NVHE.TO vs. HBIL-U.TO

Last updated Jul 16, 2026

NVHE.TO (Harvest NVIDIA Enhanced High Income Shares ETF) and HBIL-U.TO (Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units) are both exchange-traded funds - NVHE.TO is a Derivative Income fund actively managed by Harvest, while HBIL-U.TO is a Government Bonds fund actively managed by Hamilton. Both are actively managed. Over the past year, NVHE.TO returned 37.25% vs 6.67% for HBIL-U.TO. At a correlation of -0.03, they often move in opposite directions.

Performance

NVHE.TO vs. HBIL-U.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Harvest NVIDIA Enhanced High Income Shares ETF (NVHE.TO) and Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, NVHE.TO achieves a 21.09% return, which is significantly higher than HBIL-U.TO's 3.97% return.

NVHE.TO

• 1D: 0.15%
• 1M: 1.42%
• 6M: 21.77%
• YTD: 21.09%
• 1Y: 37.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HBIL-U.TO

• 1D: -0.76%
• 1M: 0.59%
• 6M: 2.26%
• YTD: 3.97%
• 1Y: 6.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NVHE.TO vs. HBIL-U.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NVHE.TO Harvest NVIDIA Enhanced High Income Shares ETF	21.09%	31.47%	20.39%
HBIL-U.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units	3.97%	0.03%	4.69%

Correlation

The correlation between NVHE.TO and HBIL-U.TO is -0.09, 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	-0.09
Correlation (All Time) Calculated using the full available price history since Sep 16, 2024	-0.03

Return for Risk

NVHE.TO vs. HBIL-U.TO — Risk / Return Rank

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

NVHE.TO

NVHE.TO Risk / Return Rank: 37
NVHE.TO Sharpe Ratio Rank: 33
NVHE.TO Sortino Ratio Rank: 34
NVHE.TO Omega Ratio Rank: 32
NVHE.TO Calmar Ratio Rank: 49
NVHE.TO Martin Ratio Rank: 37

HBIL-U.TO

HBIL-U.TO Risk / Return Rank: 86
HBIL-U.TO Sharpe Ratio Rank: 83
HBIL-U.TO Sortino Ratio Rank: 83
HBIL-U.TO Omega Ratio Rank: 91
HBIL-U.TO Calmar Ratio Rank: 85
HBIL-U.TO Martin Ratio Rank: 88

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.

NVHE.TO vs. HBIL-U.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harvest NVIDIA Enhanced High Income Shares ETF (NVHE.TO) and Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.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.

	NVHE.TO	HBIL-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.01	1.43	-0.42
Sortino ratio: Return per unit of downside risk	1.54	2.05	-0.52
Omega ratio: Gain probability vs. loss probability	1.18	1.25	-0.07
Calmar ratio: Return relative to maximum drawdown	2.03	1.67	+0.36
Martin ratio: Return relative to average drawdown	4.42	4.26	+0.16

NVHE.TO vs. HBIL-U.TO - Sharpe Ratio Comparison

The current NVHE.TO Sharpe Ratio is 1.01, which is comparable to the HBIL-U.TO Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of NVHE.TO and HBIL-U.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

NVHE.TO vs. HBIL-U.TO - Drawdown Comparison

The maximum NVHE.TO drawdown since its inception was -40.87%, which is greater than HBIL-U.TO's maximum drawdown of -6.68%. Use the drawdown chart below to compare losses from any high point for NVHE.TO and HBIL-U.TO.

Drawdown Indicators

	NVHE.TO	HBIL-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-40.87%	-6.68%	-34.19%
Max Drawdown (1Y) Largest decline over 1 year	-18.41%	-4.01%	-14.40%
Current Drawdown Current decline from peak	-5.32%	-2.10%	-3.22%
Average Drawdown Average peak-to-trough decline	-9.57%	-2.26%	-7.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.44%	1.57%	+6.87%

Volatility

NVHE.TO vs. HBIL-U.TO - Volatility Comparison

Harvest NVIDIA Enhanced High Income Shares ETF (NVHE.TO) has a higher volatility of 12.57% compared to Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.TO) at 1.88%. This indicates that NVHE.TO's price experiences larger fluctuations and is considered to be riskier than HBIL-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVHE.TO	HBIL-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.57%	1.88%	+10.69%
Volatility (6M) Calculated over the trailing 6-month period	28.99%	3.60%	+25.39%
Volatility (1Y) Calculated over the trailing 1-year period	37.28%	4.68%	+32.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.80%	5.86%	+42.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.80%	5.86%	+42.94%

Dividends

NVHE.TO vs. HBIL-U.TO - Dividend Comparison

NVHE.TO's dividend yield for the trailing twelve months is around 21.49%, more than HBIL-U.TO's 6.75% yield.

Position	TTM	2025	2024
HBIL-U.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units	6.75%	7.37%	2.40%
NVHE.TO Harvest NVIDIA Enhanced High Income Shares ETF	21.49%	21.62%	7.29%

Frequently Asked Questions

Can I hold both NVHE.TO and HBIL-U.TO in my portfolio?

NVHE.TO and HBIL-U.TO have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between NVHE.TO and HBIL-U.TO?

NVHE.TO is categorized as Derivative Income, while HBIL-U.TO is Government Bonds. They also come from different issuers: Harvest and Hamilton.