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Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.TO) Alternatives

ETF · Currency in CAD · Last updated Jul 15, 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 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 2025UMAX.TO vs ECHI.TO
EQLI.TO
Invesco S&P 500 Equal Weight Income Advantage ETF0.29%169.56MNov 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
HBIL.TO
Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedg...0.35%224.00MSep 2024UMAX.TO vs HBIL.TO

Best Risk-Adjusted Alternatives to UMAX.TO

UMAX.TO has a PortfoliosLab risk / return rank of 73. There are 30 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 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
1.26BFeb 2022UMAX.TO vs BANK.TO
ZWB.TO
BMO Covered Call Canadian Banks ETF
98
4.84BJan 2011UMAX.TO vs ZWB.TO
BKCL.TO
Global X Enhanced Equal Weight Canadian Banks Cove...
97
198.10MJul 2023UMAX.TO vs BKCL.TO

Top Performing UMAX.TO Alternatives (YTD)

UMAX.TO is at 9.82% YTD. There are 57 ETFs in the Derivative Income category with higher YTD returns, going as high as 47.03%.

SymbolNameYTD ReturnAUMInception
CBNK.TO
Mulvihill Canadian Bank Enhanced Yield ETF
47.03%
—Feb 2022UMAX.TO vs CBNK.TO
ENCL.TO
Global X Enhanced Canadian Oil and Gas Equity Cove...
35.01%
271.10MOct 2023UMAX.TO vs ENCL.TO
YAVG.NEO
Broadcom (AVGO) Yield Shares Purpose ETF
32.14%
—Feb 2025UMAX.TO vs YAVG.NEO
BANK.TO
Evolve Canadian Banks and Lifecos Enhanced Yield I...
31.92%
1.26BFeb 2022UMAX.TO vs BANK.TO
BKCL.TO
Global X Enhanced Equal Weight Canadian Banks Cove...
30.90%
198.10MJul 2023UMAX.TO vs BKCL.TO

Lowest Volatility Alternatives to UMAX.TO

UMAX.TO has 7.36% 1-year volatility. There are 5 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 2024UMAX.TO vs HBIL.TO
HPYM.TO
Harvest Premium Yield 7-10 Year Treasury ETF - Cla...4.74%259.21MJan 2024UMAX.TO vs HPYM.TO
ZPH.TO
BMO US Put Write Hedged to CAD ETF6.53%35.29MFeb 2017UMAX.TO vs ZPH.TO
HLIF.TO
Harvest Canadian Equity Income Leaders ETF Class A7.05%180.28MJun 2022UMAX.TO vs HLIF.TO
ZPW.TO
BMO US Put Write ETF7.32%105.45MSep 2015UMAX.TO vs ZPW.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%
224.00MSep 2024UMAX.TO vs HBIL.TO
HLIF.TO
Harvest Canadian Equity Income Leaders ETF Class A
-3.09%
180.28MJun 2022UMAX.TO vs HLIF.TO
HPYM.TO
Harvest Premium Yield 7-10 Year Treasury ETF - Cla...
-3.87%
259.21MJan 2024UMAX.TO vs HPYM.TO
ZWU.TO
BMO Covered Call Utilities ETF
-4.86%
2.21BOct 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 $3B.

SymbolNameCategoryRisk / Return RankYTD ReturnAUMInception
HMAX.TO
Hamilton Canadian Financials Yield Maximizer ETFDerivative Income
96
20.57%
2.53BJan 2023UMAX.TO vs HMAX.TO
HYLD.TO
Hamilton Enhanced U.S. Covered Call ETFDerivative Income
75
15.42%
1.32BFeb 2022UMAX.TO vs HYLD.TO
HCAL.TO
Hamilton Enhanced Canadian Bank ETFFinancials Equities, Canada Equities, Leveraged Equities
98
43.53%
1.09BOct 2020UMAX.TO vs HCAL.TO
QDAY.NEO
Hamilton EnhancedTechnology DayMAX™ ETFDerivative Income
66
29.09%
—Jul 2025UMAX.TO vs QDAY.NEO
CDAY.NEO
Hamilton Enhanced Canadian Equity DayMAX ETFDerivative Income, Canada Equities—
19.06%
242.10MJul 2025UMAX.TO vs CDAY.NEO
QMAX.TO
Hamilton Technology YIELD MAXIMIZER ETFTechnology Equities, Derivative Income
44
20.32%
991.10MOct 2023UMAX.TO vs QMAX.TO
AMAX.TO
Hamilton Gold Producer YIELD MAXIMIZER ETFGold, Derivative Income, Precious Metals
25
-12.33%
468.60MFeb 2024UMAX.TO vs AMAX.TO
CMVP.TO
HAMILTON CHAMPIONS Canadian Dividend Index ETF Cla...Canada Equities
94
17.77%
—Jan 2025UMAX.TO vs CMVP.TO
SDAY.NEO
Hamilton Enhanced U.S. Equity DayMAX™ ETFDerivative Income
64
14.84%
0.00Jul 2025UMAX.TO vs SDAY.NEO
SMAX.TO
Hamilton U.S. Equity YIELD MAXIMIZER ETFDerivative Income
92
18.06%
1.10BOct 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
18
4.53%
1.39BSep 2015UMAX.TO vs UTES
UTES.TO
Evolve Canadian Utilities Enhanced Yield Index Fun...Derivative Income
75
12.01%
431.22MSep 2024UMAX.TO vs UTES.TO
UTG
Reaves Utility Income Trust
74
14.76%
——UMAX.TO vs UTG
HDIV.TO
Hamilton Enhanced Canadian Covered Call ETFDerivative Income
95
19.65%
1.74BJul 2021UMAX.TO vs HDIV.TO
JEPQ
JPMorgan Nasdaq Equity Premium Income ETFNasdaq-100, Derivative Income
68
9.58%
40.37BMay 2022UMAX.TO vs JEPQ
EMAX.TO
Hamilton Energy YIELD MAXIMIZER ETFEnergy Equities, Derivative Income
64
27.45%
494.30MFeb 2024UMAX.TO vs EMAX.TO
GDV.TO
Global Dividend Growth Split Corp.
94
38.53%
——UMAX.TO vs GDV.TO
XDIV.TO
iShares Core MSCI Canadian Quality Dividend Index ...Dividend, Large Cap Value Equities
98
25.21%
5.78BJun 2017UMAX.TO vs XDIV.TO
ZUT.TO
BMO Equal Weight Utilities Index ETFUtilities Equities, Equal Weight
79
22.07%
850.11MJan 2010UMAX.TO vs ZUT.TO
ENB-PD.TO
Enbridge Inc.
98
12.35%
——UMAX.TO vs ENB-PD.TO
QQQ
Invesco QQQ ETFNasdaq-100
61
17.43%
481.14BMar 1999UMAX.TO vs QQQ
HUTE.TO
Harvest Equal Weight Global Utilities Enhanced Inc...Derivative Income, Utilities Equities
60
13.61%
103.07MOct 2022UMAX.TO vs HUTE.TO
APR-UN.TO
Automotive Properties Real Estate Investment Trust
72
12.70%
——UMAX.TO vs APR-UN.TO
ENCC.TO
Global X Canadian Oil and Gas Equity Covered Call ...Derivative Income, Energy Equities
89
27.97%
714.60MApr 2011UMAX.TO vs ENCC.TO
FLI.TO
CI U.S. & Canada Lifeco Covered Call ETF (Hedged C...Derivative Income
76
15.67%
90.68MAug 2013UMAX.TO vs FLI.TO
AVGY.TO
Harvest Broadcom Enhanced High Income Shares ETF -...Derivative Income
41
19.18%
—Mar 2025UMAX.TO vs AVGY.TO
ZWP.TO
BMO Covered Call Europe High Dividend ETFEurope Equities, Derivative Income
39
5.78%
1.08BMar 2018UMAX.TO vs ZWP.TO
GLCC.TO
Global X Gold Producer Equity Covered Call ETFDerivative Income, Gold, Precious Metals
31
-10.57%
574.94MApr 2011UMAX.TO vs GLCC.TO
CNQE.TO
Harvest CNQ Enhanced High Income Shares ETFDerivative Income—
26.52%
—Aug 2025UMAX.TO vs CNQE.TO
HYLD-U.TO
Hamilton Enhanced U.S. Covered Call ETF (USD)Derivative Income
79
17.05%
931.81MFeb 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