AMAX.TO vs. VEQT.TO

Last updated Jun 4, 2026

AMAX.TO (Hamilton Gold Producer YIELD MAXIMIZER ETF) and VEQT.TO (Vanguard All-Equity ETF Portfolio) are both exchange-traded funds - AMAX.TO is a Gold fund actively managed by Hamilton Capital, while VEQT.TO is a Global Equities fund actively managed by Vanguard. Both are actively managed. Over the past year, AMAX.TO returned 47.98% vs 31.65% for VEQT.TO. At a 0.34 correlation, their price movements are largely independent. AMAX.TO charges 0.65%/yr vs 0.24%/yr for VEQT.TO.

Performance

AMAX.TO vs. VEQT.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Hamilton Gold Producer YIELD MAXIMIZER ETF (AMAX.TO) and Vanguard All-Equity ETF Portfolio (VEQT.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AMAX.TO achieves a -1.05% return, which is significantly lower than VEQT.TO's 12.75% return.

AMAX.TO

• 1D: -2.52%
• 1M: 2.42%
• YTD: -1.05%
• 6M: 3.19%
• 1Y: 47.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

VEQT.TO

• 1D: -0.54%
• 1M: 6.10%
• YTD: 12.75%
• 6M: 12.66%
• 1Y: 31.65%
• 3Y*: 22.37%
• 5Y*: 14.01%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

AMAX.TO vs. VEQT.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AMAX.TO Hamilton Gold Producer YIELD MAXIMIZER ETF	-1.05%	113.79%	29.88%
VEQT.TO Vanguard All-Equity ETF Portfolio	12.75%	20.37%	21.33%

Correlation

The correlation between AMAX.TO and VEQT.TO is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (All Time) Calculated using the full available price history since Feb 8, 2024	0.34

AMAX.TO vs. VEQT.TO - Sectors Allocation Comparison

Sectors	AMAX.TO	VEQT.TO
Basic Materials	100.0%	8.6%
Communication Services	-	6.0%
Consumer Cyclical	-	7.8%
Consumer Defensive	-	4.5%
Energy	-	8.7%
Financial Services	-	20.7%
Healthcare	-	6.6%
Industrials	-	11.6%
Real Estate	-	2.2%
Technology	-	20.3%
Utilities	-	2.8%

Return for Risk

AMAX.TO vs. VEQT.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AMAX.TO

AMAX.TO Risk / Return Rank: 32
AMAX.TO Sharpe Ratio Rank: 33
AMAX.TO Sortino Ratio Rank: 30
AMAX.TO Omega Ratio Rank: 34
AMAX.TO Calmar Ratio Rank: 34
AMAX.TO Martin Ratio Rank: 30

VEQT.TO

VEQT.TO Risk / Return Rank: 81
VEQT.TO Sharpe Ratio Rank: 82
VEQT.TO Sortino Ratio Rank: 83
VEQT.TO Omega Ratio Rank: 82
VEQT.TO Calmar Ratio Rank: 76
VEQT.TO Martin Ratio Rank: 83

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AMAX.TO vs. VEQT.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 Vanguard All-Equity ETF Portfolio (VEQT.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	VEQT.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.21	2.74	-1.53
Sortino ratio: Return per unit of downside risk	1.63	3.77	-2.14
Omega ratio: Gain probability vs. loss probability	1.23	1.51	-0.27
Calmar ratio: Return relative to maximum drawdown	1.69	3.95	-2.26
Martin ratio: Return relative to average drawdown	4.44	17.38	-12.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AMAX.TO vs. VEQT.TO - Sharpe Ratio Comparison

The current AMAX.TO Sharpe Ratio is 1.21, which is lower than the VEQT.TO Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of AMAX.TO and VEQT.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AMAX.TO	VEQT.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.21	2.74	-1.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.09	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.62	0.91	+0.71

Drawdowns

AMAX.TO vs. VEQT.TO - Drawdown Comparison

The maximum AMAX.TO drawdown since its inception was -28.60%, smaller than the maximum VEQT.TO drawdown of -30.45%. Use the drawdown chart below to compare losses from any high point for AMAX.TO and VEQT.TO.

Drawdown Indicators

	AMAX.TO	VEQT.TO	Difference
Max Drawdown Largest peak-to-trough decline	-28.60%	-30.45%	+1.85%
Max Drawdown (1Y) Largest decline over 1 year	-28.60%	-8.05%	-20.55%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-18.32%	—
Current Drawdown Current decline from peak	-22.95%	-0.54%	-22.41%
Average Drawdown Average peak-to-trough decline	-5.70%	-3.71%	-1.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.83%	1.83%	+9.00%

Volatility

AMAX.TO vs. VEQT.TO - Volatility Comparison

Hamilton Gold Producer YIELD MAXIMIZER ETF (AMAX.TO) has a higher volatility of 14.22% compared to Vanguard All-Equity ETF Portfolio (VEQT.TO) at 3.68%. This indicates that AMAX.TO's price experiences larger fluctuations and is considered to be riskier than VEQT.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AMAX.TO	VEQT.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.22%	3.68%	+10.54%
Volatility (6M) Calculated over the trailing 6-month period	32.92%	9.37%	+23.55%
Volatility (1Y) Calculated over the trailing 1-year period	39.98%	11.61%	+28.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.96%	12.90%	+21.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.96%	15.77%	+18.19%

AMAX.TO vs. VEQT.TO - Expense Ratio Comparison

AMAX.TO has a 0.65% expense ratio, which is higher than VEQT.TO's 0.24% expense ratio.

Dividends

AMAX.TO vs. VEQT.TO - Dividend Comparison

AMAX.TO's dividend yield for the trailing twelve months is around 9.00%, more than VEQT.TO's 1.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
AMAX.TO Hamilton Gold Producer YIELD MAXIMIZER ETF	9.00%	7.11%	11.22%	0.00%	0.00%	0.00%	0.00%	0.00%
VEQT.TO Vanguard All-Equity ETF Portfolio	1.26%	1.42%	1.58%	1.88%	2.09%	1.40%	1.48%	1.42%

Frequently Asked Questions

Can I hold both AMAX.TO and VEQT.TO in my portfolio?

AMAX.TO and VEQT.TO have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AMAX.TO or VEQT.TO?

On fees, VEQT.TO is cheaper at 0.24% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AMAX.TO or VEQT.TO?

VEQT.TO is cheaper with a 0.24% expense ratio, compared with 0.65% for AMAX.TO.

What is the main difference between AMAX.TO and VEQT.TO?

AMAX.TO is categorized as Gold, while VEQT.TO is Global Equities. They also come from different issuers: Hamilton Capital and Vanguard. Their fees differ too: 0.65% for AMAX.TO and 0.24% for VEQT.TO.