T.TO vs. H.TO

Last updated Jun 9, 2026

T.TO (TELUS Corporation) and H.TO (Hydro One Limited) are both stocks. T.TO operates in Telecom Services (Communication Services), while H.TO operates in Utilities - Regulated Electric (Utilities). Over the past 10 years, T.TO returned 12.82%/yr vs 12.37%/yr for H.TO. At a 0.29 correlation, their price movements are largely independent.

Performance

T.TO vs. H.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in TELUS Corporation (T.TO) and Hydro One Limited (H.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, T.TO achieves a -3.87% return, which is significantly lower than H.TO's 3.40% return. Both investments have delivered pretty close results over the past 10 years, with T.TO having a 12.82% annualized return and H.TO not far behind at 12.37%.

T.TO

• 1D: -1.05%
• 1M: -2.63%
• YTD: -3.87%
• 6M: -4.00%
• 1Y: -17.45%
• 3Y*: -6.39%
• 5Y*: -3.68%
• 10Y*: 12.82%

H.TO

• 1D: -1.39%
• 1M: -4.39%
• YTD: 3.40%
• 6M: 7.40%
• 1Y: 16.57%
• 3Y*: 17.34%
• 5Y*: 16.25%
• 10Y*: 12.37%

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

T.TO vs. H.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
T.TO TELUS Corporation	-3.87%	0.34%	-11.50%	-4.41%	-8.27%	23.58%	113.11%	21.76%	3.92%	21.55%
H.TO Hydro One Limited	3.40%	26.73%	14.75%	12.95%	13.74%	18.87%	18.51%	29.04%	-5.41%	-1.36%

Correlation

The correlation between T.TO and H.TO is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (10Y) Calculated over the trailing 10-year period	0.29
Correlation (All Time) Calculated using the full available price history since Nov 6, 2015	0.29

The correlation between T.TO and H.TO shifts across timeframes, from 0.17 (1 year) to 0.31 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap T.TO : CA$26.55B H.TO : CA$33.75B
EPS T.TO : CA$0.60 H.TO : CA$2.28
PE Ratio T.TO : 28.27 H.TO : 24.59
PS Ratio T.TO : 1.29 H.TO : 3.63
PB Ratio T.TO : 1.71 H.TO : 2.63
Total Revenue (TTM) T.TO : CA$20.32B H.TO : CA$9.28B
Gross Profit (TTM) T.TO : CA$8.88B H.TO : CA$2.54B
EBITDA (TTM) T.TO : CA$7.49B H.TO : CA$3.36B

Return for Risk

T.TO vs. H.TO — Risk / Return Rank

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

T.TO

T.TO Risk / Return Rank: 10
T.TO Sharpe Ratio Rank: 4
T.TO Sortino Ratio Rank: 8
T.TO Omega Ratio Rank: 7
T.TO Calmar Ratio Rank: 16
T.TO Martin Ratio Rank: 13

H.TO

H.TO Risk / Return Rank: 76
H.TO Sharpe Ratio Rank: 79
H.TO Sortino Ratio Rank: 73
H.TO Omega Ratio Rank: 71
H.TO Calmar Ratio Rank: 77
H.TO Martin Ratio Rank: 81

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.

T.TO vs. H.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TELUS Corporation (T.TO) and Hydro One Limited (H.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.

	T.TO	H.TO	Difference
Sharpe ratio: Return per unit of total volatility	-1.04	1.29	-2.33
Sortino ratio: Return per unit of downside risk	-1.29	1.83	-3.12
Omega ratio: Gain probability vs. loss probability	0.82	1.22	-0.40
Calmar ratio: Return relative to maximum drawdown	-0.71	2.18	-2.89
Martin ratio: Return relative to average drawdown	-1.27	6.45	-7.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

T.TO vs. H.TO - Sharpe Ratio Comparison

The current T.TO Sharpe Ratio is -1.04, which is lower than the H.TO Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of T.TO and H.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

	T.TO	H.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.04	1.29	-2.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.23	1.12	-1.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	0.78	-0.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.83	-0.23

Drawdowns

T.TO vs. H.TO - Drawdown Comparison

The maximum T.TO drawdown since its inception was -39.72%, which is greater than H.TO's maximum drawdown of -27.68%. Use the drawdown chart below to compare losses from any high point for T.TO and H.TO.

Drawdown Indicators

	T.TO	H.TO	Difference
Max Drawdown Largest peak-to-trough decline	-39.72%	-27.68%	-12.04%
Max Drawdown (1Y) Largest decline over 1 year	-24.59%	-7.63%	-16.96%
Max Drawdown (3Y) Largest decline over 3 years	-24.59%	-12.77%	-11.82%
Max Drawdown (5Y) Largest decline over 5 years	-38.60%	-17.08%	-21.52%
Max Drawdown (10Y) Largest decline over 10 years	-38.60%	-27.68%	-10.92%
Current Drawdown Current decline from peak	-35.84%	-6.63%	-29.21%
Average Drawdown Average peak-to-trough decline	-10.12%	-6.07%	-4.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.81%	2.58%	+11.23%

Volatility

T.TO vs. H.TO - Volatility Comparison

The current volatility for TELUS Corporation (T.TO) is 3.97%, while Hydro One Limited (H.TO) has a volatility of 4.92%. This indicates that T.TO experiences smaller price fluctuations and is considered to be less risky than H.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	T.TO	H.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.97%	4.92%	-0.95%
Volatility (6M) Calculated over the trailing 6-month period	13.40%	10.52%	+2.88%
Volatility (1Y) Calculated over the trailing 1-year period	16.82%	12.94%	+3.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.45%	14.58%	+1.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.58%	16.01%	+17.57%

Dividends

T.TO vs. H.TO - Dividend Comparison

T.TO's dividend yield for the trailing twelve months is around 9.82%, more than H.TO's 2.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
H.TO Hydro One Limited	2.37%	2.40%	2.80%	2.94%	3.05%	3.20%	3.50%	3.81%	4.49%	3.88%	4.11%	0.00%
T.TO TELUS Corporation	9.82%	9.14%	7.99%	6.17%	5.19%	4.27%	4.70%	8.96%	9.28%	8.27%	8.61%	8.78%

Financials

T.TO vs. H.TO - Profitability Comparison

The chart below illustrates the profitability comparison between TELUS Corporation and Hydro One Limited over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

T.TO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, TELUS Corporation reported a gross profit of 824.00M and revenue of 4.99B. Therefore, the gross margin over that period was 16.5%.

H.TO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Hydro One Limited reported a gross profit of 622.00M and revenue of 2.65B. Therefore, the gross margin over that period was 23.5%.

T.TO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, TELUS Corporation reported an operating income of 824.00M and revenue of 4.99B, resulting in an operating margin of 16.5%.

H.TO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Hydro One Limited reported an operating income of 622.00M and revenue of 2.65B, resulting in an operating margin of 23.5%.

T.TO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, TELUS Corporation reported a net income of 136.00M and revenue of 4.99B, resulting in a net margin of 2.7%.

H.TO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Hydro One Limited reported a net income of 391.00M and revenue of 2.65B, resulting in a net margin of 14.8%.

Frequently Asked Questions

Can I hold both T.TO and H.TO in my portfolio?

T.TO and H.TO have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.