VRIF.TO vs. HDIV.TO

Last updated Jun 4, 2026

VRIF.TO (Vanguard Retirement Income ETF Portfolio) and HDIV.TO (Hamilton Enhanced Canadian Covered Call ETF) are both exchange-traded funds - VRIF.TO is a Diversified Portfolio fund actively managed by Vanguard, while HDIV.TO is a Derivative Income fund actively managed by Hamilton ETFs. Both are actively managed. Over the past 3 years, VRIF.TO returned 9.70%/yr vs 27.58%/yr for HDIV.TO. A 0.64 correlation means they provide meaningful diversification when combined. VRIF.TO charges 0.29%/yr vs 0.00%/yr for HDIV.TO.

Performance

VRIF.TO vs. HDIV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard Retirement Income ETF Portfolio (VRIF.TO) and Hamilton Enhanced Canadian Covered Call ETF (HDIV.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VRIF.TO achieves a 4.88% return, which is significantly lower than HDIV.TO's 16.21% return.

VRIF.TO

• 1D: -0.18%
• 1M: 2.85%
• YTD: 4.88%
• 6M: 4.72%
• 1Y: 12.14%
• 3Y*: 9.70%
• 5Y*: 4.73%
• 10Y*: —

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)

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

	2026 (YTD)	2025	2024	2023	2022	2021
VRIF.TO Vanguard Retirement Income ETF Portfolio	4.88%	10.58%	8.44%	8.97%	-11.50%	2.06%
HDIV.TO Hamilton Enhanced Canadian Covered Call ETF	16.21%	33.87%	23.15%	13.91%	-2.52%	12.70%

Correlation

The correlation between VRIF.TO and HDIV.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	0.68
Correlation (All Time) Calculated using the full available price history since Jul 19, 2021	0.64

The correlation between VRIF.TO and HDIV.TO has been stable across timeframes, ranging from 0.64 to 0.70 - a consistent structural relationship.

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

Sectors	VRIF.TO	HDIV.TO
Financial Services	22.4%	39.8%
Technology	16.9%	9.5%
Industrials	13.4%	3.0%
Basic Materials	9.4%	13.4%
Energy	8.6%	18.4%
Consumer Cyclical	7.6%	2.5%
Healthcare	6.6%	0.2%
Communication Services	5.0%	6.3%
Consumer Defensive	4.8%	0.3%
Utilities	3.0%	4.7%
Real Estate	2.3%	2.1%

Return for Risk

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

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

VRIF.TO

VRIF.TO Risk / Return Rank: 66
VRIF.TO Sharpe Ratio Rank: 68
VRIF.TO Sortino Ratio Rank: 73
VRIF.TO Omega Ratio Rank: 73
VRIF.TO Calmar Ratio Rank: 54
VRIF.TO Martin Ratio Rank: 62

HDIV.TO

HDIV.TO Risk / Return Rank: 92
HDIV.TO Sharpe Ratio Rank: 94
HDIV.TO Sortino Ratio Rank: 93
HDIV.TO Omega Ratio Rank: 94
HDIV.TO Calmar Ratio Rank: 88
HDIV.TO Martin Ratio Rank: 93

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.

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

This table presents a comparison of risk-adjusted performance metrics for Vanguard Retirement Income ETF Portfolio (VRIF.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.

	VRIF.TO	HDIV.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.27	3.67	-1.39
Sortino ratio: Return per unit of downside risk	3.34	4.70	-1.36
Omega ratio: Gain probability vs. loss probability	1.44	1.68	-0.24
Calmar ratio: Return relative to maximum drawdown	2.68	5.24	-2.56
Martin ratio: Return relative to average drawdown	11.16	25.39	-14.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current VRIF.TO Sharpe Ratio is 2.27, which is lower than the HDIV.TO Sharpe Ratio of 3.67. The chart below compares the historical Sharpe Ratios of VRIF.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.

Sharpe Ratios by Period

	VRIF.TO	HDIV.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.27	3.67	-1.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	1.26	-0.34

Drawdowns

VRIF.TO vs. HDIV.TO - Drawdown Comparison

The maximum VRIF.TO drawdown since its inception was -16.19%, smaller than the maximum HDIV.TO drawdown of -22.32%. Use the drawdown chart below to compare losses from any high point for VRIF.TO and HDIV.TO.

Drawdown Indicators

	VRIF.TO	HDIV.TO	Difference
Max Drawdown Largest peak-to-trough decline	-16.19%	-22.32%	+6.13%
Max Drawdown (1Y) Largest decline over 1 year	-4.55%	-8.73%	+4.18%
Max Drawdown (3Y) Largest decline over 3 years	-5.01%	-14.58%	+9.57%
Max Drawdown (5Y) Largest decline over 5 years	-16.19%	—	—
Current Drawdown Current decline from peak	-0.18%	-0.63%	+0.45%
Average Drawdown Average peak-to-trough decline	-3.87%	-4.22%	+0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.09%	1.80%	-0.71%

Volatility

VRIF.TO vs. HDIV.TO - Volatility Comparison

The current volatility for Vanguard Retirement Income ETF Portfolio (VRIF.TO) is 2.15%, while Hamilton Enhanced Canadian Covered Call ETF (HDIV.TO) has a volatility of 3.80%. This indicates that VRIF.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.

Volatility by Period

	VRIF.TO	HDIV.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.15%	3.80%	-1.65%
Volatility (6M) Calculated over the trailing 6-month period	4.61%	10.29%	-5.68%
Volatility (1Y) Calculated over the trailing 1-year period	5.37%	12.47%	-7.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.23%	15.63%	-9.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.25%	15.63%	-9.38%

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

VRIF.TO has a 0.29% expense ratio, which is higher than HDIV.TO's 0.00% expense ratio.

Dividends

VRIF.TO vs. HDIV.TO - Dividend Comparison

VRIF.TO's dividend yield for the trailing twelve months is around 3.73%, less than HDIV.TO's 9.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
HDIV.TO Hamilton Enhanced Canadian Covered Call ETF	9.33%	10.09%	11.38%	10.41%	9.64%	3.39%	0.00%
VRIF.TO Vanguard Retirement Income ETF Portfolio	3.73%	3.77%	3.96%	4.33%	4.72%	3.86%	1.27%

Frequently Asked Questions

Can I hold both VRIF.TO and HDIV.TO in my portfolio?

VRIF.TO and HDIV.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, VRIF.TO or HDIV.TO?

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.

Which ETF is cheaper, VRIF.TO or HDIV.TO?

HDIV.TO is cheaper with a 0.00% expense ratio, compared with 0.29% for VRIF.TO.

What is the main difference between VRIF.TO and HDIV.TO?

VRIF.TO is categorized as Diversified Portfolio, while HDIV.TO is Derivative Income. They also come from different issuers: Vanguard and Hamilton ETFs. Their fees differ too: 0.29% for VRIF.TO and 0.00% for HDIV.TO.