XCV.TO vs. HCA.TO
XCV.TO (iShares Canadian Value Index ETF) and HCA.TO (Hamilton Canadian Bank Mean Reversion Index ETF) are both Canada Equities funds - XCV.TO tracks the Morningstar Canada GR CAD while HCA.TO tracks the Solactive Canadian Bank Mean Reversion Index. Both are passively managed. Over the past 5 years, XCV.TO returned 17.83%/yr vs 28.00%/yr for HCA.TO. A 0.71 correlation means they provide meaningful diversification when combined. XCV.TO charges 0.55%/yr vs 0.45%/yr for HCA.TO.
Performance
XCV.TO vs. HCA.TO - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with XCV.TO having a 19.17% return and HCA.TO slightly higher at 19.58%.
XCV.TO
- 1D
- -0.02%
- 1M
- 4.70%
- YTD
- 19.17%
- 6M
- 19.26%
- 1Y
- 44.26%
- 3Y*
- 27.30%
- 5Y*
- 17.83%
- 10Y*
- 13.20%
HCA.TO
- 1D
- 0.00%
- 1M
- 5.81%
- YTD
- 19.58%
- 6M
- 24.76%
- 1Y
- 61.56%
- 3Y*
- 43.51%
- 5Y*
- 28.00%
- 10Y*
- —
XCV.TO vs. HCA.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
XCV.TO iShares Canadian Value Index ETF | 19.17% | 32.17% | 21.26% | 9.47% | 1.87% | 32.71% | 19.62% |
HCA.TO Hamilton Canadian Bank Mean Reversion Index ETF | 19.58% | 51.09% | 33.32% | 26.95% | -4.34% | 48.13% | 23.46% |
Correlation
The correlation between XCV.TO and HCA.TO is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2020 | 0.71 |
The correlation between XCV.TO and HCA.TO has been stable across timeframes, ranging from 0.63 to 0.72 - a consistent structural relationship.
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Return for Risk
XCV.TO vs. HCA.TO — Risk / Return Rank
XCV.TO
HCA.TO
XCV.TO vs. HCA.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Canadian Value Index ETF (XCV.TO) and Hamilton Canadian Bank Mean Reversion Index ETF (HCA.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.
| XCV.TO | HCA.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.14 | ||
| Sortino ratioReturn per unit of downside risk | -0.46 | ||
| Omega ratioGain probability vs. loss probability | 2.03 | 1.97 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 11.53 | 7.27 | +4.26 |
| Martin ratioReturn relative to average drawdown | 43.47 | 32.98 | +10.48 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XCV.TO | HCA.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.97 | 4.82 | +0.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.39 | 1.87 | -0.47 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.85 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 2.18 | -1.64 |
Drawdowns
XCV.TO vs. HCA.TO - Drawdown Comparison
The maximum XCV.TO drawdown since its inception was -52.49%, which is greater than HCA.TO's maximum drawdown of -17.82%. Use the drawdown chart below to compare losses from any high point for XCV.TO and HCA.TO.
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Drawdown Indicators
| XCV.TO | HCA.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.49% | -17.82% | -34.67% |
Max Drawdown (1Y)Largest decline over 1 year | -3.86% | -8.52% | +4.66% |
Max Drawdown (3Y)Largest decline over 3 years | -9.71% | -12.51% | +2.80% |
Max Drawdown (5Y)Largest decline over 5 years | -18.08% | -17.82% | -0.26% |
Max Drawdown (10Y)Largest decline over 10 years | -41.18% | — | — |
Current DrawdownCurrent decline from peak | -0.89% | -1.28% | +0.39% |
Average DrawdownAverage peak-to-trough decline | -6.67% | -3.35% | -3.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 1.87% | -0.85% |
Volatility
XCV.TO vs. HCA.TO - Volatility Comparison
The current volatility for iShares Canadian Value Index ETF (XCV.TO) is 3.27%, while Hamilton Canadian Bank Mean Reversion Index ETF (HCA.TO) has a volatility of 4.15%. This indicates that XCV.TO experiences smaller price fluctuations and is considered to be less risky than HCA.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XCV.TO | HCA.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.27% | 4.15% | -0.88% |
Volatility (6M)Calculated over the trailing 6-month period | 7.65% | 11.14% | -3.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.96% | 12.85% | -3.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.87% | 15.09% | -2.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.54% | 15.09% | +0.45% |
XCV.TO vs. HCA.TO - Expense Ratio Comparison
XCV.TO has a 0.55% expense ratio, which is higher than HCA.TO's 0.45% expense ratio.
Dividends
XCV.TO vs. HCA.TO - Dividend Comparison
XCV.TO's dividend yield for the trailing twelve months is around 2.29%, less than HCA.TO's 2.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HCA.TO Hamilton Canadian Bank Mean Reversion Index ETF | 2.92% | 5.59% | 15.89% | 20.26% | 16.23% | 11.79% | 3.54% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XCV.TO iShares Canadian Value Index ETF | 2.29% | 2.71% | 3.72% | 3.88% | 3.18% | 2.11% | 3.35% | 3.06% | 3.13% | 2.40% | 2.50% | 3.14% |
Frequently Asked Questions
XCV.TO and HCA.TO have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HCA.TO is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HCA.TO is cheaper with a 0.45% expense ratio, compared with 0.55% for XCV.TO.
XCV.TO tracks Morningstar Canada GR CAD, while HCA.TO tracks Solactive Canadian Bank Mean Reversion Index. They also come from different issuers: iShares and Hamilton. Their fees differ too: 0.55% for XCV.TO and 0.45% for HCA.TO.
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