QBTC.TO vs. HDIV.TO
QBTC.TO (The Bitcoin Fund) is a stock, while HDIV.TO (Hamilton Enhanced Canadian Covered Call ETF) is Derivative Income fund actively managed by Hamilton ETFs. Over the past 3 years, QBTC.TO returned 23.08%/yr vs 28.18%/yr for HDIV.TO. At a 0.31 correlation, their price movements are largely independent.
Performance
QBTC.TO vs. HDIV.TO - Performance Comparison
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Returns By Period
In the year-to-date period, QBTC.TO achieves a -34.60% return, which is significantly lower than HDIV.TO's 18.53% return.
QBTC.TO
- 1D
- -3.77%
- 1M
- -20.26%
- YTD
- -34.60%
- 6M
- -35.49%
- 1Y
- -44.97%
- 3Y*
- 23.08%
- 5Y*
- 10.25%
- 10Y*
- —
HDIV.TO
- 1D
- 0.22%
- 1M
- 1.78%
- YTD
- 18.53%
- 6M
- 17.93%
- 1Y
- 45.02%
- 3Y*
- 28.18%
- 5Y*
- —
- 10Y*
- —
QBTC.TO vs. HDIV.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
QBTC.TO The Bitcoin Fund | -34.60% | -13.99% | 135.40% | 170.25% | -65.85% | 56.70% |
HDIV.TO Hamilton Enhanced Canadian Covered Call ETF | 18.53% | 33.87% | 23.15% | 13.91% | -2.53% | 9.13% |
Correlation
The correlation between QBTC.TO and HDIV.TO is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Jul 21, 2021 | 0.31 |
The correlation between QBTC.TO and HDIV.TO shifts across timeframes, from 0.28 (3 years) to 0.39 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
QBTC.TO vs. HDIV.TO — Risk / Return Rank
QBTC.TO
HDIV.TO
QBTC.TO vs. HDIV.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for The Bitcoin Fund (QBTC.TO) and Hamilton Enhanced Canadian Covered Call ETF (HDIV.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.
| QBTC.TO | HDIV.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.50 | ||
| Sortino ratioReturn per unit of downside risk | -5.96 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.63 | -0.80 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 5.18 | -5.99 |
| Martin ratioReturn relative to average drawdown | -1.41 | 24.68 | -26.09 |
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Drawdowns
QBTC.TO vs. HDIV.TO - Drawdown Comparison
The maximum QBTC.TO drawdown since its inception was -78.06%, which is greater than HDIV.TO's maximum drawdown of -22.32%. Use the drawdown chart below to compare losses from any high point for QBTC.TO and HDIV.TO.
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Drawdown Indicators
| QBTC.TO | HDIV.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.06% | -22.32% | -55.74% |
Max Drawdown (1Y)Largest decline over 1 year | -55.51% | -8.73% | -46.78% |
Max Drawdown (3Y)Largest decline over 3 years | -55.51% | -14.58% | -40.93% |
Max Drawdown (5Y)Largest decline over 5 years | -78.06% | — | — |
Current DrawdownCurrent decline from peak | -55.51% | -0.58% | -54.93% |
Average DrawdownAverage peak-to-trough decline | -31.79% | -4.18% | -27.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.01% | 1.83% | +30.18% |
Volatility
QBTC.TO vs. HDIV.TO - Volatility Comparison
The Bitcoin Fund (QBTC.TO) has a higher volatility of 13.19% compared to Hamilton Enhanced Canadian Covered Call ETF (HDIV.TO) at 4.29%. This indicates that QBTC.TO's price experiences larger fluctuations and is considered to be riskier than HDIV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QBTC.TO | HDIV.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.19% | 4.29% | +8.90% |
Volatility (6M)Calculated over the trailing 6-month period | 34.98% | 10.86% | +24.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.73% | 13.04% | +30.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.73% | 15.60% | +37.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 58.27% | 15.60% | +42.67% |
Dividends
QBTC.TO vs. HDIV.TO - Dividend Comparison
QBTC.TO has not paid dividends to shareholders, while HDIV.TO's dividend yield for the trailing twelve months is around 9.31%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
HDIV.TO Hamilton Enhanced Canadian Covered Call ETF | 9.31% | 10.09% | 11.38% | 10.41% | 9.64% | 3.37% |
QBTC.TO The Bitcoin Fund | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
QBTC.TO and HDIV.TO have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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