VCE.TO vs. HCAL.TO

Last updated Jun 25, 2026

VCE.TO (Vanguard FTSE Canada Index ETF) and HCAL.TO (Hamilton Enhanced Canadian Bank ETF) are both exchange-traded funds - VCE.TO is a Canada Equities fund tracking the FTSE Canada Domestic Index, while HCAL.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index (125%). Both are passively managed. Over the past 5 years, VCE.TO returned 14.30%/yr vs 23.32%/yr for HCAL.TO. A 0.76 correlation means they provide meaningful diversification when combined. VCE.TO charges 0.06%/yr vs 0.65%/yr for HCAL.TO.

Performance

VCE.TO vs. HCAL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard FTSE Canada Index ETF (VCE.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, VCE.TO achieves a 10.72% return, which is significantly lower than HCAL.TO's 37.50% return.

VCE.TO

• 1D: -0.40%
• 1M: 0.22%
• YTD: 10.72%
• 6M: 7.90%
• 1Y: 28.53%
• 3Y*: 23.62%
• 5Y*: 14.30%
• 10Y*: 13.05%

HCAL.TO

• 1D: -0.57%
• 1M: 8.61%
• YTD: 37.50%
• 6M: 36.85%
• 1Y: 93.00%
• 3Y*: 46.36%
• 5Y*: 23.32%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020
VCE.TO Vanguard FTSE Canada Index ETF	10.72%	26.45%	21.50%	12.34%	-5.14%	28.63%	5.98%
HCAL.TO Hamilton Enhanced Canadian Bank ETF	37.50%	54.09%	29.04%	11.73%	-17.54%	51.61%	17.59%

Correlation

The correlation between VCE.TO and HCAL.TO is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since Oct 15, 2020	0.76

The correlation between VCE.TO and HCAL.TO has been stable across timeframes, ranging from 0.70 to 0.78 - a consistent structural relationship.

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

Sectors	VCE.TO	HCAL.TO
Financial Services	38.3%	100.0%
Energy	17.6%	-
Basic Materials	15.9%	-
Industrials	10.3%	-
Technology	8.2%	-
Consumer Cyclical	3.3%	-
Consumer Defensive	2.9%	-
Utilities	1.8%	-
Communication Services	1.6%	-
Real Estate	0.2%	-
Healthcare	-	-

Return for Risk

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

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

VCE.TO

VCE.TO Risk / Return Rank: 78
VCE.TO Sharpe Ratio Rank: 79
VCE.TO Sortino Ratio Rank: 75
VCE.TO Omega Ratio Rank: 76
VCE.TO Calmar Ratio Rank: 76
VCE.TO Martin Ratio Rank: 86

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: 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.

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

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Canada Index ETF (VCE.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.

	VCE.TO	HCAL.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.26	5.81	-3.54
Sortino ratio: Return per unit of downside risk	3.02	7.31	-4.29
Omega ratio: Gain probability vs. loss probability	1.40	2.01	-0.61
Calmar ratio: Return relative to maximum drawdown	3.54	8.78	-5.23
Martin ratio: Return relative to average drawdown	16.22	38.12	-21.90

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

The current VCE.TO Sharpe Ratio is 2.26, which is lower than the HCAL.TO Sharpe Ratio of 5.81. The chart below compares the historical Sharpe Ratios of VCE.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

VCE.TO vs. HCAL.TO - Drawdown Comparison

The maximum VCE.TO drawdown since its inception was -35.93%, roughly equal to the maximum HCAL.TO drawdown of -35.05%. Use the drawdown chart below to compare losses from any high point for VCE.TO and HCAL.TO.

Drawdown Indicators

	VCE.TO	HCAL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-35.93%	-35.05%	-0.88%
Max Drawdown (1Y) Largest decline over 1 year	-8.09%	-10.65%	+2.56%
Max Drawdown (3Y) Largest decline over 3 years	-12.15%	-18.77%	+6.62%
Max Drawdown (5Y) Largest decline over 5 years	-15.86%	-35.05%	+19.19%
Max Drawdown (10Y) Largest decline over 10 years	-35.93%	—	—
Current Drawdown Current decline from peak	-1.42%	-0.57%	-0.85%
Average Drawdown Average peak-to-trough decline	-3.70%	-9.52%	+5.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.76%	2.45%	-0.69%

Volatility

VCE.TO vs. HCAL.TO - Volatility Comparison

The current volatility for Vanguard FTSE Canada Index ETF (VCE.TO) is 3.81%, while Hamilton Enhanced Canadian Bank ETF (HCAL.TO) has a volatility of 4.89%. This indicates that VCE.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

	VCE.TO	HCAL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.81%	4.89%	-1.08%
Volatility (6M) Calculated over the trailing 6-month period	10.29%	14.01%	-3.72%
Volatility (1Y) Calculated over the trailing 1-year period	12.67%	16.12%	-3.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.85%	17.20%	-4.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.00%	16.98%	-1.98%

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

VCE.TO has a 0.06% expense ratio, which is lower than HCAL.TO's 0.65% expense ratio.

Dividends

VCE.TO vs. HCAL.TO - Dividend Comparison

VCE.TO's dividend yield for the trailing twelve months is around 2.16%, less than HCAL.TO's 3.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HCAL.TO Hamilton Enhanced Canadian Bank ETF	3.13%	4.20%	6.12%	7.37%	7.46%	4.99%	3.14%	0.00%	0.00%	0.00%	0.00%	0.00%
VCE.TO Vanguard FTSE Canada Index ETF	2.16%	2.46%	2.89%	3.22%	3.27%	2.66%	2.99%	3.06%	3.27%	2.62%	2.69%	3.04%

Frequently Asked Questions

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

VCE.TO and HCAL.TO have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

On fees, VCE.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

VCE.TO is cheaper with a 0.06% expense ratio, compared with 0.65% for HCAL.TO.

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

VCE.TO is categorized as Canada Equities, while HCAL.TO is Financials Equities. VCE.TO tracks FTSE Canada Domestic Index, while HCAL.TO tracks Solactive Equal Weight Canada Banks Index (125%). They also come from different issuers: Vanguard and Hamilton Capital. Their fees differ too: 0.06% for VCE.TO and 0.65% for HCAL.TO.