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XCS.TO vs. HCAL.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XCS.TO vs. HCAL.TO

Last updated Jun 25, 2026

XCS.TO (iShares S&P/TSX SmallCap Index ETF) and HCAL.TO (Hamilton Enhanced Canadian Bank ETF) are both exchange-traded funds - XCS.TO is a Canada Equities fund tracking the Morningstar Canada Sml GR CAD, 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, XCS.TO returned 9.60%/yr vs 23.32%/yr for HCAL.TO. At a 0.47 correlation, their price movements are largely independent. XCS.TO charges 0.60%/yr vs 0.65%/yr for HCAL.TO.

Performance

XCS.TO vs. HCAL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P/TSX SmallCap Index ETF (XCS.TO) and Hamilton Enhanced Canadian Bank ETF (HCAL.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, XCS.TO achieves a 13.79% return, which is significantly lower than HCAL.TO's 37.50% return.

XCS.TO

1D
-2.05%
1M
-5.74%
YTD
13.79%
6M
7.55%
1Y
40.74%
3Y*
26.09%
5Y*
9.60%
10Y*
8.70%

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)

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

2026 (YTD)202520242023202220212020
XCS.TO
iShares S&P/TSX SmallCap Index ETF		13.79%37.65%18.11%4.17%-8.97%7.71%18.56%
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 XCS.TO and HCAL.TO is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.37

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

0.43

Correlation (5Y)
Calculated over the trailing 5-year period

0.49

Correlation (All Time)
Calculated using the full available price history since Oct 15, 2020

0.47

The correlation between XCS.TO and HCAL.TO shifts across timeframes, from 0.37 (1 year) to 0.49 (5 years), reflecting how their relationship changes across market environments.

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

Sectors
XCS.TO
HCAL.TO

Basic Materials

31.7%

-

Energy

22.2%

-

Industrials

13.0%

-

Real Estate

9.4%

-

Technology

5.2%

-

Financial Services

4.9%
100.0%

Healthcare

4.7%

-

Consumer Cyclical

3.5%

-

Consumer Defensive

2.7%

-

Utilities

1.7%

-

Communication Services

1.0%

-

Basic Materials

XCS.TO
31.7%
HCAL.TO

-

Energy

XCS.TO
22.2%
HCAL.TO

-

Industrials

XCS.TO
13.0%
HCAL.TO

-

Real Estate

XCS.TO
9.4%
HCAL.TO

-

Technology

XCS.TO
5.2%
HCAL.TO

-

Financial Services

XCS.TO
4.9%
HCAL.TO
100.0%

Healthcare

XCS.TO
4.7%
HCAL.TO

-

Consumer Cyclical

XCS.TO
3.5%
HCAL.TO

-

Consumer Defensive

XCS.TO
2.7%
HCAL.TO

-

Utilities

XCS.TO
1.7%
HCAL.TO

-

Communication Services

XCS.TO
1.0%
HCAL.TO

-

Compare stocks, funds, or ETFs

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iShares S&P/TSX SmallCap Index ETF

Hamilton Enhanced Canadian Bank ETF

Often compared with XCS.TO:
XCS.TO vs. XCV.TOXCS.TO vs. XMD.TOXCS.TO vs. XCSR.TOXCS.TO vs. XEI.TOXCS.TO vs. VBRXCS.TO vs. XUS.TOXCS.TO vs. VEQT.TO
Often compared with HCAL.TO:
HCAL.TO vs. BANK.TOHCAL.TO vs. ZEB.TOHCAL.TO vs. VDY.TOHCAL.TO vs. HDIV.TOHCAL.TO vs. HBNK.TOHCAL.TO vs. HMAX.TOHCAL.TO vs. UMAX.TO

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XCS.TO
XCS.TO Risk / Return Rank: 5656
Overall Rank
XCS.TO Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
XCS.TO Sortino Ratio Rank: 4848
Sortino Ratio Rank
XCS.TO Omega Ratio Rank: 5757
Omega Ratio Rank
XCS.TO Calmar Ratio Rank: 6363
Calmar Ratio Rank
XCS.TO Martin Ratio Rank: 5656
Martin Ratio Rank
HCAL.TO
HCAL.TO Risk / Return Rank: 9898
Overall Rank
HCAL.TO Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
HCAL.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
HCAL.TO Omega Ratio Rank: 9898
Omega Ratio Rank
HCAL.TO Calmar Ratio Rank: 9797
Calmar Ratio Rank
HCAL.TO Martin Ratio Rank: 9797
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX SmallCap Index ETF (XCS.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.

XCS.TOHCAL.TODifference
Sharpe ratioReturn per unit of total volatility
1.76
5.81

-4.05

Sortino ratioReturn per unit of downside risk
2.13
7.31

-5.17

Omega ratioGain probability vs. loss probability

1.31

2.01

-0.70

Calmar ratioReturn relative to maximum drawdown

2.81

8.78

-5.97

Martin ratioReturn relative to average drawdown

8.78

38.12

-29.34

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

The current XCS.TO Sharpe Ratio is 1.76, which is lower than the HCAL.TO Sharpe Ratio of 5.81. The chart below compares the historical Sharpe Ratios of XCS.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.

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Drawdowns

XCS.TO vs. HCAL.TO - Drawdown Comparison

The maximum XCS.TO drawdown since its inception was -62.43%, which is greater than HCAL.TO's maximum drawdown of -35.05%. Use the drawdown chart below to compare losses from any high point for XCS.TO and HCAL.TO.

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Drawdown Indicators

XCS.TOHCAL.TODifference

Max Drawdown

Largest peak-to-trough decline

-62.43%

-35.05%

-27.38%

Max Drawdown (1Y)

Largest decline over 1 year

-14.58%

-10.65%

-3.93%

Max Drawdown (3Y)

Largest decline over 3 years

-15.55%

-18.77%

+3.22%

Max Drawdown (5Y)

Largest decline over 5 years

-35.08%

-35.05%

-0.03%

Max Drawdown (10Y)

Largest decline over 10 years

-51.50%

—

—

Current Drawdown

Current decline from peak

-9.08%

-0.57%

-8.51%

Average Drawdown

Average peak-to-trough decline

-17.47%

-9.52%

-7.95%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.65%

2.45%

+2.20%

Volatility

XCS.TO vs. HCAL.TO - Volatility Comparison

iShares S&P/TSX SmallCap Index ETF (XCS.TO) has a higher volatility of 8.01% compared to Hamilton Enhanced Canadian Bank ETF (HCAL.TO) at 4.89%. This indicates that XCS.TO's price experiences larger fluctuations and is considered to be riskier than HCAL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XCS.TOHCAL.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

8.01%

4.89%

+3.12%

Volatility (6M)

Calculated over the trailing 6-month period

19.33%

14.01%

+5.32%

Volatility (1Y)

Calculated over the trailing 1-year period

23.32%

16.12%

+7.20%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.81%

17.20%

+4.61%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.36%

16.98%

+7.38%

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

XCS.TO has a 0.60% expense ratio, which is lower than HCAL.TO's 0.65% expense ratio.

Dividends

XCS.TO vs. HCAL.TO - Dividend Comparison

XCS.TO's dividend yield for the trailing twelve months is around 1.15%, less than HCAL.TO's 3.13% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
XCS.TO
iShares S&P/TSX SmallCap Index ETF		1.15%1.41%1.73%2.59%2.05%1.69%1.98%2.51%2.07%2.05%1.60%2.64%

Frequently Asked Questions

XCS.TO and HCAL.TO have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XCS.TO is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XCS.TO is cheaper with a 0.60% expense ratio, compared with 0.65% for HCAL.TO.

XCS.TO is categorized as Canada Equities, while HCAL.TO is Financials Equities. XCS.TO tracks Morningstar Canada Sml GR CAD, while HCAL.TO tracks Solactive Equal Weight Canada Banks Index (125%). They also come from different issuers: iShares and Hamilton Capital. Their fees differ too: 0.60% for XCS.TO and 0.65% for HCAL.TO.

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