PDC.TO vs. CWIN.TO

Last updated Aug 2, 2026

PDC.TO (Invesco Canadian Dividend Index ETF) and CWIN.TO (HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units) are both Dividend funds - PDC.TO tracks the NASDAQ Select Canadian Dividend Index while CWIN.TO tracks the Solactive Canada Dividend Elite Champions Index. Both are passively managed. Over the past year, PDC.TO returned 38.86% vs 40.70% for CWIN.TO. Their 0.62 correlation means they have sometimes moved together and sometimes differently. PDC.TO charges 0.58%/yr vs 0.65%/yr for CWIN.TO.

Performance

PDC.TO vs. CWIN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Invesco Canadian Dividend Index ETF (PDC.TO) and HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units (CWIN.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PDC.TO achieves a 25.42% return, which is significantly higher than CWIN.TO's 21.87% return.

PDC.TO

• 1D: -0.32%
• 1M: 2.24%
• 6M: 22.87%
• YTD: 25.42%
• 1Y: 38.86%
• 3Y*: 22.41%
• 5Y*: 14.54%
• 10Y*: 11.43%
• ALL TIME*: 10.54%

CWIN.TO

• 1D: -0.33%
• 1M: 1.25%
• 6M: 19.54%
• YTD: 21.87%
• 1Y: 40.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 31.82%

*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)
CWIN.TO HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units	CA$14.83K	CA$14.75K	CA$24.96K
PDC.TO Invesco Canadian Dividend Index ETF	CA$73.82K	CA$71.46K	CA$90.55K

PDC.TO vs. CWIN.TO - Yearly Performance Comparison

	2026 (YTD)	2025
PDC.TO Invesco Canadian Dividend Index ETF	25.42%	18.93%
CWIN.TO HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units	21.87%	24.29%

Correlation

The correlation between PDC.TO and CWIN.TO is 0.56, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.56
Correlation (All Time) Calculated using the full available price history since Jan 28, 2025	0.62

The correlation between PDC.TO and CWIN.TO has been stable across timeframes, ranging from 0.56 to 0.62 - a consistent structural relationship.

Return for Risk

PDC.TO vs. CWIN.TO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PDC.TO

PDC.TO Risk / Return Rank: 98
PDC.TO Sharpe Ratio Rank: 98
PDC.TO Sortino Ratio Rank: 98
PDC.TO Omega Ratio Rank: 98
PDC.TO Calmar Ratio Rank: 98
PDC.TO Martin Ratio Rank: 97

CWIN.TO

CWIN.TO Risk / Return Rank: 95
CWIN.TO Sharpe Ratio Rank: 96
CWIN.TO Sortino Ratio Rank: 95
CWIN.TO Omega Ratio Rank: 96
CWIN.TO Calmar Ratio Rank: 95
CWIN.TO Martin Ratio Rank: 95

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PDC.TO vs. CWIN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Canadian Dividend Index ETF (PDC.TO) and HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units (CWIN.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.

	PDC.TO	CWIN.TO	Difference
Sharpe ratio: Return per unit of total volatility	4.44	3.10	+1.34
Sortino ratio: Return per unit of downside risk	5.75	4.12	+1.63
Omega ratio: Gain probability vs. loss probability	1.87	1.58	+0.29
Calmar ratio: Return relative to maximum drawdown	9.99	5.42	+4.57
Martin ratio: Return relative to average drawdown	36.59	20.02	+16.57

PDC.TO vs. CWIN.TO - Sharpe Ratio Comparison

The current PDC.TO Sharpe Ratio is 4.44, which is higher than the CWIN.TO Sharpe Ratio of 3.10. The chart below compares the historical Sharpe Ratios of PDC.TO and CWIN.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

PDC.TO vs. CWIN.TO - Drawdown Comparison

The maximum PDC.TO drawdown since its inception was -41.93%, which is greater than CWIN.TO's maximum drawdown of -10.87%. Use the drawdown chart below to compare losses from any high point for PDC.TO and CWIN.TO.

Drawdown Indicators

	PDC.TO	CWIN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-41.93%	-10.87%	-31.06%
Max Drawdown (1Y) Largest decline over 1 year	-3.86%	-7.15%	+3.29%
Max Drawdown (3Y) Largest decline over 3 years	-10.43%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.98%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-41.93%	—	—
Current Drawdown Current decline from peak	-1.06%	-2.14%	+1.08%
Average Drawdown Average peak-to-trough decline	-4.47%	-1.32%	-3.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.05%	1.93%	-0.88%

Volatility

PDC.TO vs. CWIN.TO - Volatility Comparison

Invesco Canadian Dividend Index ETF (PDC.TO) has a higher volatility of 2.78% compared to HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units (CWIN.TO) at 2.60%. This indicates that PDC.TO's price experiences larger fluctuations and is considered to be riskier than CWIN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PDC.TO	CWIN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.78%	2.60%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	6.60%	9.31%	-2.71%
Volatility (1Y) Calculated over the trailing 1-year period	8.70%	12.53%	-3.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.85%	13.63%	-2.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.28%	13.63%	+1.65%

PDC.TO vs. CWIN.TO - Expense Ratio Comparison

PDC.TO has a 0.58% expense ratio, which is lower than CWIN.TO's 0.65% expense ratio.

Dividends

PDC.TO vs. CWIN.TO - Dividend Comparison

PDC.TO's dividend yield for the trailing twelve months is around 3.17%, more than CWIN.TO's 3.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CWIN.TO HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units	3.13%	3.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PDC.TO Invesco Canadian Dividend Index ETF	3.17%	3.96%	4.48%	4.77%	4.24%	3.65%	5.07%	4.33%	5.12%	4.23%	3.77%	4.39%

Frequently Asked Questions

Can I hold both PDC.TO and CWIN.TO in my portfolio?

PDC.TO and CWIN.TO have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PDC.TO or CWIN.TO?

On fees, PDC.TO is cheaper at 0.58% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PDC.TO or CWIN.TO?

PDC.TO is cheaper with a 0.58% expense ratio, compared with 0.65% for CWIN.TO.

What is the main difference between PDC.TO and CWIN.TO?

PDC.TO tracks NASDAQ Select Canadian Dividend Index, while CWIN.TO tracks Solactive Canada Dividend Elite Champions Index. They also come from different issuers: Invesco and Hamilton. Their fees differ too: 0.58% for PDC.TO and 0.65% for CWIN.TO.