ICAE.TO vs. ENBE.TO

Last updated Aug 4, 2026

ICAE.TO (Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF) and ENBE.TO (Harvest Enbridge Enhanced High Income Shares ETF) are both exchange-traded funds - ICAE.TO is a Dividend fund tracking the S&P/TSX Canadian Dividend Aristocrats ESG Index, while ENBE.TO is a Derivative Income fund actively managed by Harvest. ICAE.TO is passively managed, while ENBE.TO is actively managed. Their 0.10 correlation means their historical movements had little consistent relationship. ICAE.TO charges 0.23%/yr vs 0.40%/yr for ENBE.TO.

Performance

ICAE.TO vs. ENBE.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 Harvest Enbridge Enhanced High Income Shares ETF (ENBE.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 18.85% return, which is significantly lower than ENBE.TO's 20.40% return.

ICAE.TO

• 1D: 0.25%
• 1M: 2.32%
• 6M: 17.35%
• YTD: 18.85%
• 1Y: 18.52%
• 3Y*: 15.95%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.49%

ENBE.TO

• 1D: -1.28%
• 1M: -0.09%
• 6M: 19.49%
• YTD: 20.40%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
ENBE.TO Harvest Enbridge Enhanced High Income Shares ETF	CA$135.31K	CA$104.69K	CA$69.67K
ICAE.TO Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF	CA$1.16K	CA$2.33K	CA$4.66K

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

	2026 (YTD)	2025
ICAE.TO Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF	18.85%	-2.98%
ENBE.TO Harvest Enbridge Enhanced High Income Shares ETF	20.40%	-0.98%

Correlation

The correlation between ICAE.TO and ENBE.TO is 0.10, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 21, 2025	0.10

Return for Risk

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

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

ICAE.TO

ICAE.TO Risk / Return Rank: 36
ICAE.TO Sharpe Ratio Rank: 34
ICAE.TO Sortino Ratio Rank: 30
ICAE.TO Omega Ratio Rank: 59
ICAE.TO Calmar Ratio Rank: 31
ICAE.TO Martin Ratio Rank: 26

ENBE.TO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

ICAE.TO vs. ENBE.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 Harvest Enbridge Enhanced High Income Shares ETF (ENBE.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	ENBE.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.92	—	—
Sortino ratio: Return per unit of downside risk	1.19	—	—
Omega ratio: Gain probability vs. loss probability	1.29	—	—
Calmar ratio: Return relative to maximum drawdown	1.11	—	—
Martin ratio: Return relative to average drawdown	2.21	—	—

Drawdowns

ICAE.TO vs. ENBE.TO - Drawdown Comparison

The maximum ICAE.TO drawdown since its inception was -16.49%, which is greater than ENBE.TO's maximum drawdown of -11.28%. Use the drawdown chart below to compare losses from any high point for ICAE.TO and ENBE.TO.

Drawdown Indicators

	ICAE.TO	ENBE.TO	Difference
Max Drawdown Largest peak-to-trough decline	-16.49%	-11.28%	-5.21%
Max Drawdown (1Y) Largest decline over 1 year	-16.49%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-16.49%	—	—
Current Drawdown Current decline from peak	-1.02%	-5.26%	+4.24%
Average Drawdown Average peak-to-trough decline	-3.48%	-3.14%	-0.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.23%	—	—

Volatility

Volatility by Period

	ICAE.TO	ENBE.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.78%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.14%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	19.82%	18.34%	+1.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.90%	18.34%	-2.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.90%	18.34%	-2.44%

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

ICAE.TO has a 0.23% expense ratio, which is lower than ENBE.TO's 0.40% expense ratio.

Dividends

ICAE.TO vs. ENBE.TO - Dividend Comparison

ICAE.TO's dividend yield for the trailing twelve months is around 2.71%, less than ENBE.TO's 10.95% yield.

Position	TTM	2025	2024	2023
ENBE.TO Harvest Enbridge Enhanced High Income Shares ETF	10.95%	4.47%	0.00%	0.00%
ICAE.TO Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF	2.71%	3.29%	3.33%	2.87%

Frequently Asked Questions

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

ICAE.TO and ENBE.TO have a correlation of 0.10, 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 ENBE.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 ENBE.TO?

ICAE.TO is cheaper with a 0.23% expense ratio, compared with 0.40% for ENBE.TO.

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

ICAE.TO is categorized as Dividend, while ENBE.TO is Derivative Income. They also come from different issuers: Invesco and Harvest. Their fees differ too: 0.23% for ICAE.TO and 0.40% for ENBE.TO.