XCV.TO vs. HCAL.TO
XCV.TO (iShares Canadian Value Index ETF) and HCAL.TO (Hamilton Enhanced Canadian Bank ETF) are both exchange-traded funds - XCV.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, XCV.TO returned 19.17%/yr vs 23.64%/yr for HCAL.TO. A 0.76 correlation means they provide meaningful diversification when combined. XCV.TO charges 0.55%/yr vs 0.65%/yr for HCAL.TO.
Performance
XCV.TO vs. HCAL.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XCV.TO achieves a 23.70% return, which is significantly lower than HCAL.TO's 38.28% return.
XCV.TO
- 1D
- 0.56%
- 1M
- 2.97%
- YTD
- 23.70%
- 6M
- 20.64%
- 1Y
- 48.75%
- 3Y*
- 30.45%
- 5Y*
- 19.17%
- 10Y*
- 13.90%
HCAL.TO
- 1D
- 0.49%
- 1M
- 10.30%
- YTD
- 38.28%
- 6M
- 38.09%
- 1Y
- 95.86%
- 3Y*
- 46.64%
- 5Y*
- 23.64%
- 10Y*
- —
XCV.TO vs. HCAL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
XCV.TO iShares Canadian Value Index ETF | 23.70% | 32.30% | 21.41% | 9.62% | 1.98% | 32.81% | 13.24% |
HCAL.TO Hamilton Enhanced Canadian Bank ETF | 38.28% | 54.09% | 29.04% | 11.73% | -17.54% | 51.61% | 17.59% |
Correlation
The correlation between XCV.TO and HCAL.TO is 0.73, 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 | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Oct 15, 2020 | 0.76 |
The correlation between XCV.TO and HCAL.TO has been stable across timeframes, ranging from 0.73 to 0.77 - a consistent structural relationship.
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Return for Risk
XCV.TO vs. HCAL.TO — Risk / Return Rank
XCV.TO
HCAL.TO
XCV.TO vs. HCAL.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 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.
| XCV.TO | HCAL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.59 | ||
| Sortino ratioReturn per unit of downside risk | -0.33 | ||
| Omega ratioGain probability vs. loss probability | 2.11 | 2.05 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 12.76 | 9.05 | +3.71 |
| Martin ratioReturn relative to average drawdown | 48.00 | 39.30 | +8.70 |
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Drawdowns
XCV.TO vs. HCAL.TO - Drawdown Comparison
The maximum XCV.TO drawdown since its inception was -52.45%, 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 XCV.TO and HCAL.TO.
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Drawdown Indicators
| XCV.TO | HCAL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.45% | -35.05% | -17.40% |
Max Drawdown (1Y)Largest decline over 1 year | -3.84% | -10.65% | +6.81% |
Max Drawdown (3Y)Largest decline over 3 years | -9.71% | -18.77% | +9.06% |
Max Drawdown (5Y)Largest decline over 5 years | -18.06% | -35.05% | +16.99% |
Max Drawdown (10Y)Largest decline over 10 years | -41.18% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -6.60% | -9.52% | +2.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 2.45% | -1.43% |
Volatility
XCV.TO vs. HCAL.TO - Volatility Comparison
The current volatility for iShares Canadian Value Index ETF (XCV.TO) is 2.88%, while Hamilton Enhanced Canadian Bank ETF (HCAL.TO) has a volatility of 4.90%. This indicates that XCV.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
| XCV.TO | HCAL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.88% | 4.90% | -2.02% |
Volatility (6M)Calculated over the trailing 6-month period | 7.64% | 14.00% | -6.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.07% | 16.10% | -7.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.81% | 17.20% | -4.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.52% | 16.99% | -1.47% |
XCV.TO vs. HCAL.TO - Expense Ratio Comparison
XCV.TO has a 0.55% expense ratio, which is lower than HCAL.TO's 0.65% expense ratio.
Dividends
XCV.TO vs. HCAL.TO - Dividend Comparison
XCV.TO's dividend yield for the trailing twelve months is around 2.25%, less than HCAL.TO's 3.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HCAL.TO Hamilton Enhanced Canadian Bank ETF | 3.12% | 4.20% | 6.12% | 7.37% | 7.46% | 4.99% | 3.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XCV.TO iShares Canadian Value Index ETF | 2.25% | 2.78% | 3.84% | 4.00% | 3.28% | 2.18% | 3.46% | 3.16% | 3.23% | 2.49% | 2.57% | 3.26% |
Frequently Asked Questions
XCV.TO and HCAL.TO have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XCV.TO is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XCV.TO is cheaper with a 0.55% expense ratio, compared with 0.65% for HCAL.TO.
XCV.TO is categorized as Canada Equities, while HCAL.TO is Financials Equities. XCV.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: 0.55% for XCV.TO and 0.65% for HCAL.TO.
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