MCAD.TO vs. DHEAX

Last updated Jun 4, 2026

MCAD.TO (Evolve Premium Cash Management ETF) and DHEAX (Diamond Hill Short Duration Securitized Bond Fund) are both Short-Term Bond funds. Over the past year, MCAD.TO returned 2.47% vs 5.92% for DHEAX. At a 0.08 correlation, their price movements are largely independent. MCAD.TO charges 0.20%/yr vs 0.83%/yr for DHEAX.

Performance

MCAD.TO vs. DHEAX - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Evolve Premium Cash Management ETF (MCAD.TO) and Diamond Hill Short Duration Securitized Bond Fund (DHEAX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, MCAD.TO achieves a 0.94% return, which is significantly lower than DHEAX's 2.52% return.

MCAD.TO

• 1D: 0.00%
• 1M: 0.19%
• YTD: 0.94%
• 6M: 1.14%
• 1Y: 2.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DHEAX

• 1D: 0.31%
• 1M: 2.02%
• YTD: 2.52%
• 6M: 1.02%
• 1Y: 5.92%
• 3Y*: 8.52%
• 5Y*: 7.07%
• 10Y*: —

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

MCAD.TO vs. DHEAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MCAD.TO Evolve Premium Cash Management ETF	0.94%	2.85%	4.88%	2.30%
DHEAX Diamond Hill Short Duration Securitized Bond Fund	2.52%	0.86%	18.52%	4.48%

Correlation

The correlation between MCAD.TO and DHEAX is -0.08, 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	-0.08
Correlation (All Time) Calculated using the full available price history since Jul 7, 2023	0.08

The correlation between MCAD.TO and DHEAX shifts across timeframes, from -0.08 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MCAD.TO vs. DHEAX — Risk / Return Rank

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

MCAD.TO

MCAD.TO Risk / Return Rank: 100
MCAD.TO Sharpe Ratio Rank: 100
MCAD.TO Sortino Ratio Rank: 99
MCAD.TO Omega Ratio Rank: 100
MCAD.TO Calmar Ratio Rank: 99
MCAD.TO Martin Ratio Rank: 100

DHEAX

DHEAX Risk / Return Rank: 99
DHEAX Sharpe Ratio Rank: 99
DHEAX Sortino Ratio Rank: 99
DHEAX Omega Ratio Rank: 98
DHEAX Calmar Ratio Rank: 99
DHEAX Martin Ratio Rank: 99

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.

MCAD.TO vs. DHEAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Evolve Premium Cash Management ETF (MCAD.TO) and Diamond Hill Short Duration Securitized Bond Fund (DHEAX). 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.

	MCAD.TO	DHEAX	Difference
Sharpe ratio: Return per unit of total volatility	6.11	1.32	+4.78
Sortino ratio: Return per unit of downside risk	9.51	1.86	+7.65
Omega ratio: Gain probability vs. loss probability	4.85	1.24	+3.61
Calmar ratio: Return relative to maximum drawdown	15.55	1.66	+13.89
Martin ratio: Return relative to average drawdown	86.93	4.63	+82.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MCAD.TO vs. DHEAX - Sharpe Ratio Comparison

The current MCAD.TO Sharpe Ratio is 6.11, which is higher than the DHEAX Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of MCAD.TO and DHEAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MCAD.TO	DHEAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	6.11	1.32	+4.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.13	—
Sharpe Ratio (All Time) Calculated using the full available price history	5.78	0.63	+5.16

Drawdowns

MCAD.TO vs. DHEAX - Drawdown Comparison

The maximum MCAD.TO drawdown since its inception was -0.43%, smaller than the maximum DHEAX drawdown of -11.79%. Use the drawdown chart below to compare losses from any high point for MCAD.TO and DHEAX.

Drawdown Indicators

	MCAD.TO	DHEAX	Difference
Max Drawdown Largest peak-to-trough decline	-0.43%	-11.79%	+11.36%
Max Drawdown (1Y) Largest decline over 1 year	-0.16%	-3.62%	+3.46%
Max Drawdown (3Y) Largest decline over 3 years	—	-5.13%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-6.22%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.02%	-3.37%	+3.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	1.29%	-1.26%

Volatility

MCAD.TO vs. DHEAX - Volatility Comparison

The current volatility for Evolve Premium Cash Management ETF (MCAD.TO) is 0.04%, while Diamond Hill Short Duration Securitized Bond Fund (DHEAX) has a volatility of 0.71%. This indicates that MCAD.TO experiences smaller price fluctuations and is considered to be less risky than DHEAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MCAD.TO	DHEAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.04%	0.71%	-0.67%
Volatility (6M) Calculated over the trailing 6-month period	0.32%	3.43%	-3.11%
Volatility (1Y) Calculated over the trailing 1-year period	0.41%	4.54%	-4.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.75%	6.27%	-5.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.75%	6.91%	-6.16%

MCAD.TO vs. DHEAX - Expense Ratio Comparison

MCAD.TO has a 0.20% expense ratio, which is lower than DHEAX's 0.83% expense ratio.

Dividends

MCAD.TO vs. DHEAX - Dividend Comparison

MCAD.TO's dividend yield for the trailing twelve months is around 2.45%, less than DHEAX's 5.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DHEAX Diamond Hill Short Duration Securitized Bond Fund	5.64%	5.27%	5.94%	5.25%	3.41%	2.31%	2.92%	3.76%	3.45%	3.20%
MCAD.TO Evolve Premium Cash Management ETF	2.45%	2.83%	4.78%	2.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MCAD.TO and DHEAX in my portfolio?

MCAD.TO and DHEAX have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.