HVOI.TO vs. HBIL.TO
HVOI.TO (Harvest Low Volatility Canadian Equity Income ETF Class A) and HBIL.TO (Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged)) are both Derivative Income funds. Both are actively managed. Over the past year, HVOI.TO returned 20.16% vs 1.44% for HBIL.TO. Their 0.22 correlation means their historical movements had little consistent relationship. HVOI.TO charges 0.89%/yr vs 0.35%/yr for HBIL.TO.
Performance
HVOI.TO vs. HBIL.TO - Performance Comparison
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Returns By Period
In the year-to-date period, HVOI.TO achieves a 11.03% return, which is significantly higher than HBIL.TO's 0.36% return.
HVOI.TO
- 1D
- 0.28%
- 1M
- 1.05%
- 6M
- 11.45%
- YTD
- 11.03%
- 1Y
- 20.16%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 21.02%
HBIL.TO
- 1D
- 0.21%
- 1M
- 0.16%
- 6M
- 0.17%
- YTD
- 0.36%
- 1Y
- 1.44%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 1.14%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$352.26K | CA$284.54K | CA$300.32K | |
| CA$34.24K | CA$36.50K | CA$47.47K |
HVOI.TO vs. HBIL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HVOI.TO Harvest Low Volatility Canadian Equity Income ETF Class A | 11.03% | 15.49% |
HBIL.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) | 0.36% | 2.22% |
Correlation
The correlation between HVOI.TO and HBIL.TO is 0.23, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.23 |
Correlation (All Time) Calculated using the full available price history since Apr 15, 2025 | 0.22 |
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Return for Risk
HVOI.TO vs. HBIL.TO — Risk / Return Rank
HVOI.TO
HBIL.TO
HVOI.TO vs. HBIL.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 Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) (HBIL.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.
| HVOI.TO | HBIL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.49 | ||
| Sortino ratioReturn per unit of downside risk | +2.16 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.16 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 3.01 | 1.52 | +1.49 |
| Martin ratioReturn relative to average drawdown | 12.03 | 4.13 | +7.90 |
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Drawdowns
HVOI.TO vs. HBIL.TO - Drawdown Comparison
The maximum HVOI.TO drawdown since its inception was -6.72%, which is greater than HBIL.TO's maximum drawdown of -1.66%. Use the drawdown chart below to compare losses from any high point for HVOI.TO and HBIL.TO.
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Drawdown Indicators
| HVOI.TO | HBIL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.72% | -1.66% | -5.06% |
Max Drawdown (1Y)Largest decline over 1 year | -6.72% | -0.95% | -5.77% |
Current DrawdownCurrent decline from peak | -1.03% | -0.71% | -0.32% |
Average DrawdownAverage peak-to-trough decline | -0.89% | -0.47% | -0.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.68% | 0.35% | +1.33% |
Volatility
HVOI.TO vs. HBIL.TO - Volatility Comparison
Harvest Low Volatility Canadian Equity Income ETF Class A (HVOI.TO) has a higher volatility of 2.18% compared to Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) (HBIL.TO) at 0.82%. This indicates that HVOI.TO's price experiences larger fluctuations and is considered to be riskier than HBIL.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.TO | HBIL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.18% | 0.82% | +1.36% |
Volatility (6M)Calculated over the trailing 6-month period | 6.92% | 1.52% | +5.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.81% | 1.78% | +7.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.31% | 2.08% | +6.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.31% | 2.08% | +6.23% |
HVOI.TO vs. HBIL.TO - Expense Ratio Comparison
HVOI.TO has a 0.89% expense ratio, which is higher than HBIL.TO's 0.35% expense ratio.
Dividends
HVOI.TO vs. HBIL.TO - Dividend Comparison
HVOI.TO's dividend yield for the trailing twelve months is around 6.69%, more than HBIL.TO's 6.00% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
HBIL.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) | 6.00% | 7.48% | 2.58% |
HVOI.TO Harvest Low Volatility Canadian Equity Income ETF Class A | 6.69% | 4.76% | 0.00% |
Frequently Asked Questions
HVOI.TO and HBIL.TO have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HBIL.TO is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HBIL.TO is cheaper with a 0.35% expense ratio, compared with 0.89% for HVOI.TO.
They also come from different issuers: Harvest and Hamilton. Their fees differ too: 0.89% for HVOI.TO and 0.35% for HBIL.TO.
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