ZUB.TO vs. HCAL.TO
ZUB.TO (BMO Equal Weight US Banks Hedged to CAD Index ETF) and HCAL.TO (Hamilton Enhanced Canadian Bank ETF) are both Financials Equities funds. Over the past 5 years, ZUB.TO returned 6.82%/yr vs 24.03%/yr for HCAL.TO. A 0.71 correlation means they provide meaningful diversification when combined.
Performance
ZUB.TO vs. HCAL.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZUB.TO achieves a 9.98% return, which is significantly lower than HCAL.TO's 40.08% return.
ZUB.TO
- 1D
- -0.56%
- 1M
- 7.85%
- YTD
- 9.98%
- 6M
- 9.11%
- 1Y
- 26.03%
- 3Y*
- 28.94%
- 5Y*
- 6.82%
- 10Y*
- 11.27%
HCAL.TO
- 1D
- 0.97%
- 1M
- 13.87%
- YTD
- 40.08%
- 6M
- 39.42%
- 1Y
- 92.01%
- 3Y*
- 44.83%
- 5Y*
- 24.03%
- 10Y*
- —
ZUB.TO vs. HCAL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
ZUB.TO BMO Equal Weight US Banks Hedged to CAD Index ETF | 9.98% | 20.24% | 33.07% | -6.02% | -23.00% | 39.30% | 28.18% |
HCAL.TO Hamilton Enhanced Canadian Bank ETF | 40.08% | 54.09% | 29.04% | 11.73% | -17.54% | 50.25% | 16.92% |
Correlation
The correlation between ZUB.TO and HCAL.TO is 0.62, 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 | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Oct 15, 2020 | 0.71 |
The correlation between ZUB.TO and HCAL.TO has been stable across timeframes, ranging from 0.62 to 0.72 - a consistent structural relationship.
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Return for Risk
ZUB.TO vs. HCAL.TO — Risk / Return Rank
ZUB.TO
HCAL.TO
ZUB.TO vs. HCAL.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Equal Weight US Banks Hedged to CAD Index ETF (ZUB.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.
| ZUB.TO | HCAL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.48 | ||
| Sortino ratioReturn per unit of downside risk | -5.43 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 2.00 | -0.77 |
| Calmar ratioReturn relative to maximum drawdown | 1.53 | 8.68 | -7.15 |
| Martin ratioReturn relative to average drawdown | 4.15 | 37.71 | -33.56 |
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Drawdowns
ZUB.TO vs. HCAL.TO - Drawdown Comparison
The maximum ZUB.TO drawdown since its inception was -55.05%, 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 ZUB.TO and HCAL.TO.
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Drawdown Indicators
| ZUB.TO | HCAL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.05% | -35.05% | -20.00% |
Max Drawdown (1Y)Largest decline over 1 year | -17.10% | -10.65% | -6.45% |
Max Drawdown (3Y)Largest decline over 3 years | -27.33% | -18.77% | -8.56% |
Max Drawdown (5Y)Largest decline over 5 years | -52.97% | -35.05% | -17.92% |
Max Drawdown (10Y)Largest decline over 10 years | -55.05% | — | — |
Current DrawdownCurrent decline from peak | -0.87% | 0.00% | -0.87% |
Average DrawdownAverage peak-to-trough decline | -14.13% | -9.51% | -4.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.29% | 2.45% | +3.84% |
Volatility
ZUB.TO vs. HCAL.TO - Volatility Comparison
BMO Equal Weight US Banks Hedged to CAD Index ETF (ZUB.TO) has a higher volatility of 4.73% compared to Hamilton Enhanced Canadian Bank ETF (HCAL.TO) at 3.76%. This indicates that ZUB.TO's price experiences larger fluctuations and is considered to be riskier 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
| ZUB.TO | HCAL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.73% | 3.76% | +0.97% |
Volatility (6M)Calculated over the trailing 6-month period | 15.24% | 14.05% | +1.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.79% | 16.14% | +4.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.92% | 17.20% | +10.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.16% | 16.95% | +13.21% |
Dividends
ZUB.TO vs. HCAL.TO - Dividend Comparison
ZUB.TO's dividend yield for the trailing twelve months is around 1.78%, less than HCAL.TO's 3.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HCAL.TO Hamilton Enhanced Canadian Bank ETF | 3.11% | 4.20% | 6.12% | 7.37% | 7.46% | 4.27% | 2.66% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZUB.TO BMO Equal Weight US Banks Hedged to CAD Index ETF | 1.78% | 1.96% | 2.29% | 2.91% | 2.50% | 1.88% | 2.57% | 2.13% | 1.92% | 1.15% | 1.34% | 1.42% |
Frequently Asked Questions
ZUB.TO and HCAL.TO have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: BMO and Hamilton Capital.
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