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Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.TO) Alternatives

ETF · Currency in CAD · Last updated Jun 4, 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 37 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%249.48MJul 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
HBIL.TO
Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedg...0.35%235.30MSep 2024UMAX.TO vs HBIL.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 58. There are 41 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
96
—Feb 2022UMAX.TO vs CBNK.TO
BANK.TO
Evolve Canadian Banks and Lifecos Enhanced Yield I...
96
1.08BFeb 2022UMAX.TO vs BANK.TO
BKCL.TO
Global X Enhanced Equal Weight Canadian Banks Cove...
95
187.53MJul 2023UMAX.TO vs BKCL.TO
BKCC.TO
Global X Equal Weight Canadian Bank Covered Call E...
94
370.01MMay 2011UMAX.TO vs BKCC.TO

Top Performing UMAX.TO Alternatives (YTD)

UMAX.TO is at 8.78% YTD. There are 53 ETFs in the Derivative Income category with higher YTD returns, going as high as 59.96%.

SymbolNameYTD ReturnAUMInception
YAVG.NEO
Broadcom (AVGO) Yield Shares Purpose ETF
59.96%
—Feb 2025UMAX.TO vs YAVG.NEO
AVGY.TO
Harvest Broadcom Enhanced High Income Shares ETF -...
42.92%
—Mar 2025UMAX.TO vs AVGY.TO
CNQE.TO
Harvest CNQ Enhanced High Income Shares ETF
39.35%
—Aug 2025UMAX.TO vs CNQE.TO
ENCL.TO
Global X Enhanced Canadian Oil and Gas Equity Cove...
36.58%
286.32MOct 2023UMAX.TO vs ENCL.TO
NXF.TO
CI Energy Giants Covered Call ETF Common Units (CA...
32.43%
116.31MFeb 2015UMAX.TO vs NXF.TO

Lowest Volatility Alternatives to UMAX.TO

UMAX.TO has 6.65% 1-year volatility. There are 2 ETFs in the Derivative Income category with lower 1-year volatility, going as low as 1.66%.

SymbolNameVolatility 1YAUMInception
HBIL.TO
Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedg...1.66%235.30MSep 2024UMAX.TO vs HBIL.TO
HPYM.TO
Harvest Premium Yield 7-10 Year Treasury ETF - Cla...4.53%226.83MJan 2024UMAX.TO vs HPYM.TO
HLIF.TO
Harvest Canadian Equity Income Leaders ETF Class A6.85%—Jun 2022UMAX.TO vs HLIF.TO
ZWU.TO
BMO Covered Call Utilities ETF7.59%2.17BOct 2011UMAX.TO vs ZWU.TO
ZWC.TO
BMO CA High Dividend Covered Call ETF7.80%2.30BFeb 2017UMAX.TO vs ZWC.TO

Lowest Drawdown Alternatives to UMAX.TO

UMAX.TO has a 1-year max drawdown of -5.11%. There are 5 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%
235.30MSep 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...
-3.85%
226.83MJan 2024UMAX.TO vs HPYM.TO
HUTE.TO
Harvest Equal Weight Global Utilities Enhanced Inc...
-4.57%
97.17MOct 2022UMAX.TO vs HUTE.TO
ZWU.TO
BMO Covered Call Utilities ETF
-4.86%
2.17BOct 2011UMAX.TO vs ZWU.TO

Other ETFs from Hamilton Capital

The 10 most viewed Hamilton Capital ETFs shown here include HMAX.TO, HYLD.TO, HCAL.TO and span 5 categories. AUM among these funds goes as high as $2B.

SymbolNameCategoryRisk / Return RankYTD ReturnAUMInception
HMAX.TO
Hamilton Canadian Financials YIELD MAXIMIZER ETFDerivative Income
91
11.17%
2.34BJan 2023UMAX.TO vs HMAX.TO
HYLD.TO
Hamilton Enhanced U.S. Covered Call ETFDerivative Income
75
15.73%
1.29BFeb 2022UMAX.TO vs HYLD.TO
HCAL.TO
Hamilton Enhanced Canadian Bank ETFLeveraged Equities
96
23.54%
959.30MOct 2020UMAX.TO vs HCAL.TO
QMAX.TO
Hamilton Technology YIELD MAXIMIZER ETFTechnology Equities, Derivative Income
52
22.06%
973.00MOct 2023UMAX.TO vs QMAX.TO
QDAY.NEO
Hamilton EnhancedTechnology DayMAX™ ETFDerivative Income—
31.76%
—Jul 2025UMAX.TO vs QDAY.NEO
CDAY.NEO
Hamilton Enhanced Canadian Equity DayMAX ETFDerivative Income, Canada Equities—
13.70%
242.10MJul 2025UMAX.TO vs CDAY.NEO
AMAX.TO
Hamilton Gold Producer YIELD MAXIMIZER ETFGold, Derivative Income
32
-1.05%
519.30MFeb 2024UMAX.TO vs AMAX.TO
SDAY.NEO
Hamilton Enhanced U.S. Equity DayMAX™ ETFDerivative Income—
9.14%
—Jul 2025UMAX.TO vs SDAY.NEO
CMVP.TO
HAMILTON CHAMPIONS Canadian Dividend Index ETF Cla...Canada Equities
79
11.91%
—Jan 2025UMAX.TO vs CMVP.TO
SMAX.TO
Hamilton U.S. Equity YIELD MAXIMIZER ETFDerivative Income
94
18.79%
1.07BOct 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 8 categories, based on PortfoliosLab usage data.

SymbolNameCategoryRisk / Return RankYTD ReturnAUMInception
UTES
Virtus Reaves Utilities ETFUtilities Equities
14
0.08%
1.38BSep 2015UMAX.TO vs UTES
UTES.TO
Evolve Canadian Utilities Enhanced Yield Index Fun...Derivative Income
75
12.58%
405.53MSep 2024UMAX.TO vs UTES.TO
UTG
Reaves Utility Income Trust
78
16.83%
——UMAX.TO vs UTG
JEPQ
JPMorgan Nasdaq Equity Premium Income ETFNasdaq-100, Derivative Income
74
9.54%
39.63BMay 2022UMAX.TO vs JEPQ
HDIV.TO
Hamilton Enhanced Canadian Covered Call ETFDerivative Income
92
16.21%
1.63BJul 2021UMAX.TO vs HDIV.TO
XDIV.TO
iShares Core MSCI Canadian Quality Dividend Index ...Dividend, Large Cap Value Equities
98
19.17%
5.25BJun 2017UMAX.TO vs XDIV.TO
GDV.TO
Global Dividend Growth Split Corp.
88
17.22%
——UMAX.TO vs GDV.TO
EMAX.TO
Hamilton Energy YIELD MAXIMIZER ETFEnergy Equities, Derivative Income
70
30.76%
476.70MFeb 2024UMAX.TO vs EMAX.TO
ZUT.TO
BMO Equal Weight Utilities Index ETFUtilities Equities
65
20.31%
887.30MJan 2010UMAX.TO vs ZUT.TO
QQQ
Invesco QQQ ETFNasdaq-100
73
21.30%
493.99BMar 1999UMAX.TO vs QQQ
ENB-PD.TO
Enbridge Inc.
96
8.25%
——UMAX.TO vs ENB-PD.TO
APR-UN.TO
Automotive Properties Real Estate Investment Trust
75
12.38%
——UMAX.TO vs APR-UN.TO
ENCC.TO
Global X Canadian Oil and Gas Equity Covered Call ...Derivative Income, Energy Equities
85
29.01%
759.08MApr 2011UMAX.TO vs ENCC.TO
FLI.TO
CI U.S. & Canada Lifeco Covered Call ETF (Hedged C...Derivative Income
31
3.96%
85.28MAug 2013UMAX.TO vs FLI.TO
ZWP.TO
BMO Covered Call Europe High Dividend ETFEurope Equities, Derivative Income
32
4.01%
1.10BMar 2018UMAX.TO vs ZWP.TO
GLCC.TO
Global X Gold Producer Equity Covered Call ETFDerivative Income, Gold
39
-0.45%
597.10MApr 2011UMAX.TO vs GLCC.TO
HYLD-U.TO
Hamilton Enhanced U.S. Covered Call ETF (USD)Derivative Income
73
15.12%
937.07MFeb 2022UMAX.TO vs HYLD-U.TO
CRCY.TO
Harvest Circle Enhanced High Income Shares ETF Cla...Derivative Income—
3.77%
—Sep 2025UMAX.TO vs CRCY.TO
YCST.NEO
Costco (COST) Yield Shares Purpose ETFDerivative Income
5
12.72%
—Feb 2025UMAX.TO vs YCST.NEO
DXQ.TO
Dynamic Active Enhanced Yield Covered Options ETFDerivative Income
65
6.80%
—Sep 2022UMAX.TO vs DXQ.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