UNHG vs. HCAL.TO

Last updated Jun 24, 2026

UNHG (Leverage Shares 2x Long UNH Daily ETF) and HCAL.TO (Hamilton Enhanced Canadian Bank ETF) are both exchange-traded funds - UNHG is a Leveraged Equities fund actively managed by Leverage Shares, while HCAL.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index (125%). UNHG is actively managed, while HCAL.TO is passively managed. At a 0.22 correlation, their price movements are largely independent. UNHG charges 0.75%/yr vs 0.65%/yr for HCAL.TO.

Performance

UNHG vs. HCAL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2x Long UNH Daily ETF (UNHG) and Hamilton Enhanced Canadian Bank ETF (HCAL.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

UNHG is traded in USD, while HCAL.TO is traded in CAD. To make them comparable, the HCAL.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

The year-to-date returns for both investments are quite close, with UNHG having a 33.13% return and HCAL.TO slightly higher at 33.76%.

UNHG

• 1D: 1.37%
• 1M: 10.50%
• YTD: 33.13%
• 6M: 37.51%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HCAL.TO

• 1D: 0.60%
• 1M: 7.32%
• YTD: 33.76%
• 6M: 34.09%
• 1Y: 90.06%
• 3Y*: 43.05%
• 5Y*: 20.22%
• 10Y*: —

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

UNHG vs. HCAL.TO - Yearly Performance Comparison

	2026 (YTD)	2025
UNHG Leverage Shares 2x Long UNH Daily ETF	33.13%	23.87%
HCAL.TO Hamilton Enhanced Canadian Bank ETF	33.76%	32.87%

Correlation

The correlation between UNHG and HCAL.TO is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 22, 2025	0.22

Return for Risk

UNHG vs. HCAL.TO — Risk / Return Rank

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

UNHG

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

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: 96
HCAL.TO Martin Ratio Rank: 97

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.

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

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2x Long UNH Daily ETF (UNHG) 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.

	UNHG	HCAL.TO	Difference
Sharpe ratio: Return per unit of total volatility	—	5.49	—
Sortino ratio: Return per unit of downside risk	—	6.79	—
Omega ratio: Gain probability vs. loss probability	—	1.94	—
Calmar ratio: Return relative to maximum drawdown	—	7.60	—
Martin ratio: Return relative to average drawdown	—	34.06	—

Drawdowns

UNHG vs. HCAL.TO - Drawdown Comparison

The maximum UNHG drawdown since its inception was -57.00%, which is greater than HCAL.TO's maximum drawdown of -40.80%. Use the drawdown chart below to compare losses from any high point for UNHG and HCAL.TO.

Drawdown Indicators

	UNHG	HCAL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-57.00%	-40.80%	-16.20%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.92%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-22.08%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-40.80%	—
Current Drawdown Current decline from peak	-1.32%	0.00%	-1.32%
Average Drawdown Average peak-to-trough decline	-21.46%	-12.21%	-9.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.65%	—

Volatility

Volatility by Period

	UNHG	HCAL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.75%	—
Volatility (6M) Calculated over the trailing 6-month period	—	14.24%	—
Volatility (1Y) Calculated over the trailing 1-year period	80.85%	16.50%	+64.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.85%	18.53%	+62.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.85%	18.35%	+62.50%

UNHG vs. HCAL.TO - Expense Ratio Comparison

UNHG has a 0.75% expense ratio, which is higher than HCAL.TO's 0.65% expense ratio.

Dividends

UNHG vs. HCAL.TO - Dividend Comparison

UNHG's dividend yield for the trailing twelve months is around 8.49%, more than HCAL.TO's 3.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
HCAL.TO Hamilton Enhanced Canadian Bank ETF	3.12%	4.20%	6.12%	7.37%	7.46%	4.99%	3.14%
UNHG Leverage Shares 2x Long UNH Daily ETF	8.49%	11.30%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

UNHG and HCAL.TO have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UNHG or HCAL.TO?

On fees, HCAL.TO is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UNHG or HCAL.TO?

HCAL.TO is cheaper with a 0.65% expense ratio, compared with 0.75% for UNHG.

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

UNHG is categorized as Leveraged Equities, while HCAL.TO is Financials Equities. They also come from different issuers: Leverage Shares and Hamilton Capital. Their fees differ too: 0.75% for UNHG and 0.65% for HCAL.TO.