CMAX.TO vs. HYLD-U.TO

Last updated Jun 4, 2026

CMAX.TO (Hamilton Canadian Equity YIELD MAXIMIZER ETF) and HYLD-U.TO (Hamilton Enhanced U.S. Covered Call ETF (USD)) are both Derivative Income funds from Hamilton. Both are actively managed. Their correlation of 0.89 suggests significant overlap in exposure.

Performance

CMAX.TO vs. HYLD-U.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Hamilton Canadian Equity YIELD MAXIMIZER ETF (CMAX.TO) and Hamilton Enhanced U.S. Covered Call ETF (USD) (HYLD-U.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

CMAX.TO is traded in CAD, while HYLD-U.TO is traded in USD. To make them comparable, the HYLD-U.TO values have been converted to CAD using the latest available exchange rates.

Returns By Period

CMAX.TO

• 1D: 0.00%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HYLD-U.TO

• 1D: 0.24%
• 1M: 11.64%
• YTD: 16.59%
• 6M: 14.32%
• 1Y: 39.69%
• 3Y*: 23.04%
• 5Y*: —
• 10Y*: —

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

CMAX.TO vs. HYLD-U.TO - Yearly Performance Comparison

	2026 (YTD)
CMAX.TO Hamilton Canadian Equity YIELD MAXIMIZER ETF	1.54%
HYLD-U.TO Hamilton Enhanced U.S. Covered Call ETF (USD)	5.30%

Correlation

The correlation between CMAX.TO and HYLD-U.TO is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 12, 2026	0.89

Return for Risk

CMAX.TO vs. HYLD-U.TO — Risk / Return Rank

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

HYLD-U.TO

HYLD-U.TO Risk / Return Rank: 73
HYLD-U.TO Sharpe Ratio Rank: 78
HYLD-U.TO Sortino Ratio Rank: 77
HYLD-U.TO Omega Ratio Rank: 75
HYLD-U.TO Calmar Ratio Rank: 62
HYLD-U.TO Martin Ratio Rank: 70

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.

CMAX.TO vs. HYLD-U.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton Canadian Equity YIELD MAXIMIZER ETF (CMAX.TO) and Hamilton Enhanced U.S. Covered Call ETF (USD) (HYLD-U.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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	CMAX.TO	HYLD-U.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.73	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.84	0.79	+2.05

Drawdowns

CMAX.TO vs. HYLD-U.TO - Drawdown Comparison

The maximum CMAX.TO drawdown since its inception was -1.48%, smaller than the maximum HYLD-U.TO drawdown of -24.30%. Use the drawdown chart below to compare losses from any high point for CMAX.TO and HYLD-U.TO.

Drawdown Indicators

	CMAX.TO	HYLD-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-1.48%	-24.30%	+22.82%
Max Drawdown (1Y) Largest decline over 1 year	—	-12.17%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-23.36%	—
Current Drawdown Current decline from peak	-0.38%	0.00%	-0.38%
Average Drawdown Average peak-to-trough decline	-0.54%	-7.49%	+6.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.38%	—

Volatility

Volatility by Period

	CMAX.TO	HYLD-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.24%	—
Volatility (6M) Calculated over the trailing 6-month period	—	11.38%	—
Volatility (1Y) Calculated over the trailing 1-year period	9.88%	14.62%	-4.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.88%	17.91%	-8.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.88%	17.91%	-8.03%

Dividends

CMAX.TO vs. HYLD-U.TO - Dividend Comparison

CMAX.TO's dividend yield for the trailing twelve months is around 0.91%, less than HYLD-U.TO's 7.57% yield.

Position	TTM	2025	2024	2023	2022
CMAX.TO Hamilton Canadian Equity YIELD MAXIMIZER ETF	0.91%	0.00%	0.00%	0.00%	0.00%
HYLD-U.TO Hamilton Enhanced U.S. Covered Call ETF (USD)	7.57%	8.06%	8.49%	8.82%	9.99%

Frequently Asked Questions

Can I hold both CMAX.TO and HYLD-U.TO in my portfolio?

CMAX.TO and HYLD-U.TO have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.