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AMAX.TO vs. ZWU.TO
Performance
Return for Risk
Dividends
Drawdowns
Volatility

AMAX.TO vs. ZWU.TO

Last updated Apr 1, 2026

Compare and contrast key facts about Hamilton Gold Producer YIELD MAXIMIZER ETF (AMAX.TO) and BMO Covered Call Utilities ETF (ZWU.TO).

AMAX.TO and ZWU.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. ZWU.TO is an actively managed fund by BMO. It was launched on Oct 20, 2011.

Performance

AMAX.TO vs. ZWU.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 BMO Covered Call Utilities ETF (ZWU.TO). The values are adjusted to include any dividend payments, if applicable.

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

2026 (YTD)20252024
AMAX.TO
Hamilton Gold Producer YIELD MAXIMIZER ETF		4.61%113.79%29.88%
ZWU.TO
BMO Covered Call Utilities ETF		11.68%13.18%12.97%

Returns By Period

In the year-to-date period, AMAX.TO achieves a 4.61% return, which is significantly lower than ZWU.TO's 11.68% return.

AMAX.TO

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

ZWU.TO

1D
0.04%
1M
0.62%
YTD
11.68%
6M
9.62%
1Y
17.09%
3Y*
10.60%
5Y*
7.16%
10Y*
6.50%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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Hamilton Gold Producer YIELD MAXIMIZER ETF

BMO Covered Call Utilities ETF

Often compared with AMAX.TO:
AMAX.TO vs. GLCC.TOAMAX.TO vs. UMAX.TOAMAX.TO vs. SMAX.TOAMAX.TO vs. XGD.TOAMAX.TO vs. CGL.TOAMAX.TO vs. ZGD.TOAMAX.TO vs. XEQT.TO
Often compared with ZWU.TO:
ZWU.TO vs. ZUT.TOZWU.TO vs. UMAX.TOZWU.TO vs. UTES.TOZWU.TO vs. ZWC.TOZWU.TO vs. PAYF.TOZWU.TO vs. SYLD.TOZWU.TO vs. VDY.TO

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

Both AMAX.TO and ZWU.TO have an expense ratio of 0.65%.

AMAX.TO
Hamilton Gold Producer YIELD MAXIMIZER ETF
ZWU.TO
BMO Covered Call Utilities ETF

Return for Risk

AMAX.TO vs. ZWU.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: 8484
Overall Rank
AMAX.TO Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
AMAX.TO Sortino Ratio Rank: 8282
Sortino Ratio Rank
AMAX.TO Omega Ratio Rank: 8282
Omega Ratio Rank
AMAX.TO Calmar Ratio Rank: 8585
Calmar Ratio Rank
AMAX.TO Martin Ratio Rank: 8383
Martin Ratio Rank
ZWU.TO
ZWU.TO Risk / Return Rank: 8888
Overall Rank
ZWU.TO Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
ZWU.TO Sortino Ratio Rank: 8989
Sortino Ratio Rank
ZWU.TO Omega Ratio Rank: 9090
Omega Ratio Rank
ZWU.TO Calmar Ratio Rank: 8787
Calmar Ratio Rank
ZWU.TO Martin Ratio Rank: 8787
Martin Ratio Rank
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. ZWU.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 Utilities ETF (ZWU.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.TOZWU.TODifference

Sharpe ratio

Return per unit of total volatility

1.75

1.89

-0.14

Sortino ratio

Return per unit of downside risk

2.10

2.43

-0.33

Omega ratio

Gain probability vs. loss probability

1.31

1.37

-0.06

Calmar ratio

Return relative to maximum drawdown

2.47

2.66

-0.19

Martin ratio

Return relative to average drawdown

9.13

9.91

-0.78

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. ZWU.TO - Sharpe Ratio Comparison

The current AMAX.TO Sharpe Ratio is 1.75, which is comparable to the ZWU.TO Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of AMAX.TO and ZWU.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.

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Sharpe Ratios by Period

AMAX.TOZWU.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.75

1.89

-0.14

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.70

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.46

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.96

0.43

+1.53

Correlation

The correlation between AMAX.TO and ZWU.TO is 0.23, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

AMAX.TO vs. ZWU.TO - Dividend Comparison

AMAX.TO's dividend yield for the trailing twelve months is around 6.91%, which matches ZWU.TO's 6.92% yield.

TTM20252024202320222021202020192018201720162015
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%
ZWU.TO
BMO Covered Call Utilities ETF		6.92%7.59%7.96%8.54%8.35%7.43%7.94%6.29%6.84%6.46%6.77%7.57%

Drawdowns

AMAX.TO vs. ZWU.TO - Drawdown Comparison

The maximum AMAX.TO drawdown since its inception was -28.60%, smaller than the maximum ZWU.TO drawdown of -37.41%. Use the drawdown chart below to compare losses from any high point for AMAX.TO and ZWU.TO.

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Drawdown Indicators

AMAX.TOZWU.TODifference

Max Drawdown

Largest peak-to-trough decline

-28.60%

-37.41%

+8.81%

Max Drawdown (1Y)

Largest decline over 1 year

-28.60%

-6.71%

-21.89%

Max Drawdown (5Y)

Largest decline over 5 years

—

-23.36%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-37.41%

—

Current Drawdown

Current decline from peak

-18.54%

-0.37%

-18.17%

Average Drawdown

Average peak-to-trough decline

-4.66%

-5.42%

+0.76%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.74%

1.80%

+5.94%

Volatility

AMAX.TO vs. ZWU.TO - Volatility Comparison

Hamilton Gold Producer YIELD MAXIMIZER ETF (AMAX.TO) has a higher volatility of 16.54% compared to BMO Covered Call Utilities ETF (ZWU.TO) at 2.41%. This indicates that AMAX.TO's price experiences larger fluctuations and is considered to be riskier than ZWU.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.TOZWU.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

16.54%

2.41%

+14.13%

Volatility (6M)

Calculated over the trailing 6-month period

33.06%

5.28%

+27.78%

Volatility (1Y)

Calculated over the trailing 1-year period

39.73%

9.12%

+30.61%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

33.11%

10.34%

+22.77%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

33.11%

14.15%

+18.96%