AMAX.TO vs. ZWEN.TO
AMAX.TO (Hamilton Gold Producer YIELD MAXIMIZER ETF) and ZWEN.TO (BMO Covered Call Energy ETF) are both exchange-traded funds - AMAX.TO is a Gold fund actively managed by Hamilton Capital, while ZWEN.TO is a Energy Equities fund actively managed by BMO. Both are actively managed. Over the past year, AMAX.TO returned 36.14% vs 32.52% for ZWEN.TO. At a 0.02 correlation, their price movements are largely independent. AMAX.TO charges 0.65%/yr vs 0.88%/yr for ZWEN.TO.
Performance
AMAX.TO vs. ZWEN.TO - Performance Comparison
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Returns By Period
In the year-to-date period, AMAX.TO achieves a -7.81% return, which is significantly lower than ZWEN.TO's 25.05% return.
AMAX.TO
- 1D
- -3.78%
- 1M
- -6.36%
- YTD
- -7.81%
- 6M
- -11.81%
- 1Y
- 36.14%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZWEN.TO
- 1D
- 0.75%
- 1M
- -4.92%
- YTD
- 25.05%
- 6M
- 26.23%
- 1Y
- 32.52%
- 3Y*
- 19.22%
- 5Y*
- —
- 10Y*
- —
AMAX.TO vs. ZWEN.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
AMAX.TO Hamilton Gold Producer YIELD MAXIMIZER ETF | -7.81% | 113.24% | 27.49% |
ZWEN.TO BMO Covered Call Energy ETF | 25.05% | 6.74% | 9.16% |
Correlation
The correlation between AMAX.TO and ZWEN.TO is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since Feb 7, 2024 | 0.02 |
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Return for Risk
AMAX.TO vs. ZWEN.TO — Risk / Return Rank
AMAX.TO
ZWEN.TO
AMAX.TO vs. ZWEN.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 Covered Call Energy ETF (ZWEN.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 | ZWEN.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.09 | ||
| Sortino ratioReturn per unit of downside risk | -1.25 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.32 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.11 | 3.49 | -2.38 |
| Martin ratioReturn relative to average drawdown | 2.91 | 10.51 | -7.60 |
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Drawdowns
AMAX.TO vs. ZWEN.TO - Drawdown Comparison
The maximum AMAX.TO drawdown since its inception was -32.73%, which is greater than ZWEN.TO's maximum drawdown of -18.75%. Use the drawdown chart below to compare losses from any high point for AMAX.TO and ZWEN.TO.
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Drawdown Indicators
| AMAX.TO | ZWEN.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.73% | -18.75% | -13.98% |
Max Drawdown (1Y)Largest decline over 1 year | -32.73% | -9.50% | -23.23% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.75% | — |
Current DrawdownCurrent decline from peak | -28.21% | -6.07% | -22.14% |
Average DrawdownAverage peak-to-trough decline | -6.25% | -4.37% | -1.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.47% | 3.16% | +9.31% |
Volatility
AMAX.TO vs. ZWEN.TO - Volatility Comparison
Hamilton Gold Producer YIELD MAXIMIZER ETF (AMAX.TO) has a higher volatility of 15.32% compared to BMO Covered Call Energy ETF (ZWEN.TO) at 5.82%. This indicates that AMAX.TO's price experiences larger fluctuations and is considered to be riskier than ZWEN.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 | ZWEN.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.32% | 5.82% | +9.50% |
Volatility (6M)Calculated over the trailing 6-month period | 35.37% | 13.69% | +21.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.20% | 17.11% | +25.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.74% | 18.26% | +16.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.74% | 18.26% | +16.48% |
AMAX.TO vs. ZWEN.TO - Expense Ratio Comparison
AMAX.TO has a 0.65% expense ratio, which is lower than ZWEN.TO's 0.88% expense ratio.
Dividends
AMAX.TO vs. ZWEN.TO - Dividend Comparison
AMAX.TO's dividend yield for the trailing twelve months is around 9.66%, more than ZWEN.TO's 7.88% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
AMAX.TO Hamilton Gold Producer YIELD MAXIMIZER ETF | 9.66% | 6.96% | 9.67% | 0.00% |
ZWEN.TO BMO Covered Call Energy ETF | 7.88% | 9.53% | 9.09% | 8.27% |
Frequently Asked Questions
AMAX.TO and ZWEN.TO have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, AMAX.TO is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.
AMAX.TO is cheaper with a 0.65% expense ratio, compared with 0.88% for ZWEN.TO.
AMAX.TO is categorized as Gold, while ZWEN.TO is Energy Equities. They also come from different issuers: Hamilton Capital and BMO. Their fees differ too: 0.65% for AMAX.TO and 0.88% for ZWEN.TO.
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