RKLX vs. HCAL.TO

Last updated Jun 24, 2026

RKLX (Defiance Daily Target 2X Long RKLB ETF) and HCAL.TO (Hamilton Enhanced Canadian Bank ETF) are both exchange-traded funds - RKLX is a Leveraged Equities fund actively managed by Defiance, while HCAL.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index (125%). RKLX is actively managed, while HCAL.TO is passively managed. Over the past year, RKLX returned 185.10% vs 90.06% for HCAL.TO. At a 0.29 correlation, their price movements are largely independent. RKLX charges 1.29%/yr vs 0.65%/yr for HCAL.TO.

Performance

RKLX vs. HCAL.TO - Performance Comparison

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

Different Trading Currencies

RKLX 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, RKLX achieves a 2.51% return, which is significantly lower than HCAL.TO's 33.76% return.

RKLX

• 1D: -10.27%
• 1M: -56.29%
• YTD: 2.51%
• 6M: -17.39%
• 1Y: 185.10%
• 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)

RKLX vs. HCAL.TO - Yearly Performance Comparison

	2026 (YTD)	2025
RKLX Defiance Daily Target 2X Long RKLB ETF	2.51%	579.88%
HCAL.TO Hamilton Enhanced Canadian Bank ETF	33.76%	73.81%

Correlation

The correlation between RKLX and HCAL.TO is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (All Time) Calculated using the full available price history since Mar 13, 2025	0.29

RKLX vs. HCAL.TO - Sectors Allocation Comparison

Sectors	RKLX	HCAL.TO
Industrials	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	100.0%
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

RKLX vs. HCAL.TO — Risk / Return Rank

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

RKLX

RKLX Risk / Return Rank: 44
RKLX Sharpe Ratio Rank: 30
RKLX Sortino Ratio Rank: 53
RKLX Omega Ratio Rank: 47
RKLX Calmar Ratio Rank: 57
RKLX Martin Ratio Rank: 35

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.

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

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long RKLB ETF (RKLX) 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.

	RKLX	HCAL.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.01	5.49	-4.48
Sortino ratio: Return per unit of downside risk	2.34	6.79	-4.44
Omega ratio: Gain probability vs. loss probability	1.28	1.94	-0.66
Calmar ratio: Return relative to maximum drawdown	2.60	7.60	-5.00
Martin ratio: Return relative to average drawdown	4.84	34.06	-29.22

RKLX vs. HCAL.TO - Sharpe Ratio Comparison

The current RKLX Sharpe Ratio is 1.01, which is lower than the HCAL.TO Sharpe Ratio of 5.49. The chart below compares the historical Sharpe Ratios of RKLX 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

RKLX vs. HCAL.TO - Drawdown Comparison

The maximum RKLX drawdown since its inception was -71.71%, 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 RKLX and HCAL.TO.

Drawdown Indicators

	RKLX	HCAL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-71.71%	-40.80%	-30.91%
Max Drawdown (1Y) Largest decline over 1 year	-71.71%	-11.92%	-59.79%
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	-64.12%	0.00%	-64.12%
Average Drawdown Average peak-to-trough decline	-26.92%	-12.21%	-14.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.42%	2.65%	+35.77%

Volatility

RKLX vs. HCAL.TO - Volatility Comparison

Defiance Daily Target 2X Long RKLB ETF (RKLX) has a higher volatility of 62.72% compared to Hamilton Enhanced Canadian Bank ETF (HCAL.TO) at 4.75%. This indicates that RKLX'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

	RKLX	HCAL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	62.72%	4.75%	+57.97%
Volatility (6M) Calculated over the trailing 6-month period	142.12%	14.24%	+127.88%
Volatility (1Y) Calculated over the trailing 1-year period	185.83%	16.50%	+169.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	182.53%	18.53%	+164.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	182.53%	18.35%	+164.18%

RKLX vs. HCAL.TO - Expense Ratio Comparison

RKLX has a 1.29% expense ratio, which is higher than HCAL.TO's 0.65% expense ratio.

Dividends

RKLX vs. HCAL.TO - Dividend Comparison

RKLX's dividend yield for the trailing twelve months is around 14.58%, 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%
RKLX Defiance Daily Target 2X Long RKLB ETF	14.58%	14.94%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

RKLX and HCAL.TO have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, RKLX 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, RKLX or HCAL.TO?

HCAL.TO is cheaper with a 0.65% expense ratio, compared with 1.29% for RKLX.

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

RKLX is categorized as Leveraged Equities, while HCAL.TO is Financials Equities. They also come from different issuers: Defiance and Hamilton Capital. Their fees differ too: 1.29% for RKLX and 0.65% for HCAL.TO.