HXH.TO vs. HDIV.TO

Last updated Jun 14, 2026

HXH.TO (Global X Canadian High Dividend Index Corporate Class ETF) and HDIV.TO (Hamilton Enhanced Canadian Covered Call ETF) are both exchange-traded funds - HXH.TO is a Canada Equities fund tracking the Solactive Canadian High Dividend Yield Index, while HDIV.TO is a Derivative Income fund actively managed by Hamilton ETFs. HXH.TO is passively managed, while HDIV.TO is actively managed. Over the past 3 years, HXH.TO returned 21.90%/yr vs 27.78%/yr for HDIV.TO. A 0.60 correlation means they provide meaningful diversification when combined. HXH.TO charges 0.11%/yr vs 0.00%/yr for HDIV.TO.

Performance

HXH.TO vs. HDIV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X Canadian High Dividend Index Corporate Class ETF (HXH.TO) and Hamilton Enhanced Canadian Covered Call ETF (HDIV.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HXH.TO achieves a 22.45% return, which is significantly higher than HDIV.TO's 17.07% return.

HXH.TO

• 1D: 0.49%
• 1M: 4.48%
• YTD: 22.45%
• 6M: 23.40%
• 1Y: 42.83%
• 3Y*: 21.90%
• 5Y*: 16.47%
• 10Y*: 12.10%

HDIV.TO

• 1D: 1.08%
• 1M: 3.72%
• YTD: 17.07%
• 6M: 17.58%
• 1Y: 45.74%
• 3Y*: 27.78%
• 5Y*: —
• 10Y*: —

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

HXH.TO vs. HDIV.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
HXH.TO Global X Canadian High Dividend Index Corporate Class ETF	22.45%	25.86%	15.24%	6.33%	5.00%	10.72%
HDIV.TO Hamilton Enhanced Canadian Covered Call ETF	17.07%	33.87%	23.15%	13.91%	-2.53%	9.13%

Correlation

The correlation between HXH.TO and HDIV.TO is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jul 21, 2021	0.60

The correlation between HXH.TO and HDIV.TO shifts across timeframes, from 0.41 (1 year) to 0.60 (all time), reflecting how their relationship changes across market environments.

HXH.TO vs. HDIV.TO - Sectors Allocation Comparison

Sectors	HXH.TO	HDIV.TO
Real Estate	32.3%	2.1%
Basic Materials	-	13.4%
Communication Services	-	6.3%
Consumer Cyclical	-	2.5%
Consumer Defensive	-	0.3%
Energy	-	18.4%
Financial Services	-	39.8%
Healthcare	-	0.2%
Industrials	-	3.0%
Technology	-	9.5%
Utilities	-	4.7%

Return for Risk

HXH.TO vs. HDIV.TO — Risk / Return Rank

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

HXH.TO

HXH.TO Risk / Return Rank: 98
HXH.TO Sharpe Ratio Rank: 98
HXH.TO Sortino Ratio Rank: 98
HXH.TO Omega Ratio Rank: 98
HXH.TO Calmar Ratio Rank: 99
HXH.TO Martin Ratio Rank: 98

HDIV.TO

HDIV.TO Risk / Return Rank: 94
HDIV.TO Sharpe Ratio Rank: 96
HDIV.TO Sortino Ratio Rank: 95
HDIV.TO Omega Ratio Rank: 95
HDIV.TO Calmar Ratio Rank: 91
HDIV.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.

HXH.TO vs. HDIV.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Canadian High Dividend Index Corporate Class ETF (HXH.TO) and Hamilton Enhanced Canadian Covered Call ETF (HDIV.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.

	HXH.TO	HDIV.TO	Difference
Sharpe ratio: Return per unit of total volatility	5.30	3.55	+1.75
Sortino ratio: Return per unit of downside risk	7.97	4.51	+3.45
Omega ratio: Gain probability vs. loss probability	2.14	1.65	+0.50
Calmar ratio: Return relative to maximum drawdown	17.31	5.23	+12.08
Martin ratio: Return relative to average drawdown	53.84	25.02	+28.82

HXH.TO vs. HDIV.TO - Sharpe Ratio Comparison

The current HXH.TO Sharpe Ratio is 5.30, which is higher than the HDIV.TO Sharpe Ratio of 3.55. The chart below compares the historical Sharpe Ratios of HXH.TO and HDIV.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.

Drawdowns

HXH.TO vs. HDIV.TO - Drawdown Comparison

The maximum HXH.TO drawdown since its inception was -40.80%, which is greater than HDIV.TO's maximum drawdown of -22.32%. Use the drawdown chart below to compare losses from any high point for HXH.TO and HDIV.TO.

Drawdown Indicators

	HXH.TO	HDIV.TO	Difference
Max Drawdown Largest peak-to-trough decline	-40.80%	-22.32%	-18.48%
Max Drawdown (1Y) Largest decline over 1 year	-2.52%	-8.73%	+6.21%
Max Drawdown (3Y) Largest decline over 3 years	-10.55%	-14.58%	+4.03%
Max Drawdown (5Y) Largest decline over 5 years	-15.48%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-40.80%	—	—
Current Drawdown Current decline from peak	0.00%	-0.13%	+0.13%
Average Drawdown Average peak-to-trough decline	-4.85%	-4.21%	-0.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	1.82%	-1.01%

Volatility

HXH.TO vs. HDIV.TO - Volatility Comparison

The current volatility for Global X Canadian High Dividend Index Corporate Class ETF (HXH.TO) is 2.78%, while Hamilton Enhanced Canadian Covered Call ETF (HDIV.TO) has a volatility of 4.51%. This indicates that HXH.TO experiences smaller price fluctuations and is considered to be less risky than HDIV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HXH.TO	HDIV.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.78%	4.51%	-1.73%
Volatility (6M) Calculated over the trailing 6-month period	6.77%	10.74%	-3.97%
Volatility (1Y) Calculated over the trailing 1-year period	8.25%	12.86%	-4.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.20%	15.64%	-3.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.06%	15.64%	+0.42%

HXH.TO vs. HDIV.TO - Expense Ratio Comparison

HXH.TO has a 0.11% expense ratio, which is higher than HDIV.TO's 0.00% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

HXH.TO vs. HDIV.TO - Dividend Comparison

HXH.TO has not paid dividends to shareholders, while HDIV.TO's dividend yield for the trailing twelve months is around 9.27%.

Position	TTM	2025	2024	2023	2022	2021
HDIV.TO Hamilton Enhanced Canadian Covered Call ETF	9.27%	10.09%	11.38%	10.41%	9.64%	3.37%
HXH.TO Global X Canadian High Dividend Index Corporate Class ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HXH.TO and HDIV.TO in my portfolio?

HXH.TO and HDIV.TO have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HXH.TO or HDIV.TO?

On fees, HDIV.TO is cheaper at 0.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HXH.TO or HDIV.TO?

HDIV.TO is cheaper with a 0.00% expense ratio, compared with 0.11% for HXH.TO.

What is the main difference between HXH.TO and HDIV.TO?

HXH.TO is categorized as Canada Equities, while HDIV.TO is Derivative Income. They also come from different issuers: Global X and Hamilton ETFs. Their fees differ too: 0.11% for HXH.TO and 0.00% for HDIV.TO.