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XEI.TO vs. HDIV.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XEI.TO vs. HDIV.TO

Last updated Jun 13, 2026

XEI.TO (iShares S&P/TSX Composite High Dividend Index ETF) and HDIV.TO (Hamilton Enhanced Canadian Covered Call ETF) are both exchange-traded funds - XEI.TO is a Canada Equities fund tracking the S&P/TSX Composite High Dividend Index, while HDIV.TO is a Derivative Income fund actively managed by Hamilton ETFs. XEI.TO is passively managed, while HDIV.TO is actively managed. Over the past 3 years, XEI.TO returned 21.39%/yr vs 27.78%/yr for HDIV.TO. Their correlation of 0.80 suggests significant overlap in exposure. XEI.TO charges 0.22%/yr vs 0.00%/yr for HDIV.TO.

Performance

XEI.TO vs. HDIV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO) and Hamilton Enhanced Canadian Covered Call ETF (HDIV.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, XEI.TO achieves a 24.32% return, which is significantly higher than HDIV.TO's 17.07% return.

XEI.TO

1D
0.58%
1M
4.80%
YTD
24.32%
6M
20.22%
1Y
39.14%
3Y*
21.39%
5Y*
14.74%
10Y*
12.09%

HDIV.TO

1D
1.08%
1M
2.90%
YTD
17.07%
6M
17.58%
1Y
45.41%
3Y*
27.78%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024202320222021
XEI.TO
iShares S&P/TSX Composite High Dividend Index ETF		24.32%20.86%15.26%6.59%0.32%10.61%
HDIV.TO
Hamilton Enhanced Canadian Covered Call ETF		17.07%33.87%23.15%13.91%-2.53%9.13%

Correlation

The correlation between XEI.TO and HDIV.TO is 0.55, 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

0.55

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

0.74

Correlation (All Time)
Calculated using the full available price history since Jul 21, 2021

0.80

Over the past year, the correlation between XEI.TO and HDIV.TO has dropped to 0.55 - well below their long-term average of 0.80, suggesting their price drivers have been diverging.

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

Sectors
XEI.TO
HDIV.TO

Energy

32.1%
18.4%

Financial Services

31.4%
39.8%

Utilities

11.2%
4.7%

Communication Services

7.6%
6.3%

Consumer Cyclical

6.2%
2.5%

Real Estate

4.8%
2.1%

Basic Materials

4.6%
13.4%

Technology

0.7%
9.5%

Industrials

0.7%
3.0%

Consumer Defensive

0.5%
0.3%

Healthcare

0.2%
0.2%

Energy

XEI.TO
32.1%
HDIV.TO
18.4%

Financial Services

XEI.TO
31.4%
HDIV.TO
39.8%

Utilities

XEI.TO
11.2%
HDIV.TO
4.7%

Communication Services

XEI.TO
7.6%
HDIV.TO
6.3%

Consumer Cyclical

XEI.TO
6.2%
HDIV.TO
2.5%

Real Estate

XEI.TO
4.8%
HDIV.TO
2.1%

Basic Materials

XEI.TO
4.6%
HDIV.TO
13.4%

Technology

XEI.TO
0.7%
HDIV.TO
9.5%

Industrials

XEI.TO
0.7%
HDIV.TO
3.0%

Consumer Defensive

XEI.TO
0.5%
HDIV.TO
0.3%

Healthcare

XEI.TO
0.2%
HDIV.TO
0.2%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares S&P/TSX Composite High Dividend Index ETF

Hamilton Enhanced Canadian Covered Call ETF

Often compared with XEI.TO:
XEI.TO vs. VDY.TOXEI.TO vs. XDIV.TOXEI.TO vs. XEQT.TOXEI.TO vs. VFV.TOXEI.TO vs. ZDV.TOXEI.TO vs. CDZ.TOXEI.TO vs. XDV.TO
Often compared with HDIV.TO:
HDIV.TO vs. HYLD.TOHDIV.TO vs. HMAX.TOHDIV.TO vs. HDIF.TOHDIV.TO vs. XDIV.TOHDIV.TO vs. HHIS.TOHDIV.TO vs. VDY.TOHDIV.TO vs. ZWC.TO

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XEI.TO
XEI.TO Risk / Return Rank: 9898
Overall Rank
XEI.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
XEI.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
XEI.TO Omega Ratio Rank: 9898
Omega Ratio Rank
XEI.TO Calmar Ratio Rank: 9797
Calmar Ratio Rank
XEI.TO Martin Ratio Rank: 9797
Martin Ratio Rank
HDIV.TO
HDIV.TO Risk / Return Rank: 9494
Overall Rank
HDIV.TO Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
HDIV.TO Sortino Ratio Rank: 9595
Sortino Ratio Rank
HDIV.TO Omega Ratio Rank: 9595
Omega Ratio Rank
HDIV.TO Calmar Ratio Rank: 9191
Calmar Ratio Rank
HDIV.TO Martin Ratio Rank: 9595
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX Composite High Dividend Index ETF (XEI.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.

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.

XEI.TOHDIV.TODifference
Sharpe ratioReturn per unit of total volatility
5.02
3.55

+1.48

Sortino ratioReturn per unit of downside risk
6.90
4.51

+2.39

Omega ratioGain probability vs. loss probability

2.02

1.65

+0.37

Calmar ratioReturn relative to maximum drawdown

9.32

5.23

+4.10

Martin ratioReturn relative to average drawdown

41.87

25.02

+16.85

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

The current XEI.TO Sharpe Ratio is 5.02, which is higher than the HDIV.TO Sharpe Ratio of 3.55. The chart below compares the historical Sharpe Ratios of XEI.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.

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Drawdowns

XEI.TO vs. HDIV.TO - Drawdown Comparison

The maximum XEI.TO drawdown since its inception was -45.52%, which is greater than HDIV.TO's maximum drawdown of -22.32%. Use the drawdown chart below to compare losses from any high point for XEI.TO and HDIV.TO.

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Drawdown Indicators

XEI.TOHDIV.TODifference

Max Drawdown

Largest peak-to-trough decline

-45.52%

-22.32%

-23.20%

Max Drawdown (1Y)

Largest decline over 1 year

-4.22%

-8.73%

+4.51%

Max Drawdown (3Y)

Largest decline over 3 years

-9.96%

-14.58%

+4.62%

Max Drawdown (5Y)

Largest decline over 5 years

-17.35%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-45.52%

—

—

Current Drawdown

Current decline from peak

0.00%

-0.13%

+0.13%

Average Drawdown

Average peak-to-trough decline

-5.10%

-4.21%

-0.89%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.94%

1.82%

-0.88%

Volatility

XEI.TO vs. HDIV.TO - Volatility Comparison

The current volatility for iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO) is 2.68%, while Hamilton Enhanced Canadian Covered Call ETF (HDIV.TO) has a volatility of 4.51%. This indicates that XEI.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.

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Volatility by Period

XEI.TOHDIV.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.68%

4.51%

-1.83%

Volatility (6M)

Calculated over the trailing 6-month period

6.71%

10.74%

-4.03%

Volatility (1Y)

Calculated over the trailing 1-year period

7.84%

12.86%

-5.02%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.31%

15.64%

-4.33%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.02%

15.64%

+0.38%

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

XEI.TO has a 0.22% expense ratio, which is higher than HDIV.TO's 0.00% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

XEI.TO vs. HDIV.TO - Dividend Comparison

XEI.TO's dividend yield for the trailing twelve months is around 3.53%, less than HDIV.TO's 9.27% yield.

PositionTTM20252024202320222021202020192018201720162015
HDIV.TO
Hamilton Enhanced Canadian Covered Call ETF		9.27%10.09%11.38%10.41%9.64%3.37%0.00%0.00%0.00%0.00%0.00%0.00%
XEI.TO
iShares S&P/TSX Composite High Dividend Index ETF		3.53%4.47%5.45%4.97%4.68%3.58%5.03%4.62%5.42%4.29%4.41%5.64%

Frequently Asked Questions

XEI.TO and HDIV.TO have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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.

HDIV.TO is cheaper with a 0.00% expense ratio, compared with 0.22% for XEI.TO.

XEI.TO is categorized as Canada Equities, while HDIV.TO is Derivative Income. They also come from different issuers: iShares and Hamilton ETFs. Their fees differ too: 0.22% for XEI.TO and 0.00% for HDIV.TO.

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