HYLD.TO vs. PYF.TO

Last updated Aug 5, 2026

HYLD.TO (Hamilton Enhanced U.S. Covered Call ETF) and PYF.TO (Purpose Premium Yield Fund Series ETF) are both exchange-traded funds - HYLD.TO is a Derivative Income fund actively managed by Hamilton, while PYF.TO is a Diversified Portfolio fund actively managed by Purpose. Both are actively managed. Over the past 3 years, HYLD.TO returned 23.27%/yr vs 6.69%/yr for PYF.TO. Their 0.38 correlation means their historical movements had little consistent relationship. HYLD.TO charges 2.37%/yr vs 0.78%/yr for PYF.TO.

Performance

HYLD.TO vs. PYF.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 Purpose Premium Yield Fund Series ETF (PYF.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYLD.TO achieves a 16.59% return, which is significantly higher than PYF.TO's 3.37% return.

HYLD.TO

• 1D: 4.72%
• 1M: 0.57%
• 6M: 16.98%
• YTD: 16.59%
• 1Y: 34.64%
• 3Y*: 23.27%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.18%

PYF.TO

• 1D: 0.48%
• 1M: 1.88%
• 6M: 4.06%
• YTD: 3.37%
• 1Y: 4.21%
• 3Y*: 6.69%
• 5Y*: 6.22%
• 10Y*: 4.77%
• ALL TIME*: 4.74%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HYLD.TO Hamilton Enhanced U.S. Covered Call ETF	CA$4.45M	CA$3.72M	CA$3.65M
PYF.TO Purpose Premium Yield Fund Series ETF	CA$195.64K	CA$163.45K	CA$428.75K

HYLD.TO vs. PYF.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HYLD.TO Hamilton Enhanced U.S. Covered Call ETF	16.59%	22.14%	25.39%	19.01%	-18.00%
PYF.TO Purpose Premium Yield Fund Series ETF	3.37%	5.45%	7.42%	8.40%	4.68%

Correlation

The correlation between HYLD.TO and PYF.TO is 0.31, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.31
Correlation (3Y) Balances recent behavior with more history.	0.34
Correlation (All Time) Calculated using the full available price history since Feb 8, 2022	0.38

Return for Risk

HYLD.TO vs. PYF.TO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HYLD.TO

HYLD.TO Risk / Return Rank: 77
HYLD.TO Sharpe Ratio Rank: 77
HYLD.TO Sortino Ratio Rank: 76
HYLD.TO Omega Ratio Rank: 76
HYLD.TO Calmar Ratio Rank: 74
HYLD.TO Martin Ratio Rank: 80

PYF.TO

PYF.TO Risk / Return Rank: 47
PYF.TO Sharpe Ratio Rank: 45
PYF.TO Sortino Ratio Rank: 46
PYF.TO Omega Ratio Rank: 49
PYF.TO Calmar Ratio Rank: 49
PYF.TO Martin Ratio Rank: 43

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HYLD.TO vs. PYF.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 Purpose Premium Yield Fund Series ETF (PYF.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	PYF.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.96	1.29	+0.67
Sortino ratio: Return per unit of downside risk	2.75	1.91	+0.84
Omega ratio: Gain probability vs. loss probability	1.35	1.25	+0.10
Calmar ratio: Return relative to maximum drawdown	2.90	2.00	+0.90
Martin ratio: Return relative to average drawdown	11.74	5.34	+6.40

HYLD.TO vs. PYF.TO - Sharpe Ratio Comparison

The current HYLD.TO Sharpe Ratio is 1.96, which is higher than the PYF.TO Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of HYLD.TO and PYF.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. PYF.TO - Drawdown Comparison

The maximum HYLD.TO drawdown since its inception was -31.38%, which is greater than PYF.TO's maximum drawdown of -20.53%. Use the drawdown chart below to compare losses from any high point for HYLD.TO and PYF.TO.

Drawdown Indicators

	HYLD.TO	PYF.TO	Difference
Max Drawdown Largest peak-to-trough decline	-31.38%	-20.53%	-10.85%
Max Drawdown (1Y) Largest decline over 1 year	-12.01%	-2.11%	-9.90%
Max Drawdown (3Y) Largest decline over 3 years	-21.83%	-5.57%	-16.26%
Max Drawdown (5Y) Largest decline over 5 years	—	-5.57%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-20.53%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.66%	-0.97%	-7.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	0.79%	+2.17%

Volatility

HYLD.TO vs. PYF.TO - Volatility Comparison

Hamilton Enhanced U.S. Covered Call ETF (HYLD.TO) has a higher volatility of 7.08% compared to Purpose Premium Yield Fund Series ETF (PYF.TO) at 1.05%. This indicates that HYLD.TO's price experiences larger fluctuations and is considered to be riskier than PYF.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYLD.TO	PYF.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.08%	1.05%	+6.03%
Volatility (6M) Calculated over the trailing 6-month period	15.13%	2.86%	+12.27%
Volatility (1Y) Calculated over the trailing 1-year period	17.79%	3.28%	+14.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.43%	5.26%	+14.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.43%	6.68%	+12.75%

HYLD.TO vs. PYF.TO - Expense Ratio Comparison

HYLD.TO has a 2.37% expense ratio, which is higher than PYF.TO's 0.78% expense ratio.

Dividends

HYLD.TO vs. PYF.TO - Dividend Comparison

HYLD.TO's dividend yield for the trailing twelve months is around 11.59%, more than PYF.TO's 7.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
HYLD.TO Hamilton Enhanced U.S. Covered Call ETF	11.59%	11.98%	12.13%	12.11%	13.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PYF.TO Purpose Premium Yield Fund Series ETF	7.04%	7.84%	7.66%	7.47%	5.78%	5.74%	5.69%	5.29%	5.38%	5.83%	6.59%

Frequently Asked Questions

Can I hold both HYLD.TO and PYF.TO in my portfolio?

HYLD.TO and PYF.TO have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HYLD.TO or PYF.TO?

On fees, PYF.TO is cheaper at 0.78% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HYLD.TO or PYF.TO?

PYF.TO is cheaper with a 0.78% expense ratio, compared with 2.37% for HYLD.TO.

What is the main difference between HYLD.TO and PYF.TO?

HYLD.TO is categorized as Derivative Income, while PYF.TO is Diversified Portfolio. They also come from different issuers: Hamilton and Purpose. Their fees differ too: 2.37% for HYLD.TO and 0.78% for PYF.TO.