MSFT.TO vs. HBIL.TO

Last updated Jun 5, 2026

MSFT.TO (Microsoft CDR (CAD Hedged)) is a stock, while HBIL.TO (Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged)) is Derivative Income fund actively managed by Hamilton Capital. Over the past year, MSFT.TO returned -9.36% vs 2.60% for HBIL.TO. At a 0.00 correlation, their price movements are largely independent.

Performance

MSFT.TO vs. HBIL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Microsoft CDR (CAD Hedged) (MSFT.TO) and Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) (HBIL.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSFT.TO achieves a -12.04% return, which is significantly lower than HBIL.TO's 0.66% return.

MSFT.TO

• 1D: 0.17%
• 1M: 4.12%
• YTD: -12.04%
• 6M: -11.71%
• 1Y: -9.36%
• 3Y*: 7.16%
• 5Y*: —
• 10Y*: —

HBIL.TO

• 1D: 0.07%
• 1M: 0.23%
• YTD: 0.66%
• 6M: 0.67%
• 1Y: 2.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSFT.TO vs. HBIL.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSFT.TO Microsoft CDR (CAD Hedged)	-12.04%	12.65%	-2.40%
HBIL.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged)	0.66%	3.05%	-1.40%

Correlation

The correlation between MSFT.TO and HBIL.TO is 0.05, 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	0.05
Correlation (All Time) Calculated using the full available price history since Sep 17, 2024	0.00

Return for Risk

MSFT.TO vs. HBIL.TO — Risk / Return Rank

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

MSFT.TO

MSFT.TO Risk / Return Rank: 27
MSFT.TO Sharpe Ratio Rank: 25
MSFT.TO Sortino Ratio Rank: 23
MSFT.TO Omega Ratio Rank: 23
MSFT.TO Calmar Ratio Rank: 33
MSFT.TO Martin Ratio Rank: 32

HBIL.TO

HBIL.TO Risk / Return Rank: 51
HBIL.TO Sharpe Ratio Rank: 47
HBIL.TO Sortino Ratio Rank: 51
HBIL.TO Omega Ratio Rank: 50
HBIL.TO Calmar Ratio Rank: 56
HBIL.TO Martin Ratio Rank: 52

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.

MSFT.TO vs. HBIL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Microsoft CDR (CAD Hedged) (MSFT.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.

	MSFT.TO	HBIL.TO	Difference
Sharpe ratio: Return per unit of total volatility	-0.37	1.61	-1.98
Sortino ratio: Return per unit of downside risk	-0.35	2.46	-2.81
Omega ratio: Gain probability vs. loss probability	0.95	1.31	-0.36
Calmar ratio: Return relative to maximum drawdown	-0.27	2.74	-3.02
Martin ratio: Return relative to average drawdown	-0.57	8.82	-9.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSFT.TO vs. HBIL.TO - Sharpe Ratio Comparison

The current MSFT.TO Sharpe Ratio is -0.37, which is lower than the HBIL.TO Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of MSFT.TO and HBIL.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.

Sharpe Ratios by Period

	MSFT.TO	HBIL.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.37	1.61	-1.98
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.66	-0.37

Drawdowns

MSFT.TO vs. HBIL.TO - Drawdown Comparison

The maximum MSFT.TO drawdown since its inception was -37.95%, 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 MSFT.TO and HBIL.TO.

Drawdown Indicators

	MSFT.TO	HBIL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-37.95%	-1.69%	-36.26%
Max Drawdown (1Y) Largest decline over 1 year	-34.43%	-0.95%	-33.48%
Max Drawdown (3Y) Largest decline over 3 years	-34.43%	—	—
Current Drawdown Current decline from peak	-21.84%	-0.24%	-21.60%
Average Drawdown Average peak-to-trough decline	-12.38%	-0.47%	-11.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.56%	0.30%	+16.26%

Volatility

MSFT.TO vs. HBIL.TO - Volatility Comparison

Microsoft CDR (CAD Hedged) (MSFT.TO) has a higher volatility of 10.20% compared to Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) (HBIL.TO) at 0.62%. This indicates that MSFT.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.

Volatility by Period

	MSFT.TO	HBIL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.20%	0.62%	+9.58%
Volatility (6M) Calculated over the trailing 6-month period	22.50%	1.24%	+21.26%
Volatility (1Y) Calculated over the trailing 1-year period	25.17%	1.66%	+23.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.30%	2.03%	+25.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.30%	2.03%	+25.27%

Dividends

MSFT.TO vs. HBIL.TO - Dividend Comparison

MSFT.TO's dividend yield for the trailing twelve months is around 0.84%, less than HBIL.TO's 6.52% yield.

Position	TTM	2025	2024	2023	2022	2021
HBIL.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged)	6.52%	7.49%	2.58%	0.00%	0.00%	0.00%
MSFT.TO Microsoft CDR (CAD Hedged)	0.84%	0.71%	0.73%	0.75%	1.07%	0.18%

Frequently Asked Questions

Can I hold both MSFT.TO and HBIL.TO in my portfolio?

MSFT.TO and HBIL.TO have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.