RY.TO vs. HEQT.TO
RY.TO (Royal Bank of Canada) is a stock, while HEQT.TO (Horizons All-Equity Asset Allocation ETF) is Global Equities fund actively managed by Horizons. Over the past 5 years, RY.TO returned 21.56%/yr vs 12.70%/yr for HEQT.TO. A 0.54 correlation means they provide meaningful diversification when combined.
Performance
RY.TO vs. HEQT.TO - Performance Comparison
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Returns By Period
In the year-to-date period, RY.TO achieves a 20.87% return, which is significantly higher than HEQT.TO's 13.37% return.
RY.TO
- 1D
- 0.36%
- 1M
- 10.50%
- YTD
- 20.87%
- 6M
- 23.89%
- 1Y
- 65.59%
- 3Y*
- 35.54%
- 5Y*
- 21.56%
- 10Y*
- 18.12%
HEQT.TO
- 1D
- 0.59%
- 1M
- 2.47%
- YTD
- 13.37%
- 6M
- 13.85%
- 1Y
- 32.15%
- 3Y*
- 21.39%
- 5Y*
- 12.70%
- 10Y*
- —
RY.TO vs. HEQT.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
RY.TO Royal Bank of Canada | 20.87% | 39.60% | 34.37% | 9.80% | -1.52% | 33.09% | 6.52% | -2.01% |
HEQT.TO Horizons All-Equity Asset Allocation ETF | 13.37% | 19.82% | 23.83% | 22.29% | -18.95% | 22.54% | 16.34% | 7.44% |
Correlation
The correlation between RY.TO and HEQT.TO is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Sep 18, 2019 | 0.54 |
The correlation between RY.TO and HEQT.TO has been stable across timeframes, ranging from 0.54 to 0.58 - a consistent structural relationship.
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Return for Risk
RY.TO vs. HEQT.TO — Risk / Return Rank
RY.TO
HEQT.TO
RY.TO vs. HEQT.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Royal Bank of Canada (RY.TO) and Horizons All-Equity Asset Allocation ETF (HEQT.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.
| RY.TO | HEQT.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.22 | ||
| Sortino ratioReturn per unit of downside risk | +3.27 | ||
| Omega ratioGain probability vs. loss probability | 1.85 | 1.45 | +0.40 |
| Calmar ratioReturn relative to maximum drawdown | 7.91 | 3.60 | +4.31 |
| Martin ratioReturn relative to average drawdown | 29.39 | 15.68 | +13.71 |
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Drawdowns
RY.TO vs. HEQT.TO - Drawdown Comparison
The maximum RY.TO drawdown since its inception was -54.03%, which is greater than HEQT.TO's maximum drawdown of -31.82%. Use the drawdown chart below to compare losses from any high point for RY.TO and HEQT.TO.
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Drawdown Indicators
| RY.TO | HEQT.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -54.03% | -31.82% | -22.21% |
Max Drawdown (1Y)Largest decline over 1 year | -8.12% | -8.49% | +0.37% |
Max Drawdown (3Y)Largest decline over 3 years | -16.00% | -15.33% | -0.67% |
Max Drawdown (5Y)Largest decline over 5 years | -21.21% | -24.89% | +3.68% |
Max Drawdown (10Y)Largest decline over 10 years | -33.84% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.75% | +0.75% |
Average DrawdownAverage peak-to-trough decline | -6.72% | -5.17% | -1.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.18% | 1.95% | +0.23% |
Volatility
RY.TO vs. HEQT.TO - Volatility Comparison
The current volatility for Royal Bank of Canada (RY.TO) is 4.23%, while Horizons All-Equity Asset Allocation ETF (HEQT.TO) has a volatility of 4.92%. This indicates that RY.TO experiences smaller price fluctuations and is considered to be less risky than HEQT.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RY.TO | HEQT.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.23% | 4.92% | -0.69% |
Volatility (6M)Calculated over the trailing 6-month period | 10.44% | 10.45% | -0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.82% | 12.59% | +1.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.93% | 14.98% | -0.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.26% | 16.90% | +0.36% |
Dividends
RY.TO vs. HEQT.TO - Dividend Comparison
RY.TO's dividend yield for the trailing twelve months is around 2.28%, more than HEQT.TO's 1.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HEQT.TO Horizons All-Equity Asset Allocation ETF | 1.62% | 1.70% | 1.67% | 0.84% | 0.03% | 0.02% | 1.40% | 0.22% | 0.00% | 0.00% | 0.00% | 0.00% |
RY.TO Royal Bank of Canada | 2.28% | 2.58% | 3.23% | 3.99% | 3.90% | 3.22% | 4.10% | 3.96% | 4.03% | 3.39% | 3.57% | 4.15% |
Frequently Asked Questions
RY.TO and HEQT.TO have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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