HYLD-U.TO vs. HBIL-U.TO

Last updated Jul 16, 2026

HYLD-U.TO (Hamilton Enhanced U.S. Covered Call ETF (USD)) and HBIL-U.TO (Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units) are both exchange-traded funds - HYLD-U.TO is a Derivative Income fund actively managed by Hamilton, while HBIL-U.TO is a Government Bonds fund actively managed by Hamilton. Both are actively managed. Over the past year, HYLD-U.TO returned 35.28% vs 4.03% for HBIL-U.TO. At a 0.11 correlation, their price movements are largely independent.

Performance

HYLD-U.TO vs. HBIL-U.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hamilton Enhanced U.S. Covered Call ETF (USD) (HYLD-U.TO) and Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYLD-U.TO achieves a 16.64% return, which is significantly higher than HBIL-U.TO's 1.33% return.

HYLD-U.TO

• 1D: -0.35%
• 1M: -0.84%
• 6M: 15.17%
• YTD: 16.64%
• 1Y: 35.28%
• 3Y*: 24.45%
• 5Y*: —
• 10Y*: —

HBIL-U.TO

• 1D: -0.07%
• 1M: -0.04%
• 6M: 1.06%
• YTD: 1.33%
• 1Y: 4.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HYLD-U.TO vs. HBIL-U.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HYLD-U.TO Hamilton Enhanced U.S. Covered Call ETF (USD)	16.64%	24.06%	5.13%
HBIL-U.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units	1.33%	4.81%	-0.94%

Correlation

The correlation between HYLD-U.TO and HBIL-U.TO is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (All Time) Calculated using the full available price history since Sep 16, 2024	0.11

Return for Risk

HYLD-U.TO vs. HBIL-U.TO — Risk / Return Rank

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

HYLD-U.TO

HYLD-U.TO Risk / Return Rank: 78
HYLD-U.TO Sharpe Ratio Rank: 82
HYLD-U.TO Sortino Ratio Rank: 79
HYLD-U.TO Omega Ratio Rank: 78
HYLD-U.TO Calmar Ratio Rank: 72
HYLD-U.TO Martin Ratio Rank: 80

HBIL-U.TO

HBIL-U.TO Risk / Return Rank: 86
HBIL-U.TO Sharpe Ratio Rank: 83
HBIL-U.TO Sortino Ratio Rank: 83
HBIL-U.TO Omega Ratio Rank: 91
HBIL-U.TO Calmar Ratio Rank: 85
HBIL-U.TO Martin Ratio Rank: 88

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.

HYLD-U.TO vs. HBIL-U.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton Enhanced U.S. Covered Call ETF (USD) (HYLD-U.TO) and Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.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.

	HYLD-U.TO	HBIL-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.09	2.12	-0.03
Sortino ratio: Return per unit of downside risk	2.82	2.98	-0.17
Omega ratio: Gain probability vs. loss probability	1.36	1.48	-0.12
Calmar ratio: Return relative to maximum drawdown	2.95	3.79	-0.84
Martin ratio: Return relative to average drawdown	12.30	14.88	-2.57

HYLD-U.TO vs. HBIL-U.TO - Sharpe Ratio Comparison

The current HYLD-U.TO Sharpe Ratio is 2.09, which is comparable to the HBIL-U.TO Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of HYLD-U.TO and HBIL-U.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

HYLD-U.TO vs. HBIL-U.TO - Drawdown Comparison

The maximum HYLD-U.TO drawdown since its inception was -30.85%, which is greater than HBIL-U.TO's maximum drawdown of -1.48%. Use the drawdown chart below to compare losses from any high point for HYLD-U.TO and HBIL-U.TO.

Drawdown Indicators

	HYLD-U.TO	HBIL-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-30.85%	-1.48%	-29.37%
Max Drawdown (1Y) Largest decline over 1 year	-11.99%	-1.07%	-10.92%
Max Drawdown (3Y) Largest decline over 3 years	-21.91%	—	—
Current Drawdown Current decline from peak	-2.18%	-1.00%	-1.18%
Average Drawdown Average peak-to-trough decline	-8.28%	-0.32%	-7.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.87%	0.27%	+2.60%

Volatility

HYLD-U.TO vs. HBIL-U.TO - Volatility Comparison

Hamilton Enhanced U.S. Covered Call ETF (USD) (HYLD-U.TO) has a higher volatility of 6.37% compared to Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.TO) at 1.25%. This indicates that HYLD-U.TO's price experiences larger fluctuations and is considered to be riskier than HBIL-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYLD-U.TO	HBIL-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.37%	1.25%	+5.12%
Volatility (6M) Calculated over the trailing 6-month period	14.20%	1.64%	+12.56%
Volatility (1Y) Calculated over the trailing 1-year period	16.96%	1.91%	+15.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.67%	2.12%	+17.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.67%	2.12%	+17.55%

Dividends

HYLD-U.TO vs. HBIL-U.TO - Dividend Comparison

HYLD-U.TO's dividend yield for the trailing twelve months is around 10.64%, more than HBIL-U.TO's 6.75% yield.

Position	TTM	2025	2024	2023	2022
HBIL-U.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units	6.75%	7.37%	2.40%	0.00%	0.00%
HYLD-U.TO Hamilton Enhanced U.S. Covered Call ETF (USD)	10.64%	11.26%	11.65%	11.90%	13.05%

Frequently Asked Questions

Can I hold both HYLD-U.TO and HBIL-U.TO in my portfolio?

HYLD-U.TO and HBIL-U.TO have a correlation of 0.16, 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 HYLD-U.TO and HBIL-U.TO?

HYLD-U.TO is categorized as Derivative Income, while HBIL-U.TO is Government Bonds.