TQCD.TO vs. HCAL.TO

Last updated Jul 16, 2026

TQCD.TO (TD Q Canadian Dividend ETF) and HCAL.TO (Hamilton Enhanced Canadian Bank ETF) are both exchange-traded funds - TQCD.TO is a Canada Equities fund actively managed by TD, while HCAL.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index (125%). TQCD.TO is actively managed, while HCAL.TO is passively managed. Over the past 5 years, TQCD.TO returned 18.16%/yr vs 25.28%/yr for HCAL.TO. A 0.69 correlation means they provide meaningful diversification when combined. TQCD.TO charges 0.39%/yr vs 0.65%/yr for HCAL.TO.

Performance

TQCD.TO vs. HCAL.TO - Performance Comparison

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

Returns By Period

In the year-to-date period, TQCD.TO achieves a 18.51% return, which is significantly lower than HCAL.TO's 46.44% return.

TQCD.TO

• 1D: 0.83%
• 1M: 1.92%
• 6M: 13.83%
• YTD: 18.51%
• 1Y: 38.15%
• 3Y*: 27.23%
• 5Y*: 18.16%
• 10Y*: —

HCAL.TO

• 1D: 2.03%
• 1M: 11.16%
• 6M: 44.73%
• YTD: 46.44%
• 1Y: 97.75%
• 3Y*: 46.31%
• 5Y*: 25.28%
• 10Y*: —

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

TQCD.TO vs. HCAL.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
TQCD.TO TD Q Canadian Dividend ETF	18.51%	33.11%	22.28%	12.29%	1.68%	26.29%	7.49%
HCAL.TO Hamilton Enhanced Canadian Bank ETF	46.44%	54.09%	29.04%	11.73%	-17.54%	50.25%	16.92%

Correlation

The correlation between TQCD.TO and HCAL.TO is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (All Time) Calculated using the full available price history since Oct 15, 2020	0.69

The correlation between TQCD.TO and HCAL.TO has been stable across timeframes, ranging from 0.63 to 0.71 - a consistent structural relationship.

TQCD.TO vs. HCAL.TO - Sectors Allocation Comparison

Sectors	TQCD.TO	HCAL.TO
Financial Services	39.0%	100.0%
Energy	19.1%	-
Basic Materials	13.3%	-
Industrials	9.1%	-
Utilities	5.5%	-
Communication Services	3.1%	-
Consumer Cyclical	2.0%	-
Consumer Defensive	1.8%	-
Technology	1.1%	-
Real Estate	1.1%	-
Healthcare	0.3%	-

Return for Risk

TQCD.TO vs. HCAL.TO — Risk / Return Rank

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

TQCD.TO

TQCD.TO Risk / Return Rank: 96
TQCD.TO Sharpe Ratio Rank: 97
TQCD.TO Sortino Ratio Rank: 96
TQCD.TO Omega Ratio Rank: 96
TQCD.TO Calmar Ratio Rank: 94
TQCD.TO Martin Ratio Rank: 96

HCAL.TO

HCAL.TO Risk / Return Rank: 98
HCAL.TO Sharpe Ratio Rank: 99
HCAL.TO Sortino Ratio Rank: 98
HCAL.TO Omega Ratio Rank: 98
HCAL.TO Calmar Ratio Rank: 97
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.

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

This table presents a comparison of risk-adjusted performance metrics for TD Q Canadian Dividend ETF (TQCD.TO) 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.

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.

	TQCD.TO	HCAL.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.71	5.87	-2.16
Sortino ratio: Return per unit of downside risk	4.80	7.18	-2.38
Omega ratio: Gain probability vs. loss probability	1.67	1.99	-0.33
Calmar ratio: Return relative to maximum drawdown	5.27	9.23	-3.96
Martin ratio: Return relative to average drawdown	25.39	39.93	-14.54

TQCD.TO vs. HCAL.TO - Sharpe Ratio Comparison

The current TQCD.TO Sharpe Ratio is 3.71, which is lower than the HCAL.TO Sharpe Ratio of 5.87. The chart below compares the historical Sharpe Ratios of TQCD.TO and HCAL.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.

Drawdowns

TQCD.TO vs. HCAL.TO - Drawdown Comparison

The maximum TQCD.TO drawdown since its inception was -47.52%, which is greater than HCAL.TO's maximum drawdown of -35.05%. Use the drawdown chart below to compare losses from any high point for TQCD.TO and HCAL.TO.

Drawdown Indicators

	TQCD.TO	HCAL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-47.52%	-35.05%	-12.47%
Max Drawdown (1Y) Largest decline over 1 year	-7.27%	-10.65%	+3.38%
Max Drawdown (3Y) Largest decline over 3 years	-12.41%	-18.77%	+6.36%
Max Drawdown (5Y) Largest decline over 5 years	-15.65%	-35.05%	+19.40%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.29%	-9.45%	+3.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.51%	2.46%	-0.95%

Volatility

TQCD.TO vs. HCAL.TO - Volatility Comparison

The current volatility for TD Q Canadian Dividend ETF (TQCD.TO) is 2.33%, while Hamilton Enhanced Canadian Bank ETF (HCAL.TO) has a volatility of 5.22%. This indicates that TQCD.TO experiences smaller price fluctuations and is considered to be less risky than HCAL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TQCD.TO	HCAL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.33%	5.22%	-2.89%
Volatility (6M) Calculated over the trailing 6-month period	8.36%	14.63%	-6.27%
Volatility (1Y) Calculated over the trailing 1-year period	10.35%	16.76%	-6.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.59%	17.31%	-4.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.69%	17.01%	+2.68%

TQCD.TO vs. HCAL.TO - Expense Ratio Comparison

TQCD.TO has a 0.39% expense ratio, which is lower than HCAL.TO's 0.65% expense ratio.

Dividends

TQCD.TO vs. HCAL.TO - Dividend Comparison

TQCD.TO's dividend yield for the trailing twelve months is around 2.73%, less than HCAL.TO's 2.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
HCAL.TO Hamilton Enhanced Canadian Bank ETF	2.97%	4.20%	6.12%	7.37%	7.46%	4.27%	2.66%	0.00%
TQCD.TO TD Q Canadian Dividend ETF	2.73%	2.95%	3.48%	3.73%	4.03%	4.09%	6.20%	0.38%

Frequently Asked Questions

Can I hold both TQCD.TO and HCAL.TO in my portfolio?

TQCD.TO and HCAL.TO have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TQCD.TO or HCAL.TO?

On fees, TQCD.TO is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TQCD.TO or HCAL.TO?

TQCD.TO is cheaper with a 0.39% expense ratio, compared with 0.65% for HCAL.TO.

What is the main difference between TQCD.TO and HCAL.TO?

TQCD.TO is categorized as Canada Equities, while HCAL.TO is Financials Equities. They also come from different issuers: TD and Hamilton Capital. Their fees differ too: 0.39% for TQCD.TO and 0.65% for HCAL.TO.