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Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.TO) Alternatives

ETF · Currency in CAD · Last updated Aug 5, 2026

Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.TO) is an actively managed Canadian covered-call ETF that seeks high monthly income and exposure to utility services equity securities primarily listed or domiciled in Canada and the United States.

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 45 ETFs in the Derivative Income category with lower expense ratios, going as low as 0.21%.

SymbolNameExpense RatioAUMInception
QQCI.TO
Invesco NASDAQ 100 Income Advantage ETF0.21%63.79MAug 2024UMAX.TO vs QQCI.TO
EQLI.TO
Invesco S&P 500 Equal Weight Income Advantage ETF0.29%169.56MNov 2025UMAX.TO vs EQLI.TO
ECHI.TO
Ninepoint Enhanced Canadian HighShares ETF0.29%—Aug 2025UMAX.TO vs ECHI.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 69. There are 45 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
195.83MJun 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...
98
1.33BFeb 2022UMAX.TO vs BANK.TO
ZWB.TO
BMO Covered Call Canadian Banks ETF
97
4.77BJan 2011UMAX.TO vs ZWB.TO
BKCC.TO
Global X Equal Weight Canadian Bank Covered Call E...
97
405.23MMay 2011UMAX.TO vs BKCC.TO

Top Performing UMAX.TO Alternatives (YTD)

UMAX.TO is at 8.91% YTD. There are 81 ETFs in the Derivative Income category with higher YTD returns, going as high as 44.89%.

SymbolNameYTD ReturnAUMInception
YAVG.NEO
Broadcom (AVGO) Yield Shares Purpose ETF
44.89%
—Feb 2025UMAX.TO vs YAVG.NEO
CBNK.TO
Mulvihill Canadian Bank Enhanced Yield ETF
44.76%
—Feb 2022UMAX.TO vs CBNK.TO
CNQE.TO
Harvest CNQ Enhanced High Income Shares ETF
37.43%
—Aug 2025UMAX.TO vs CNQE.TO
ENCL.TO
Global X Enhanced Canadian Oil and Gas Equity Cove...
36.74%
295.63MOct 2023UMAX.TO vs ENCL.TO
HPF.TO
Harvest Energy Leaders Income ETF – Class A Units
34.39%
69.39MOct 2014UMAX.TO vs HPF.TO

Lowest Volatility Alternatives to UMAX.TO

UMAX.TO has 7.74% 1-year volatility. There are 9 ETFs in the Derivative Income category with lower 1-year volatility, going as low as 1.78%.

SymbolNameVolatility 1YAUMInception
HBIL.TO
Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedg...1.78%214.20MSep 2024UMAX.TO vs HBIL.TO
HBIL-U.TO
Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhed...1.98%152.80MSep 2024UMAX.TO vs HBIL-U.TO
PYF.TO
Purpose Premium Yield Fund Series ETF3.28%682.20MNov 2018UMAX.TO vs PYF.TO
HPYM.TO
Harvest Premium Yield 7-10 Year Treasury ETF - Cla...4.65%249.28MJan 2024UMAX.TO vs HPYM.TO
PINC.TO
Purpose Multi-Asset Income Fund6.34%108.20MApr 2018UMAX.TO vs PINC.TO

Lowest Drawdown Alternatives to UMAX.TO

UMAX.TO has a 1-year max drawdown of -5.11%. There are 8 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%
214.20MSep 2024UMAX.TO vs HBIL.TO
HBIL-U.TO
Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhed...
-1.32%
152.80MSep 2024UMAX.TO vs HBIL-U.TO
PYF.TO
Purpose Premium Yield Fund Series ETF
-2.11%
682.20MNov 2018UMAX.TO vs PYF.TO
HLIF.TO
Harvest Canadian Equity Income Leaders ETF Class A
-3.09%
195.83MJun 2022UMAX.TO vs HLIF.TO
PINC.TO
Purpose Multi-Asset Income Fund
-3.59%
108.20MApr 2018UMAX.TO vs PINC.TO

Other ETFs from Hamilton

The 10 most viewed Hamilton ETFs shown here include HDIV.TO, HMAX.TO, HYLD.TO and span 7 categories. AUM among these funds goes as high as $3B.

SymbolNameCategoryRisk / Return RankYTD ReturnAUMInception
HDIV.TO
Hamilton Enhanced Canadian Covered Call ETFDerivative Income
95
20.75%
1.79BJul 2021UMAX.TO vs HDIV.TO
HMAX.TO
Hamilton Canadian Financials Yield Maximizer ETFDerivative Income
97
20.10%
2.58BJan 2023UMAX.TO vs HMAX.TO
HYLD.TO
Hamilton Enhanced U.S. Covered Call ETFDerivative Income
77
16.59%
1.30BFeb 2022UMAX.TO vs HYLD.TO
HCAL.TO
Hamilton Enhanced Canadian Bank ETFFinancials Equities, Canada Equities, Leveraged Equities
98
40.83%
1.09BOct 2020UMAX.TO vs HCAL.TO
QDAY.NEO
Hamilton EnhancedTechnology DayMAX™ ETFDerivative Income
62
30.22%
—Jul 2025UMAX.TO vs QDAY.NEO
CDAY.NEO
Hamilton Enhanced Canadian Equity DayMAX ETFDerivative Income, Canada Equities
92
18.17%
242.10MJul 2025UMAX.TO vs CDAY.NEO
QMAX.TO
Hamilton Technology YIELD MAXIMIZER ETFTechnology Equities, Derivative Income
42
20.82%
936.10MOct 2023UMAX.TO vs QMAX.TO
CMVP.TO
HAMILTON CHAMPIONS Canadian Dividend Index ETF Cla...Canada Equities
95
18.41%
—Jan 2025UMAX.TO vs CMVP.TO
SDAY.NEO
Hamilton Enhanced U.S. Equity DayMAX™ ETFDerivative Income
77
18.92%
0.00Jul 2025UMAX.TO vs SDAY.NEO
AMAX.TO
Hamilton Gold Producer YIELD MAXIMIZER ETFGold, Derivative Income, Precious Metals
29
-9.75%
481.30MFeb 2024UMAX.TO vs AMAX.TO

Often Compared With UMAX.TO

Investors most often compare UMAX.TO with UTES, ZWU.TO, UTES.TO. These 20 comparison targets span 13 categories, based on PortfoliosLab usage data.

SymbolNameCategoryRisk / Return RankYTD ReturnAUMInception
UTES
Virtus Reaves Utilities ETFUtilities Equities
6
-1.63%
1.33BSep 2015UMAX.TO vs UTES
ZWU.TO
BMO Covered Call Utilities ETFUtilities Equities, Derivative Income
53
9.75%
2.20BOct 2011UMAX.TO vs ZWU.TO
UTES.TO
Evolve Canadian Utilities Enhanced Yield Index Fun...Utilities Equities, Derivative Income, Leveraged Equities
52
9.53%
445.34MSep 2024UMAX.TO vs UTES.TO
UTG
Reaves Utility Income Trust
52
9.53%
——UMAX.TO vs UTG
JEPQ
JPMorgan Nasdaq Equity Premium Income ETFNasdaq-100, Derivative Income
60
9.76%
39.88BMay 2022UMAX.TO vs JEPQ
EMAX.TO
Hamilton Energy YIELD MAXIMIZER ETFEnergy Equities, Derivative Income
77
31.26%
538.30MFeb 2024UMAX.TO vs EMAX.TO
ZUT.TO
BMO Equal Weight Utilities Index ETFUtilities Equities, Equal Weight
75
21.32%
852.96MJan 2010UMAX.TO vs ZUT.TO
GDV.TO
Global Dividend Growth Split Corp.
93
36.60%
——UMAX.TO vs GDV.TO
XDIV.TO
iShares Core MSCI Canadian Quality Dividend Index ...Quality Factor, Dividend, Large Cap Value Equities
98
28.81%
6.16BJun 2017UMAX.TO vs XDIV.TO
SMAX.TO
Hamilton U.S. Equity YIELD MAXIMIZER ETFDerivative Income
92
19.34%
1.08BOct 2023UMAX.TO vs SMAX.TO
ENB-PD.TO
Enbridge Inc.
97
13.48%
——UMAX.TO vs ENB-PD.TO
QQQ
Invesco QQQ ETFNasdaq-100
55
18.11%
452.80BMar 1999UMAX.TO vs QQQ
HUTE.TO
Harvest Equal Weight Global Utilities Enhanced Inc...Derivative Income, Utilities Equities
47
11.73%
104.38MOct 2022UMAX.TO vs HUTE.TO
ENCC.TO
Global X Canadian Oil and Gas Equity Covered Call ...Derivative Income, Energy Equities
89
29.35%
784.46MApr 2011UMAX.TO vs ENCC.TO
APR-UN.TO
Automotive Properties Real Estate Investment Trust
79
15.22%
——UMAX.TO vs APR-UN.TO
HYLD-U.TO
Hamilton Enhanced U.S. Covered Call ETF (USD)Derivative Income, Options Trading, Actively Managed
81
18.82%
927.41MFeb 2022UMAX.TO vs HYLD-U.TO
HUTL.TO
Harvest Equal Weight Global Utilities Income ETFUtilities Equities
51
9.80%
548.36MJan 2019UMAX.TO vs HUTL.TO
FLI.TO
CI U.S. & Canada Lifeco Covered Call ETF (Hedged C...Derivative Income, Financials Equities, Options Trading, Actively Managed
87
19.84%
91.96MAug 2013UMAX.TO vs FLI.TO
AVGY.TO
Harvest Broadcom Enhanced High Income Shares ETF -...Derivative Income
42
28.05%
—Mar 2025UMAX.TO vs AVGY.TO
ZWP.TO
BMO Covered Call Europe High Dividend ETFEurope Equities, Derivative Income
58
9.57%
1.10BMar 2018UMAX.TO vs ZWP.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