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HVOI.TO vs. HAL.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HVOI.TO vs. HAL.TO

Last updated Jun 4, 2026

HVOI.TO (Harvest Low Volatility Canadian Equity Income ETF Class A) and HAL.TO (Global X Active Canadian Dividend ETF) are both Canada Equities funds. Both are actively managed. Over the past year, HVOI.TO returned 13.92% vs 42.29% for HAL.TO. A 0.60 correlation means they provide meaningful diversification when combined.

Performance

HVOI.TO vs. HAL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Harvest Low Volatility Canadian Equity Income ETF Class A (HVOI.TO) and Global X Active Canadian Dividend ETF (HAL.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, HVOI.TO achieves a 5.50% return, which is significantly lower than HAL.TO's 17.28% return.

HVOI.TO

1D
-0.29%
1M
2.06%
YTD
5.50%
6M
7.73%
1Y
13.92%
3Y*
—
5Y*
—
10Y*
—

HAL.TO

1D
1.49%
1M
3.85%
YTD
17.28%
6M
20.97%
1Y
42.29%
3Y*
21.26%
5Y*
14.92%
10Y*
11.69%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HVOI.TO vs. HAL.TO - Yearly Performance Comparison

2026 (YTD)2025
HVOI.TO
Harvest Low Volatility Canadian Equity Income ETF Class A		5.50%15.20%
HAL.TO
Global X Active Canadian Dividend ETF		17.28%30.23%

Correlation

The correlation between HVOI.TO and HAL.TO is 0.65, 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

0.65

Correlation (All Time)
Calculated using the full available price history since Apr 16, 2025

0.60

The correlation between HVOI.TO and HAL.TO has been stable across timeframes, ranging from 0.60 to 0.65 - a consistent structural relationship.

Compare stocks, funds, or ETFs

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Harvest Low Volatility Canadian Equity Income ETF Class A

Global X Active Canadian Dividend ETF

Often compared with HVOI.TO:
HVOI.TO vs. FCCV.TOHVOI.TO vs. TQCD.TOHVOI.TO vs. VCE.TOHVOI.TO vs. CANY.TOHVOI.TO vs. HHIC.TOHVOI.TO vs. XDV.TOHVOI.TO vs. XIC.TO
Often compared with HAL.TO:
HAL.TO vs. HXH.TOHAL.TO vs. HCA.TOHAL.TO vs. CASH.TOHAL.TO vs. CFOU.TOHAL.TO vs. CBIL.TOHAL.TO vs. HBNK.TOHAL.TO vs. HEWB.TO

Return for Risk

HVOI.TO vs. HAL.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HVOI.TO
HVOI.TO Risk / Return Rank: 4848
Overall Rank
HVOI.TO Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
HVOI.TO Sortino Ratio Rank: 5050
Sortino Ratio Rank
HVOI.TO Omega Ratio Rank: 5050
Omega Ratio Rank
HVOI.TO Calmar Ratio Rank: 4343
Calmar Ratio Rank
HVOI.TO Martin Ratio Rank: 5050
Martin Ratio Rank
HAL.TO
HAL.TO Risk / Return Rank: 9696
Overall Rank
HAL.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
HAL.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
HAL.TO Omega Ratio Rank: 9797
Omega Ratio Rank
HAL.TO Calmar Ratio Rank: 9595
Calmar Ratio Rank
HAL.TO Martin Ratio Rank: 9696
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.

HVOI.TO vs. HAL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harvest Low Volatility Canadian Equity Income ETF Class A (HVOI.TO) and Global X Active Canadian Dividend ETF (HAL.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.

HVOI.TOHAL.TODifference
Sharpe ratioReturn per unit of total volatility
1.65
4.46

-2.81

Sortino ratioReturn per unit of downside risk
2.44
6.04

-3.60

Omega ratioGain probability vs. loss probability

1.31

1.93

-0.62

Calmar ratioReturn relative to maximum drawdown

2.08

8.26

-6.18

Martin ratioReturn relative to average drawdown

8.33

37.67

-29.35

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

HVOI.TO vs. HAL.TO - Sharpe Ratio Comparison

The current HVOI.TO Sharpe Ratio is 1.65, which is lower than the HAL.TO Sharpe Ratio of 4.46. The chart below compares the historical Sharpe Ratios of HVOI.TO and HAL.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

HVOI.TOHAL.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.65

4.46

-2.81

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

1.21

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.79

—

Sharpe Ratio (All Time)

Calculated using the full available price history

2.26

0.79

+1.47

Drawdowns

HVOI.TO vs. HAL.TO - Drawdown Comparison

The maximum HVOI.TO drawdown since its inception was -6.72%, smaller than the maximum HAL.TO drawdown of -39.70%. Use the drawdown chart below to compare losses from any high point for HVOI.TO and HAL.TO.

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Drawdown Indicators

HVOI.TOHAL.TODifference

Max Drawdown

Largest peak-to-trough decline

-6.72%

-39.70%

+32.98%

Max Drawdown (1Y)

Largest decline over 1 year

-6.72%

-5.15%

-1.57%

Max Drawdown (3Y)

Largest decline over 3 years

—

-12.44%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-16.43%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-39.70%

—

Current Drawdown

Current decline from peak

-1.35%

0.00%

-1.35%

Average Drawdown

Average peak-to-trough decline

-0.97%

-4.19%

+3.22%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.68%

1.13%

+0.55%

Volatility

HVOI.TO vs. HAL.TO - Volatility Comparison

The current volatility for Harvest Low Volatility Canadian Equity Income ETF Class A (HVOI.TO) is 2.27%, while Global X Active Canadian Dividend ETF (HAL.TO) has a volatility of 2.48%. This indicates that HVOI.TO experiences smaller price fluctuations and is considered to be less risky than HAL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HVOI.TOHAL.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.27%

2.48%

-0.21%

Volatility (6M)

Calculated over the trailing 6-month period

6.84%

7.85%

-1.01%

Volatility (1Y)

Calculated over the trailing 1-year period

8.47%

9.53%

-1.06%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

8.39%

12.36%

-3.97%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.39%

14.85%

-6.46%

Dividends

HVOI.TO vs. HAL.TO - Dividend Comparison

HVOI.TO's dividend yield for the trailing twelve months is around 6.97%, more than HAL.TO's 1.97% yield.

PositionTTM20252024202320222021202020192018201720162015
HAL.TO
Global X Active Canadian Dividend ETF		1.97%2.37%2.79%3.60%4.84%2.99%3.56%2.96%3.43%3.17%2.84%3.19%
HVOI.TO
Harvest Low Volatility Canadian Equity Income ETF Class A		6.97%4.76%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

HVOI.TO and HAL.TO have a correlation of 0.65, 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: Harvest and Global X.

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