RCDB.NEO vs. HBIL.TO

Last updated Jun 4, 2026

RCDB.NEO (RBC Canadian Discount Bond ETF) and HBIL.TO (Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged)) are both exchange-traded funds - RCDB.NEO is a Short-Term Bond fund actively managed by RBC, while HBIL.TO is a Derivative Income fund actively managed by Hamilton Capital. Both are actively managed. Over the past year, RCDB.NEO returned 3.01% vs 2.87% for HBIL.TO. At a 0.45 correlation, their price movements are largely independent. RCDB.NEO charges 0.17%/yr vs 0.35%/yr for HBIL.TO.

Performance

RCDB.NEO vs. HBIL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in RBC Canadian Discount Bond ETF (RCDB.NEO) and Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) (HBIL.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RCDB.NEO achieves a 1.15% return, which is significantly higher than HBIL.TO's 0.59% return.

RCDB.NEO

• 1D: 0.00%
• 1M: 1.09%
• YTD: 1.15%
• 6M: 0.91%
• 1Y: 3.01%
• 3Y*: 4.84%
• 5Y*: 2.25%
• 10Y*: —

HBIL.TO

• 1D: 0.00%
• 1M: 0.23%
• YTD: 0.59%
• 6M: 0.53%
• 1Y: 2.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RCDB.NEO vs. HBIL.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
RCDB.NEO RBC Canadian Discount Bond ETF	1.15%	3.75%	0.87%
HBIL.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged)	0.59%	3.05%	-1.40%

Correlation

The correlation between RCDB.NEO and HBIL.TO is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (All Time) Calculated using the full available price history since Sep 17, 2024	0.45

Return for Risk

RCDB.NEO vs. HBIL.TO — Risk / Return Rank

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

RCDB.NEO

RCDB.NEO Risk / Return Rank: 38
RCDB.NEO Sharpe Ratio Rank: 37
RCDB.NEO Sortino Ratio Rank: 36
RCDB.NEO Omega Ratio Rank: 36
RCDB.NEO Calmar Ratio Rank: 40
RCDB.NEO Martin Ratio Rank: 41

HBIL.TO

HBIL.TO Risk / Return Rank: 56
HBIL.TO Sharpe Ratio Rank: 50
HBIL.TO Sortino Ratio Rank: 57
HBIL.TO Omega Ratio Rank: 56
HBIL.TO Calmar Ratio Rank: 61
HBIL.TO Martin Ratio Rank: 56

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.

RCDB.NEO vs. HBIL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RBC Canadian Discount Bond ETF (RCDB.NEO) and Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) (HBIL.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.

	RCDB.NEO	HBIL.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.29	1.74	-0.45
Sortino ratio: Return per unit of downside risk	1.85	2.71	-0.86
Omega ratio: Gain probability vs. loss probability	1.24	1.34	-0.11
Calmar ratio: Return relative to maximum drawdown	1.91	3.03	-1.12
Martin ratio: Return relative to average drawdown	6.47	9.74	-3.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RCDB.NEO vs. HBIL.TO - Sharpe Ratio Comparison

The current RCDB.NEO Sharpe Ratio is 1.29, which is comparable to the HBIL.TO Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of RCDB.NEO and HBIL.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.

Sharpe Ratios by Period

	RCDB.NEO	HBIL.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.29	1.74	-0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.64	-0.19

Drawdowns

RCDB.NEO vs. HBIL.TO - Drawdown Comparison

The maximum RCDB.NEO drawdown since its inception was -8.31%, which is greater than HBIL.TO's maximum drawdown of -1.69%. Use the drawdown chart below to compare losses from any high point for RCDB.NEO and HBIL.TO.

Drawdown Indicators

	RCDB.NEO	HBIL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-8.31%	-1.69%	-6.62%
Max Drawdown (1Y) Largest decline over 1 year	-1.59%	-0.95%	-0.64%
Max Drawdown (3Y) Largest decline over 3 years	-1.59%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-6.90%	—	—
Current Drawdown Current decline from peak	-0.03%	-0.31%	+0.28%
Average Drawdown Average peak-to-trough decline	-1.41%	-0.48%	-0.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.47%	0.30%	+0.17%

Volatility

RCDB.NEO vs. HBIL.TO - Volatility Comparison

RBC Canadian Discount Bond ETF (RCDB.NEO) has a higher volatility of 0.67% compared to Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) (HBIL.TO) at 0.62%. This indicates that RCDB.NEO's price experiences larger fluctuations and is considered to be riskier than HBIL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RCDB.NEO	HBIL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.67%	0.62%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	1.84%	1.24%	+0.60%
Volatility (1Y) Calculated over the trailing 1-year period	2.35%	1.66%	+0.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.83%	2.03%	+0.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.48%	2.03%	+3.45%

RCDB.NEO vs. HBIL.TO - Expense Ratio Comparison

RCDB.NEO has a 0.17% expense ratio, which is lower than HBIL.TO's 0.35% expense ratio.

Dividends

RCDB.NEO vs. HBIL.TO - Dividend Comparison

RCDB.NEO's dividend yield for the trailing twelve months is around 2.11%, less than HBIL.TO's 6.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
HBIL.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged)	6.52%	7.49%	2.58%	0.00%	0.00%	0.00%	0.00%	0.00%
RCDB.NEO RBC Canadian Discount Bond ETF	2.11%	1.96%	1.58%	1.22%	1.16%	1.33%	1.68%	0.78%

Frequently Asked Questions

Can I hold both RCDB.NEO and HBIL.TO in my portfolio?

RCDB.NEO and HBIL.TO have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, RCDB.NEO or HBIL.TO?

On fees, RCDB.NEO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, RCDB.NEO or HBIL.TO?

RCDB.NEO is cheaper with a 0.17% expense ratio, compared with 0.35% for HBIL.TO.

What is the main difference between RCDB.NEO and HBIL.TO?

RCDB.NEO is categorized as Short-Term Bond, while HBIL.TO is Derivative Income. They also come from different issuers: RBC and Hamilton Capital. Their fees differ too: 0.17% for RCDB.NEO and 0.35% for HBIL.TO.