HXE.TO vs. HCAL.TO

Last updated Jun 4, 2026

HXE.TO (Global X S&P/TSX Capped Energy Index Corporate Class ETF) and HCAL.TO (Hamilton Enhanced Canadian Bank ETF) are both exchange-traded funds - HXE.TO is a Energy Equities fund tracking the S&P/TSX Capped Energy Index (Total Return), while HCAL.TO is a Leveraged Equities fund tracking the Solactive Equal Weight Canada Banks Index (125%). Both are passively managed. Over the past 5 years, HXE.TO returned 29.94%/yr vs 20.76%/yr for HCAL.TO. At a 0.28 correlation, their price movements are largely independent. HXE.TO charges 0.27%/yr vs 0.65%/yr for HCAL.TO.

Performance

HXE.TO vs. HCAL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X S&P/TSX Capped Energy Index Corporate Class ETF (HXE.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, HXE.TO achieves a 44.48% return, which is significantly higher than HCAL.TO's 23.54% return.

HXE.TO

• 1D: 1.90%
• 1M: 0.21%
• YTD: 44.48%
• 6M: 43.26%
• 1Y: 70.96%
• 3Y*: 28.47%
• 5Y*: 29.94%
• 10Y*: 12.22%

HCAL.TO

• 1D: -0.43%
• 1M: 6.76%
• YTD: 23.54%
• 6M: 30.66%
• 1Y: 76.99%
• 3Y*: 39.62%
• 5Y*: 20.76%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020
HXE.TO Global X S&P/TSX Capped Energy Index Corporate Class ETF	44.48%	17.30%	14.39%	3.95%	53.52%	81.48%	37.23%
HCAL.TO Hamilton Enhanced Canadian Bank ETF	23.54%	54.09%	29.04%	11.73%	-17.53%	51.61%	16.06%

Correlation

The correlation between HXE.TO and HCAL.TO is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (All Time) Calculated using the full available price history since Oct 16, 2020	0.28

The correlation between HXE.TO and HCAL.TO shifts across timeframes, from -0.15 (1 year) to 0.28 (all time), reflecting how their relationship changes across market environments.

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

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

Return for Risk

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

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

HXE.TO

HXE.TO Risk / Return Rank: 86
HXE.TO Sharpe Ratio Rank: 89
HXE.TO Sortino Ratio Rank: 81
HXE.TO Omega Ratio Rank: 82
HXE.TO Calmar Ratio Rank: 93
HXE.TO Martin Ratio Rank: 87

HCAL.TO

HCAL.TO Risk / Return Rank: 96
HCAL.TO Sharpe Ratio Rank: 97
HCAL.TO Sortino Ratio Rank: 97
HCAL.TO Omega Ratio Rank: 97
HCAL.TO Calmar Ratio Rank: 94
HCAL.TO Martin Ratio Rank: 95

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.

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

This table presents a comparison of risk-adjusted performance metrics for Global X S&P/TSX Capped Energy Index Corporate Class ETF (HXE.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.

	HXE.TO	HCAL.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.07	4.89	-1.82
Sortino ratio: Return per unit of downside risk	3.64	6.36	-2.71
Omega ratio: Gain probability vs. loss probability	1.50	1.88	-0.38
Calmar ratio: Return relative to maximum drawdown	6.55	7.26	-0.71
Martin ratio: Return relative to average drawdown	18.78	31.55	-12.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current HXE.TO Sharpe Ratio is 3.07, which is lower than the HCAL.TO Sharpe Ratio of 4.89. The chart below compares the historical Sharpe Ratios of HXE.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.

Sharpe Ratios by Period

	HXE.TO	HCAL.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.07	4.89	-1.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.03	1.22	-0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	1.64	-1.43

Drawdowns

HXE.TO vs. HCAL.TO - Drawdown Comparison

The maximum HXE.TO drawdown since its inception was -85.92%, which is greater than HCAL.TO's maximum drawdown of -35.05%. Use the drawdown chart below to compare losses from any high point for HXE.TO and HCAL.TO.

Drawdown Indicators

	HXE.TO	HCAL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-85.92%	-35.05%	-50.87%
Max Drawdown (1Y) Largest decline over 1 year	-10.88%	-10.65%	-0.23%
Max Drawdown (3Y) Largest decline over 3 years	-25.34%	-18.77%	-6.57%
Max Drawdown (5Y) Largest decline over 5 years	-28.83%	-35.05%	+6.22%
Max Drawdown (10Y) Largest decline over 10 years	-80.40%	—	—
Current Drawdown Current decline from peak	-3.75%	-2.42%	-1.33%
Average Drawdown Average peak-to-trough decline	-30.81%	-9.62%	-21.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.79%	2.45%	+1.34%

Volatility

HXE.TO vs. HCAL.TO - Volatility Comparison

Global X S&P/TSX Capped Energy Index Corporate Class ETF (HXE.TO) has a higher volatility of 9.76% compared to Hamilton Enhanced Canadian Bank ETF (HCAL.TO) at 6.05%. This indicates that HXE.TO's price experiences larger fluctuations and is considered to be riskier than HCAL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HXE.TO	HCAL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.76%	6.05%	+3.71%
Volatility (6M) Calculated over the trailing 6-month period	18.90%	14.08%	+4.82%
Volatility (1Y) Calculated over the trailing 1-year period	23.30%	15.82%	+7.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.24%	17.16%	+12.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.75%	17.00%	+16.75%

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

HXE.TO has a 0.27% expense ratio, which is lower than HCAL.TO's 0.65% expense ratio.

Dividends

HXE.TO vs. HCAL.TO - Dividend Comparison

HXE.TO has not paid dividends to shareholders, while HCAL.TO's dividend yield for the trailing twelve months is around 3.49%.

Position	TTM	2025	2024	2023	2022	2021	2020
HCAL.TO Hamilton Enhanced Canadian Bank ETF	3.49%	4.20%	6.12%	7.37%	7.47%	4.99%	3.14%
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%

Frequently Asked Questions

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

HXE.TO and HCAL.TO have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

On fees, HXE.TO is cheaper at 0.27% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

HXE.TO is cheaper with a 0.27% expense ratio, compared with 0.65% for HCAL.TO.

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

HXE.TO is categorized as Energy Equities, while HCAL.TO is Leveraged Equities. HXE.TO tracks S&P/TSX Capped Energy Index (Total Return), while HCAL.TO tracks Solactive Equal Weight Canada Banks Index (125%). They also come from different issuers: Global X and Hamilton Capital. Their fees differ too: 0.27% for HXE.TO and 0.65% for HCAL.TO.