HYLD.TO vs. CBNK.TO
HYLD.TO (Hamilton Enhanced U.S. Covered Call ETF) and CBNK.TO (Mulvihill Canadian Bank Enhanced Yield ETF) are both Derivative Income funds. Both are actively managed. Over the past 3 years, HYLD.TO returned 23.83%/yr vs 38.97%/yr for CBNK.TO. A 0.51 correlation means they provide meaningful diversification when combined.
Performance
HYLD.TO vs. CBNK.TO - Performance Comparison
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Returns By Period
In the year-to-date period, HYLD.TO achieves a 15.73% return, which is significantly lower than CBNK.TO's 25.56% return.
HYLD.TO
- 1D
- 0.09%
- 1M
- 9.70%
- YTD
- 15.73%
- 6M
- 15.82%
- 1Y
- 39.70%
- 3Y*
- 23.83%
- 5Y*
- —
- 10Y*
- —
CBNK.TO
- 1D
- 0.42%
- 1M
- 7.74%
- YTD
- 25.56%
- 6M
- 32.17%
- 1Y
- 79.20%
- 3Y*
- 38.97%
- 5Y*
- —
- 10Y*
- —
HYLD.TO vs. CBNK.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HYLD.TO Hamilton Enhanced U.S. Covered Call ETF | 15.73% | 22.14% | 25.39% | 19.01% | -19.21% |
CBNK.TO Mulvihill Canadian Bank Enhanced Yield ETF | 25.56% | 51.67% | 27.42% | 8.42% | -19.87% |
Correlation
The correlation between HYLD.TO and CBNK.TO is 0.51, 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 | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Mar 3, 2022 | 0.51 |
The correlation between HYLD.TO and CBNK.TO has been stable across timeframes, ranging from 0.49 to 0.51 - a consistent structural relationship.
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Return for Risk
HYLD.TO vs. CBNK.TO — Risk / Return Rank
HYLD.TO
CBNK.TO
HYLD.TO vs. CBNK.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hamilton Enhanced U.S. Covered Call ETF (HYLD.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.
| HYLD.TO | CBNK.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.52 | ||
| Sortino ratioReturn per unit of downside risk | -3.24 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.87 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | 3.31 | 7.94 | -4.62 |
| Martin ratioReturn relative to average drawdown | 14.63 | 34.25 | -19.62 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HYLD.TO | CBNK.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.61 | 5.12 | -2.52 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.69 | 1.10 | -0.40 |
Drawdowns
HYLD.TO vs. CBNK.TO - Drawdown Comparison
The maximum HYLD.TO drawdown since its inception was -31.38%, roughly equal to the maximum CBNK.TO drawdown of -32.12%. Use the drawdown chart below to compare losses from any high point for HYLD.TO and CBNK.TO.
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Drawdown Indicators
| HYLD.TO | CBNK.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.38% | -32.12% | +0.74% |
Max Drawdown (1Y)Largest decline over 1 year | -12.04% | -10.03% | -2.01% |
Max Drawdown (3Y)Largest decline over 3 years | -21.83% | -17.92% | -3.91% |
Current DrawdownCurrent decline from peak | 0.00% | -2.29% | +2.29% |
Average DrawdownAverage peak-to-trough decline | -8.91% | -10.92% | +2.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.72% | 2.32% | +0.40% |
Volatility
HYLD.TO vs. CBNK.TO - Volatility Comparison
The current volatility for Hamilton Enhanced U.S. Covered Call ETF (HYLD.TO) is 4.58%, while Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.TO) has a volatility of 5.67%. This indicates that HYLD.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.
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Volatility by Period
| HYLD.TO | CBNK.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.58% | 5.67% | -1.09% |
Volatility (6M)Calculated over the trailing 6-month period | 12.17% | 13.29% | -1.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.31% | 15.55% | -0.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.22% | 17.55% | +1.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.22% | 17.55% | +1.67% |
Dividends
HYLD.TO vs. CBNK.TO - Dividend Comparison
HYLD.TO's dividend yield for the trailing twelve months is around 11.23%, more than CBNK.TO's 5.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CBNK.TO Mulvihill Canadian Bank Enhanced Yield ETF | 5.94% | 5.86% | 8.25% | 9.59% | 7.85% |
HYLD.TO Hamilton Enhanced U.S. Covered Call ETF | 11.23% | 11.98% | 12.13% | 12.11% | 13.02% |
Frequently Asked Questions
HYLD.TO and CBNK.TO have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: Hamilton Capital and Mulvihill.
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