Canadian ETF comparison
HYLD vs HDIV: Covered Call ETF Comparison
HYLD and HDIV are Hamilton's two flagship monthly-income ETFs, built the same way: a portfolio of Hamilton covered-call ETFs plus about 25% leverage. The main difference is the market underneath. HYLD is primarily U.S. equities, hedged to the Canadian dollar; HDIV is primarily Canadian equities.
Track HYLD and HDIV income in Yieldello →Quick comparison
| Field | HYLDHamilton Enhanced U.S. Covered Call ETF | HDIVHamilton Enhanced Canadian Covered Call ETF |
|---|---|---|
| Covered-call approach | Through underlying Hamilton covered-call ETFs (a fund of funds) | Through underlying Hamilton sector covered-call ETFs (a fund of funds) |
| Geographic focus | U.S. equities, sector mix broadly like the S&P 500 | Canadian equities, sector mix broadly like the S&P/TSX 60 |
| Holdings | About 9 Hamilton covered-call ETFs | About 10 Hamilton sector covered-call ETFs |
| Leverage | About 25%, through cash borrowing | About 25%, through cash borrowing |
| Currency | CAD, hedged to the Canadian dollar (HYLD.U trades unhedged in USD) | CAD (Canadian holdings, no hedging needed) |
| Distributions | Monthly | Monthly |
| Fees | MER 1.87%; no fund-level management fee, the underlying ETFs charge theirs | MER 2.55%; no fund-level management fee, the underlying ETFs charge theirs |
| Provider | Hamilton ETFs | Hamilton ETFs |
| Inception | February 4, 2022 | July 19, 2021 |
Facts as of October 2026, from each provider: Hamilton ETFs: HYLD, Hamilton ETFs: HDIV. Yield and fund size change too often to show here; check the provider before investing.
Key differences
- Geography: HYLD holds U.S. companies across a sector mix like the S&P 500; HDIV holds Canadian companies, with the TSX's weight in financials, energy, utilities and materials.
- Currency: HYLD's Canadian-dollar units are hedged to remove most U.S.-dollar swings; HDIV holds Canadian businesses, so there's no currency question.
- Overlap: HDIV duplicates Canadian banks, pipelines and dividend funds many Canadians already own; HYLD adds sectors that are thin in Canada, such as technology and health care.
Income and distributions
Both pay monthly from the option income and dividends of their underlying ETFs, boosted by about 25% borrowing. Leverage raises the income but also the losses in a decline, and neither payment is guaranteed.
Hamilton removed the fund-level management fee on both in 2024, but each fund still pays the fees of the Hamilton ETFs it holds, which is why its MER is well above zero.
Performance and total return
With leverage on top of covered calls, both funds can fall faster than their markets in a sell-off and lag in a strong rally. The U.S. and Canadian markets have also taken turns leading, so past results depend heavily on the period chosen.
Compare total return (price change plus distributions) over matching periods, alongside the income paid.
Underlying exposure
HYLD's largest holdings are broad U.S. equity and technology covered-call ETFs. HDIV's are Canadian financials, energy and utilities covered-call ETFs, so Canadian banks alone are a large share of it.
Look through to the companies underneath before adding either fund: holding both, or either one next to other covered-call ETFs, can mean owning the same stocks several times.
The bottom line
HYLD may appeal more if…
- More U.S. covered-call exposure is a deliberate goal.
- The rest of the portfolio is heavily Canadian.
- Its CAD hedging and 25% leverage fit the role.
HDIV may appeal more if…
- Canadian multi-sector covered-call exposure fills a gap.
- It complements U.S.-heavy holdings.
- Overlap with Canadian banks and dividend funds already owned is acceptable.
Related comparisons
Related guides
Compare income ETFs with better context
Yieldello helps DIY income investors track the income their investments generate and understand how that income fits into the bigger picture.
Create a Free AccountThis page is for general educational purposes only and is not investment advice. ETF characteristics, distributions, fees, and risks can change over time. Review issuer documents and consider your own circumstances before making investment decisions.