XESG.TO vs. HCA.TO

Last updated Jun 4, 2026

XESG.TO (iShares ESG Aware MSCI Canada Index ETF) and HCA.TO (Hamilton Canadian Bank Mean Reversion Index ETF) are both Canada Equities funds - XESG.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, XESG.TO returned 12.42%/yr vs 28.00%/yr for HCA.TO. A 0.66 correlation means they provide meaningful diversification when combined. XESG.TO charges 0.16%/yr vs 0.45%/yr for HCA.TO.

Performance

XESG.TO vs. HCA.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares ESG Aware MSCI Canada Index ETF (XESG.TO) and Hamilton Canadian Bank Mean Reversion Index ETF (HCA.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XESG.TO achieves a 10.34% return, which is significantly lower than HCA.TO's 19.58% return.

XESG.TO

• 1D: -0.94%
• 1M: 3.12%
• YTD: 10.34%
• 6M: 9.25%
• 1Y: 29.31%
• 3Y*: 20.90%
• 5Y*: 12.42%
• 10Y*: —

HCA.TO

• 1D: 0.00%
• 1M: 5.81%
• YTD: 19.58%
• 6M: 24.76%
• 1Y: 61.56%
• 3Y*: 43.51%
• 5Y*: 28.00%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

XESG.TO vs. HCA.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
XESG.TO iShares ESG Aware MSCI Canada Index ETF	10.34%	26.25%	20.05%	10.13%	-7.77%	22.91%	17.05%
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 XESG.TO and HCA.TO is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (All Time) Calculated using the full available price history since Jun 30, 2020	0.66

The correlation between XESG.TO and HCA.TO has been stable across timeframes, ranging from 0.61 to 0.70 - a consistent structural relationship.

XESG.TO vs. HCA.TO - Sectors Allocation Comparison

Sectors	XESG.TO	HCA.TO
Financial Services	38.5%	100.0%
Energy	19.3%	-
Basic Materials	17.9%	-
Industrials	8.9%	-
Technology	8.3%	-
Utilities	2.7%	-
Consumer Cyclical	2.2%	-
Consumer Defensive	1.9%	-
Real Estate	0.2%	-
Communication Services	0.1%	-
Healthcare	0.1%	-

Return for Risk

XESG.TO vs. HCA.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

XESG.TO

XESG.TO Risk / Return Rank: 66
XESG.TO Sharpe Ratio Rank: 67
XESG.TO Sortino Ratio Rank: 60
XESG.TO Omega Ratio Rank: 68
XESG.TO Calmar Ratio Rank: 63
XESG.TO Martin Ratio Rank: 74

HCA.TO

HCA.TO Risk / Return Rank: 96
HCA.TO Sharpe Ratio Rank: 97
HCA.TO Sortino Ratio Rank: 98
HCA.TO Omega Ratio Rank: 97
HCA.TO Calmar Ratio Rank: 94
HCA.TO Martin Ratio Rank: 95

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.

XESG.TO vs. HCA.TO - Risk-Adjusted Trends Comparison

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

	XESG.TO	HCA.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.24	4.82	-2.58
Sortino ratio: Return per unit of downside risk	2.86	7.08	-4.22
Omega ratio: Gain probability vs. loss probability	1.41	1.97	-0.56
Calmar ratio: Return relative to maximum drawdown	3.17	7.27	-4.09
Martin ratio: Return relative to average drawdown	14.11	32.98	-18.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XESG.TO vs. HCA.TO - Sharpe Ratio Comparison

The current XESG.TO Sharpe Ratio is 2.24, which is lower than the HCA.TO Sharpe Ratio of 4.82. The chart below compares the historical Sharpe Ratios of XESG.TO and HCA.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.

Sharpe Ratios by Period

	XESG.TO	HCA.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	4.82	-2.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.92	1.87	-0.95
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	2.18	-1.36

Drawdowns

XESG.TO vs. HCA.TO - Drawdown Comparison

The maximum XESG.TO drawdown since its inception was -37.36%, 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 XESG.TO and HCA.TO.

Drawdown Indicators

	XESG.TO	HCA.TO	Difference
Max Drawdown Largest peak-to-trough decline	-37.36%	-17.82%	-19.54%
Max Drawdown (1Y) Largest decline over 1 year	-9.28%	-8.52%	-0.76%
Max Drawdown (3Y) Largest decline over 3 years	-14.18%	-12.51%	-1.67%
Max Drawdown (5Y) Largest decline over 5 years	-17.91%	-17.82%	-0.09%
Current Drawdown Current decline from peak	-0.94%	-1.28%	+0.34%
Average Drawdown Average peak-to-trough decline	-4.55%	-3.35%	-1.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	1.87%	+0.21%

Volatility

XESG.TO vs. HCA.TO - Volatility Comparison

The current volatility for iShares ESG Aware MSCI Canada Index ETF (XESG.TO) is 3.37%, while Hamilton Canadian Bank Mean Reversion Index ETF (HCA.TO) has a volatility of 4.15%. This indicates that XESG.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.

Volatility by Period

	XESG.TO	HCA.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.37%	4.15%	-0.78%
Volatility (6M) Calculated over the trailing 6-month period	10.94%	11.14%	-0.20%
Volatility (1Y) Calculated over the trailing 1-year period	13.15%	12.85%	+0.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.62%	15.09%	-1.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.83%	15.09%	+1.74%

XESG.TO vs. HCA.TO - Expense Ratio Comparison

XESG.TO has a 0.16% expense ratio, which is lower than HCA.TO's 0.45% expense ratio.

Dividends

XESG.TO vs. HCA.TO - Dividend Comparison

XESG.TO's dividend yield for the trailing twelve months is around 1.96%, less than HCA.TO's 2.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
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%
XESG.TO iShares ESG Aware MSCI Canada Index ETF	1.96%	2.13%	2.45%	2.74%	2.63%	1.88%	2.15%	1.05%

Frequently Asked Questions

Can I hold both XESG.TO and HCA.TO in my portfolio?

XESG.TO and HCA.TO have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XESG.TO or HCA.TO?

On fees, XESG.TO is cheaper at 0.16% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XESG.TO or HCA.TO?

XESG.TO is cheaper with a 0.16% expense ratio, compared with 0.45% for HCA.TO.

What is the main difference between XESG.TO and HCA.TO?

XESG.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: 0.16% for XESG.TO and 0.45% for HCA.TO.