AMAX.TO vs. HBIL.TO
AMAX.TO (Hamilton Gold Producer YIELD MAXIMIZER ETF) and HBIL.TO (Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged)) are both exchange-traded funds - AMAX.TO is a Gold fund actively managed by Hamilton Capital, while HBIL.TO is a Derivative Income fund actively managed by Hamilton Capital. Both are actively managed. Over the past year, AMAX.TO returned 47.98% vs 2.87% for HBIL.TO. At a 0.13 correlation, their price movements are largely independent. AMAX.TO charges 0.65%/yr vs 0.35%/yr for HBIL.TO.
Performance
AMAX.TO vs. HBIL.TO - Performance Comparison
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Returns By Period
In the year-to-date period, AMAX.TO achieves a -1.05% return, which is significantly lower than HBIL.TO's 0.59% return.
AMAX.TO
- 1D
- -2.52%
- 1M
- 2.42%
- YTD
- -1.05%
- 6M
- 3.19%
- 1Y
- 47.98%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HBIL.TO
- 1D
- 0.00%
- 1M
- 0.23%
- YTD
- 0.59%
- 6M
- 0.53%
- 1Y
- 2.87%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
AMAX.TO vs. HBIL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
AMAX.TO Hamilton Gold Producer YIELD MAXIMIZER ETF | -1.05% | 113.79% | -7.77% |
HBIL.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) | 0.59% | 3.05% | -1.40% |
Correlation
The correlation between AMAX.TO and HBIL.TO is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Sep 17, 2024 | 0.13 |
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Return for Risk
AMAX.TO vs. HBIL.TO — Risk / Return Rank
AMAX.TO
HBIL.TO
AMAX.TO vs. HBIL.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 Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) (HBIL.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.
| AMAX.TO | HBIL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.53 | ||
| Sortino ratioReturn per unit of downside risk | -1.08 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.34 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.69 | 3.03 | -1.34 |
| Martin ratioReturn relative to average drawdown | 4.44 | 9.74 | -5.29 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| AMAX.TO | HBIL.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.21 | 1.74 | -0.53 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.62 | 0.64 | +0.98 |
Drawdowns
AMAX.TO vs. HBIL.TO - Drawdown Comparison
The maximum AMAX.TO drawdown since its inception was -28.60%, which is greater than HBIL.TO's maximum drawdown of -1.69%. Use the drawdown chart below to compare losses from any high point for AMAX.TO and HBIL.TO.
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Drawdown Indicators
| AMAX.TO | HBIL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.60% | -1.69% | -26.91% |
Max Drawdown (1Y)Largest decline over 1 year | -28.60% | -0.95% | -27.65% |
Current DrawdownCurrent decline from peak | -22.95% | -0.31% | -22.64% |
Average DrawdownAverage peak-to-trough decline | -5.70% | -0.48% | -5.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.83% | 0.30% | +10.53% |
Volatility
AMAX.TO vs. HBIL.TO - Volatility Comparison
Hamilton Gold Producer YIELD MAXIMIZER ETF (AMAX.TO) has a higher volatility of 14.22% compared to Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) (HBIL.TO) at 0.62%. This indicates that AMAX.TO's price experiences larger fluctuations and is considered to be riskier than HBIL.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 | HBIL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.22% | 0.62% | +13.60% |
Volatility (6M)Calculated over the trailing 6-month period | 32.92% | 1.24% | +31.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.98% | 1.66% | +38.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.96% | 2.03% | +31.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.96% | 2.03% | +31.93% |
AMAX.TO vs. HBIL.TO - Expense Ratio Comparison
AMAX.TO has a 0.65% expense ratio, which is higher than HBIL.TO's 0.35% expense ratio.
Dividends
AMAX.TO vs. HBIL.TO - Dividend Comparison
AMAX.TO's dividend yield for the trailing twelve months is around 9.00%, more than HBIL.TO's 6.52% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
AMAX.TO Hamilton Gold Producer YIELD MAXIMIZER ETF | 9.00% | 7.11% | 11.22% |
HBIL.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) | 6.52% | 7.49% | 2.58% |
Frequently Asked Questions
AMAX.TO and HBIL.TO have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HBIL.TO is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HBIL.TO is cheaper with a 0.35% expense ratio, compared with 0.65% for AMAX.TO.
AMAX.TO is categorized as Gold, while HBIL.TO is Derivative Income. Their fees differ too: 0.65% for AMAX.TO and 0.35% for HBIL.TO.
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