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

XUSF.TO vs. HCAL.TO

Last updated Jun 24, 2026

XUSF.TO (iShares S&P U.S. Financials Index ETF) and HCAL.TO (Hamilton Enhanced Canadian Bank ETF) are both Financials Equities funds - XUSF.TO tracks the S&P Financial Select Sector Index while HCAL.TO tracks the Solactive Equal Weight Canada Banks Index (125%). Both are passively managed. Over the past year, XUSF.TO returned 10.58% vs 95.86% for HCAL.TO. At a 0.42 correlation, their price movements are largely independent. XUSF.TO charges 0.25%/yr vs 0.65%/yr for HCAL.TO.

Performance

XUSF.TO vs. HCAL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P U.S. Financials Index ETF (XUSF.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, XUSF.TO achieves a 1.46% return, which is significantly lower than HCAL.TO's 38.28% return.

XUSF.TO

1D
0.23%
1M
6.62%
YTD
1.46%
6M
0.98%
1Y
10.58%
3Y*
—
5Y*
—
10Y*
—

HCAL.TO

1D
0.49%
1M
10.30%
YTD
38.28%
6M
38.09%
1Y
95.86%
3Y*
46.64%
5Y*
23.64%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023
XUSF.TO
iShares S&P U.S. Financials Index ETF		1.46%9.67%39.77%8.23%
HCAL.TO
Hamilton Enhanced Canadian Bank ETF		38.28%54.09%29.04%12.36%

Correlation

The correlation between XUSF.TO and HCAL.TO is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.49

Correlation (All Time)
Calculated using the full available price history since Sep 6, 2023

0.42

Compare stocks, funds, or ETFs

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iShares S&P U.S. Financials Index ETF

Hamilton Enhanced Canadian Bank ETF

Often compared with XUSF.TO:
XUSF.TO vs. HBA.TOXUSF.TO vs. FMAX.TOXUSF.TO vs. XCG.TOXUSF.TO vs. RBNK.TOXUSF.TO vs. XCS.TOXUSF.TO vs. ZEB.TOXUSF.TO vs. XEQT.TO
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

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XUSF.TO
XUSF.TO Risk / Return Rank: 2020
Overall Rank
XUSF.TO Sharpe Ratio Rank: 2121
Sharpe Ratio Rank
XUSF.TO Sortino Ratio Rank: 2020
Sortino Ratio Rank
XUSF.TO Omega Ratio Rank: 2323
Omega Ratio Rank
XUSF.TO Calmar Ratio Rank: 1818
Calmar Ratio Rank
XUSF.TO Martin Ratio Rank: 1717
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: 9696
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares S&P U.S. Financials Index ETF (XUSF.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.

XUSF.TOHCAL.TODifference
Sharpe ratioReturn per unit of total volatility
0.71
5.99

-5.28

Sortino ratioReturn per unit of downside risk
1.06
7.48

-6.42

Omega ratioGain probability vs. loss probability

1.15

2.05

-0.89

Calmar ratioReturn relative to maximum drawdown

0.73

9.05

-8.32

Martin ratioReturn relative to average drawdown

1.73

39.30

-37.57

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

The current XUSF.TO Sharpe Ratio is 0.71, which is lower than the HCAL.TO Sharpe Ratio of 5.99. The chart below compares the historical Sharpe Ratios of XUSF.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

XUSF.TO vs. HCAL.TO - Drawdown Comparison

The maximum XUSF.TO drawdown since its inception was -16.88%, smaller than the maximum HCAL.TO drawdown of -35.05%. Use the drawdown chart below to compare losses from any high point for XUSF.TO and HCAL.TO.

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Drawdown Indicators

XUSF.TOHCAL.TODifference

Max Drawdown

Largest peak-to-trough decline

-16.88%

-35.05%

+18.17%

Max Drawdown (1Y)

Largest decline over 1 year

-14.66%

-10.65%

-4.01%

Max Drawdown (3Y)

Largest decline over 3 years

—

-18.77%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-35.05%

—

Current Drawdown

Current decline from peak

-1.62%

0.00%

-1.62%

Average Drawdown

Average peak-to-trough decline

-3.50%

-9.52%

+6.02%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.15%

2.45%

+3.70%

Volatility

XUSF.TO vs. HCAL.TO - Volatility Comparison

The current volatility for iShares S&P U.S. Financials Index ETF (XUSF.TO) is 3.87%, while Hamilton Enhanced Canadian Bank ETF (HCAL.TO) has a volatility of 4.90%. This indicates that XUSF.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

XUSF.TOHCAL.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.87%

4.90%

-1.03%

Volatility (6M)

Calculated over the trailing 6-month period

11.64%

14.00%

-2.36%

Volatility (1Y)

Calculated over the trailing 1-year period

15.19%

16.10%

-0.91%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.83%

17.20%

+0.63%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.83%

16.99%

+0.84%

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

XUSF.TO has a 0.25% expense ratio, which is lower than HCAL.TO's 0.65% expense ratio.

Dividends

XUSF.TO vs. HCAL.TO - Dividend Comparison

XUSF.TO's dividend yield for the trailing twelve months is around 0.84%, less than HCAL.TO's 3.12% yield.

PositionTTM202520242023202220212020
HCAL.TO
Hamilton Enhanced Canadian Bank ETF		3.12%4.20%6.12%7.37%7.46%4.99%3.14%
XUSF.TO
iShares S&P U.S. Financials Index ETF		0.84%0.75%0.81%0.34%0.00%0.00%0.00%

Frequently Asked Questions

XUSF.TO and HCAL.TO have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XUSF.TO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XUSF.TO is cheaper with a 0.25% expense ratio, compared with 0.65% for HCAL.TO.

XUSF.TO tracks S&P Financial Select Sector Index, 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: 0.25% for XUSF.TO and 0.65% for HCAL.TO.

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