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Hamilton Gold Producer YIELD MAXIMIZER ETF (AMAX.TO) Diversifiers

ETF · Currency in CAD · Last updated Jun 4, 2026

AMAX aims to provide attractive monthly income and exposure to an equal-weight portfolio of primarily large-cap gold producers, using an active covered call strategy to reduce volatility and enhance dividend income.

Looking to diversify beyond AMAX.TO? The ETFs below have the lowest correlation with AMAX.TO — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from AMAX.TO.

Best Diversifiers for AMAX.TO

16 ETFs have low correlation with AMAX.TO (below 0.3), 3 of which are negatively correlated.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
EMAX.TO
Hamilton Energy YIELD MAXIMIZER ETF-0.08——
70
Energy Equities, Derivative IncomeAMAX.TO vs EMAX.TO
ENCC.TO
Global X Canadian Oil and Gas Equity Covered Call ...-0.05——
85
Derivative Income, Energy EquitiesAMAX.TO vs ENCC.TO
ENCL.TO
Global X Enhanced Canadian Oil and Gas Equity Cove...-0.05——
85
Oil & Gas, Derivative IncomeAMAX.TO vs ENCL.TO
ZWU.TO
BMO Covered Call Utilities ETF0.12——
58
Utilities Equities, Derivative IncomeAMAX.TO vs ZWU.TO
HBIL.TO
Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedg...0.15——
56
Derivative Income, Short-Term BondAMAX.TO vs HBIL.TO
See all 23 diversifiers for AMAX.TO

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from AMAX.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to AMAX.TO and solid risk/return profiles. The least correlated is Cenovus Energy Inc. (CVE.TO) (Energy) with a 1Y correlation of -0.07, down from 0.04 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
CVE.TO
Cenovus Energy Inc.-0.070.040.04
95
Energy
SOBO.TO
South Bow Corp-0.06-0.01-0.01
90
Energy
PSLV.TO
Sprott Physical Silver Trust0.71——
80
Financial Services
EQX.TO
Equinox Gold Corp.0.77——
71
Basic Materials
K.TO
Kinross Gold Corporation0.900.880.88
80
Basic Materials

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Diversification Analysis

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Analyze a portfolio with AMAX.TO