ARE.TO vs. HMAX.TO

Last updated Jun 5, 2026

ARE.TO (Aecon Group Inc.) is a stock, while HMAX.TO (Hamilton Canadian Financials Yield Maximizer ETF) is Derivative Income fund actively managed by Hamilton Capital. Over the past 3 years, ARE.TO returned 91.69%/yr vs 22.64%/yr for HMAX.TO. At a 0.31 correlation, their price movements are largely independent.

Performance

ARE.TO vs. HMAX.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Aecon Group Inc. (ARE.TO) and Hamilton Canadian Financials Yield Maximizer ETF (HMAX.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ARE.TO achieves a 46.36% return, which is significantly higher than HMAX.TO's 12.57% return.

ARE.TO

• 1D: 2.22%
• 1M: -17.13%
• YTD: 46.36%
• 6M: 62.05%
• 1Y: 148.84%
• 3Y*: 91.69%
• 5Y*: 64.47%
• 10Y*: 39.06%

HMAX.TO

• 1D: 1.26%
• 1M: 5.33%
• YTD: 12.57%
• 6M: 14.85%
• 1Y: 37.32%
• 3Y*: 22.64%
• 5Y*: —
• 10Y*: —

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

ARE.TO vs. HMAX.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ARE.TO Aecon Group Inc.	46.36%	18.93%	185.08%	97.23%
HMAX.TO Hamilton Canadian Financials Yield Maximizer ETF	12.57%	27.20%	20.65%	0.77%

Correlation

The correlation between ARE.TO and HMAX.TO is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (All Time) Calculated using the full available price history since Jan 24, 2023	0.31

Return for Risk

ARE.TO vs. HMAX.TO — Risk / Return Rank

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

ARE.TO

ARE.TO Risk / Return Rank: 96
ARE.TO Sharpe Ratio Rank: 97
ARE.TO Sortino Ratio Rank: 97
ARE.TO Omega Ratio Rank: 95
ARE.TO Calmar Ratio Rank: 95
ARE.TO Martin Ratio Rank: 95

HMAX.TO

HMAX.TO Risk / Return Rank: 93
HMAX.TO Sharpe Ratio Rank: 95
HMAX.TO Sortino Ratio Rank: 95
HMAX.TO Omega Ratio Rank: 95
HMAX.TO Calmar Ratio Rank: 88
HMAX.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.

ARE.TO vs. HMAX.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aecon Group Inc. (ARE.TO) and Hamilton Canadian Financials Yield Maximizer ETF (HMAX.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.

	ARE.TO	HMAX.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.95	3.74	+0.20
Sortino ratio: Return per unit of downside risk	4.57	5.28	-0.71
Omega ratio: Gain probability vs. loss probability	1.57	1.71	-0.14
Calmar ratio: Return relative to maximum drawdown	6.98	5.14	+1.84
Martin ratio: Return relative to average drawdown	20.75	22.50	-1.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ARE.TO vs. HMAX.TO - Sharpe Ratio Comparison

The current ARE.TO Sharpe Ratio is 3.95, which is comparable to the HMAX.TO Sharpe Ratio of 3.74. The chart below compares the historical Sharpe Ratios of ARE.TO and HMAX.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

	ARE.TO	HMAX.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.95	3.74	+0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.55	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.04	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	1.57	-1.49

Drawdowns

ARE.TO vs. HMAX.TO - Drawdown Comparison

The maximum ARE.TO drawdown since its inception was -99.67%, which is greater than HMAX.TO's maximum drawdown of -15.34%. Use the drawdown chart below to compare losses from any high point for ARE.TO and HMAX.TO.

Drawdown Indicators

	ARE.TO	HMAX.TO	Difference
Max Drawdown Largest peak-to-trough decline	-99.67%	-15.34%	-84.33%
Max Drawdown (1Y) Largest decline over 1 year	-21.58%	-7.29%	-14.29%
Max Drawdown (3Y) Largest decline over 3 years	-44.21%	-12.48%	-31.73%
Max Drawdown (5Y) Largest decline over 5 years	-44.21%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-44.21%	—	—
Current Drawdown Current decline from peak	-19.84%	0.00%	-19.84%
Average Drawdown Average peak-to-trough decline	-70.46%	-2.94%	-67.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.23%	1.66%	+5.57%

Volatility

ARE.TO vs. HMAX.TO - Volatility Comparison

Aecon Group Inc. (ARE.TO) has a higher volatility of 11.10% compared to Hamilton Canadian Financials Yield Maximizer ETF (HMAX.TO) at 3.43%. This indicates that ARE.TO's price experiences larger fluctuations and is considered to be riskier than HMAX.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ARE.TO	HMAX.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.10%	3.43%	+7.67%
Volatility (6M) Calculated over the trailing 6-month period	25.95%	8.62%	+17.33%
Volatility (1Y) Calculated over the trailing 1-year period	38.23%	10.02%	+28.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.06%	11.43%	+30.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.64%	11.43%	+26.21%

Dividends

ARE.TO vs. HMAX.TO - Dividend Comparison

ARE.TO's dividend yield for the trailing twelve months is around 1.67%, less than HMAX.TO's 11.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARE.TO Aecon Group Inc.	1.67%	2.43%	21.86%	43.61%	59.93%	30.69%	29.83%	26.14%	2.84%	2.51%	3.02%	2.60%
HMAX.TO Hamilton Canadian Financials Yield Maximizer ETF	11.44%	12.29%	14.08%	15.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ARE.TO and HMAX.TO in my portfolio?

ARE.TO and HMAX.TO have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.