PAYF.TO vs. HBIL-U.TO

Last updated Jul 25, 2026

PAYF.TO (Purpose Enhanced Premium Yield Fund) and HBIL-U.TO (Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units) are both exchange-traded funds - PAYF.TO is a Derivative Income fund actively managed by Purpose Investments Inc., while HBIL-U.TO is a Government Bonds fund actively managed by Hamilton. Both are actively managed. Over the past year, PAYF.TO returned 4.97% vs 7.29% for HBIL-U.TO. At a correlation of -0.03, they often move in opposite directions.

Performance

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

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Purpose Enhanced Premium Yield Fund (PAYF.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

PAYF.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, PAYF.TO achieves a 3.05% return, which is significantly lower than HBIL-U.TO's 4.13% return.

PAYF.TO

• 1D: 0.27%
• 1M: 1.03%
• 6M: 3.10%
• YTD: 3.05%
• 1Y: 4.97%
• 3Y*: 9.76%
• 5Y*: 7.55%
• 10Y*: —
• ALL TIME*: 7.21%

HBIL-U.TO

• 1D: -0.02%
• 1M: -1.20%
• 6M: 3.18%
• YTD: 4.13%
• 1Y: 7.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.79%

*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)
HBIL-U.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units	CA$28.12K	CA$42.56K	CA$73.25K
PAYF.TO Purpose Enhanced Premium Yield Fund	CA$14.58K	CA$14.42K	CA$25.69K

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

	2026 (YTD)	2025	2024
PAYF.TO Purpose Enhanced Premium Yield Fund	3.05%	9.96%	1.95%
HBIL-U.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units	4.13%	0.03%	4.69%

Correlation

The correlation between PAYF.TO and HBIL-U.TO is -0.07, 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	-0.07
Correlation (All Time) Calculated using the full available price history since Sep 16, 2024	-0.03

Return for Risk

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

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

PAYF.TO

PAYF.TO Risk / Return Rank: 30
PAYF.TO Sharpe Ratio Rank: 29
PAYF.TO Sortino Ratio Rank: 28
PAYF.TO Omega Ratio Rank: 30
PAYF.TO Calmar Ratio Rank: 28
PAYF.TO Martin Ratio Rank: 33

HBIL-U.TO

HBIL-U.TO Risk / Return Rank: 83
HBIL-U.TO Sharpe Ratio Rank: 81
HBIL-U.TO Sortino Ratio Rank: 80
HBIL-U.TO Omega Ratio Rank: 90
HBIL-U.TO Calmar Ratio Rank: 83
HBIL-U.TO Martin Ratio Rank: 82

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.

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

This table presents a comparison of risk-adjusted performance metrics for Purpose Enhanced Premium Yield Fund (PAYF.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.

	PAYF.TO	HBIL-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.71	1.58	-0.87
Sortino ratio: Return per unit of downside risk	1.07	2.28	-1.20
Omega ratio: Gain probability vs. loss probability	1.14	1.28	-0.14
Calmar ratio: Return relative to maximum drawdown	0.87	1.83	-0.95
Martin ratio: Return relative to average drawdown	3.13	4.56	-1.43

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

The current PAYF.TO Sharpe Ratio is 0.71, which is lower than the HBIL-U.TO Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of PAYF.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

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

The maximum PAYF.TO drawdown since its inception was -17.09%, 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 PAYF.TO and HBIL-U.TO.

Drawdown Indicators

	PAYF.TO	HBIL-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-17.09%	-6.68%	-10.41%
Max Drawdown (1Y) Largest decline over 1 year	-5.73%	-4.01%	-1.72%
Max Drawdown (3Y) Largest decline over 3 years	-11.66%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-11.66%	—	—
Current Drawdown Current decline from peak	-0.91%	-1.95%	+1.04%
Average Drawdown Average peak-to-trough decline	-1.85%	-2.25%	+0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.59%	1.60%	-0.01%

Volatility

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

Purpose Enhanced Premium Yield Fund (PAYF.TO) has a higher volatility of 2.31% compared to Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.TO) at 1.46%. This indicates that PAYF.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

	PAYF.TO	HBIL-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.31%	1.46%	+0.85%
Volatility (6M) Calculated over the trailing 6-month period	6.35%	3.55%	+2.80%
Volatility (1Y) Calculated over the trailing 1-year period	7.02%	4.63%	+2.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.66%	5.82%	+3.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.51%	5.82%	+3.69%

Dividends

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

PAYF.TO's dividend yield for the trailing twelve months is around 8.88%, more than HBIL-U.TO's 6.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
HBIL-U.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units	6.75%	7.37%	2.40%	0.00%	0.00%	0.00%	0.00%	0.00%
PAYF.TO Purpose Enhanced Premium Yield Fund	8.88%	8.75%	8.82%	8.91%	8.02%	7.17%	7.27%	4.05%

Frequently Asked Questions

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

PAYF.TO and HBIL-U.TO have a correlation of -0.07, 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 PAYF.TO and HBIL-U.TO?

PAYF.TO is categorized as Derivative Income, while HBIL-U.TO is Government Bonds. They also come from different issuers: Purpose Investments Inc. and Hamilton.