TLV.TO vs. CDAY.NEO

Last updated Jun 4, 2026

TLV.TO (Invesco S&P/TSX Composite Low Volatility Index ETF) and CDAY.NEO (Hamilton Enhanced Canadian Equity DayMAX ETF) are both exchange-traded funds - TLV.TO is a Canada Equities fund tracking the S&P/TSX Composite Low Volatility Index, while CDAY.NEO is a Derivative Income fund actively managed by Hamilton Capital. TLV.TO is passively managed, while CDAY.NEO is actively managed. A 0.62 correlation means they provide meaningful diversification when combined. TLV.TO charges 0.33%/yr vs 0.85%/yr for CDAY.NEO.

Performance

TLV.TO vs. CDAY.NEO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Invesco S&P/TSX Composite Low Volatility Index ETF (TLV.TO) and Hamilton Enhanced Canadian Equity DayMAX ETF (CDAY.NEO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TLV.TO achieves a 9.97% return, which is significantly lower than CDAY.NEO's 13.70% return.

TLV.TO

• 1D: 0.00%
• 1M: 1.61%
• YTD: 9.97%
• 6M: 12.07%
• 1Y: 23.37%
• 3Y*: 18.28%
• 5Y*: 10.64%
• 10Y*: 8.58%

CDAY.NEO

• 1D: -0.28%
• 1M: 3.85%
• YTD: 13.70%
• 6M: 15.38%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TLV.TO vs. CDAY.NEO - Yearly Performance Comparison

	2026 (YTD)	2025
TLV.TO Invesco S&P/TSX Composite Low Volatility Index ETF	9.97%	9.31%
CDAY.NEO Hamilton Enhanced Canadian Equity DayMAX ETF	13.70%	14.26%

Correlation

The correlation between TLV.TO and CDAY.NEO is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	0.62

TLV.TO vs. CDAY.NEO - Sectors Allocation Comparison

Sectors	TLV.TO	CDAY.NEO
Real Estate	27.8%	0.4%
Financial Services	24.5%	29.6%
Utilities	14.3%	3.8%
Consumer Defensive	9.5%	4.1%
Energy	7.8%	9.3%
Communication Services	6.4%	8.2%
Industrials	3.2%	13.8%
Consumer Cyclical	3.1%	8.3%
Healthcare	1.7%	1.8%
Basic Materials	1.5%	14.5%
Technology	-	6.2%

Return for Risk

TLV.TO vs. CDAY.NEO — Risk / Return Rank

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

TLV.TO

TLV.TO Risk / Return Rank: 92
TLV.TO Sharpe Ratio Rank: 90
TLV.TO Sortino Ratio Rank: 93
TLV.TO Omega Ratio Rank: 93
TLV.TO Calmar Ratio Rank: 91
TLV.TO Martin Ratio Rank: 94

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.

TLV.TO vs. CDAY.NEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P/TSX Composite Low Volatility Index ETF (TLV.TO) and Hamilton Enhanced Canadian Equity DayMAX ETF (CDAY.NEO). 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.

	TLV.TO	CDAY.NEO	Difference
Sharpe ratio: Return per unit of total volatility	3.13	—	—
Sortino ratio: Return per unit of downside risk	4.73	—	—
Omega ratio: Gain probability vs. loss probability	1.63	—	—
Calmar ratio: Return relative to maximum drawdown	5.68	—	—
Martin ratio: Return relative to average drawdown	26.06	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	TLV.TO	CDAY.NEO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.13	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.08	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	3.03	-2.24

Drawdowns

TLV.TO vs. CDAY.NEO - Drawdown Comparison

The maximum TLV.TO drawdown since its inception was -37.68%, which is greater than CDAY.NEO's maximum drawdown of -8.00%. Use the drawdown chart below to compare losses from any high point for TLV.TO and CDAY.NEO.

Drawdown Indicators

	TLV.TO	CDAY.NEO	Difference
Max Drawdown Largest peak-to-trough decline	-37.68%	-8.00%	-29.68%
Max Drawdown (1Y) Largest decline over 1 year	-4.07%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-9.83%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-19.36%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-37.68%	—	—
Current Drawdown Current decline from peak	-1.52%	-0.83%	-0.69%
Average Drawdown Average peak-to-trough decline	-4.07%	-1.02%	-3.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.89%	—	—

Volatility

Volatility by Period

	TLV.TO	CDAY.NEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.82%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.78%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	7.38%	11.37%	-3.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.94%	11.37%	-1.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.68%	11.37%	+1.31%

TLV.TO vs. CDAY.NEO - Expense Ratio Comparison

TLV.TO has a 0.33% expense ratio, which is lower than CDAY.NEO's 0.85% expense ratio.

Dividends

TLV.TO vs. CDAY.NEO - Dividend Comparison

TLV.TO's dividend yield for the trailing twelve months is around 3.05%, less than CDAY.NEO's 14.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CDAY.NEO Hamilton Enhanced Canadian Equity DayMAX ETF	14.55%	7.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TLV.TO Invesco S&P/TSX Composite Low Volatility Index ETF	3.05%	3.25%	3.40%	4.12%	4.01%	2.49%	2.75%	3.74%	4.28%	3.58%	3.46%	4.08%

Frequently Asked Questions

Can I hold both TLV.TO and CDAY.NEO in my portfolio?

TLV.TO and CDAY.NEO have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TLV.TO or CDAY.NEO?

On fees, TLV.TO is cheaper at 0.33% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TLV.TO or CDAY.NEO?

TLV.TO is cheaper with a 0.33% expense ratio, compared with 0.85% for CDAY.NEO.

What is the main difference between TLV.TO and CDAY.NEO?

TLV.TO is categorized as Canada Equities, while CDAY.NEO is Derivative Income. They also come from different issuers: Invesco and Hamilton Capital. Their fees differ too: 0.33% for TLV.TO and 0.85% for CDAY.NEO.