QBTX vs. HCAL.TO

Last updated Jun 24, 2026

QBTX (Tradr 2X Long QBTS Daily ETF) and HCAL.TO (Hamilton Enhanced Canadian Bank ETF) are both exchange-traded funds - QBTX is a Leveraged Equities fund managed by Tradr, while HCAL.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index (125%). Over the past year, QBTX returned -24.24% vs 90.06% for HCAL.TO. At a 0.29 correlation, their price movements are largely independent. QBTX charges 1.30%/yr vs 0.65%/yr for HCAL.TO.

Performance

QBTX vs. HCAL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 2X Long QBTS Daily ETF (QBTX) and Hamilton Enhanced Canadian Bank ETF (HCAL.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

QBTX is traded in USD, while HCAL.TO is traded in CAD. To make them comparable, the HCAL.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, QBTX achieves a -49.88% return, which is significantly lower than HCAL.TO's 33.76% return.

QBTX

• 1D: 4.15%
• 1M: -34.95%
• YTD: -49.88%
• 6M: -60.48%
• 1Y: -24.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HCAL.TO

• 1D: 0.60%
• 1M: 7.32%
• YTD: 33.76%
• 6M: 34.09%
• 1Y: 90.06%
• 3Y*: 43.05%
• 5Y*: 20.22%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

QBTX vs. HCAL.TO - Yearly Performance Comparison

	2026 (YTD)	2025
QBTX Tradr 2X Long QBTS Daily ETF	-49.88%	339.28%
HCAL.TO Hamilton Enhanced Canadian Bank ETF	33.76%	64.53%

Correlation

The correlation between QBTX and HCAL.TO is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (All Time) Calculated using the full available price history since Apr 25, 2025	0.29

Return for Risk

QBTX vs. HCAL.TO — Risk / Return Rank

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

QBTX

QBTX Risk / Return Rank: 15
QBTX Sharpe Ratio Rank: 8
QBTX Sortino Ratio Rank: 30
QBTX Omega Ratio Rank: 25
QBTX Calmar Ratio Rank: 7
QBTX Martin Ratio Rank: 7

HCAL.TO

HCAL.TO Risk / Return Rank: 98
HCAL.TO Sharpe Ratio Rank: 99
HCAL.TO Sortino Ratio Rank: 98
HCAL.TO Omega Ratio Rank: 98
HCAL.TO Calmar Ratio Rank: 96
HCAL.TO Martin Ratio Rank: 97

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.

QBTX vs. HCAL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Long QBTS Daily ETF (QBTX) 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.

	QBTX	HCAL.TO	Difference
Sharpe ratio: Return per unit of total volatility	-0.11	5.49	-5.60
Sortino ratio: Return per unit of downside risk	1.50	6.79	-5.28
Omega ratio: Gain probability vs. loss probability	1.16	1.94	-0.77
Calmar ratio: Return relative to maximum drawdown	-0.25	7.60	-7.85
Martin ratio: Return relative to average drawdown	-0.35	34.06	-34.41

QBTX vs. HCAL.TO - Sharpe Ratio Comparison

The current QBTX Sharpe Ratio is -0.11, which is lower than the HCAL.TO Sharpe Ratio of 5.49. The chart below compares the historical Sharpe Ratios of QBTX and HCAL.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

QBTX vs. HCAL.TO - Drawdown Comparison

The maximum QBTX drawdown since its inception was -95.48%, which is greater than HCAL.TO's maximum drawdown of -40.80%. Use the drawdown chart below to compare losses from any high point for QBTX and HCAL.TO.

Drawdown Indicators

	QBTX	HCAL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-95.48%	-40.80%	-54.68%
Max Drawdown (1Y) Largest decline over 1 year	-95.48%	-11.92%	-83.56%
Max Drawdown (3Y) Largest decline over 3 years	—	-22.08%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-40.80%	—
Current Drawdown Current decline from peak	-88.42%	0.00%	-88.42%
Average Drawdown Average peak-to-trough decline	-57.31%	-12.21%	-45.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	69.22%	2.65%	+66.57%

Volatility

QBTX vs. HCAL.TO - Volatility Comparison

Tradr 2X Long QBTS Daily ETF (QBTX) has a higher volatility of 66.40% compared to Hamilton Enhanced Canadian Bank ETF (HCAL.TO) at 4.75%. This indicates that QBTX'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.

Volatility by Period

	QBTX	HCAL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	66.40%	4.75%	+61.65%
Volatility (6M) Calculated over the trailing 6-month period	150.11%	14.24%	+135.87%
Volatility (1Y) Calculated over the trailing 1-year period	217.47%	16.50%	+200.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	241.06%	18.53%	+222.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	241.06%	18.35%	+222.71%

QBTX vs. HCAL.TO - Expense Ratio Comparison

QBTX has a 1.30% expense ratio, which is higher than HCAL.TO's 0.65% expense ratio.

Dividends

QBTX vs. HCAL.TO - Dividend Comparison

QBTX's dividend yield for the trailing twelve months is around 26.33%, more than HCAL.TO's 3.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
HCAL.TO Hamilton Enhanced Canadian Bank ETF	3.12%	4.20%	6.12%	7.37%	7.46%	4.99%	3.14%
QBTX Tradr 2X Long QBTS Daily ETF	26.33%	13.20%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QBTX and HCAL.TO in my portfolio?

QBTX and HCAL.TO have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QBTX or HCAL.TO?

On fees, HCAL.TO is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QBTX or HCAL.TO?

HCAL.TO is cheaper with a 0.65% expense ratio, compared with 1.30% for QBTX.

What is the main difference between QBTX and HCAL.TO?

QBTX is categorized as Leveraged Equities, while HCAL.TO is Financials Equities. They also come from different issuers: Tradr and Hamilton Capital. Their fees differ too: 1.30% for QBTX and 0.65% for HCAL.TO.