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QXM.TO vs. HCAL.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QXM.TO vs. HCAL.TO

Last updated Jul 1, 2026
See Documentation

QXM.TO (CI Morningstar National Bank Québec Index ETF) and HCAL.TO (Hamilton Enhanced Canadian Bank ETF) are both exchange-traded funds - QXM.TO is a Canada Equities fund managed by CI, while HCAL.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index (125%). Over the past 5 years, QXM.TO returned 10.70%/yr vs 24.03%/yr for HCAL.TO. At a 0.47 correlation, their price movements are largely independent.

Performance

QXM.TO vs. HCAL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Morningstar National Bank Québec Index ETF (QXM.TO) and Hamilton Enhanced Canadian Bank ETF (HCAL.TO). The values are adjusted to include any dividend payments, if applicable.

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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 HCAL.TO's 40.08% 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%

HCAL.TO

1D
0.97%
1M
13.87%
YTD
40.08%
6M
39.42%
1Y
92.01%
3Y*
44.83%
5Y*
24.03%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

QXM.TO vs. HCAL.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
QXM.TO
CI Morningstar National Bank Québec Index ETF		6.00%23.46%20.08%13.24%-6.91%16.60%12.12%
HCAL.TO
Hamilton Enhanced Canadian Bank ETF		40.08%54.09%29.04%11.73%-17.54%50.25%16.92%

Correlation

The correlation between QXM.TO and HCAL.TO is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.47

Correlation (3Y)
Calculated over the trailing 3-year period

0.48

Correlation (5Y)
Calculated over the trailing 5-year period

0.49

Correlation (All Time)
Calculated using the full available price history since Oct 15, 2020

0.47

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

CI Morningstar National Bank Québec Index ETF

Hamilton Enhanced Canadian Bank ETF

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Return for Risk

QXM.TO vs. HCAL.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QXM.TO
QXM.TO Risk / Return Rank: 6565
Overall Rank
QXM.TO Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
QXM.TO Sortino Ratio Rank: 7070
Sortino Ratio Rank
QXM.TO Omega Ratio Rank: 6666
Omega Ratio Rank
QXM.TO Calmar Ratio Rank: 6060
Calmar Ratio Rank
QXM.TO Martin Ratio Rank: 6262
Martin Ratio Rank
HCAL.TO
HCAL.TO Risk / Return Rank: 9898
Overall Rank
HCAL.TO Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
HCAL.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
HCAL.TO Omega Ratio Rank: 9898
Omega Ratio Rank
HCAL.TO Calmar Ratio Rank: 9797
Calmar Ratio Rank
HCAL.TO Martin Ratio Rank: 9797
Martin Ratio Rank
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.

QXM.TO vs. HCAL.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 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.

QXM.TOHCAL.TODifference
Sharpe ratioReturn per unit of total volatility
1.85
5.74

-3.89

Sortino ratioReturn per unit of downside risk
2.72
7.24

-4.52

Omega ratioGain probability vs. loss probability

1.34

2.00

-0.66

Calmar ratioReturn relative to maximum drawdown

2.57

8.68

-6.11

Martin ratioReturn relative to average drawdown

9.52

37.71

-28.20

QXM.TO vs. HCAL.TO - Sharpe Ratio Comparison

The current QXM.TO Sharpe Ratio is 1.85, which is lower than the HCAL.TO Sharpe Ratio of 5.74. The chart below compares the historical Sharpe Ratios of QXM.TO 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.

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Drawdowns

QXM.TO vs. HCAL.TO - Drawdown Comparison

The maximum QXM.TO drawdown since its inception was -40.65%, which is greater than HCAL.TO's maximum drawdown of -35.05%. Use the drawdown chart below to compare losses from any high point for QXM.TO and HCAL.TO.

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Drawdown Indicators

QXM.TOHCAL.TODifference

Max Drawdown

Largest peak-to-trough decline

-40.65%

-35.05%

-5.60%

Max Drawdown (1Y)

Largest decline over 1 year

-9.38%

-10.65%

+1.27%

Max Drawdown (3Y)

Largest decline over 3 years

-15.72%

-18.77%

+3.05%

Max Drawdown (5Y)

Largest decline over 5 years

-23.01%

-35.05%

+12.04%

Max Drawdown (10Y)

Largest decline over 10 years

-40.65%

—

—

Current Drawdown

Current decline from peak

-1.03%

0.00%

-1.03%

Average Drawdown

Average peak-to-trough decline

-4.19%

-9.51%

+5.32%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.53%

2.45%

+0.08%

Volatility

QXM.TO vs. HCAL.TO - Volatility Comparison

The current volatility for CI Morningstar National Bank Québec Index ETF (QXM.TO) is 2.48%, while Hamilton Enhanced Canadian Bank ETF (HCAL.TO) has a volatility of 3.76%. This indicates that QXM.TO experiences smaller price fluctuations and is considered to be less risky 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

QXM.TOHCAL.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.48%

3.76%

-1.28%

Volatility (6M)

Calculated over the trailing 6-month period

11.23%

14.05%

-2.82%

Volatility (1Y)

Calculated over the trailing 1-year period

13.01%

16.14%

-3.13%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.84%

17.20%

-3.36%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.64%

16.95%

-1.31%

Dividends

QXM.TO vs. HCAL.TO - Dividend Comparison

QXM.TO's dividend yield for the trailing twelve months is around 1.01%, less than HCAL.TO's 3.11% yield.

PositionTTM20252024202320222021202020192018201720162015
HCAL.TO
Hamilton Enhanced Canadian Bank ETF		3.11%4.20%6.12%7.37%7.46%4.27%2.66%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 HCAL.TO have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

QXM.TO is categorized as Canada Equities, while HCAL.TO is Financials Equities. They also come from different issuers: CI and Hamilton Capital.

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