TULB.TO vs. HBND.TO
TULB.TO (TD U.S. Long Term Treasury Bond ETF) and HBND.TO ( Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged)) are both Government Bonds funds. Both are actively managed. Over the past year, TULB.TO returned 6.29% vs 3.46% for HBND.TO. A 0.70 correlation means they provide meaningful diversification when combined.
Performance
TULB.TO vs. HBND.TO - Performance Comparison
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Returns By Period
In the year-to-date period, TULB.TO achieves a 1.32% return, which is significantly higher than HBND.TO's -1.19% return.
TULB.TO
- 1D
- 0.01%
- 1M
- -0.69%
- 6M
- -1.01%
- YTD
- 1.32%
- 1Y
- 6.29%
- 3Y*
- 0.37%
- 5Y*
- -4.35%
- 10Y*
- —
HBND.TO
- 1D
- 0.25%
- 1M
- -1.45%
- 6M
- -2.34%
- YTD
- -1.19%
- 1Y
- 3.46%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TULB.TO vs. HBND.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
TULB.TO TD U.S. Long Term Treasury Bond ETF | 1.32% | 0.01% | -0.66% | 4.89% |
HBND.TO Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) | -1.19% | 4.05% | -7.02% | 4.34% |
Correlation
The correlation between TULB.TO and HBND.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 (All Time) Calculated using the full available price history since Sep 15, 2023 | 0.70 |
The correlation between TULB.TO and HBND.TO has been stable across timeframes, ranging from 0.63 to 0.70 - a consistent structural relationship.
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Return for Risk
TULB.TO vs. HBND.TO — Risk / Return Rank
TULB.TO
HBND.TO
TULB.TO vs. HBND.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TD U.S. Long Term Treasury Bond ETF (TULB.TO) and Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) (HBND.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.
| TULB.TO | HBND.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.26 | ||
| Sortino ratioReturn per unit of downside risk | +0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.07 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.74 | 0.51 | +0.23 |
| Martin ratioReturn relative to average drawdown | 1.58 | 1.24 | +0.33 |
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Drawdowns
TULB.TO vs. HBND.TO - Drawdown Comparison
The maximum TULB.TO drawdown since its inception was -44.56%, which is greater than HBND.TO's maximum drawdown of -13.62%. Use the drawdown chart below to compare losses from any high point for TULB.TO and HBND.TO.
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Drawdown Indicators
| TULB.TO | HBND.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.56% | -13.62% | -30.94% |
Max Drawdown (1Y)Largest decline over 1 year | -8.51% | -6.76% | -1.75% |
Max Drawdown (3Y)Largest decline over 3 years | -13.17% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -34.06% | — | — |
Current DrawdownCurrent decline from peak | -35.90% | -8.83% | -27.07% |
Average DrawdownAverage peak-to-trough decline | -30.44% | -6.55% | -23.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.00% | 2.79% | +1.21% |
Volatility
TULB.TO vs. HBND.TO - Volatility Comparison
TD U.S. Long Term Treasury Bond ETF (TULB.TO) and Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) (HBND.TO) have volatilities of 2.78% and 2.70%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TULB.TO | HBND.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.78% | 2.70% | +0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 7.00% | 6.18% | +0.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.35% | 8.44% | +0.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.01% | 11.24% | +4.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.77% | 11.24% | +5.53% |
Dividends
TULB.TO vs. HBND.TO - Dividend Comparison
TULB.TO's dividend yield for the trailing twelve months is around 4.61%, less than HBND.TO's 11.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
HBND.TO Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) | 11.28% | 11.84% | 11.51% | 2.41% | 0.00% | 0.00% |
TULB.TO TD U.S. Long Term Treasury Bond ETF | 4.61% | 4.54% | 1.99% | 3.37% | 1.04% | 0.21% |
Frequently Asked Questions
TULB.TO and HBND.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.
They also come from different issuers: TD and Hamilton Capital.
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