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Hamilton Canadian Financials Yield Maximizer ETF (HMAX.TO) Alternatives

ETF · Currency in CAD · Last updated Jul 14, 2026

HMAX aims to generate monthly income by providing exposure to a market cap-weighted portfolio of Canadian financial services stocks, utilizing an active covered call strategy to reduce volatility and enhance dividend income.

Hamilton Canadian Financials Yield Maximizer ETF (HMAX.TO) belongs to the Derivative Income category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with HMAX.TO. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.

Cheapest Alternatives to HMAX.TO

HMAX.TO charges 0.65% annually. There are 37 ETFs in the Derivative Income category with lower expense ratios, going as low as 0.29%.

SymbolNameExpense RatioAUMInception
ECHI.TO
Ninepoint Enhanced Canadian HighShares ETF0.29%—Aug 2025HMAX.TO vs ECHI.TO
EQLI.TO
Invesco S&P 500 Equal Weight Income Advantage ETF0.29%169.56MNov 2025HMAX.TO vs EQLI.TO
JEPQ.TO
JPMorgan Nasdaq Equity Premium Income Active ETF0.35%136.22MSep 2024HMAX.TO vs JEPQ.TO
HBIL.TO
Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedg...0.35%224.00MSep 2024HMAX.TO vs HBIL.TO
JEPI.TO
JPMorgan US Equity Premium Income Active ETF0.35%—Sep 2024HMAX.TO vs JEPI.TO

Best Risk-Adjusted Alternatives to HMAX.TO

HMAX.TO has a PortfoliosLab risk / return rank of 96. There are 7 ETFs in the Derivative Income category with higher risk-adjusted ranks, going as high as 98.

SymbolNameRisk / Return RankAUMInception
HLIF.TO
Harvest Canadian Equity Income Leaders ETF Class A
98
180.28MJun 2022HMAX.TO vs HLIF.TO
CBNK.TO
Mulvihill Canadian Bank Enhanced Yield ETF
98
—Feb 2022HMAX.TO vs CBNK.TO
BANK.TO
Evolve Canadian Banks and Lifecos Enhanced Yield I...
98
1.26BFeb 2022HMAX.TO vs BANK.TO
ZWB.TO
BMO Covered Call Canadian Banks ETF
97
4.84BJan 2011HMAX.TO vs ZWB.TO
BKCL.TO
Global X Enhanced Equal Weight Canadian Banks Cove...
97
198.10MJul 2023HMAX.TO vs BKCL.TO

Top Performing HMAX.TO Alternatives (YTD)

HMAX.TO is at 19.85% YTD. There are 15 ETFs in the Derivative Income category with higher YTD returns, going as high as 45.98%.

SymbolNameYTD ReturnAUMInception
CBNK.TO
Mulvihill Canadian Bank Enhanced Yield ETF
45.98%
—Feb 2022HMAX.TO vs CBNK.TO
ENCL.TO
Global X Enhanced Canadian Oil and Gas Equity Cove...
35.30%
271.10MOct 2023HMAX.TO vs ENCL.TO
YAVG.NEO
Broadcom (AVGO) Yield Shares Purpose ETF
30.97%
—Feb 2025HMAX.TO vs YAVG.NEO
BANK.TO
Evolve Canadian Banks and Lifecos Enhanced Yield I...
30.92%
1.26BFeb 2022HMAX.TO vs BANK.TO
BKCL.TO
Global X Enhanced Equal Weight Canadian Banks Cove...
29.97%
198.10MJul 2023HMAX.TO vs BKCL.TO

Lowest Volatility Alternatives to HMAX.TO

HMAX.TO has 10.17% 1-year volatility. There are 17 ETFs in the Derivative Income category with lower 1-year volatility, going as low as 1.76%.

SymbolNameVolatility 1YAUMInception
HBIL.TO
Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedg...1.76%224.00MSep 2024HMAX.TO vs HBIL.TO
HPYM.TO
Harvest Premium Yield 7-10 Year Treasury ETF - Cla...4.74%259.21MJan 2024HMAX.TO vs HPYM.TO
ZPH.TO
BMO US Put Write Hedged to CAD ETF6.54%35.29MFeb 2017HMAX.TO vs ZPH.TO
HLIF.TO
Harvest Canadian Equity Income Leaders ETF Class A7.06%180.28MJun 2022HMAX.TO vs HLIF.TO
ZPW.TO
BMO US Put Write ETF7.31%105.45MSep 2015HMAX.TO vs ZPW.TO

Lowest Drawdown Alternatives to HMAX.TO

HMAX.TO has a 1-year max drawdown of -7.29%. There are 20 ETFs in the Derivative Income category with shallower 1-year drawdowns, going as shallow as -0.95%.

SymbolNameMax Drawdown 1YAUMInception
HBIL.TO
Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedg...
-0.95%
224.00MSep 2024HMAX.TO vs HBIL.TO
HLIF.TO
Harvest Canadian Equity Income Leaders ETF Class A
-3.09%
180.28MJun 2022HMAX.TO vs HLIF.TO
HPYM.TO
Harvest Premium Yield 7-10 Year Treasury ETF - Cla...
-3.87%
259.21MJan 2024HMAX.TO vs HPYM.TO
ZWU.TO
BMO Covered Call Utilities ETF
-4.86%
2.21BOct 2011HMAX.TO vs ZWU.TO
DXQ.TO
Dynamic Active Enhanced Yield Covered Options ETF
-5.11%
—Sep 2022HMAX.TO vs DXQ.TO

Other ETFs from Hamilton Capital

The 10 most viewed Hamilton Capital ETFs shown here include HYLD.TO, HCAL.TO, UMAX.TO and span 8 categories. AUM among these funds goes as high as $1B.

SymbolNameCategoryRisk / Return RankYTD ReturnAUMInception
HYLD.TO
Hamilton Enhanced U.S. Covered Call ETFDerivative Income
74
14.77%
1.32BFeb 2022HMAX.TO vs HYLD.TO
HCAL.TO
Hamilton Enhanced Canadian Bank ETFFinancials Equities, Canada Equities, Leveraged Equities
98
42.24%
1.09BOct 2020HMAX.TO vs HCAL.TO
UMAX.TO
Hamilton Utilities YIELD MAXIMIZER ETFDerivative Income, Utilities Equities
76
10.23%
1.41BJun 2023HMAX.TO vs UMAX.TO
QDAY.NEO
Hamilton EnhancedTechnology DayMAX™ ETFDerivative Income—
28.18%
—Jul 2025HMAX.TO vs QDAY.NEO
CDAY.NEO
Hamilton Enhanced Canadian Equity DayMAX ETFDerivative Income, Canada Equities—
19.19%
242.10MJul 2025HMAX.TO vs CDAY.NEO
QMAX.TO
Hamilton Technology YIELD MAXIMIZER ETFTechnology Equities, Derivative Income
43
18.75%
991.10MOct 2023HMAX.TO vs QMAX.TO
AMAX.TO
Hamilton Gold Producer YIELD MAXIMIZER ETFGold, Derivative Income, Precious Metals
25
-12.74%
468.60MFeb 2024HMAX.TO vs AMAX.TO
CMVP.TO
HAMILTON CHAMPIONS Canadian Dividend Index ETF Cla...Canada Equities
94
17.93%
—Jan 2025HMAX.TO vs CMVP.TO
SDAY.NEO
Hamilton Enhanced U.S. Equity DayMAX™ ETFDerivative Income—
17.83%
0.00Jul 2025HMAX.TO vs SDAY.NEO
SMAX.TO
Hamilton U.S. Equity YIELD MAXIMIZER ETFDerivative Income
92
18.22%
1.10BOct 2023HMAX.TO vs SMAX.TO

Often Compared With HMAX.TO

Investors most often compare HMAX.TO with HDIV.TO, HHIS.TO, HYLD. These 20 comparison targets span 13 categories, based on PortfoliosLab usage data.

SymbolNameCategoryRisk / Return RankYTD ReturnAUMInception
HDIV.TO
Hamilton Enhanced Canadian Covered Call ETFDerivative Income
95
19.24%
1.74BJul 2021HMAX.TO vs HDIV.TO
HHIS.TO
Harvest Diversified High Income Shares ETFDerivative Income
22
7.91%
1.87BJan 2025HMAX.TO vs HHIS.TO
HYLD
High Yield ETFHigh Yield Bonds——95.91MNov 2010HMAX.TO vs HYLD
ZEB.TO
BMO Equal Weight Banks Index ETFFinancials Equities, Equal Weight
98
33.86%
7.20BOct 2009HMAX.TO vs ZEB.TO
VDY.TO
Vanguard FTSE Canadian High Dividend Yield Index E...Dividend
99
27.73%
8.59BNov 2012HMAX.TO vs VDY.TO
VFV.TO
Vanguard S&P 500 Index ETFS&P 500
79
13.78%
34.09BNov 2012HMAX.TO vs VFV.TO
FIE.TO
iShares Canadian Financial Monthly Income ETFFinancials Equities, Canada Equities
93
16.92%
1.44BApr 2010HMAX.TO vs FIE.TO
XDIV.TO
iShares Core MSCI Canadian Quality Dividend Index ...Dividend, Large Cap Value Equities
98
25.10%
5.78BJun 2017HMAX.TO vs XDIV.TO
ZWC.TO
BMO CA High Dividend Covered Call ETFDerivative Income
95
13.92%
2.41BFeb 2017HMAX.TO vs ZWC.TO
XEQT.TO
iShares Core Equity ETF PortfolioGlobal Equities
86
13.91%
20.34BAug 2019HMAX.TO vs XEQT.TO
FTN.TO
Financial 15 Split Corp.
99
49.33%
——HMAX.TO vs FTN.TO
USCL
iShares Climate Conscious & Transition MSCI USA ET...Large Cap Blend Equities
40
6.54%
2.84BJun 2023HMAX.TO vs USCL
ENCC.TO
Global X Canadian Oil and Gas Equity Covered Call ...Derivative Income, Energy Equities
89
28.07%
714.60MApr 2011HMAX.TO vs ENCC.TO
QYLD
Global X NASDAQ 100 Covered Call ETFNasdaq-100, Derivative Income
88
9.09%
8.37BDec 2013HMAX.TO vs QYLD
ZWH.TO
BMO US High Dividend Covered Call ETFDerivative Income
85
13.57%
1.15BFeb 2014HMAX.TO vs ZWH.TO
HBNK.TO
Global X Equal Weight Banks Index ETFFinancials Equities, Equal Weight
98
33.80%
—Jul 2023HMAX.TO vs HBNK.TO
HDIVX
Janus Henderson Dividend & Income Builder FundForeign Large Cap Equities
51
16.63%
—Jul 2012HMAX.TO vs HDIVX
TF.TO
Timbercreek Financial Corp.
27
0.03%
——HMAX.TO vs TF.TO
BKCC.TO
Global X Equal Weight Canadian Bank Covered Call E...Derivative Income
97
23.91%
400.33MMay 2011HMAX.TO vs BKCC.TO
EMAX.TO
Hamilton Energy YIELD MAXIMIZER ETFEnergy Equities, Derivative Income
63
27.91%
494.30MFeb 2024HMAX.TO vs EMAX.TO

Compare HMAX.TO with Any Fund or Stock

Compare HMAX.TO with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.

 

Diversifiers

Pair HMAX.TO with funds that move differently

Hamilton Canadian Financials Yield Maximizer ETF alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to HMAX.TO.

Explore HMAX.TO Diversifiers