HXF.TO vs. CBNK.TO

Last updated Jun 4, 2026

HXF.TO (Global X S&P/TSX Capped Financials Index Corporate Class ETF) and CBNK.TO (Mulvihill Canadian Bank Enhanced Yield ETF) are both exchange-traded funds - HXF.TO is a Financials Equities fund tracking the S&P/TSX Capped Financials Index (Total Return), while CBNK.TO is a Derivative Income fund actively managed by Mulvihill. HXF.TO is passively managed, while CBNK.TO is actively managed. Over the past 3 years, HXF.TO returned 29.70%/yr vs 38.97%/yr for CBNK.TO. At a 0.47 correlation, their price movements are largely independent.

Performance

HXF.TO vs. CBNK.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X S&P/TSX Capped Financials Index Corporate Class ETF (HXF.TO) and Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HXF.TO achieves a 10.81% return, which is significantly lower than CBNK.TO's 25.56% return.

HXF.TO

• 1D: -1.17%
• 1M: 3.65%
• YTD: 10.81%
• 6M: 16.65%
• 1Y: 40.51%
• 3Y*: 29.70%
• 5Y*: 17.03%
• 10Y*: 14.63%

CBNK.TO

• 1D: 0.42%
• 1M: 7.74%
• YTD: 25.56%
• 6M: 32.17%
• 1Y: 79.20%
• 3Y*: 38.97%
• 5Y*: —
• 10Y*: —

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

HXF.TO vs. CBNK.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HXF.TO Global X S&P/TSX Capped Financials Index Corporate Class ETF	10.81%	35.34%	30.20%	12.45%	-11.30%
CBNK.TO Mulvihill Canadian Bank Enhanced Yield ETF	25.56%	51.67%	27.42%	8.42%	-19.87%

Correlation

The correlation between HXF.TO and CBNK.TO is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (All Time) Calculated using the full available price history since Mar 3, 2022	0.47

Return for Risk

HXF.TO vs. CBNK.TO — Risk / Return Rank

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

HXF.TO

HXF.TO Risk / Return Rank: 91
HXF.TO Sharpe Ratio Rank: 91
HXF.TO Sortino Ratio Rank: 93
HXF.TO Omega Ratio Rank: 93
HXF.TO Calmar Ratio Rank: 88
HXF.TO Martin Ratio Rank: 90

CBNK.TO

CBNK.TO Risk / Return Rank: 96
CBNK.TO Sharpe Ratio Rank: 98
CBNK.TO Sortino Ratio Rank: 98
CBNK.TO Omega Ratio Rank: 97
CBNK.TO Calmar Ratio Rank: 95
CBNK.TO Martin Ratio Rank: 96

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.

HXF.TO vs. CBNK.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X S&P/TSX Capped Financials Index Corporate Class ETF (HXF.TO) and Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.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.

	HXF.TO	CBNK.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.23	5.12	-1.89
Sortino ratio: Return per unit of downside risk	4.73	6.76	-2.03
Omega ratio: Gain probability vs. loss probability	1.65	1.87	-0.22
Calmar ratio: Return relative to maximum drawdown	5.14	7.94	-2.79
Martin ratio: Return relative to average drawdown	20.92	34.25	-13.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HXF.TO vs. CBNK.TO - Sharpe Ratio Comparison

The current HXF.TO Sharpe Ratio is 3.23, which is lower than the CBNK.TO Sharpe Ratio of 5.12. The chart below compares the historical Sharpe Ratios of HXF.TO and CBNK.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

	HXF.TO	CBNK.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.23	5.12	-1.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.18	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.87	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	1.10	-0.28

Drawdowns

HXF.TO vs. CBNK.TO - Drawdown Comparison

The maximum HXF.TO drawdown since its inception was -39.77%, which is greater than CBNK.TO's maximum drawdown of -32.12%. Use the drawdown chart below to compare losses from any high point for HXF.TO and CBNK.TO.

Drawdown Indicators

	HXF.TO	CBNK.TO	Difference
Max Drawdown Largest peak-to-trough decline	-39.77%	-32.12%	-7.65%
Max Drawdown (1Y) Largest decline over 1 year	-7.94%	-10.03%	+2.09%
Max Drawdown (3Y) Largest decline over 3 years	-12.90%	-17.92%	+5.02%
Max Drawdown (5Y) Largest decline over 5 years	-21.66%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-39.77%	—	—
Current Drawdown Current decline from peak	-2.56%	-2.29%	-0.27%
Average Drawdown Average peak-to-trough decline	-5.09%	-10.92%	+5.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	2.32%	-0.37%

Volatility

HXF.TO vs. CBNK.TO - Volatility Comparison

The current volatility for Global X S&P/TSX Capped Financials Index Corporate Class ETF (HXF.TO) is 3.84%, while Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.TO) has a volatility of 5.67%. This indicates that HXF.TO experiences smaller price fluctuations and is considered to be less risky than CBNK.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HXF.TO	CBNK.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.84%	5.67%	-1.83%
Volatility (6M) Calculated over the trailing 6-month period	11.14%	13.29%	-2.15%
Volatility (1Y) Calculated over the trailing 1-year period	12.65%	15.55%	-2.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.46%	17.55%	-3.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.94%	17.55%	-0.61%

Dividends

HXF.TO vs. CBNK.TO - Dividend Comparison

HXF.TO has not paid dividends to shareholders, while CBNK.TO's dividend yield for the trailing twelve months is around 5.94%.

Position	TTM	2025	2024	2023	2022
CBNK.TO Mulvihill Canadian Bank Enhanced Yield ETF	5.94%	5.86%	8.25%	9.59%	7.85%
HXF.TO Global X S&P/TSX Capped Financials Index Corporate Class ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HXF.TO and CBNK.TO in my portfolio?

HXF.TO and CBNK.TO have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between HXF.TO and CBNK.TO?

HXF.TO is categorized as Financials Equities, while CBNK.TO is Derivative Income. They also come from different issuers: Global X and Mulvihill.