QXM.TO vs. HCA.TO
QXM.TO (CI Morningstar National Bank Québec Index ETF) and HCA.TO (Hamilton Canadian Bank Mean Reversion Index ETF) are both Canada Equities funds. Over the past 5 years, QXM.TO returned 10.70%/yr vs 20.10%/yr for HCA.TO. At a 0.46 correlation, their price movements are largely independent.
Performance
QXM.TO vs. HCA.TO - Performance Comparison
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Returns By Period
In the year-to-date period, QXM.TO achieves a 6.00% return, which is significantly lower than HCA.TO's 34.18% return.
QXM.TO
- 1D
- -1.03%
- 1M
- 2.42%
- YTD
- 6.00%
- 6M
- 5.73%
- 1Y
- 24.00%
- 3Y*
- 17.08%
- 5Y*
- 10.70%
- 10Y*
- 10.71%
HCA.TO
- 1D
- 0.62%
- 1M
- 11.87%
- YTD
- 34.18%
- 6M
- 33.80%
- 1Y
- 74.82%
- 3Y*
- 35.93%
- 5Y*
- 20.10%
- 10Y*
- —
QXM.TO vs. HCA.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
QXM.TO CI Morningstar National Bank Québec Index ETF | 6.00% | 23.46% | 20.08% | 13.24% | -6.91% | 16.60% | 1.63% | 24.81% | -10.00% |
HCA.TO Hamilton Canadian Bank Mean Reversion Index ETF | 34.18% | 46.37% | 17.62% | 12.03% | -13.32% | 35.11% | 33.62% | 9.21% | -14.35% |
Correlation
The correlation between QXM.TO and HCA.TO is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Oct 2, 2018 | 0.46 |
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Return for Risk
QXM.TO vs. HCA.TO — Risk / Return Rank
QXM.TO
HCA.TO
QXM.TO vs. HCA.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for CI Morningstar National Bank Québec Index ETF (QXM.TO) and Hamilton Canadian Bank Mean Reversion Index ETF (HCA.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.
| QXM.TO | HCA.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.88 | ||
| Sortino ratioReturn per unit of downside risk | -5.51 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 2.13 | -0.79 |
| Calmar ratioReturn relative to maximum drawdown | 2.57 | 8.83 | -6.26 |
| Martin ratioReturn relative to average drawdown | 9.52 | 40.06 | -30.54 |
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Drawdowns
QXM.TO vs. HCA.TO - Drawdown Comparison
The maximum QXM.TO drawdown since its inception was -40.65%, which is greater than HCA.TO's maximum drawdown of -37.89%. Use the drawdown chart below to compare losses from any high point for QXM.TO and HCA.TO.
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Drawdown Indicators
| QXM.TO | HCA.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.65% | -37.89% | -2.76% |
Max Drawdown (1Y)Largest decline over 1 year | -9.38% | -8.52% | -0.86% |
Max Drawdown (3Y)Largest decline over 3 years | -15.72% | -15.52% | -0.20% |
Max Drawdown (5Y)Largest decline over 5 years | -23.01% | -27.97% | +4.96% |
Max Drawdown (10Y)Largest decline over 10 years | -40.65% | — | — |
Current DrawdownCurrent decline from peak | -1.03% | 0.00% | -1.03% |
Average DrawdownAverage peak-to-trough decline | -4.19% | -7.68% | +3.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.53% | 1.87% | +0.66% |
Volatility
QXM.TO vs. HCA.TO - Volatility Comparison
The current volatility for CI Morningstar National Bank Québec Index ETF (QXM.TO) is 2.48%, while Hamilton Canadian Bank Mean Reversion Index ETF (HCA.TO) has a volatility of 2.77%. This indicates that QXM.TO experiences smaller price fluctuations and is considered to be less risky than HCA.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QXM.TO | HCA.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.48% | 2.77% | -0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 11.23% | 11.20% | +0.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.01% | 13.14% | -0.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.84% | 14.09% | -0.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.64% | 22.81% | -7.17% |
Dividends
QXM.TO vs. HCA.TO - Dividend Comparison
QXM.TO's dividend yield for the trailing twelve months is around 1.01%, less than HCA.TO's 2.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HCA.TO Hamilton Canadian Bank Mean Reversion Index ETF | 2.62% | 3.44% | 4.42% | 8.53% | 5.45% | 3.56% | 3.54% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
QXM.TO CI Morningstar National Bank Québec Index ETF | 1.01% | 1.17% | 1.27% | 1.39% | 1.51% | 1.02% | 1.27% | 1.39% | 1.65% | 1.36% | 1.56% | 1.52% |
Frequently Asked Questions
QXM.TO and HCA.TO have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: CI and Hamilton.
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