CMAX.TO vs. ZWU.TO

Last updated Jun 4, 2026

CMAX.TO (Hamilton Canadian Equity YIELD MAXIMIZER ETF) and ZWU.TO (BMO Covered Call Utilities ETF) are both exchange-traded funds - CMAX.TO is a Derivative Income fund actively managed by Hamilton, while ZWU.TO is a Utilities Equities fund actively managed by BMO. Both are actively managed. At a 0.40 correlation, their price movements are largely independent.

Performance

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

Returns By Period

CMAX.TO

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

ZWU.TO

• 1D: -0.50%
• 1M: -0.34%
• YTD: 10.15%
• 6M: 9.37%
• 1Y: 15.17%
• 3Y*: 10.66%
• 5Y*: 6.33%
• 10Y*: 6.08%

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

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

	2026 (YTD)
CMAX.TO Hamilton Canadian Equity YIELD MAXIMIZER ETF	1.54%
ZWU.TO BMO Covered Call Utilities ETF	0.24%

Correlation

The correlation between CMAX.TO and ZWU.TO is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 12, 2026	0.40

Return for Risk

CMAX.TO vs. ZWU.TO — Risk / Return Rank

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

ZWU.TO

ZWU.TO Risk / Return Rank: 58
ZWU.TO Sharpe Ratio Rank: 58
ZWU.TO Sortino Ratio Rank: 62
ZWU.TO Omega Ratio Rank: 57
ZWU.TO Calmar Ratio Rank: 63
ZWU.TO Martin Ratio Rank: 51

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. ZWU.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 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.

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	ZWU.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.01	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.61	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.43	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.84	0.42	+2.42

Drawdowns

CMAX.TO vs. ZWU.TO - Drawdown Comparison

The maximum CMAX.TO drawdown since its inception was -1.48%, smaller than the maximum ZWU.TO drawdown of -37.41%. Use the drawdown chart below to compare losses from any high point for CMAX.TO and ZWU.TO.

Drawdown Indicators

	CMAX.TO	ZWU.TO	Difference
Max Drawdown Largest peak-to-trough decline	-1.48%	-37.41%	+35.93%
Max Drawdown (1Y) Largest decline over 1 year	—	-4.86%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-12.85%	—
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	-0.38%	-2.31%	+1.93%
Average Drawdown Average peak-to-trough decline	-0.54%	-5.38%	+4.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.73%	—

Volatility

Volatility by Period

	CMAX.TO	ZWU.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.81%	—
Volatility (6M) Calculated over the trailing 6-month period	—	6.30%	—
Volatility (1Y) Calculated over the trailing 1-year period	9.88%	7.59%	+2.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.88%	10.47%	-0.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.88%	14.18%	-4.30%

Dividends

CMAX.TO vs. ZWU.TO - Dividend Comparison

CMAX.TO's dividend yield for the trailing twelve months is around 0.91%, less than ZWU.TO's 7.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMAX.TO Hamilton Canadian Equity YIELD MAXIMIZER ETF	0.91%	0.00%	0.00%	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	7.09%	7.59%	7.96%	8.54%	8.35%	7.43%	7.94%	6.29%	6.84%	6.46%	6.77%	7.57%

Frequently Asked Questions

Can I hold both CMAX.TO and ZWU.TO in my portfolio?

CMAX.TO and ZWU.TO have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between CMAX.TO and ZWU.TO?

CMAX.TO is categorized as Derivative Income, while ZWU.TO is Utilities Equities. They also come from different issuers: Hamilton and BMO.