PAYF.TO vs. HBIL.TO
PAYF.TO (Purpose Enhanced Premium Yield Fund) and HBIL.TO (Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged)) are both Derivative Income funds. Both are actively managed. Over the past year, PAYF.TO returned 4.97% vs 1.99% for HBIL.TO. At a 0.14 correlation, their price movements are largely independent. PAYF.TO charges 0.94%/yr vs 0.35%/yr for HBIL.TO.
Performance
PAYF.TO vs. HBIL.TO - Performance Comparison
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Returns By Period
In the year-to-date period, PAYF.TO achieves a 3.05% return, which is significantly higher than HBIL.TO's 0.41% 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.TO
- 1D
- 0.14%
- 1M
- -0.52%
- 6M
- 0.14%
- YTD
- 0.41%
- 1Y
- 1.99%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 1.18%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$300.95K | CA$246.79K | CA$300.15K | |
| CA$14.58K | CA$14.42K | CA$25.69K |
PAYF.TO vs. HBIL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
PAYF.TO Purpose Enhanced Premium Yield Fund | 3.05% | 9.96% | 1.95% |
HBIL.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) | 0.41% | 3.04% | -1.22% |
Correlation
The correlation between PAYF.TO and HBIL.TO is 0.10, 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 | 0.10 |
Correlation (All Time) Calculated using the full available price history since Sep 16, 2024 | 0.14 |
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Return for Risk
PAYF.TO vs. HBIL.TO — Risk / Return Rank
PAYF.TO
HBIL.TO
PAYF.TO vs. HBIL.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 (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.
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.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.42 | ||
| Sortino ratioReturn per unit of downside risk | -0.65 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.23 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.87 | 2.10 | -1.23 |
| Martin ratioReturn relative to average drawdown | 3.13 | 6.04 | -2.91 |
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Drawdowns
PAYF.TO vs. HBIL.TO - Drawdown Comparison
The maximum PAYF.TO drawdown since its inception was -17.09%, which is greater than HBIL.TO's maximum drawdown of -1.66%. Use the drawdown chart below to compare losses from any high point for PAYF.TO and HBIL.TO.
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Drawdown Indicators
| PAYF.TO | HBIL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.09% | -1.66% | -15.43% |
Max Drawdown (1Y)Largest decline over 1 year | -5.73% | -0.95% | -4.78% |
Max Drawdown (3Y)Largest decline over 3 years | -11.66% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -11.66% | — | — |
Current DrawdownCurrent decline from peak | -0.91% | -0.66% | -0.25% |
Average DrawdownAverage peak-to-trough decline | -1.85% | -0.47% | -1.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.59% | 0.33% | +1.26% |
Volatility
PAYF.TO vs. HBIL.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 (CAD Hedged) (HBIL.TO) at 0.86%. This indicates that PAYF.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.
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Volatility by Period
| PAYF.TO | HBIL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.31% | 0.86% | +1.45% |
Volatility (6M)Calculated over the trailing 6-month period | 6.35% | 1.46% | +4.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.02% | 1.77% | +5.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.66% | 2.06% | +7.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.51% | 2.06% | +7.45% |
PAYF.TO vs. HBIL.TO - Expense Ratio Comparison
PAYF.TO has a 0.94% expense ratio, which is higher than HBIL.TO's 0.35% expense ratio.
Dividends
PAYF.TO vs. HBIL.TO - Dividend Comparison
PAYF.TO's dividend yield for the trailing twelve months is around 8.88%, more than HBIL.TO's 6.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
HBIL.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) | 6.26% | 7.48% | 2.58% | 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
PAYF.TO and HBIL.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.
On fees, HBIL.TO is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HBIL.TO is cheaper with a 0.35% expense ratio, compared with 0.94% for PAYF.TO.
They also come from different issuers: Purpose Investments Inc. and Hamilton Capital. Their fees differ too: 0.94% for PAYF.TO and 0.35% for HBIL.TO.
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