AMAX.TO vs. VALT-U.TO
AMAX.TO (Hamilton Gold Producer YIELD MAXIMIZER ETF) and VALT-U.TO (CI Gold Bullion ETF (US$ Series)) are both Gold funds. Both are actively managed. Over the past year, AMAX.TO returned 27.18% vs 22.79% for VALT-U.TO. A 0.58 correlation means they provide meaningful diversification when combined.
Performance
AMAX.TO vs. VALT-U.TO - Performance Comparison
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Different Trading Currencies
AMAX.TO is traded in CAD, while VALT-U.TO is traded in USD. To make them comparable, the VALT-U.TO values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, AMAX.TO achieves a -16.55% return, which is significantly lower than VALT-U.TO's -5.25% return.
AMAX.TO
- 1D
- -0.77%
- 1M
- -16.25%
- 6M
- -25.88%
- YTD
- -16.55%
- 1Y
- 27.18%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
VALT-U.TO
- 1D
- -1.49%
- 1M
- -7.68%
- 6M
- -12.29%
- YTD
- -5.25%
- 1Y
- 22.79%
- 3Y*
- 29.46%
- 5Y*
- 19.50%
- 10Y*
- —
AMAX.TO vs. VALT-U.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
AMAX.TO Hamilton Gold Producer YIELD MAXIMIZER ETF | -16.55% | 113.24% | 27.49% |
VALT-U.TO CI Gold Bullion ETF (US$ Series) | -5.25% | 57.87% | 36.25% |
Correlation
The correlation between AMAX.TO and VALT-U.TO is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Feb 7, 2024 | 0.58 |
The correlation between AMAX.TO and VALT-U.TO shifts across timeframes, from 0.58 (all time) to 0.71 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
AMAX.TO vs. VALT-U.TO — Risk / Return Rank
AMAX.TO
VALT-U.TO
AMAX.TO vs. VALT-U.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 CI Gold Bullion ETF (US$ Series) (VALT-U.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 | VALT-U.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.18 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.78 | 0.63 | +0.15 |
| Martin ratioReturn relative to average drawdown | 1.85 | 1.47 | +0.37 |
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Drawdowns
AMAX.TO vs. VALT-U.TO - Drawdown Comparison
The maximum AMAX.TO drawdown since its inception was -35.01%, roughly equal to the maximum VALT-U.TO drawdown of -36.84%. Use the drawdown chart below to compare losses from any high point for AMAX.TO and VALT-U.TO.
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Drawdown Indicators
| AMAX.TO | VALT-U.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.01% | -36.84% | +1.83% |
Max Drawdown (1Y)Largest decline over 1 year | -35.01% | -36.84% | +1.83% |
Max Drawdown (3Y)Largest decline over 3 years | — | -36.84% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -36.84% | — |
Current DrawdownCurrent decline from peak | -35.01% | -36.84% | +1.83% |
Average DrawdownAverage peak-to-trough decline | -6.92% | -5.83% | -1.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.77% | 15.62% | -0.85% |
Volatility
AMAX.TO vs. VALT-U.TO - Volatility Comparison
Hamilton Gold Producer YIELD MAXIMIZER ETF (AMAX.TO) has a higher volatility of 10.40% compared to CI Gold Bullion ETF (US$ Series) (VALT-U.TO) at 6.20%. This indicates that AMAX.TO's price experiences larger fluctuations and is considered to be riskier than VALT-U.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 | VALT-U.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.40% | 6.20% | +4.20% |
Volatility (6M)Calculated over the trailing 6-month period | 35.85% | 38.76% | -2.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.85% | 41.34% | +1.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.85% | 23.10% | +11.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.85% | 22.46% | +12.39% |
Dividends
AMAX.TO vs. VALT-U.TO - Dividend Comparison
AMAX.TO's dividend yield for the trailing twelve months is around 11.07%, while VALT-U.TO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
AMAX.TO Hamilton Gold Producer YIELD MAXIMIZER ETF | 11.07% | 6.96% | 9.67% |
VALT-U.TO CI Gold Bullion ETF (US$ Series) | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
AMAX.TO and VALT-U.TO have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: Hamilton Capital and CI.
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