AMAX.TO vs. ZJG.TO
AMAX.TO (Hamilton Gold Producer YIELD MAXIMIZER ETF) and ZJG.TO (BMO Junior Gold Index ETF) are both Gold funds. AMAX.TO is actively managed, while ZJG.TO is passively managed. Over the past year, AMAX.TO returned 33.93% vs 56.98% for ZJG.TO. Their correlation of 0.84 suggests significant overlap in exposure. AMAX.TO charges 0.65%/yr vs 0.61%/yr for ZJG.TO.
Performance
AMAX.TO vs. ZJG.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 lower than ZJG.TO's -8.98% return.
AMAX.TO
- 1D
- -3.78%
- 1M
- -12.33%
- YTD
- -11.29%
- 6M
- -14.60%
- 1Y
- 33.93%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZJG.TO
- 1D
- -4.09%
- 1M
- -13.33%
- YTD
- -8.98%
- 6M
- -12.26%
- 1Y
- 56.98%
- 3Y*
- 49.43%
- 5Y*
- 26.70%
- 10Y*
- 13.28%
AMAX.TO vs. ZJG.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
AMAX.TO Hamilton Gold Producer YIELD MAXIMIZER ETF | -11.29% | 113.24% | 27.49% |
ZJG.TO BMO Junior Gold Index ETF | -8.98% | 154.66% | 44.74% |
Correlation
The correlation between AMAX.TO and ZJG.TO is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Feb 7, 2024 | 0.84 |
The correlation between AMAX.TO and ZJG.TO shifts across timeframes, from 0.84 (all time) to 0.95 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
AMAX.TO vs. ZJG.TO — Risk / Return Rank
AMAX.TO
ZJG.TO
AMAX.TO vs. ZJG.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 BMO Junior Gold Index ETF (ZJG.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 | ZJG.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.37 | ||
| Sortino ratioReturn per unit of downside risk | -0.37 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.22 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.04 | 1.52 | -0.48 |
| Martin ratioReturn relative to average drawdown | 2.70 | 3.82 | -1.12 |
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Drawdowns
AMAX.TO vs. ZJG.TO - Drawdown Comparison
The maximum AMAX.TO drawdown since its inception was -32.73%, smaller than the maximum ZJG.TO drawdown of -81.59%. Use the drawdown chart below to compare losses from any high point for AMAX.TO and ZJG.TO.
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Drawdown Indicators
| AMAX.TO | ZJG.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.73% | -81.59% | +48.86% |
Max Drawdown (1Y)Largest decline over 1 year | -32.73% | -37.55% | +4.82% |
Max Drawdown (3Y)Largest decline over 3 years | — | -37.55% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -41.63% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.58% | — |
Current DrawdownCurrent decline from peak | -30.92% | -35.76% | +4.84% |
Average DrawdownAverage peak-to-trough decline | -6.29% | -49.00% | +42.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.61% | 14.96% | -2.35% |
Volatility
AMAX.TO vs. ZJG.TO - Volatility Comparison
The current volatility for Hamilton Gold Producer YIELD MAXIMIZER ETF (AMAX.TO) is 15.60%, while BMO Junior Gold Index ETF (ZJG.TO) has a volatility of 17.97%. This indicates that AMAX.TO experiences smaller price fluctuations and is considered to be less risky than ZJG.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 | ZJG.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.60% | 17.97% | -2.37% |
Volatility (6M)Calculated over the trailing 6-month period | 35.48% | 40.62% | -5.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.37% | 48.93% | -6.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.81% | 36.93% | -2.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.81% | 38.23% | -3.42% |
AMAX.TO vs. ZJG.TO - Expense Ratio Comparison
AMAX.TO has a 0.65% expense ratio, which is higher than ZJG.TO's 0.61% expense ratio.
Dividends
AMAX.TO vs. ZJG.TO - Dividend Comparison
AMAX.TO's dividend yield for the trailing twelve months is around 10.04%, more than ZJG.TO's 0.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
AMAX.TO Hamilton Gold Producer YIELD MAXIMIZER ETF | 10.04% | 6.96% | 9.67% | 0.00% | 0.00% | 0.00% |
ZJG.TO BMO Junior Gold Index ETF | 0.13% | 0.12% | 0.68% | 0.90% | 0.83% | 0.36% |
Frequently Asked Questions
With a correlation of 0.95, AMAX.TO and ZJG.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.
On fees, ZJG.TO is cheaper at 0.61% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZJG.TO is cheaper with a 0.61% expense ratio, compared with 0.65% for AMAX.TO.
They also come from different issuers: Hamilton Capital and BMO. Their fees differ too: 0.65% for AMAX.TO and 0.61% for ZJG.TO.
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