AMAX.TO vs. XMA.TO

Last updated Apr 1, 2026

Compare and contrast key facts about Hamilton Gold Producer YIELD MAXIMIZER ETF (AMAX.TO) and iShares S&P/TSX Capped Materials Index ETF (XMA.TO).

AMAX.TO and XMA.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. AMAX.TO is an actively managed fund by Hamilton Capital. It was launched on Feb 6, 2024. XMA.TO is a passively managed fund by iShares that tracks the performance of the S&P/TSX Capped Materials TR. It was launched on Dec 19, 2005.

Performance

AMAX.TO vs. XMA.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 iShares S&P/TSX Capped Materials Index ETF (XMA.TO). The values are adjusted to include any dividend payments, if applicable.

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

	2026 (YTD)	2025	2024
AMAX.TO Hamilton Gold Producer YIELD MAXIMIZER ETF	4.61%	113.79%	29.88%
XMA.TO iShares S&P/TSX Capped Materials Index ETF	10.45%	99.21%	30.82%

Returns By Period

In the year-to-date period, AMAX.TO achieves a 4.61% return, which is significantly lower than XMA.TO's 10.45% return.

AMAX.TO

• 1D: 5.62%
• 1M: -18.54%
• YTD: 4.61%
• 6M: 13.47%
• 1Y: 68.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XMA.TO

• 1D: 6.30%
• 1M: -16.60%
• YTD: 10.45%
• 6M: 23.41%
• 1Y: 83.21%
• 3Y*: 34.16%
• 5Y*: 23.21%
• 10Y*: 16.34%

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

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

AMAX.TO has a 0.65% expense ratio, which is higher than XMA.TO's 0.60% expense ratio.

AMAX.TO

Hamilton Gold Producer YIELD MAXIMIZER ETF

XMA.TO

iShares S&P/TSX Capped Materials Index ETF

Return for Risk

AMAX.TO vs. XMA.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: 84
AMAX.TO Sharpe Ratio Rank: 87
AMAX.TO Sortino Ratio Rank: 82
AMAX.TO Omega Ratio Rank: 82
AMAX.TO Calmar Ratio Rank: 85
AMAX.TO Martin Ratio Rank: 83

XMA.TO

XMA.TO Risk / Return Rank: 92
XMA.TO Sharpe Ratio Rank: 94
XMA.TO Sortino Ratio Rank: 90
XMA.TO Omega Ratio Rank: 92
XMA.TO Calmar Ratio Rank: 91
XMA.TO Martin Ratio Rank: 92

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. XMA.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 iShares S&P/TSX Capped Materials Index ETF (XMA.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	XMA.TO	Difference
Sharpe ratio Return per unit of total volatility	1.75	2.28	-0.54
Sortino ratio Return per unit of downside risk	2.10	2.55	-0.45
Omega ratio Gain probability vs. loss probability	1.31	1.39	-0.08
Calmar ratio Return relative to maximum drawdown	2.47	3.13	-0.66
Martin ratio Return relative to average drawdown	9.13	12.52	-3.39
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. XMA.TO - Sharpe Ratio Comparison

The current AMAX.TO Sharpe Ratio is 1.75, which is comparable to the XMA.TO Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of AMAX.TO and XMA.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	AMAX.TO	XMA.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.75	2.28	-0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.87	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.62	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.96	-0.98	+2.94

Correlation

The correlation between AMAX.TO and XMA.TO is 0.93, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

AMAX.TO vs. XMA.TO - Dividend Comparison

AMAX.TO's dividend yield for the trailing twelve months is around 6.91%, more than XMA.TO's 0.36% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AMAX.TO Hamilton Gold Producer YIELD MAXIMIZER ETF	6.91%	7.11%	11.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XMA.TO iShares S&P/TSX Capped Materials Index ETF	0.36%	0.41%	0.83%	1.26%	1.24%	0.87%	0.63%	0.62%	0.72%	0.42%	0.82%	1.90%

Drawdowns

AMAX.TO vs. XMA.TO - Drawdown Comparison

The maximum AMAX.TO drawdown since its inception was -28.60%, smaller than the maximum XMA.TO drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for AMAX.TO and XMA.TO.

Drawdown Indicators

	AMAX.TO	XMA.TO	Difference
Max Drawdown Largest peak-to-trough decline	-28.60%	-100.00%	+71.40%
Max Drawdown (1Y) Largest decline over 1 year	-28.60%	-26.96%	-1.64%
Max Drawdown (5Y) Largest decline over 5 years	—	-33.06%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.06%	—
Current Drawdown Current decline from peak	-18.54%	-99.99%	+81.45%
Average Drawdown Average peak-to-trough decline	-4.66%	-100.00%	+95.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.74%	6.75%	+0.99%

Volatility

AMAX.TO vs. XMA.TO - Volatility Comparison

Hamilton Gold Producer YIELD MAXIMIZER ETF (AMAX.TO) and iShares S&P/TSX Capped Materials Index ETF (XMA.TO) have volatilities of 16.54% and 15.77%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AMAX.TO	XMA.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.54%	15.77%	+0.77%
Volatility (6M) Calculated over the trailing 6-month period	33.06%	31.17%	+1.89%
Volatility (1Y) Calculated over the trailing 1-year period	39.73%	36.66%	+3.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.11%	26.90%	+6.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.11%	26.57%	+6.54%