HYLD.TO vs. HBIL-U.TO

Last updated Jul 18, 2026

HYLD.TO (Hamilton Enhanced U.S. Covered Call ETF) and HBIL-U.TO (Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units) are both exchange-traded funds - HYLD.TO is a Derivative Income fund actively managed by Hamilton Capital, while HBIL-U.TO is a Government Bonds fund actively managed by Hamilton. Both are actively managed. Over the past year, HYLD.TO returned 27.99% vs 6.60% for HBIL-U.TO. At a 0.05 correlation, their price movements are largely independent.

Performance

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

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Hamilton Enhanced U.S. Covered Call ETF (HYLD.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.

Different Trading Currencies

HYLD.TO is traded in CAD, while HBIL-U.TO is traded in USD. To make them comparable, the HBIL-U.TO values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, HYLD.TO achieves a 12.10% return, which is significantly higher than HBIL-U.TO's 3.86% return.

HYLD.TO

• 1D: -1.33%
• 1M: -1.46%
• 6M: 10.83%
• YTD: 12.10%
• 1Y: 27.99%
• 3Y*: 21.18%
• 5Y*: —
• 10Y*: —

HBIL-U.TO

• 1D: -0.00%
• 1M: 0.12%
• 6M: 2.21%
• YTD: 3.86%
• 1Y: 6.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024
HYLD.TO Hamilton Enhanced U.S. Covered Call ETF	12.10%	22.14%	4.39%
HBIL-U.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units	3.86%	0.03%	4.69%

Correlation

The correlation between HYLD.TO and HBIL-U.TO is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.05
Correlation (All Time) Calculated using the full available price history since Sep 16, 2024	0.05

Return for Risk

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

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

HYLD.TO

HYLD.TO Risk / Return Rank: 64
HYLD.TO Sharpe Ratio Rank: 64
HYLD.TO Sortino Ratio Rank: 62
HYLD.TO Omega Ratio Rank: 63
HYLD.TO Calmar Ratio Rank: 59
HYLD.TO Martin Ratio Rank: 70

HBIL-U.TO

HBIL-U.TO Risk / Return Rank: 89
HBIL-U.TO Sharpe Ratio Rank: 87
HBIL-U.TO Sortino Ratio Rank: 86
HBIL-U.TO Omega Ratio Rank: 93
HBIL-U.TO Calmar Ratio Rank: 88
HBIL-U.TO Martin Ratio Rank: 89

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.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 (HYLD.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.TO	HBIL-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.69	1.42	+0.27
Sortino ratio: Return per unit of downside risk	2.33	2.03	+0.30
Omega ratio: Gain probability vs. loss probability	1.30	1.25	+0.05
Calmar ratio: Return relative to maximum drawdown	2.34	1.65	+0.69
Martin ratio: Return relative to average drawdown	9.94	4.19	+5.75

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

The current HYLD.TO Sharpe Ratio is 1.69, which is comparable to the HBIL-U.TO Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of HYLD.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.TO vs. HBIL-U.TO - Drawdown Comparison

The maximum HYLD.TO drawdown since its inception was -31.38%, which is greater than HBIL-U.TO's maximum drawdown of -6.68%. Use the drawdown chart below to compare losses from any high point for HYLD.TO and HBIL-U.TO.

Drawdown Indicators

	HYLD.TO	HBIL-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-31.38%	-6.68%	-24.70%
Max Drawdown (1Y) Largest decline over 1 year	-12.01%	-4.01%	-8.00%
Max Drawdown (3Y) Largest decline over 3 years	-21.83%	—	—
Current Drawdown Current decline from peak	-3.84%	-2.20%	-1.64%
Average Drawdown Average peak-to-trough decline	-8.70%	-2.26%	-6.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.82%	1.58%	+1.24%

Volatility

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

Hamilton Enhanced U.S. Covered Call ETF (HYLD.TO) has a higher volatility of 4.49% compared to Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.TO) at 1.82%. This indicates that HYLD.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.TO	HBIL-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.49%	1.82%	+2.67%
Volatility (6M) Calculated over the trailing 6-month period	13.95%	3.60%	+10.35%
Volatility (1Y) Calculated over the trailing 1-year period	16.68%	4.68%	+12.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.28%	5.85%	+13.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.28%	5.85%	+13.43%

Dividends

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

HYLD.TO's dividend yield for the trailing twelve months is around 11.82%, more than HBIL-U.TO's 6.74% yield.

Position	TTM	2025	2024	2023	2022
HBIL-U.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units	6.74%	7.37%	2.40%	0.00%	0.00%
HYLD.TO Hamilton Enhanced U.S. Covered Call ETF	11.82%	11.98%	12.13%	12.11%	13.02%

Frequently Asked Questions

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

HYLD.TO and HBIL-U.TO have a correlation of 0.05, 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.TO and HBIL-U.TO?

HYLD.TO is categorized as Derivative Income, while HBIL-U.TO is Government Bonds. They also come from different issuers: Hamilton Capital and Hamilton.