HVOI.TO vs. HCAL.TO
HVOI.TO (Harvest Low Volatility Canadian Equity Income ETF Class A) and HCAL.TO (Hamilton Enhanced Canadian Bank ETF) are both exchange-traded funds - HVOI.TO is a Canada Equities fund actively managed by Harvest, while HCAL.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index (125%). HVOI.TO is actively managed, while HCAL.TO is passively managed. Over the past year, HVOI.TO returned 18.36% vs 95.86% for HCAL.TO. A 0.55 correlation means they provide meaningful diversification when combined.
Performance
HVOI.TO vs. HCAL.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, HVOI.TO achieves a 9.02% return, which is significantly lower than HCAL.TO's 38.28% return.
HVOI.TO
- 1D
- 0.92%
- 1M
- 2.31%
- YTD
- 9.02%
- 6M
- 9.02%
- 1Y
- 18.36%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HCAL.TO
- 1D
- 0.49%
- 1M
- 10.30%
- YTD
- 38.28%
- 6M
- 38.09%
- 1Y
- 95.86%
- 3Y*
- 46.64%
- 5Y*
- 23.64%
- 10Y*
- —
HVOI.TO vs. HCAL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HVOI.TO Harvest Low Volatility Canadian Equity Income ETF Class A | 9.02% | 15.49% |
HCAL.TO Hamilton Enhanced Canadian Bank ETF | 38.28% | 69.54% |
Correlation
The correlation between HVOI.TO and HCAL.TO is 0.59, 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 | 0.59 |
Correlation (All Time) Calculated using the full available price history since Apr 15, 2025 | 0.55 |
The correlation between HVOI.TO and HCAL.TO has been stable across timeframes, ranging from 0.55 to 0.59 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
HVOI.TO vs. HCAL.TO — Risk / Return Rank
HVOI.TO
HCAL.TO
HVOI.TO vs. HCAL.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 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.
| HVOI.TO | HCAL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.86 | ||
| Sortino ratioReturn per unit of downside risk | -4.34 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 2.05 | -0.64 |
| Calmar ratioReturn relative to maximum drawdown | 2.74 | 9.05 | -6.30 |
| Martin ratioReturn relative to average drawdown | 11.00 | 39.30 | -28.31 |
Loading charts...
Drawdowns
HVOI.TO vs. HCAL.TO - Drawdown Comparison
The maximum HVOI.TO drawdown since its inception was -6.72%, smaller than the maximum HCAL.TO drawdown of -35.05%. Use the drawdown chart below to compare losses from any high point for HVOI.TO and HCAL.TO.
Loading charts...
Drawdown Indicators
| HVOI.TO | HCAL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.72% | -35.05% | +28.33% |
Max Drawdown (1Y)Largest decline over 1 year | -6.72% | -10.65% | +3.93% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.77% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -35.05% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.93% | -9.52% | +8.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.67% | 2.45% | -0.78% |
Volatility
HVOI.TO vs. HCAL.TO - Volatility Comparison
The current volatility for Harvest Low Volatility Canadian Equity Income ETF Class A (HVOI.TO) is 2.51%, while Hamilton Enhanced Canadian Bank ETF (HCAL.TO) has a volatility of 4.90%. This indicates that HVOI.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.
Loading charts...
Volatility by Period
| HVOI.TO | HCAL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.51% | 4.90% | -2.39% |
Volatility (6M)Calculated over the trailing 6-month period | 6.95% | 14.00% | -7.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.67% | 16.10% | -7.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.41% | 17.20% | -8.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.41% | 16.99% | -8.58% |
Dividends
HVOI.TO vs. HCAL.TO - Dividend Comparison
HVOI.TO's dividend yield for the trailing twelve months is around 6.74%, more than HCAL.TO's 3.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
HCAL.TO Hamilton Enhanced Canadian Bank ETF | 3.12% | 4.20% | 6.12% | 7.37% | 7.46% | 4.99% | 3.14% |
HVOI.TO Harvest Low Volatility Canadian Equity Income ETF Class A | 6.74% | 4.76% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HVOI.TO and HCAL.TO have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HVOI.TO is categorized as Canada Equities, while HCAL.TO is Financials Equities. They also come from different issuers: Harvest and Hamilton Capital.
Find the right allocation for HVOI.TO and HCAL.TO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer