AMAX.TO vs. GLDX.TO
AMAX.TO (Hamilton Gold Producer YIELD MAXIMIZER ETF) and GLDX.TO (Global X Gold Producers Index ETF) are both Gold funds. AMAX.TO is actively managed, while GLDX.TO is passively managed. Over the past year, AMAX.TO returned 33.93% vs 58.23% for GLDX.TO. Their correlation of 0.94 suggests significant overlap in exposure.
Performance
AMAX.TO vs. GLDX.TO - Performance Comparison
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Returns By Period
In the year-to-date period, AMAX.TO achieves a -11.29% return, which is significantly higher than GLDX.TO's -11.90% return.
AMAX.TO
- 1D
- -3.78%
- 1M
- -12.33%
- YTD
- -11.29%
- 6M
- -14.60%
- 1Y
- 33.93%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GLDX.TO
- 1D
- -4.64%
- 1M
- -14.02%
- YTD
- -11.90%
- 6M
- -15.15%
- 1Y
- 58.23%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
AMAX.TO vs. GLDX.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
AMAX.TO Hamilton Gold Producer YIELD MAXIMIZER ETF | -11.29% | 113.24% | -10.22% |
GLDX.TO Global X Gold Producers Index ETF | -11.90% | 178.05% | -10.27% |
Correlation
The correlation between AMAX.TO and GLDX.TO is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Nov 8, 2024 | 0.94 |
The correlation between AMAX.TO and GLDX.TO has been stable across timeframes, ranging from 0.94 to 0.98 - a consistent structural relationship.
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Return for Risk
AMAX.TO vs. GLDX.TO — Risk / Return Rank
AMAX.TO
GLDX.TO
AMAX.TO vs. GLDX.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hamilton Gold Producer YIELD MAXIMIZER ETF (AMAX.TO) and Global X Gold Producers Index ETF (GLDX.TO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| AMAX.TO | GLDX.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.41 | ||
| Sortino ratioReturn per unit of downside risk | -0.42 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.23 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.04 | 1.66 | -0.62 |
| Martin ratioReturn relative to average drawdown | 2.70 | 4.29 | -1.59 |
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Drawdowns
AMAX.TO vs. GLDX.TO - Drawdown Comparison
The maximum AMAX.TO drawdown since its inception was -32.73%, smaller than the maximum GLDX.TO drawdown of -35.22%. Use the drawdown chart below to compare losses from any high point for AMAX.TO and GLDX.TO.
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Drawdown Indicators
| AMAX.TO | GLDX.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.73% | -35.22% | +2.49% |
Max Drawdown (1Y)Largest decline over 1 year | -32.73% | -35.22% | +2.49% |
Current DrawdownCurrent decline from peak | -30.92% | -34.05% | +3.13% |
Average DrawdownAverage peak-to-trough decline | -6.29% | -7.39% | +1.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.61% | 13.63% | -1.02% |
Volatility
AMAX.TO vs. GLDX.TO - Volatility Comparison
The current volatility for Hamilton Gold Producer YIELD MAXIMIZER ETF (AMAX.TO) is 15.60%, while Global X Gold Producers Index ETF (GLDX.TO) has a volatility of 17.03%. This indicates that AMAX.TO experiences smaller price fluctuations and is considered to be less risky than GLDX.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AMAX.TO | GLDX.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.60% | 17.03% | -1.43% |
Volatility (6M)Calculated over the trailing 6-month period | 35.48% | 38.85% | -3.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.37% | 48.52% | -6.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.81% | 44.60% | -9.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.81% | 44.60% | -9.79% |
Dividends
AMAX.TO vs. GLDX.TO - Dividend Comparison
AMAX.TO's dividend yield for the trailing twelve months is around 10.04%, more than GLDX.TO's 1.10% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
AMAX.TO Hamilton Gold Producer YIELD MAXIMIZER ETF | 10.04% | 6.96% | 9.67% |
GLDX.TO Global X Gold Producers Index ETF | 1.10% | 0.97% | 0.08% |
Frequently Asked Questions
With a correlation of 0.98, AMAX.TO and GLDX.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
They also come from different issuers: Hamilton Capital and Global X.
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