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

XCSR.TO vs. HCAL.TO

Last updated Jun 25, 2026

XCSR.TO (iShares ESG Advanced MSCI Canada Index ETF) and HCAL.TO (Hamilton Enhanced Canadian Bank ETF) are both exchange-traded funds - XCSR.TO is a Canada Equities fund tracking the Morningstar Canada 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, XCSR.TO returned 13.71%/yr vs 23.32%/yr for HCAL.TO. A 0.73 correlation means they provide meaningful diversification when combined. XCSR.TO charges 0.17%/yr vs 0.65%/yr for HCAL.TO.

Performance

XCSR.TO vs. HCAL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares ESG Advanced MSCI Canada Index ETF (XCSR.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, XCSR.TO achieves a 8.85% return, which is significantly lower than HCAL.TO's 37.50% return.

XCSR.TO

1D
0.15%
1M
2.55%
YTD
8.85%
6M
4.99%
1Y
30.52%
3Y*
26.52%
5Y*
13.71%
10Y*
—

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)

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

2026 (YTD)202520242023202220212020
XCSR.TO
iShares ESG Advanced MSCI Canada Index ETF		8.85%35.36%24.42%15.21%-14.41%22.32%7.81%
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 XCSR.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

0.73

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

0.75

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

0.73

The correlation between XCSR.TO and HCAL.TO has been stable across timeframes, ranging from 0.70 to 0.75 - a consistent structural relationship.

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

Sectors
XCSR.TO
HCAL.TO

Financial Services

51.4%
100.0%

Basic Materials

16.6%

-

Technology

13.8%

-

Consumer Defensive

5.7%

-

Industrials

5.2%

-

Consumer Cyclical

3.0%

-

Communication Services

1.5%

-

Real Estate

1.4%

-

Utilities

1.1%

-

Healthcare

0.2%

-

Energy

-

-

Financial Services

XCSR.TO
51.4%
HCAL.TO
100.0%

Basic Materials

XCSR.TO
16.6%
HCAL.TO

-

Technology

XCSR.TO
13.8%
HCAL.TO

-

Consumer Defensive

XCSR.TO
5.7%
HCAL.TO

-

Industrials

XCSR.TO
5.2%
HCAL.TO

-

Consumer Cyclical

XCSR.TO
3.0%
HCAL.TO

-

Communication Services

XCSR.TO
1.5%
HCAL.TO

-

Real Estate

XCSR.TO
1.4%
HCAL.TO

-

Utilities

XCSR.TO
1.1%
HCAL.TO

-

Healthcare

XCSR.TO
0.2%
HCAL.TO

-

Energy

XCSR.TO

-

HCAL.TO

-

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iShares ESG Advanced MSCI Canada Index ETF

Hamilton Enhanced Canadian Bank ETF

Often compared with XCSR.TO:
XCSR.TO vs. XESG.TOXCSR.TO vs. XCS.TOXCSR.TO vs. XUSR.TOXCSR.TO vs. XMD.TOXCSR.TO vs. XEN.TOXCSR.TO vs. XIT.TOXCSR.TO vs. CSIQ
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

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XCSR.TO
XCSR.TO Risk / Return Rank: 6666
Overall Rank
XCSR.TO Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
XCSR.TO Sortino Ratio Rank: 6565
Sortino Ratio Rank
XCSR.TO Omega Ratio Rank: 6666
Omega Ratio Rank
XCSR.TO Calmar Ratio Rank: 6363
Calmar Ratio Rank
XCSR.TO Martin Ratio Rank: 6767
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares ESG Advanced MSCI Canada Index ETF (XCSR.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.

XCSR.TOHCAL.TODifference
Sharpe ratioReturn per unit of total volatility
1.99
5.81

-3.82

Sortino ratioReturn per unit of downside risk
2.69
7.31

-4.62

Omega ratioGain probability vs. loss probability

1.35

2.01

-0.66

Calmar ratioReturn relative to maximum drawdown

2.76

8.78

-6.02

Martin ratioReturn relative to average drawdown

10.92

38.12

-27.20

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

The current XCSR.TO Sharpe Ratio is 1.99, which is lower than the HCAL.TO Sharpe Ratio of 5.81. The chart below compares the historical Sharpe Ratios of XCSR.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

XCSR.TO vs. HCAL.TO - Drawdown Comparison

The maximum XCSR.TO drawdown since its inception was -23.56%, smaller than the maximum HCAL.TO drawdown of -35.05%. Use the drawdown chart below to compare losses from any high point for XCSR.TO and HCAL.TO.

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Drawdown Indicators

XCSR.TOHCAL.TODifference

Max Drawdown

Largest peak-to-trough decline

-23.56%

-35.05%

+11.49%

Max Drawdown (1Y)

Largest decline over 1 year

-11.12%

-10.65%

-0.47%

Max Drawdown (3Y)

Largest decline over 3 years

-12.14%

-18.77%

+6.63%

Max Drawdown (5Y)

Largest decline over 5 years

-23.56%

-35.05%

+11.49%

Current Drawdown

Current decline from peak

-1.06%

-0.57%

-0.49%

Average Drawdown

Average peak-to-trough decline

-5.08%

-9.52%

+4.44%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.80%

2.45%

+0.35%

Volatility

XCSR.TO vs. HCAL.TO - Volatility Comparison

The current volatility for iShares ESG Advanced MSCI Canada Index ETF (XCSR.TO) is 4.16%, while Hamilton Enhanced Canadian Bank ETF (HCAL.TO) has a volatility of 4.89%. This indicates that XCSR.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.

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Volatility by Period

XCSR.TOHCAL.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.16%

4.89%

-0.73%

Volatility (6M)

Calculated over the trailing 6-month period

12.73%

14.01%

-1.28%

Volatility (1Y)

Calculated over the trailing 1-year period

15.44%

16.12%

-0.68%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.15%

17.20%

-3.05%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.51%

16.98%

-2.47%

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

XCSR.TO has a 0.17% expense ratio, which is lower than HCAL.TO's 0.65% expense ratio.

Dividends

XCSR.TO vs. HCAL.TO - Dividend Comparison

XCSR.TO's dividend yield for the trailing twelve months is around 1.62%, less than HCAL.TO's 3.13% yield.

PositionTTM202520242023202220212020
HCAL.TO
Hamilton Enhanced Canadian Bank ETF		3.13%4.20%6.12%7.37%7.46%4.99%3.14%
XCSR.TO
iShares ESG Advanced MSCI Canada Index ETF		1.62%1.74%2.20%2.64%2.78%1.54%0.81%

Frequently Asked Questions

XCSR.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.

On fees, XCSR.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XCSR.TO is cheaper with a 0.17% expense ratio, compared with 0.65% for HCAL.TO.

XCSR.TO is categorized as Canada Equities, while HCAL.TO is Financials Equities. XCSR.TO tracks Morningstar Canada 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: 0.17% for XCSR.TO and 0.65% for HCAL.TO.

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