USCL.TO vs. HBIL-U.TO
USCL.TO (Global X Enhanced S&P 500 Covered Call ETF) and HBIL-U.TO (Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units) are both exchange-traded funds - USCL.TO is a Derivative Income fund actively managed by Global X, while HBIL-U.TO is a Government Bonds fund actively managed by Hamilton. Both are actively managed. Over the past year, USCL.TO returned 26.68% vs 6.47% for HBIL-U.TO. At a 0.03 correlation, their price movements are largely independent.
Performance
USCL.TO vs. HBIL-U.TO - Performance Comparison
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Different Trading Currencies
USCL.TO is traded in CAD, while HBIL-U.TO is traded in USD. To make them comparable, the HBIL-U.TO values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, USCL.TO achieves a 13.70% return, which is significantly higher than HBIL-U.TO's 3.86% return.
USCL.TO
- 1D
- -0.44%
- 1M
- 1.20%
- 6M
- 10.16%
- YTD
- 13.70%
- 1Y
- 26.68%
- 3Y*
- 21.51%
- 5Y*
- —
- 10Y*
- —
HBIL-U.TO
- 1D
- -0.10%
- 1M
- 0.03%
- 6M
- 2.17%
- YTD
- 3.86%
- 1Y
- 6.47%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
USCL.TO vs. HBIL-U.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
USCL.TO Global X Enhanced S&P 500 Covered Call ETF | 13.70% | 10.03% | 13.47% |
HBIL-U.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units | 3.86% | 0.03% | 4.69% |
Correlation
The correlation between USCL.TO and HBIL-U.TO is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Sep 16, 2024 | 0.03 |
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Return for Risk
USCL.TO vs. HBIL-U.TO — Risk / Return Rank
USCL.TO
HBIL-U.TO
USCL.TO vs. HBIL-U.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Enhanced S&P 500 Covered Call ETF (USCL.TO) and Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.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.
| USCL.TO | HBIL-U.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.77 | ||
| Sortino ratioReturn per unit of downside risk | +0.93 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.25 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 3.13 | 1.62 | +1.51 |
| Martin ratioReturn relative to average drawdown | 12.52 | 4.12 | +8.40 |
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Drawdowns
USCL.TO vs. HBIL-U.TO - Drawdown Comparison
The maximum USCL.TO drawdown since its inception was -21.85%, which is greater than HBIL-U.TO's maximum drawdown of -6.68%. Use the drawdown chart below to compare losses from any high point for USCL.TO and HBIL-U.TO.
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Drawdown Indicators
| USCL.TO | HBIL-U.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.85% | -6.68% | -15.17% |
Max Drawdown (1Y)Largest decline over 1 year | -8.56% | -4.01% | -4.55% |
Max Drawdown (3Y)Largest decline over 3 years | -21.85% | — | — |
Current DrawdownCurrent decline from peak | -1.56% | -2.20% | +0.64% |
Average DrawdownAverage peak-to-trough decline | -2.48% | -2.26% | -0.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.14% | 1.57% | +0.57% |
Volatility
USCL.TO vs. HBIL-U.TO - Volatility Comparison
Global X Enhanced S&P 500 Covered Call ETF (USCL.TO) has a higher volatility of 2.79% compared to Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.TO) at 1.82%. This indicates that USCL.TO's price experiences larger fluctuations and is considered to be riskier than HBIL-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USCL.TO | HBIL-U.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.79% | 1.82% | +0.97% |
Volatility (6M)Calculated over the trailing 6-month period | 10.08% | 3.60% | +6.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.41% | 4.68% | +7.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.56% | 5.85% | +9.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.56% | 5.85% | +9.71% |
Dividends
USCL.TO vs. HBIL-U.TO - Dividend Comparison
USCL.TO's dividend yield for the trailing twelve months is around 11.76%, more than HBIL-U.TO's 6.75% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
HBIL-U.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units | 6.75% | 7.37% | 2.40% | 0.00% |
USCL.TO Global X Enhanced S&P 500 Covered Call ETF | 11.76% | 12.94% | 11.57% | 7.08% |
Frequently Asked Questions
USCL.TO and HBIL-U.TO have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USCL.TO is categorized as Derivative Income, while HBIL-U.TO is Government Bonds. They also come from different issuers: Global X and Hamilton.
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