TQQQ.TO vs. HCAL.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BetaPro 3x Nasdaq-100 Daily Leveraged Bull Alternative ETF (TQQQ.TO) and Hamilton Enhanced Canadian Bank ETF (HCAL.TO).

TQQQ.TO 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. TQQQ.TO is a passively managed fund by Global X that tracks the performance of the Nasdaq-100 Index. It was launched on Jun 16, 2025. 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. Both TQQQ.TO and HCAL.TO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

TQQQ.TO vs. HCAL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BetaPro 3x Nasdaq-100 Daily Leveraged Bull Alternative ETF (TQQQ.TO) and Hamilton Enhanced Canadian Bank ETF (HCAL.TO). The values are adjusted to include any dividend payments, if applicable.

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

	2026 (YTD)	2025
TQQQ.TO BetaPro 3x Nasdaq-100 Daily Leveraged Bull Alternative ETF	-21.77%	41.06%
HCAL.TO Hamilton Enhanced Canadian Bank ETF	1.59%	42.88%

Returns By Period

In the year-to-date period, TQQQ.TO achieves a -21.77% return, which is significantly lower than HCAL.TO's 1.59% return.

TQQQ.TO

• 1D: 10.02%
• 1M: -16.10%
• YTD: -21.77%
• 6M: -20.84%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HCAL.TO

• 1D: 3.15%
• 1M: -5.20%
• YTD: 1.59%
• 6M: 17.39%
• 1Y: 65.41%
• 3Y*: 30.27%
• 5Y*: 18.83%
• 10Y*: —

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

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

HCAL.TO

Hamilton Enhanced Canadian Bank ETF

Return for Risk

TQQQ.TO 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.

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

This table presents a comparison of risk-adjusted performance metrics for BetaPro 3x Nasdaq-100 Daily Leveraged Bull Alternative ETF (TQQQ.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.

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

Sharpe Ratios by Period

	TQQQ.TO	HCAL.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.94	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.12	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	1.45	-1.16

Correlation

The correlation between TQQQ.TO and HCAL.TO is 0.53, 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

TQQQ.TO vs. HCAL.TO - Dividend Comparison

TQQQ.TO has not paid dividends to shareholders, while HCAL.TO's dividend yield for the trailing twelve months is around 3.82%.

	TTM	2025	2024	2023	2022	2021	2020
TQQQ.TO BetaPro 3x Nasdaq-100 Daily Leveraged Bull Alternative ETF	0.00%	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

TQQQ.TO vs. HCAL.TO - Drawdown Comparison

The maximum TQQQ.TO drawdown since its inception was -38.15%, 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 TQQQ.TO and HCAL.TO.

Drawdown Indicators

	TQQQ.TO	HCAL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-38.15%	-35.05%	-3.10%
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	-31.96%	-7.66%	-24.30%
Average Drawdown Average peak-to-trough decline	-8.95%	-9.89%	+0.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.73%	—

Volatility

Volatility by Period

	TQQQ.TO	HCAL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.53%	—
Volatility (6M) Calculated over the trailing 6-month period	—	12.55%	—
Volatility (1Y) Calculated over the trailing 1-year period	47.10%	16.68%	+30.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.10%	16.86%	+30.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.10%	16.89%	+30.21%