current volatility for Harvest Energy Leaders Income ETF Class A CAD Hedged (HPF.TO) is 6.52%, while Global X S&P/TSX Capped Energy Index Corporate Class ETF (HXE.TO) has a volatility of 8.05%. This indicates that HPF.TO experiences smaller price fluctuations and is considered to be less risky than HXE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HPF.TO	HXE.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.52%	8.05%	-1.53%
Volatility (6M) Calculated over the trailing 6-month period	16.30%	20.35%	-4.05%
Volatility (1Y) Calculated over the trailing 1-year period	19.76%	24.54%	-4.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.66%	29.34%	-5.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.03%	33.80%	-5.77%

Dividends

HPF.TO vs. HXE.TO - Dividend Comparison

HPF.TO's dividend yield for the trailing twelve months is around 8.04%, while HXE.TO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HPF.TO Harvest Energy Leaders Income ETF Class A CAD Hedged	8.04%	9.93%	9.80%	8.75%	6.58%	4.61%	15.32%	8.74%	8.78%	12.87%	13.58%	13.31%
HXE.TO Global X S&P/TSX Capped Energy Index Corporate Class ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HPF.TO and HXE.TO in my portfolio?

HPF.TO and HXE.TO have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between HPF.TO and HXE.TO?

They also come from different issuers: Harvest and Global X.