PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan

Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.TO) Alternatives

ETF · Currency in CAD · Last updated Jun 24, 2026

UMAX aims to provide attractive monthly income by investing in a portfolio of utility services equity securities primarily in Canada and the U.S., while employing an active covered call strategy to reduce volatility and enhance dividend income.

Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.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 UMAX.TO. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.

Cheapest Alternatives to UMAX.TO

UMAX.TO charges 0.65% annually. There are 36 ETFs in the Derivative Income category with lower expense ratios, going as low as 0.04%.

SymbolNameExpense RatioAUMInception
USCL.TO
Global X Enhanced S&P 500 Covered Call ETF0.04%250.98MJul 2023UMAX.TO vs USCL.TO
ECHI.TO
Ninepoint Enhanced Canadian HighShares ETF0.29%—Aug 2025UMAX.TO vs ECHI.TO
EQLI.TO
Invesco S&P 500 Equal Weight Income Advantage ETF0.29%155.19MNov 2025UMAX.TO vs EQLI.TO
JEPQ.TO
JPMorgan Nasdaq Equity Premium Income Active ETF0.35%136.22MSep 2024UMAX.TO vs JEPQ.TO
JEPI.TO
JPMorgan US Equity Premium Income Active ETF0.35%—Sep 2024UMAX.TO vs JEPI.TO

Best Risk-Adjusted Alternatives to UMAX.TO

UMAX.TO has a PortfoliosLab risk / return rank of 74. There are 28 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
—Jun 2022UMAX.TO vs HLIF.TO
CBNK.TO
Mulvihill Canadian Bank Enhanced Yield ETF
98
—Feb 2022UMAX.TO vs CBNK.TO
BANK.TO
Evolve Canadian Banks and Lifecos Enhanced Yield I...
97
1.16BFeb 2022UMAX.TO vs BANK.TO
ZWB.TO
BMO Covered Call Canadian Banks ETF
97
4.65BJan 2011UMAX.TO vs ZWB.TO
BKCL.TO
Global X Enhanced Equal Weight Canadian Banks Cove...
97
197.22MJul 2023UMAX.TO vs BKCL.TO

Top Performing UMAX.TO Alternatives (YTD)

UMAX.TO is at 9.83% YTD. There are 54 ETFs in the Derivative Income category with higher YTD returns, going as high as 41.95%.

SymbolNameYTD ReturnAUMInception
CBNK.TO
Mulvihill Canadian Bank Enhanced Yield ETF
41.95%
—Feb 2022UMAX.TO vs CBNK.TO
ENCL.TO
Global X Enhanced Canadian Oil and Gas Equity Cove...
30.80%
267.19MOct 2023UMAX.TO vs ENCL.TO
YAVG.NEO
Broadcom (AVGO) Yield Shares Purpose ETF
28.52%
—Feb 2025UMAX.TO vs YAVG.NEO
BANK.TO
Evolve Canadian Banks and Lifecos Enhanced Yield I...
27.46%
1.16BFeb 2022UMAX.TO vs BANK.TO
BKCL.TO
Global X Enhanced Equal Weight Canadian Banks Cove...
26.81%
197.22MJul 2023UMAX.TO vs BKCL.TO

Lowest Volatility Alternatives to UMAX.TO

UMAX.TO has 6.88% 1-year volatility. There are 2 ETFs in the Derivative Income category with lower 1-year volatility, going as low as 1.62%.

SymbolNameVolatility 1YAUMInception
HBIL.TO
Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedg...1.62%227.30MSep 2024UMAX.TO vs HBIL.TO
HPYM.TO
Harvest Premium Yield 7-10 Year Treasury ETF - Cla...4.66%230.93MJan 2024UMAX.TO vs HPYM.TO
HLIF.TO
Harvest Canadian Equity Income Leaders ETF Class A6.98%—Jun 2022UMAX.TO vs HLIF.TO
ZWU.TO
BMO Covered Call Utilities ETF7.68%2.20BOct 2011UMAX.TO vs ZWU.TO
HPYT.TO
Harvest Premium Yield Treasury ETF A8.02%377.33MMay 2024UMAX.TO vs HPYT.TO

Lowest Drawdown Alternatives to UMAX.TO

UMAX.TO has a 1-year max drawdown of -5.11%. There are 4 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%
227.30MSep 2024UMAX.TO vs HBIL.TO
HLIF.TO
Harvest Canadian Equity Income Leaders ETF Class A
-3.09%
—Jun 2022UMAX.TO vs HLIF.TO
HPYM.TO
Harvest Premium Yield 7-10 Year Treasury ETF - Cla...
-3.87%
230.93MJan 2024UMAX.TO vs HPYM.TO
ZWU.TO
BMO Covered Call Utilities ETF
-4.86%
2.20BOct 2011UMAX.TO vs ZWU.TO
DXQ.TO
Dynamic Active Enhanced Yield Covered Options ETF
-5.11%
—Sep 2022UMAX.TO vs DXQ.TO

Other ETFs from Hamilton Capital

The 10 most viewed Hamilton Capital ETFs shown here include HMAX.TO, HYLD.TO, HCAL.TO and span 7 categories. AUM among these funds goes as high as $2B.

SymbolNameCategoryRisk / Return RankYTD ReturnAUMInception
HMAX.TO
Hamilton Canadian Financials Yield Maximizer ETFDerivative Income
95
17.83%
2.47BJan 2023UMAX.TO vs HMAX.TO
HYLD.TO
Hamilton Enhanced U.S. Covered Call ETFDerivative Income
64
12.62%
1.30BFeb 2022UMAX.TO vs HYLD.TO
HCAL.TO
Hamilton Enhanced Canadian Bank ETFFinancials Equities, Canada Equities, Leveraged Equities
98
38.28%
1.06BOct 2020UMAX.TO vs HCAL.TO
QDAY.NEO
Hamilton EnhancedTechnology DayMAX™ ETFDerivative Income—
26.03%
—Jul 2025UMAX.TO vs QDAY.NEO
QMAX.TO
Hamilton Technology YIELD MAXIMIZER ETFTechnology Equities, Derivative Income
44
19.67%
1.01BOct 2023UMAX.TO vs QMAX.TO
CDAY.NEO
Hamilton Enhanced Canadian Equity DayMAX ETFDerivative Income, Canada Equities—
17.30%
242.10MJul 2025UMAX.TO vs CDAY.NEO
AMAX.TO
Hamilton Gold Producer YIELD MAXIMIZER ETFGold, Derivative Income, Precious Metals
25
-7.81%
504.60MFeb 2024UMAX.TO vs AMAX.TO
SDAY.NEO
Hamilton Enhanced U.S. Equity DayMAX™ ETFDerivative Income—
13.74%
—Jul 2025UMAX.TO vs SDAY.NEO
CMVP.TO
HAMILTON CHAMPIONS Canadian Dividend Index ETF Cla...Canada Equities
91
16.26%
—Jan 2025UMAX.TO vs CMVP.TO
SMAX.TO
Hamilton U.S. Equity YIELD MAXIMIZER ETFDerivative Income
88
16.38%
1.09BOct 2023UMAX.TO vs SMAX.TO

Often Compared With UMAX.TO

Investors most often compare UMAX.TO with UTES, UTES.TO, UTG. These 20 comparison targets span 10 categories, based on PortfoliosLab usage data.

SymbolNameCategoryRisk / Return RankYTD ReturnAUMInception
UTES
Virtus Reaves Utilities ETFUtilities Equities
17
5.02%
1.40BSep 2015UMAX.TO vs UTES
UTES.TO
Evolve Canadian Utilities Enhanced Yield Index Fun...Derivative Income
86
14.78%
412.15MSep 2024UMAX.TO vs UTES.TO
UTG
Reaves Utility Income Trust
79
18.90%
——UMAX.TO vs UTG
JEPQ
JPMorgan Nasdaq Equity Premium Income ETFNasdaq-100, Derivative Income
63
7.85%
40.03BMay 2022UMAX.TO vs JEPQ
HDIV.TO
Hamilton Enhanced Canadian Covered Call ETFDerivative Income
93
18.72%
1.70BJul 2021UMAX.TO vs HDIV.TO
EMAX.TO
Hamilton Energy YIELD MAXIMIZER ETFEnergy Equities, Derivative Income
51
22.48%
467.50MFeb 2024UMAX.TO vs EMAX.TO
XDIV.TO
iShares Core MSCI Canadian Quality Dividend Index ...Dividend, Large Cap Value Equities
98
21.65%
5.54BJun 2017UMAX.TO vs XDIV.TO
GDV.TO
Global Dividend Growth Split Corp.
92
35.93%
——UMAX.TO vs GDV.TO
ZUT.TO
BMO Equal Weight Utilities Index ETFUtilities Equities, Equal Weight
74
21.48%
844.73MJan 2010UMAX.TO vs ZUT.TO
ENB-PD.TO
Enbridge Inc.
96
7.26%
——UMAX.TO vs ENB-PD.TO
QQQ
Invesco QQQ ETFNasdaq-100
59
16.45%
493.17BMar 1999UMAX.TO vs QQQ
HUTE.TO
Harvest Equal Weight Global Utilities Enhanced Inc...Derivative Income, Utilities Equities
56
13.36%
101.38MOct 2022UMAX.TO vs HUTE.TO
APR-UN.TO
Automotive Properties Real Estate Investment Trust
73
13.38%
——UMAX.TO vs APR-UN.TO
ENCC.TO
Global X Canadian Oil and Gas Equity Covered Call ...Derivative Income, Energy Equities
77
24.43%
708.27MApr 2011UMAX.TO vs ENCC.TO
FLI.TO
CI U.S. & Canada Lifeco Covered Call ETF (Hedged C...Derivative Income
56
12.46%
87.79MAug 2013UMAX.TO vs FLI.TO
AVGY.TO
Harvest Broadcom Enhanced High Income Shares ETF -...Derivative Income
44
16.37%
—Mar 2025UMAX.TO vs AVGY.TO
ZWP.TO
BMO Covered Call Europe High Dividend ETFEurope Equities, Derivative Income
40
5.98%
1.09BMar 2018UMAX.TO vs ZWP.TO
GLCC.TO
Global X Gold Producer Equity Covered Call ETFDerivative Income, Gold, Precious Metals
30
-6.77%
589.70MApr 2011UMAX.TO vs GLCC.TO
CNQE.TO
Harvest CNQ Enhanced High Income Shares ETFDerivative Income—
22.02%
—Aug 2025UMAX.TO vs CNQE.TO
HYLD-U.TO
Hamilton Enhanced U.S. Covered Call ETF (USD)Derivative Income
73
14.21%
919.57MFeb 2022UMAX.TO vs HYLD-U.TO

Compare UMAX.TO with Any Fund or Stock

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

 

Diversifiers

Pair UMAX.TO with funds that move differently

Hamilton Utilities YIELD MAXIMIZER ETF alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to UMAX.TO.

Explore UMAX.TO Diversifiers