HYLD.TO vs. DXQ.TO
HYLD.TO (Hamilton Enhanced U.S. Covered Call ETF) and DXQ.TO (Dynamic Active Enhanced Yield Covered Options ETF) are both Derivative Income funds. Both are actively managed. Over the past 3 years, HYLD.TO returned 23.05%/yr vs 17.48%/yr for DXQ.TO. A 0.56 correlation means they provide meaningful diversification when combined. HYLD.TO charges 2.37%/yr vs 0.72%/yr for DXQ.TO.
Performance
HYLD.TO vs. DXQ.TO - Performance Comparison
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Returns By Period
In the year-to-date period, HYLD.TO achieves a 12.83% return, which is significantly higher than DXQ.TO's 7.37% return.
HYLD.TO
- 1D
- 0.64%
- 1M
- -1.26%
- YTD
- 12.83%
- 6M
- 10.99%
- 1Y
- 32.62%
- 3Y*
- 23.05%
- 5Y*
- —
- 10Y*
- —
DXQ.TO
- 1D
- -0.24%
- 1M
- 1.01%
- YTD
- 7.37%
- 6M
- 7.50%
- 1Y
- 16.81%
- 3Y*
- 17.48%
- 5Y*
- —
- 10Y*
- —
HYLD.TO vs. DXQ.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HYLD.TO Hamilton Enhanced U.S. Covered Call ETF | 12.83% | 22.14% | 25.39% | 19.01% | 1.38% |
DXQ.TO Dynamic Active Enhanced Yield Covered Options ETF | 7.37% | 12.99% | 21.07% | 20.08% | 3.57% |
Correlation
The correlation between HYLD.TO and DXQ.TO is 0.59, 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 | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Sep 20, 2022 | 0.56 |
The correlation between HYLD.TO and DXQ.TO has been stable across timeframes, ranging from 0.56 to 0.62 - a consistent structural relationship.
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Return for Risk
HYLD.TO vs. DXQ.TO — Risk / Return Rank
HYLD.TO
DXQ.TO
HYLD.TO vs. DXQ.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 Dynamic Active Enhanced Yield Covered Options ETF (DXQ.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.TO | DXQ.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.34 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.73 | 3.30 | -0.57 |
| Martin ratioReturn relative to average drawdown | 11.71 | 9.15 | +2.56 |
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Drawdowns
HYLD.TO vs. DXQ.TO - Drawdown Comparison
The maximum HYLD.TO drawdown since its inception was -31.38%, which is greater than DXQ.TO's maximum drawdown of -15.54%. Use the drawdown chart below to compare losses from any high point for HYLD.TO and DXQ.TO.
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Drawdown Indicators
| HYLD.TO | DXQ.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.38% | -15.54% | -15.84% |
Max Drawdown (1Y)Largest decline over 1 year | -12.01% | -5.11% | -6.90% |
Max Drawdown (3Y)Largest decline over 3 years | -21.83% | -15.54% | -6.29% |
Current DrawdownCurrent decline from peak | -2.77% | -1.86% | -0.91% |
Average DrawdownAverage peak-to-trough decline | -8.80% | -1.26% | -7.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.79% | 1.84% | +0.95% |
Volatility
HYLD.TO vs. DXQ.TO - Volatility Comparison
Hamilton Enhanced U.S. Covered Call ETF (HYLD.TO) has a higher volatility of 6.87% compared to Dynamic Active Enhanced Yield Covered Options ETF (DXQ.TO) at 3.11%. This indicates that HYLD.TO's price experiences larger fluctuations and is considered to be riskier than DXQ.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 | DXQ.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.87% | 3.11% | +3.76% |
Volatility (6M)Calculated over the trailing 6-month period | 13.67% | 7.57% | +6.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.41% | 9.31% | +7.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.34% | 10.92% | +8.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.34% | 10.92% | +8.42% |
HYLD.TO vs. DXQ.TO - Expense Ratio Comparison
HYLD.TO has a 2.37% expense ratio, which is higher than DXQ.TO's 0.72% expense ratio.
Dividends
HYLD.TO vs. DXQ.TO - Dividend Comparison
HYLD.TO's dividend yield for the trailing twelve months is around 11.52%, more than DXQ.TO's 7.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
DXQ.TO Dynamic Active Enhanced Yield Covered Options ETF | 7.89% | 7.45% | 5.74% | 6.54% | 1.83% |
HYLD.TO Hamilton Enhanced U.S. Covered Call ETF | 11.52% | 11.98% | 12.13% | 12.11% | 13.02% |
Frequently Asked Questions
HYLD.TO and DXQ.TO have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, DXQ.TO is cheaper at 0.72% per year. The better choice depends on whether you care most about return, fees, risk, or income.
DXQ.TO is cheaper with a 0.72% expense ratio, compared with 2.37% for HYLD.TO.
They also come from different issuers: Hamilton Capital and Dynamic. Their fees differ too: 2.37% for HYLD.TO and 0.72% for DXQ.TO.
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