CMVP.TO vs. SMAX.TO

Last updated Jun 4, 2026

CMVP.TO (HAMILTON CHAMPIONS Canadian Dividend Index ETF Class E Units) and SMAX.TO (Hamilton U.S. Equity YIELD MAXIMIZER ETF) are both exchange-traded funds - CMVP.TO is a Canada Equities fund tracking the Solactive Canada Dividend Elite Champions Index, while SMAX.TO is a Derivative Income fund actively managed by Hamilton Capital. CMVP.TO is passively managed, while SMAX.TO is actively managed. Over the past year, CMVP.TO returned 25.73% vs 44.38% for SMAX.TO. At a 0.38 correlation, their price movements are largely independent. CMVP.TO charges 0.00%/yr vs 0.65%/yr for SMAX.TO.

Performance

CMVP.TO vs. SMAX.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in HAMILTON CHAMPIONS Canadian Dividend Index ETF Class E Units (CMVP.TO) and Hamilton U.S. Equity YIELD MAXIMIZER ETF (SMAX.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CMVP.TO achieves a 11.91% return, which is significantly lower than SMAX.TO's 18.79% return.

CMVP.TO

• 1D: -0.29%
• 1M: 2.40%
• YTD: 11.91%
• 6M: 14.09%
• 1Y: 25.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMAX.TO

• 1D: 0.31%
• 1M: 10.49%
• YTD: 18.79%
• 6M: 17.56%
• 1Y: 44.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CMVP.TO vs. SMAX.TO - Yearly Performance Comparison

	2026 (YTD)	2025
CMVP.TO HAMILTON CHAMPIONS Canadian Dividend Index ETF Class E Units	11.91%	21.46%
SMAX.TO Hamilton U.S. Equity YIELD MAXIMIZER ETF	18.79%	16.04%

Correlation

The correlation between CMVP.TO and SMAX.TO is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (All Time) Calculated using the full available price history since Jan 28, 2025	0.38

Return for Risk

CMVP.TO vs. SMAX.TO — Risk / Return Rank

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

CMVP.TO

CMVP.TO Risk / Return Rank: 79
CMVP.TO Sharpe Ratio Rank: 81
CMVP.TO Sortino Ratio Rank: 80
CMVP.TO Omega Ratio Rank: 80
CMVP.TO Calmar Ratio Rank: 72
CMVP.TO Martin Ratio Rank: 81

SMAX.TO

SMAX.TO Risk / Return Rank: 94
SMAX.TO Sharpe Ratio Rank: 94
SMAX.TO Sortino Ratio Rank: 94
SMAX.TO Omega Ratio Rank: 94
SMAX.TO Calmar Ratio Rank: 93
SMAX.TO Martin Ratio Rank: 93

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.

CMVP.TO vs. SMAX.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HAMILTON CHAMPIONS Canadian Dividend Index ETF Class E Units (CMVP.TO) and Hamilton U.S. Equity YIELD MAXIMIZER ETF (SMAX.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.

	CMVP.TO	SMAX.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.66	3.61	-0.95
Sortino ratio: Return per unit of downside risk	3.66	5.00	-1.34
Omega ratio: Gain probability vs. loss probability	1.49	1.71	-0.22
Calmar ratio: Return relative to maximum drawdown	3.62	6.95	-3.33
Martin ratio: Return relative to average drawdown	16.15	25.77	-9.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CMVP.TO vs. SMAX.TO - Sharpe Ratio Comparison

The current CMVP.TO Sharpe Ratio is 2.66, which is comparable to the SMAX.TO Sharpe Ratio of 3.61. The chart below compares the historical Sharpe Ratios of CMVP.TO and SMAX.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

	CMVP.TO	SMAX.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.66	3.61	-0.95
Sharpe Ratio (All Time) Calculated using the full available price history	2.32	2.32	-0.01

Drawdowns

CMVP.TO vs. SMAX.TO - Drawdown Comparison

The maximum CMVP.TO drawdown since its inception was -8.86%, smaller than the maximum SMAX.TO drawdown of -18.22%. Use the drawdown chart below to compare losses from any high point for CMVP.TO and SMAX.TO.

Drawdown Indicators

	CMVP.TO	SMAX.TO	Difference
Max Drawdown Largest peak-to-trough decline	-8.86%	-18.22%	+9.36%
Max Drawdown (1Y) Largest decline over 1 year	-7.14%	-6.42%	-0.72%
Current Drawdown Current decline from peak	-1.42%	-0.32%	-1.10%
Average Drawdown Average peak-to-trough decline	-1.09%	-2.09%	+1.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.60%	1.73%	-0.13%

Volatility

CMVP.TO vs. SMAX.TO - Volatility Comparison

The current volatility for HAMILTON CHAMPIONS Canadian Dividend Index ETF Class E Units (CMVP.TO) is 3.00%, while Hamilton U.S. Equity YIELD MAXIMIZER ETF (SMAX.TO) has a volatility of 5.51%. This indicates that CMVP.TO experiences smaller price fluctuations and is considered to be less risky than SMAX.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMVP.TO	SMAX.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.00%	5.51%	-2.51%
Volatility (6M) Calculated over the trailing 6-month period	7.92%	9.72%	-1.80%
Volatility (1Y) Calculated over the trailing 1-year period	9.72%	12.36%	-2.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.08%	14.62%	-3.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.08%	14.62%	-3.54%

CMVP.TO vs. SMAX.TO - Expense Ratio Comparison

CMVP.TO has a 0.00% expense ratio, which is lower than SMAX.TO's 0.65% expense ratio.

Dividends

CMVP.TO vs. SMAX.TO - Dividend Comparison

CMVP.TO's dividend yield for the trailing twelve months is around 2.72%, less than SMAX.TO's 13.36% yield.

Position	TTM	2025	2024	2023
CMVP.TO HAMILTON CHAMPIONS Canadian Dividend Index ETF Class E Units	2.72%	2.70%	0.00%	0.00%
SMAX.TO Hamilton U.S. Equity YIELD MAXIMIZER ETF	13.36%	14.67%	13.88%	2.57%

Frequently Asked Questions

Can I hold both CMVP.TO and SMAX.TO in my portfolio?

CMVP.TO and SMAX.TO have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CMVP.TO or SMAX.TO?

On fees, CMVP.TO is cheaper at 0.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CMVP.TO or SMAX.TO?

CMVP.TO is cheaper with a 0.00% expense ratio, compared with 0.65% for SMAX.TO.

What is the main difference between CMVP.TO and SMAX.TO?

CMVP.TO is categorized as Canada Equities, while SMAX.TO is Derivative Income. Their fees differ too: 0.00% for CMVP.TO and 0.65% for SMAX.TO.