TDAX vs. HCAL.TO

Last updated Apr 1, 2026

Compare and contrast key facts about TDAQ Lift ETF (TDAX) and Hamilton Enhanced Canadian Bank ETF (HCAL.TO).

TDAX and HCAL.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TDAX is an actively managed fund by TappAlpha. It was launched on Jan 7, 2026. HCAL.TO is a passively managed fund by Hamilton Capital that tracks the performance of the Solactive Equal Weight Canada Banks Index (125%). It was launched on Oct 14, 2020.

Performance

TDAX vs. HCAL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TDAQ Lift ETF (TDAX) and Hamilton Enhanced Canadian Bank ETF (HCAL.TO). The values are adjusted to include any dividend payments, if applicable.

TDAX vs. HCAL.TO - Yearly Performance Comparison

	2026 (YTD)
TDAX TDAQ Lift ETF	-10.90%
HCAL.TO Hamilton Enhanced Canadian Bank ETF	0.27%

Different Trading Currencies

TDAX 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

TDAX

• 1D: 3.56%
• 1M: -7.09%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HCAL.TO

• 1D: 3.26%
• 1M: -6.96%
• YTD: 0.29%
• 6M: 17.53%
• 1Y: 71.13%
• 3Y*: 29.05%
• 5Y*: 16.41%
• 10Y*: —

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

TDAX vs. HCAL.TO - Expense Ratio Comparison

TDAX has a 0.98% expense ratio, which is higher than HCAL.TO's 0.65% expense ratio.

TDAX

TDAQ Lift ETF

HCAL.TO

Hamilton Enhanced Canadian Bank ETF

Return for Risk

TDAX vs. HCAL.TO — Risk / Return Rank

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

HCAL.TO

HCAL.TO Risk / Return Rank: 98
HCAL.TO Sharpe Ratio Rank: 98
HCAL.TO Sortino Ratio Rank: 98
HCAL.TO Omega Ratio Rank: 98
HCAL.TO Calmar Ratio Rank: 98
HCAL.TO Martin Ratio Rank: 98

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.

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

This table presents a comparison of risk-adjusted performance metrics for TDAQ Lift ETF (TDAX) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	TDAX	HCAL.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.93	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.81	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.67	1.15	-2.82

Correlation

The correlation between TDAX and HCAL.TO is 0.62, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

TDAX vs. HCAL.TO - Dividend Comparison

TDAX's dividend yield for the trailing twelve months is around 5.15%, more than HCAL.TO's 3.82% yield.

	TTM	2025	2024	2023	2022	2021	2020
TDAX TDAQ Lift ETF	5.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HCAL.TO Hamilton Enhanced Canadian Bank ETF	3.82%	4.20%	6.12%	7.37%	7.47%	4.99%	3.14%

Drawdowns

TDAX vs. HCAL.TO - Drawdown Comparison

The maximum TDAX drawdown since its inception was -14.69%, smaller than the maximum HCAL.TO drawdown of -41.18%. Use the drawdown chart below to compare losses from any high point for TDAX and HCAL.TO.

Drawdown Indicators

	TDAX	HCAL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-14.69%	-35.05%	+20.36%
Max Drawdown (1Y) Largest decline over 1 year	—	-10.65%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-35.05%	—
Current Drawdown Current decline from peak	-11.65%	-7.66%	-3.99%
Average Drawdown Average peak-to-trough decline	-5.11%	-9.89%	+4.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.73%	—

Volatility

Volatility by Period

	TDAX	HCAL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.86%	—
Volatility (6M) Calculated over the trailing 6-month period	—	13.48%	—
Volatility (1Y) Calculated over the trailing 1-year period	24.13%	18.18%	+5.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.13%	20.31%	+3.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.13%	20.29%	+3.84%