HUTS.TO vs. HCAL.TO

Last updated Aug 5, 2026

HUTS.TO (Hamilton Enhanced Utilities ETF) and HCAL.TO (Hamilton Enhanced Canadian Bank ETF) are both exchange-traded funds - HUTS.TO is a Utilities Equities fund tracking the Solactive Canadian Utility Services High Dividend Index TR, while HCAL.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index (125%). Both are passively managed. Over the past 3 years, HUTS.TO returned 16.58%/yr vs 44.05%/yr for HCAL.TO. Their 0.38 correlation means their historical movements had little consistent relationship. HUTS.TO charges 2.06%/yr vs 0.65%/yr for HCAL.TO.

Performance

HUTS.TO vs. HCAL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Hamilton Enhanced Utilities ETF (HUTS.TO) and Hamilton Enhanced Canadian Bank ETF (HCAL.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HUTS.TO achieves a 15.96% return, which is significantly lower than HCAL.TO's 40.83% return.

HUTS.TO

• 1D: -1.14%
• 1M: 0.67%
• 6M: 10.14%
• YTD: 15.96%
• 1Y: 24.80%
• 3Y*: 16.58%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.66%

HCAL.TO

• 1D: -0.14%
• 1M: 1.74%
• 6M: 37.69%
• YTD: 40.83%
• 1Y: 88.70%
• 3Y*: 44.05%
• 5Y*: 24.18%
• 10Y*: —
• ALL TIME*: 29.76%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HCAL.TO Hamilton Enhanced Canadian Bank ETF	CA$3.54M	CA$3.80M	CA$4.04M
HUTS.TO Hamilton Enhanced Utilities ETF	CA$273.34K	CA$215.70K	CA$190.49K

HUTS.TO vs. HCAL.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HUTS.TO Hamilton Enhanced Utilities ETF	15.96%	21.29%	9.40%	-3.91%	-12.96%
HCAL.TO Hamilton Enhanced Canadian Bank ETF	40.83%	54.09%	29.04%	11.73%	-3.61%

Correlation

The correlation between HUTS.TO and HCAL.TO is -0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.03
Correlation (3Y) Balances recent behavior with more history.	0.36
Correlation (All Time) Calculated using the full available price history since Sep 6, 2022	0.38

The correlation between HUTS.TO and HCAL.TO shifts across timeframes, from -0.03 (1 year) to 0.38 (all time), reflecting how their relationship changes across market environments.

HUTS.TO vs. HCAL.TO - Sectors Allocation Comparison

Sectors	HUTS.TO	HCAL.TO
Utilities	41.5%	-
Energy	35.9%	-
Communication Services	22.5%	-
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	100.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

HUTS.TO vs. HCAL.TO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HUTS.TO

HUTS.TO Risk / Return Rank: 86
HUTS.TO Sharpe Ratio Rank: 89
HUTS.TO Sortino Ratio Rank: 88
HUTS.TO Omega Ratio Rank: 86
HUTS.TO Calmar Ratio Rank: 90
HUTS.TO Martin Ratio Rank: 79

HCAL.TO

HCAL.TO Risk / Return Rank: 98
HCAL.TO Sharpe Ratio Rank: 99
HCAL.TO Sortino Ratio Rank: 98
HCAL.TO Omega Ratio Rank: 97
HCAL.TO Calmar Ratio Rank: 97
HCAL.TO Martin Ratio Rank: 97

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HUTS.TO vs. HCAL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton Enhanced Utilities ETF (HUTS.TO) and Hamilton Enhanced Canadian Bank ETF (HCAL.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.

	HUTS.TO	HCAL.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.34	5.02	-2.68
Sortino ratio: Return per unit of downside risk	3.28	5.93	-2.65
Omega ratio: Gain probability vs. loss probability	1.41	1.84	-0.43
Calmar ratio: Return relative to maximum drawdown	4.24	8.37	-4.13
Martin ratio: Return relative to average drawdown	11.54	34.48	-22.94

HUTS.TO vs. HCAL.TO - Sharpe Ratio Comparison

The current HUTS.TO Sharpe Ratio is 2.34, which is lower than the HCAL.TO Sharpe Ratio of 5.02. The chart below compares the historical Sharpe Ratios of HUTS.TO and HCAL.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

HUTS.TO vs. HCAL.TO - Drawdown Comparison

The maximum HUTS.TO drawdown since its inception was -30.57%, smaller than the maximum HCAL.TO drawdown of -35.05%. Use the drawdown chart below to compare losses from any high point for HUTS.TO and HCAL.TO.

Drawdown Indicators

	HUTS.TO	HCAL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-30.57%	-35.05%	+4.48%
Max Drawdown (1Y) Largest decline over 1 year	-5.87%	-10.65%	+4.78%
Max Drawdown (3Y) Largest decline over 3 years	-14.20%	-16.66%	+2.46%
Max Drawdown (5Y) Largest decline over 5 years	—	-35.05%	—
Current Drawdown Current decline from peak	-4.32%	-3.83%	-0.49%
Average Drawdown Average peak-to-trough decline	-9.73%	-9.39%	-0.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	2.58%	-0.43%

Volatility

HUTS.TO vs. HCAL.TO - Volatility Comparison

The current volatility for Hamilton Enhanced Utilities ETF (HUTS.TO) is 4.45%, while Hamilton Enhanced Canadian Bank ETF (HCAL.TO) has a volatility of 7.78%. This indicates that HUTS.TO experiences smaller price fluctuations and is considered to be less risky than HCAL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HUTS.TO	HCAL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.45%	7.78%	-3.33%
Volatility (6M) Calculated over the trailing 6-month period	9.14%	15.45%	-6.31%
Volatility (1Y) Calculated over the trailing 1-year period	10.67%	17.81%	-7.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.98%	17.45%	-2.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.98%	17.13%	-2.15%

HUTS.TO vs. HCAL.TO - Expense Ratio Comparison

HUTS.TO has a 2.06% expense ratio, which is higher than HCAL.TO's 0.65% expense ratio.

Dividends

HUTS.TO vs. HCAL.TO - Dividend Comparison

HUTS.TO's dividend yield for the trailing twelve months is around 5.70%, more than HCAL.TO's 3.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
HCAL.TO Hamilton Enhanced Canadian Bank ETF	3.13%	4.20%	6.12%	7.37%	7.46%	4.27%	2.66%
HUTS.TO Hamilton Enhanced Utilities ETF	5.70%	6.45%	7.45%	7.83%	2.33%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HUTS.TO and HCAL.TO in my portfolio?

HUTS.TO and HCAL.TO have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HUTS.TO or HCAL.TO?

On fees, HCAL.TO is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HUTS.TO or HCAL.TO?

HCAL.TO is cheaper with a 0.65% expense ratio, compared with 2.06% for HUTS.TO.

What is the main difference between HUTS.TO and HCAL.TO?

HUTS.TO is categorized as Utilities Equities, while HCAL.TO is Financials Equities. HUTS.TO tracks Solactive Canadian Utility Services High Dividend Index TR, while HCAL.TO tracks Solactive Equal Weight Canada Banks Index (125%). Their fees differ too: 2.06% for HUTS.TO and 0.65% for HCAL.TO.