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VDY.TO vs. HDIV.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VDY.TO vs. HDIV.TO

Last updated Jun 4, 2026

VDY.TO (Vanguard FTSE Canadian High Dividend Yield Index ETF) and HDIV.TO (Hamilton Enhanced Canadian Covered Call ETF) are both exchange-traded funds - VDY.TO is a Dividend fund tracking the FTSE Canada High Dividend Yield Index, while HDIV.TO is a Derivative Income fund actively managed by Hamilton ETFs. VDY.TO is passively managed, while HDIV.TO is actively managed. Over the past 3 years, VDY.TO returned 26.00%/yr vs 27.58%/yr for HDIV.TO. Their correlation of 0.82 suggests significant overlap in exposure. VDY.TO charges 0.22%/yr vs 0.00%/yr for HDIV.TO.

Performance

VDY.TO vs. HDIV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO) and Hamilton Enhanced Canadian Covered Call ETF (HDIV.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VDY.TO achieves a 20.59% return, which is significantly higher than HDIV.TO's 16.21% return.

VDY.TO

1D
-0.07%
1M
4.52%
YTD
20.59%
6M
22.32%
1Y
46.18%
3Y*
26.00%
5Y*
17.21%
10Y*
14.02%

HDIV.TO

1D
-0.26%
1M
6.14%
YTD
16.21%
6M
17.63%
1Y
45.50%
3Y*
27.58%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

VDY.TO vs. HDIV.TO - Yearly Performance Comparison

2026 (YTD)20252024202320222021
VDY.TO
Vanguard FTSE Canadian High Dividend Yield Index ETF		20.59%29.20%20.71%8.40%-0.23%10.21%
HDIV.TO
Hamilton Enhanced Canadian Covered Call ETF		16.21%33.87%23.15%13.91%-2.52%12.70%

Correlation

The correlation between VDY.TO and HDIV.TO is 0.69, 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

0.69

Correlation (3Y)
Calculated over the trailing 3-year period

0.80

Correlation (All Time)
Calculated using the full available price history since Jul 19, 2021

0.82

The correlation between VDY.TO and HDIV.TO shifts across timeframes, from 0.69 (1 year) to 0.82 (all time), reflecting how their relationship changes across market environments.

VDY.TO vs. HDIV.TO - Sectors Allocation Comparison

Sectors
VDY.TO
HDIV.TO

Financial Services

56.0%
39.8%

Energy

30.8%
18.4%

Utilities

4.1%
4.7%

Consumer Cyclical

3.0%
2.5%

Communication Services

2.8%
6.3%

Basic Materials

2.2%
13.4%

Consumer Defensive

0.4%
0.3%

Technology

0.4%
9.5%

Industrials

0.2%
3.0%

Healthcare

0.1%
0.2%

Real Estate

-

2.1%

Financial Services

VDY.TO
56.0%
HDIV.TO
39.8%

Energy

VDY.TO
30.8%
HDIV.TO
18.4%

Utilities

VDY.TO
4.1%
HDIV.TO
4.7%

Consumer Cyclical

VDY.TO
3.0%
HDIV.TO
2.5%

Communication Services

VDY.TO
2.8%
HDIV.TO
6.3%

Basic Materials

VDY.TO
2.2%
HDIV.TO
13.4%

Consumer Defensive

VDY.TO
0.4%
HDIV.TO
0.3%

Technology

VDY.TO
0.4%
HDIV.TO
9.5%

Industrials

VDY.TO
0.2%
HDIV.TO
3.0%

Healthcare

VDY.TO
0.1%
HDIV.TO
0.2%

Real Estate

VDY.TO

-

HDIV.TO
2.1%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard FTSE Canadian High Dividend Yield Index ETF

Hamilton Enhanced Canadian Covered Call ETF

Often compared with VDY.TO:
VDY.TO vs. XEI.TOVDY.TO vs. XDIV.TOVDY.TO vs. VCN.TOVDY.TO vs. SCHDVDY.TO vs. XIC.TOVDY.TO vs. VCE.TOVDY.TO vs. ZDV.TO
Often compared with HDIV.TO:
HDIV.TO vs. HYLD.TOHDIV.TO vs. HMAX.TOHDIV.TO vs. HDIF.TOHDIV.TO vs. XDIV.TOHDIV.TO vs. HHIS.TOHDIV.TO vs. ZWC.TOHDIV.TO vs. VFV.TO

Return for Risk

VDY.TO vs. HDIV.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VDY.TO
VDY.TO Risk / Return Rank: 9898
Overall Rank
VDY.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
VDY.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
VDY.TO Omega Ratio Rank: 9898
Omega Ratio Rank
VDY.TO Calmar Ratio Rank: 9898
Calmar Ratio Rank
VDY.TO Martin Ratio Rank: 9898
Martin Ratio Rank
HDIV.TO
HDIV.TO Risk / Return Rank: 9292
Overall Rank
HDIV.TO Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
HDIV.TO Sortino Ratio Rank: 9393
Sortino Ratio Rank
HDIV.TO Omega Ratio Rank: 9494
Omega Ratio Rank
HDIV.TO Calmar Ratio Rank: 8888
Calmar Ratio Rank
HDIV.TO Martin Ratio Rank: 9393
Martin Ratio Rank
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.

VDY.TO vs. HDIV.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO) and Hamilton Enhanced Canadian Covered Call ETF (HDIV.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.

VDY.TOHDIV.TODifference
Sharpe ratioReturn per unit of total volatility
5.65
3.67

+1.99

Sortino ratioReturn per unit of downside risk
8.14
4.70

+3.44

Omega ratioGain probability vs. loss probability

2.14

1.68

+0.46

Calmar ratioReturn relative to maximum drawdown

14.88

5.24

+9.65

Martin ratioReturn relative to average drawdown

60.75

25.39

+35.36

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VDY.TO vs. HDIV.TO - Sharpe Ratio Comparison

The current VDY.TO Sharpe Ratio is 5.65, which is higher than the HDIV.TO Sharpe Ratio of 3.67. The chart below compares the historical Sharpe Ratios of VDY.TO and HDIV.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.

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Sharpe Ratios by Period

VDY.TOHDIV.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

5.65

3.67

+1.99

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.50

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.88

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.84

1.26

-0.42

Drawdowns

VDY.TO vs. HDIV.TO - Drawdown Comparison

The maximum VDY.TO drawdown since its inception was -39.21%, which is greater than HDIV.TO's maximum drawdown of -22.32%. Use the drawdown chart below to compare losses from any high point for VDY.TO and HDIV.TO.

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Drawdown Indicators

VDY.TOHDIV.TODifference

Max Drawdown

Largest peak-to-trough decline

-39.21%

-22.32%

-16.89%

Max Drawdown (1Y)

Largest decline over 1 year

-3.12%

-8.73%

+5.61%

Max Drawdown (3Y)

Largest decline over 3 years

-10.87%

-14.58%

+3.71%

Max Drawdown (5Y)

Largest decline over 5 years

-16.18%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-39.21%

—

—

Current Drawdown

Current decline from peak

-0.77%

-0.63%

-0.14%

Average Drawdown

Average peak-to-trough decline

-4.61%

-4.22%

-0.39%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.76%

1.80%

-1.04%

Volatility

VDY.TO vs. HDIV.TO - Volatility Comparison

The current volatility for Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO) is 3.31%, while Hamilton Enhanced Canadian Covered Call ETF (HDIV.TO) has a volatility of 3.80%. This indicates that VDY.TO experiences smaller price fluctuations and is considered to be less risky than HDIV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VDY.TOHDIV.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.31%

3.80%

-0.49%

Volatility (6M)

Calculated over the trailing 6-month period

6.87%

10.29%

-3.42%

Volatility (1Y)

Calculated over the trailing 1-year period

8.21%

12.47%

-4.26%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.56%

15.63%

-4.07%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.96%

15.63%

+0.33%

VDY.TO vs. HDIV.TO - Expense Ratio Comparison

VDY.TO has a 0.22% expense ratio, which is higher than HDIV.TO's 0.00% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VDY.TO vs. HDIV.TO - Dividend Comparison

VDY.TO's dividend yield for the trailing twelve months is around 2.90%, less than HDIV.TO's 9.33% yield.

PositionTTM20252024202320222021202020192018201720162015
HDIV.TO
Hamilton Enhanced Canadian Covered Call ETF		9.33%10.09%11.38%10.41%9.64%3.39%0.00%0.00%0.00%0.00%0.00%0.00%
VDY.TO
Vanguard FTSE Canadian High Dividend Yield Index ETF		2.90%3.59%4.40%4.64%4.42%3.58%4.59%4.25%4.43%3.82%3.25%4.11%

Frequently Asked Questions

VDY.TO and HDIV.TO have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, HDIV.TO is cheaper at 0.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.

HDIV.TO is cheaper with a 0.00% expense ratio, compared with 0.22% for VDY.TO.

VDY.TO is categorized as Dividend, while HDIV.TO is Derivative Income. They also come from different issuers: Vanguard and Hamilton ETFs. Their fees differ too: 0.22% for VDY.TO and 0.00% for HDIV.TO.

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