HYLD.TO vs. HBIL.TO
HYLD.TO (Hamilton Enhanced U.S. Covered Call ETF) and HBIL.TO (Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged)) are both Derivative Income funds from Hamilton Capital. Both are actively managed. Over the past year, HYLD.TO returned 39.70% vs 2.87% for HBIL.TO. At a 0.15 correlation, their price movements are largely independent. HYLD.TO charges 2.37%/yr vs 0.35%/yr for HBIL.TO.
Performance
HYLD.TO vs. HBIL.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 higher than HBIL.TO's 0.59% return.
HYLD.TO
- 1D
- 0.09%
- 1M
- 9.70%
- YTD
- 15.73%
- 6M
- 15.82%
- 1Y
- 39.70%
- 3Y*
- 23.83%
- 5Y*
- —
- 10Y*
- —
HBIL.TO
- 1D
- 0.00%
- 1M
- 0.23%
- YTD
- 0.59%
- 6M
- 0.53%
- 1Y
- 2.87%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HYLD.TO vs. HBIL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
HYLD.TO Hamilton Enhanced U.S. Covered Call ETF | 15.73% | 22.14% | 4.31% |
HBIL.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) | 0.59% | 3.05% | -1.40% |
Correlation
The correlation between HYLD.TO and HBIL.TO is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Sep 17, 2024 | 0.15 |
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Return for Risk
HYLD.TO vs. HBIL.TO — Risk / Return Rank
HYLD.TO
HBIL.TO
HYLD.TO vs. HBIL.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 (CAD Hedged) (HBIL.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 | HBIL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.87 | ||
| Sortino ratioReturn per unit of downside risk | +0.81 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.34 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 3.31 | 3.03 | +0.28 |
| Martin ratioReturn relative to average drawdown | 14.63 | 9.74 | +4.89 |
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 | HBIL.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.61 | 1.74 | +0.87 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.69 | 0.64 | +0.06 |
Drawdowns
HYLD.TO vs. HBIL.TO - Drawdown Comparison
The maximum HYLD.TO drawdown since its inception was -31.38%, which is greater than HBIL.TO's maximum drawdown of -1.69%. Use the drawdown chart below to compare losses from any high point for HYLD.TO and HBIL.TO.
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Drawdown Indicators
| HYLD.TO | HBIL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.38% | -1.69% | -29.69% |
Max Drawdown (1Y)Largest decline over 1 year | -12.04% | -0.95% | -11.09% |
Max Drawdown (3Y)Largest decline over 3 years | -21.83% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.31% | +0.31% |
Average DrawdownAverage peak-to-trough decline | -8.91% | -0.48% | -8.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.72% | 0.30% | +2.42% |
Volatility
HYLD.TO vs. HBIL.TO - Volatility Comparison
Hamilton Enhanced U.S. Covered Call ETF (HYLD.TO) has a higher volatility of 4.58% compared to Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) (HBIL.TO) at 0.62%. This indicates that HYLD.TO's price experiences larger fluctuations and is considered to be riskier than HBIL.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 | HBIL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.58% | 0.62% | +3.96% |
Volatility (6M)Calculated over the trailing 6-month period | 12.17% | 1.24% | +10.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.31% | 1.66% | +13.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.22% | 2.03% | +17.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.22% | 2.03% | +17.19% |
HYLD.TO vs. HBIL.TO - Expense Ratio Comparison
HYLD.TO has a 2.37% expense ratio, which is higher than HBIL.TO's 0.35% expense ratio.
Dividends
HYLD.TO vs. HBIL.TO - Dividend Comparison
HYLD.TO's dividend yield for the trailing twelve months is around 11.23%, more than HBIL.TO's 6.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
HBIL.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) | 6.52% | 7.49% | 2.58% | 0.00% | 0.00% |
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 HBIL.TO have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HBIL.TO is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HBIL.TO is cheaper with a 0.35% expense ratio, compared with 2.37% for HYLD.TO.
Their fees differ too: 2.37% for HYLD.TO and 0.35% for HBIL.TO.
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