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TLV.TO vs. HAL.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TLV.TO vs. HAL.TO

Last updated Jun 4, 2026

TLV.TO (Invesco S&P/TSX Composite Low Volatility Index ETF) and HAL.TO (Global X Active Canadian Dividend ETF) are both Canada Equities funds. TLV.TO is passively managed, while HAL.TO is actively managed. Over the past 10 years, TLV.TO returned 8.58%/yr vs 11.69%/yr for HAL.TO. A 0.56 correlation means they provide meaningful diversification when combined. TLV.TO charges 0.33%/yr vs 0.67%/yr for HAL.TO.

Performance

TLV.TO vs. HAL.TO - 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 Global X Active Canadian Dividend ETF (HAL.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, TLV.TO achieves a 9.97% return, which is significantly lower than HAL.TO's 17.28% return. Over the past 10 years, TLV.TO has underperformed HAL.TO with an annualized return of 8.58%, while HAL.TO has yielded a comparatively higher 11.69% annualized 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%

HAL.TO

1D
1.49%
1M
3.85%
YTD
17.28%
6M
20.97%
1Y
42.29%
3Y*
21.26%
5Y*
14.92%
10Y*
11.69%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TLV.TO vs. HAL.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TLV.TO
Invesco S&P/TSX Composite Low Volatility Index ETF		9.97%22.51%20.36%4.75%-10.22%21.67%-6.10%22.29%-6.62%10.15%
HAL.TO
Global X Active Canadian Dividend ETF		17.28%24.60%21.69%-0.73%3.43%21.17%-2.64%25.04%-6.22%7.10%

Correlation

The correlation between TLV.TO and HAL.TO is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.44

Correlation (3Y)
Calculated over the trailing 3-year period

0.59

Correlation (5Y)
Calculated over the trailing 5-year period

0.57

Correlation (10Y)
Calculated over the trailing 10-year period

0.60

Correlation (All Time)
Calculated using the full available price history since May 4, 2012

0.56

The correlation between TLV.TO and HAL.TO shifts across timeframes, from 0.44 (1 year) to 0.60 (10 years), reflecting how their relationship changes across market environments.

TLV.TO vs. HAL.TO - Sectors Allocation Comparison

Sectors
TLV.TO
HAL.TO

Real Estate

27.8%
3.2%

Financial Services

24.5%
24.9%

Utilities

14.3%
12.6%

Consumer Defensive

9.5%
4.0%

Energy

7.8%
25.2%

Communication Services

6.4%

-

Industrials

3.2%
15.3%

Consumer Cyclical

3.1%
1.8%

Healthcare

1.7%

-

Basic Materials

1.5%
12.9%

Technology

-

-

Real Estate

TLV.TO
27.8%
HAL.TO
3.2%

Financial Services

TLV.TO
24.5%
HAL.TO
24.9%

Utilities

TLV.TO
14.3%
HAL.TO
12.6%

Consumer Defensive

TLV.TO
9.5%
HAL.TO
4.0%

Energy

TLV.TO
7.8%
HAL.TO
25.2%

Communication Services

TLV.TO
6.4%
HAL.TO

-

Industrials

TLV.TO
3.2%
HAL.TO
15.3%

Consumer Cyclical

TLV.TO
3.1%
HAL.TO
1.8%

Healthcare

TLV.TO
1.7%
HAL.TO

-

Basic Materials

TLV.TO
1.5%
HAL.TO
12.9%

Technology

TLV.TO

-

HAL.TO

-

Compare stocks, funds, or ETFs

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Invesco S&P/TSX Composite Low Volatility Index ETF

Global X Active Canadian Dividend ETF

Often compared with TLV.TO:
TLV.TO vs. ESG.TOTLV.TO vs. XEI.TOTLV.TO vs. FCCV.TOTLV.TO vs. ZLB.TOTLV.TO vs. QQCE.TOTLV.TO vs. XCS.TOTLV.TO vs. XDV.TO
Often compared with HAL.TO:
HAL.TO vs. HXH.TOHAL.TO vs. HCA.TOHAL.TO vs. CASH.TOHAL.TO vs. CFOU.TOHAL.TO vs. CBIL.TOHAL.TO vs. HBNK.TOHAL.TO vs. HEWB.TO

Return for Risk

TLV.TO vs. HAL.TO — 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: 9292
Overall Rank
TLV.TO Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
TLV.TO Sortino Ratio Rank: 9393
Sortino Ratio Rank
TLV.TO Omega Ratio Rank: 9393
Omega Ratio Rank
TLV.TO Calmar Ratio Rank: 9191
Calmar Ratio Rank
TLV.TO Martin Ratio Rank: 9494
Martin Ratio Rank
HAL.TO
HAL.TO Risk / Return Rank: 9696
Overall Rank
HAL.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
HAL.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
HAL.TO Omega Ratio Rank: 9797
Omega Ratio Rank
HAL.TO Calmar Ratio Rank: 9595
Calmar Ratio Rank
HAL.TO Martin Ratio Rank: 9696
Martin Ratio Rank
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. HAL.TO - 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 Global X Active Canadian Dividend ETF (HAL.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.

TLV.TOHAL.TODifference
Sharpe ratioReturn per unit of total volatility
3.13
4.46

-1.32

Sortino ratioReturn per unit of downside risk
4.73
6.04

-1.31

Omega ratioGain probability vs. loss probability

1.63

1.93

-0.30

Calmar ratioReturn relative to maximum drawdown

5.68

8.26

-2.57

Martin ratioReturn relative to average drawdown

26.06

37.67

-11.61

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TLV.TO vs. HAL.TO - Sharpe Ratio Comparison

The current TLV.TO Sharpe Ratio is 3.13, which is comparable to the HAL.TO Sharpe Ratio of 4.46. The chart below compares the historical Sharpe Ratios of TLV.TO and HAL.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.

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Sharpe Ratios by Period

TLV.TOHAL.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.13

4.46

-1.32

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.08

1.21

-0.14

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.68

0.79

-0.11

Sharpe Ratio (All Time)

Calculated using the full available price history

0.80

0.79

0.00

Drawdowns

TLV.TO vs. HAL.TO - Drawdown Comparison

The maximum TLV.TO drawdown since its inception was -37.68%, smaller than the maximum HAL.TO drawdown of -39.70%. Use the drawdown chart below to compare losses from any high point for TLV.TO and HAL.TO.

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Drawdown Indicators

TLV.TOHAL.TODifference

Max Drawdown

Largest peak-to-trough decline

-37.68%

-39.70%

+2.02%

Max Drawdown (1Y)

Largest decline over 1 year

-4.07%

-5.15%

+1.08%

Max Drawdown (3Y)

Largest decline over 3 years

-9.83%

-12.44%

+2.61%

Max Drawdown (5Y)

Largest decline over 5 years

-19.36%

-16.43%

-2.93%

Max Drawdown (10Y)

Largest decline over 10 years

-37.68%

-39.70%

+2.02%

Current Drawdown

Current decline from peak

-1.52%

0.00%

-1.52%

Average Drawdown

Average peak-to-trough decline

-4.07%

-4.19%

+0.12%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.89%

1.13%

-0.24%

Volatility

TLV.TO vs. HAL.TO - Volatility Comparison

Invesco S&P/TSX Composite Low Volatility Index ETF (TLV.TO) has a higher volatility of 2.82% compared to Global X Active Canadian Dividend ETF (HAL.TO) at 2.48%. This indicates that TLV.TO's price experiences larger fluctuations and is considered to be riskier than HAL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TLV.TOHAL.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.82%

2.48%

+0.34%

Volatility (6M)

Calculated over the trailing 6-month period

5.78%

7.85%

-2.07%

Volatility (1Y)

Calculated over the trailing 1-year period

7.38%

9.53%

-2.15%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.94%

12.36%

-2.42%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.68%

14.85%

-2.17%

TLV.TO vs. HAL.TO - Expense Ratio Comparison

TLV.TO has a 0.33% expense ratio, which is lower than HAL.TO's 0.67% expense ratio.

Dividends

TLV.TO vs. HAL.TO - Dividend Comparison

TLV.TO's dividend yield for the trailing twelve months is around 3.05%, more than HAL.TO's 1.97% yield.

PositionTTM20252024202320222021202020192018201720162015
HAL.TO
Global X Active Canadian Dividend ETF		1.97%2.37%2.79%3.60%4.84%2.99%3.56%2.96%3.43%3.17%2.84%3.19%
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

TLV.TO and HAL.TO have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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.

TLV.TO is cheaper with a 0.33% expense ratio, compared with 0.67% for HAL.TO.

They also come from different issuers: Invesco and Global X. Their fees differ too: 0.33% for TLV.TO and 0.67% for HAL.TO.

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