ICAE.TO vs. CWIN.TO

Last updated Jul 4, 2026

ICAE.TO (Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF) and CWIN.TO (HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units) are both Dividend funds - ICAE.TO tracks the S&P/TSX Canadian Dividend Aristocrats ESG Index while CWIN.TO tracks the Solactive Canada Dividend Elite Champions Index. Both are passively managed. Over the past year, ICAE.TO returned 16.60% vs 38.76% for CWIN.TO. At a 0.42 correlation, their price movements are largely independent. ICAE.TO charges 0.23%/yr vs 0.65%/yr for CWIN.TO.

Performance

ICAE.TO vs. CWIN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF (ICAE.TO) and HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units (CWIN.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ICAE.TO achieves a 16.94% return, which is significantly lower than CWIN.TO's 20.36% return.

ICAE.TO

• 1D: 0.77%
• 1M: 4.66%
• 6M: 16.72%
• YTD: 16.94%
• 1Y: 16.60%
• 3Y*: 16.01%
• 5Y*: —
• 10Y*: —

CWIN.TO

• 1D: 0.62%
• 1M: 3.98%
• 6M: 19.80%
• YTD: 20.36%
• 1Y: 38.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ICAE.TO vs. CWIN.TO - Yearly Performance Comparison

	2026 (YTD)	2025
ICAE.TO Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF	16.94%	6.55%
CWIN.TO HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units	20.36%	24.29%

Correlation

The correlation between ICAE.TO and CWIN.TO is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (All Time) Calculated using the full available price history since Jan 28, 2025	0.42

Return for Risk

ICAE.TO vs. CWIN.TO — Risk / Return Rank

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

ICAE.TO

ICAE.TO Risk / Return Rank: 29
ICAE.TO Sharpe Ratio Rank: 26
ICAE.TO Sortino Ratio Rank: 22
ICAE.TO Omega Ratio Rank: 52
ICAE.TO Calmar Ratio Rank: 24
ICAE.TO Martin Ratio Rank: 20

CWIN.TO

CWIN.TO Risk / Return Rank: 94
CWIN.TO Sharpe Ratio Rank: 95
CWIN.TO Sortino Ratio Rank: 95
CWIN.TO Omega Ratio Rank: 95
CWIN.TO Calmar Ratio Rank: 93
CWIN.TO Martin Ratio Rank: 93

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.

ICAE.TO vs. CWIN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF (ICAE.TO) and HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units (CWIN.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.

	ICAE.TO	CWIN.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.85	3.12	-2.28
Sortino ratio: Return per unit of downside risk	1.11	4.16	-3.06
Omega ratio: Gain probability vs. loss probability	1.27	1.59	-0.32
Calmar ratio: Return relative to maximum drawdown	1.01	5.44	-4.43
Martin ratio: Return relative to average drawdown	2.02	20.13	-18.10

ICAE.TO vs. CWIN.TO - Sharpe Ratio Comparison

The current ICAE.TO Sharpe Ratio is 0.85, which is lower than the CWIN.TO Sharpe Ratio of 3.12. The chart below compares the historical Sharpe Ratios of ICAE.TO and CWIN.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

ICAE.TO vs. CWIN.TO - Drawdown Comparison

The maximum ICAE.TO drawdown since its inception was -16.49%, which is greater than CWIN.TO's maximum drawdown of -10.87%. Use the drawdown chart below to compare losses from any high point for ICAE.TO and CWIN.TO.

Drawdown Indicators

	ICAE.TO	CWIN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-16.49%	-10.87%	-5.62%
Max Drawdown (1Y) Largest decline over 1 year	-16.49%	-7.15%	-9.34%
Max Drawdown (3Y) Largest decline over 3 years	-16.49%	—	—
Current Drawdown Current decline from peak	-2.23%	-0.63%	-1.60%
Average Drawdown Average peak-to-trough decline	-3.54%	-1.37%	-2.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.22%	1.93%	+6.29%

Volatility

ICAE.TO vs. CWIN.TO - Volatility Comparison

The current volatility for Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF (ICAE.TO) is 2.22%, while HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units (CWIN.TO) has a volatility of 3.88%. This indicates that ICAE.TO experiences smaller price fluctuations and is considered to be less risky than CWIN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICAE.TO	CWIN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.22%	3.88%	-1.66%
Volatility (6M) Calculated over the trailing 6-month period	7.91%	10.06%	-2.15%
Volatility (1Y) Calculated over the trailing 1-year period	19.70%	12.48%	+7.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.03%	13.84%	+2.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.03%	13.84%	+2.19%

ICAE.TO vs. CWIN.TO - Expense Ratio Comparison

ICAE.TO has a 0.23% expense ratio, which is lower than CWIN.TO's 0.65% expense ratio.

Dividends

ICAE.TO vs. CWIN.TO - Dividend Comparison

ICAE.TO's dividend yield for the trailing twelve months is around 2.74%, less than CWIN.TO's 3.12% yield.

Position	TTM	2025	2024	2023
CWIN.TO HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units	3.12%	3.21%	0.00%	0.00%
ICAE.TO Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF	2.74%	3.29%	3.33%	2.87%

Frequently Asked Questions

Can I hold both ICAE.TO and CWIN.TO in my portfolio?

ICAE.TO and CWIN.TO have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ICAE.TO or CWIN.TO?

On fees, ICAE.TO is cheaper at 0.23% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ICAE.TO or CWIN.TO?

ICAE.TO is cheaper with a 0.23% expense ratio, compared with 0.65% for CWIN.TO.

What is the main difference between ICAE.TO and CWIN.TO?

ICAE.TO tracks S&P/TSX Canadian Dividend Aristocrats ESG Index, while CWIN.TO tracks Solactive Canada Dividend Elite Champions Index. They also come from different issuers: Invesco and Hamilton. Their fees differ too: 0.23% for ICAE.TO and 0.65% for CWIN.TO.