ZFN.TO vs. HCAL.TO

Last updated Aug 4, 2026

ZFN.TO (BMO SIA Focused North American Equity Fund) and HCAL.TO (Hamilton Enhanced Canadian Bank ETF) are both exchange-traded funds - ZFN.TO is a Canada Equities fund actively managed by BMO, while HCAL.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index (125%). ZFN.TO is actively managed, while HCAL.TO is passively managed. Over the past 5 years, ZFN.TO returned 12.50%/yr vs 24.47%/yr for HCAL.TO. Their 0.39 correlation means their historical movements had little consistent relationship. ZFN.TO charges 0.80%/yr vs 0.65%/yr for HCAL.TO.

Performance

ZFN.TO vs. HCAL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO SIA Focused North American Equity Fund (ZFN.TO) and Hamilton Enhanced Canadian Bank ETF (HCAL.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZFN.TO achieves a 1.20% return, which is significantly lower than HCAL.TO's 41.03% return.

ZFN.TO

• 1D: 0.61%
• 1M: -3.74%
• 6M: -1.91%
• YTD: 1.20%
• 1Y: 13.73%
• 3Y*: 15.87%
• 5Y*: 12.50%
• 10Y*: —
• ALL TIME*: 11.09%

HCAL.TO

• 1D: 0.22%
• 1M: 1.89%
• 6M: 38.82%
• YTD: 41.03%
• 1Y: 88.97%
• 3Y*: 43.38%
• 5Y*: 24.47%
• 10Y*: —
• ALL TIME*: 29.85%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HCAL.TO Hamilton Enhanced Canadian Bank ETF	CA$4.03M	CA$3.86M	CA$4.00M
ZFN.TO BMO SIA Focused North American Equity Fund	CA$170.59K	CA$152.77K	CA$257.53K

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ZFN.TO BMO SIA Focused North American Equity Fund	1.20%	12.52%	36.74%	9.08%	-3.72%	16.80%	1.08%
HCAL.TO Hamilton Enhanced Canadian Bank ETF	41.03%	54.09%	29.04%	11.73%	-17.54%	50.25%	16.92%

Correlation

The correlation between ZFN.TO and HCAL.TO is 0.50, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.50
Correlation (3Y) Balances recent behavior with more history.	0.42
Correlation (5Y) Shows whether the relationship held over a longer period.	0.38
Correlation (All Time) Calculated using the full available price history since Oct 15, 2020	0.39

The correlation between ZFN.TO and HCAL.TO shifts across timeframes, from 0.38 (5 years) to 0.50 (1 year), reflecting how their relationship changes across market environments.

ZFN.TO vs. HCAL.TO - Sectors Allocation Comparison

Sectors	ZFN.TO	HCAL.TO
Financial Services	32.5%	100.0%
Technology	21.7%	-
Industrials	19.5%	-
Energy	18.2%	-
Healthcare	13.8%	-
Utilities	6.3%	-
Communication Services	6.3%	-
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Real Estate	-	-

Return for Risk

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

Compare historical risk-adjusted metric ranks over the past 12 months.

ZFN.TO

ZFN.TO Risk / Return Rank: 24
ZFN.TO Sharpe Ratio Rank: 23
ZFN.TO Sortino Ratio Rank: 24
ZFN.TO Omega Ratio Rank: 25
ZFN.TO Calmar Ratio Rank: 24
ZFN.TO Martin Ratio Rank: 23

HCAL.TO

HCAL.TO Risk / Return Rank: 98
HCAL.TO Sharpe Ratio Rank: 99
HCAL.TO Sortino Ratio Rank: 98
HCAL.TO Omega Ratio Rank: 97
HCAL.TO Calmar Ratio Rank: 97
HCAL.TO Martin Ratio Rank: 97

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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

This table presents a comparison of risk-adjusted performance metrics for BMO SIA Focused North American Equity Fund (ZFN.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.

	ZFN.TO	HCAL.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.55	5.00	-4.46
Sortino ratio: Return per unit of downside risk	0.92	5.91	-5.00
Omega ratio: Gain probability vs. loss probability	1.12	1.84	-0.72
Calmar ratio: Return relative to maximum drawdown	0.76	8.34	-7.58
Martin ratio: Return relative to average drawdown	1.75	34.52	-32.77

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

The current ZFN.TO Sharpe Ratio is 0.55, which is lower than the HCAL.TO Sharpe Ratio of 5.00. The chart below compares the historical Sharpe Ratios of ZFN.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.

Drawdowns

ZFN.TO vs. HCAL.TO - Drawdown Comparison

The maximum ZFN.TO drawdown since its inception was -21.64%, smaller than the maximum HCAL.TO drawdown of -35.05%. Use the drawdown chart below to compare losses from any high point for ZFN.TO and HCAL.TO.

Drawdown Indicators

	ZFN.TO	HCAL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-21.64%	-35.05%	+13.41%
Max Drawdown (1Y) Largest decline over 1 year	-15.99%	-10.65%	-5.34%
Max Drawdown (3Y) Largest decline over 3 years	-17.33%	-16.66%	-0.67%
Max Drawdown (5Y) Largest decline over 5 years	-17.33%	-35.05%	+17.72%
Current Drawdown Current decline from peak	-6.81%	-3.70%	-3.11%
Average Drawdown Average peak-to-trough decline	-5.01%	-9.40%	+4.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.92%	2.57%	+4.35%

Volatility

ZFN.TO vs. HCAL.TO - Volatility Comparison

The current volatility for BMO SIA Focused North American Equity Fund (ZFN.TO) is 5.27%, while Hamilton Enhanced Canadian Bank ETF (HCAL.TO) has a volatility of 7.79%. This indicates that ZFN.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.

Volatility by Period

	ZFN.TO	HCAL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.27%	7.79%	-2.52%
Volatility (6M) Calculated over the trailing 6-month period	14.94%	15.58%	-0.64%
Volatility (1Y) Calculated over the trailing 1-year period	22.26%	17.80%	+4.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.50%	17.44%	-1.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.44%	17.13%	-0.69%

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

ZFN.TO has a 0.80% expense ratio, which is higher than HCAL.TO's 0.65% expense ratio.

Dividends

ZFN.TO vs. HCAL.TO - Dividend Comparison

ZFN.TO's dividend yield for the trailing twelve months is around 0.49%, less than HCAL.TO's 3.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
HCAL.TO Hamilton Enhanced Canadian Bank ETF	3.12%	4.20%	6.12%	7.37%	7.46%	4.27%	2.66%	0.00%	0.00%
ZFN.TO BMO SIA Focused North American Equity Fund	0.49%	0.50%	0.90%	0.97%	2.37%	0.69%	0.59%	0.37%	0.03%

Frequently Asked Questions

Can I hold both ZFN.TO and HCAL.TO in my portfolio?

ZFN.TO and HCAL.TO have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZFN.TO or HCAL.TO?

On fees, HCAL.TO is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZFN.TO or HCAL.TO?

HCAL.TO is cheaper with a 0.65% expense ratio, compared with 0.80% for ZFN.TO.

What is the main difference between ZFN.TO and HCAL.TO?

ZFN.TO is categorized as Canada Equities, while HCAL.TO is Financials Equities. They also come from different issuers: BMO and Hamilton. Their fees differ too: 0.80% for ZFN.TO and 0.65% for HCAL.TO.