PHYS.TO vs. HCAL.TO
PHYS.TO (Sprott Physical Gold Trust) is a stock, while HCAL.TO (Hamilton Enhanced Canadian Bank ETF) is Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index (125%). Over the past 5 years, PHYS.TO returned 18.93%/yr vs 25.28%/yr for HCAL.TO. At a correlation of -0.04, they often move in opposite directions.
Performance
PHYS.TO vs. HCAL.TO - Performance Comparison
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Returns By Period
In the year-to-date period, PHYS.TO achieves a -5.27% return, which is significantly lower than HCAL.TO's 46.44% return.
PHYS.TO
- 1D
- -0.30%
- 1M
- -5.79%
- 6M
- -12.62%
- YTD
- -5.27%
- 1Y
- 22.77%
- 3Y*
- 28.73%
- 5Y*
- 18.93%
- 10Y*
- —
HCAL.TO
- 1D
- 2.03%
- 1M
- 11.16%
- 6M
- 44.73%
- YTD
- 46.44%
- 1Y
- 97.75%
- 3Y*
- 46.31%
- 5Y*
- 25.28%
- 10Y*
- —
PHYS.TO vs. HCAL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
PHYS.TO Sprott Physical Gold Trust | -5.27% | 56.35% | 37.41% | 10.65% | 4.96% | -5.37% | -3.42% |
HCAL.TO Hamilton Enhanced Canadian Bank ETF | 46.44% | 54.09% | 29.04% | 11.73% | -17.54% | 50.25% | 16.92% |
Correlation
The correlation between PHYS.TO and HCAL.TO is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Oct 15, 2020 | -0.04 |
The correlation between PHYS.TO and HCAL.TO shifts across timeframes, from -0.04 (all time) to 0.17 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PHYS.TO vs. HCAL.TO — Risk / Return Rank
PHYS.TO
HCAL.TO
PHYS.TO vs. HCAL.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Sprott Physical Gold Trust (PHYS.TO) and Hamilton Enhanced Canadian Bank ETF (HCAL.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.
| PHYS.TO | HCAL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.04 | ||
| Sortino ratioReturn per unit of downside risk | -6.00 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.99 | -0.82 |
| Calmar ratioReturn relative to maximum drawdown | 0.98 | 9.23 | -8.25 |
| Martin ratioReturn relative to average drawdown | 2.25 | 39.93 | -37.68 |
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Drawdowns
PHYS.TO vs. HCAL.TO - Drawdown Comparison
The maximum PHYS.TO drawdown since its inception was -27.08%, smaller than the maximum HCAL.TO drawdown of -35.05%. Use the drawdown chart below to compare losses from any high point for PHYS.TO and HCAL.TO.
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Drawdown Indicators
| PHYS.TO | HCAL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.08% | -35.05% | +7.97% |
Max Drawdown (1Y)Largest decline over 1 year | -23.38% | -10.65% | -12.73% |
Max Drawdown (3Y)Largest decline over 3 years | -23.38% | -18.77% | -4.61% |
Max Drawdown (5Y)Largest decline over 5 years | -23.38% | -35.05% | +11.67% |
Current DrawdownCurrent decline from peak | -22.93% | 0.00% | -22.93% |
Average DrawdownAverage peak-to-trough decline | -8.00% | -9.45% | +1.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.14% | 2.46% | +7.68% |
Volatility
PHYS.TO vs. HCAL.TO - Volatility Comparison
Sprott Physical Gold Trust (PHYS.TO) has a higher volatility of 7.36% compared to Hamilton Enhanced Canadian Bank ETF (HCAL.TO) at 5.22%. This indicates that PHYS.TO's price experiences larger fluctuations and is considered to be riskier than HCAL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PHYS.TO | HCAL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.36% | 5.22% | +2.14% |
Volatility (6M)Calculated over the trailing 6-month period | 23.64% | 14.63% | +9.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.67% | 16.76% | +10.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.72% | 17.31% | +0.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.85% | 17.01% | +9.84% |
Dividends
PHYS.TO vs. HCAL.TO - Dividend Comparison
PHYS.TO has not paid dividends to shareholders, while HCAL.TO's dividend yield for the trailing twelve months is around 2.97%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
HCAL.TO Hamilton Enhanced Canadian Bank ETF | 2.97% | 4.20% | 6.12% | 7.37% | 7.46% | 4.27% | 2.66% |
PHYS.TO Sprott Physical Gold Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PHYS.TO and HCAL.TO have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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