CWIN.TO vs. HMAX.TO
CWIN.TO (HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units) and HMAX.TO (Hamilton Canadian Financials Yield Maximizer ETF) are both exchange-traded funds - CWIN.TO is a Dividend fund tracking the Solactive Canada Dividend Elite Champions Index, while HMAX.TO is a Derivative Income fund actively managed by Hamilton. CWIN.TO is passively managed, while HMAX.TO is actively managed. Over the past year, CWIN.TO returned 40.70% vs 41.14% for HMAX.TO. Their 0.52 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.65% expense ratio.
Performance
CWIN.TO vs. HMAX.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CWIN.TO achieves a 21.87% return, which is significantly higher than HMAX.TO's 19.57% return.
CWIN.TO
- 1D
- -0.33%
- 1M
- 1.25%
- 6M
- 19.54%
- YTD
- 21.87%
- 1Y
- 40.70%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 31.82%
HMAX.TO
- 1D
- 0.16%
- 1M
- 0.93%
- 6M
- 20.59%
- YTD
- 19.57%
- 1Y
- 41.14%
- 3Y*
- 23.17%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 19.20%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$14.83K | CA$14.75K | CA$24.96K | |
| CA$6.66M | CA$5.74M | CA$5.89M |
CWIN.TO vs. HMAX.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CWIN.TO HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units | 21.87% | 24.29% |
HMAX.TO Hamilton Canadian Financials Yield Maximizer ETF | 19.57% | 24.59% |
Correlation
The correlation between CWIN.TO and HMAX.TO is 0.46, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.46 |
Correlation (All Time) Calculated using the full available price history since Jan 28, 2025 | 0.52 |
The correlation between CWIN.TO and HMAX.TO has been stable across timeframes, ranging from 0.46 to 0.52 - a consistent structural relationship.
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Return for Risk
CWIN.TO vs. HMAX.TO — Risk / Return Rank
CWIN.TO
HMAX.TO
CWIN.TO vs. HMAX.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units (CWIN.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CWIN.TO | HMAX.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.72 | ||
| Sortino ratioReturn per unit of downside risk | -1.03 | ||
| Omega ratioGain probability vs. loss probability | 1.58 | 1.70 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 5.42 | 5.52 | -0.10 |
| Martin ratioReturn relative to average drawdown | 20.02 | 23.60 | -3.58 |
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Drawdowns
CWIN.TO vs. HMAX.TO - Drawdown Comparison
The maximum CWIN.TO drawdown since its inception was -10.87%, smaller than the maximum HMAX.TO drawdown of -15.34%. Use the drawdown chart below to compare losses from any high point for CWIN.TO and HMAX.TO.
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Drawdown Indicators
| CWIN.TO | HMAX.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.87% | -15.34% | +4.47% |
Max Drawdown (1Y)Largest decline over 1 year | -7.15% | -7.29% | +0.14% |
Max Drawdown (3Y)Largest decline over 3 years | — | -12.51% | — |
Current DrawdownCurrent decline from peak | -2.14% | -1.84% | -0.30% |
Average DrawdownAverage peak-to-trough decline | -1.32% | -2.83% | +1.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.93% | 1.70% | +0.23% |
Volatility
CWIN.TO vs. HMAX.TO - Volatility Comparison
The current volatility for HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units (CWIN.TO) is 2.60%, while Hamilton Canadian Financials Yield Maximizer ETF (HMAX.TO) has a volatility of 3.82%. This indicates that CWIN.TO experiences smaller price fluctuations and is considered to be less risky than HMAX.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CWIN.TO | HMAX.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.60% | 3.82% | -1.22% |
Volatility (6M)Calculated over the trailing 6-month period | 9.31% | 9.00% | +0.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.53% | 10.55% | +1.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.63% | 11.38% | +2.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.63% | 11.38% | +2.25% |
CWIN.TO vs. HMAX.TO - Expense Ratio Comparison
Both CWIN.TO and HMAX.TO have an expense ratio of 0.65%.
Dividends
CWIN.TO vs. HMAX.TO - Dividend Comparison
CWIN.TO's dividend yield for the trailing twelve months is around 3.13%, less than HMAX.TO's 11.01% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
CWIN.TO HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units | 3.13% | 3.21% | 0.00% | 0.00% |
HMAX.TO Hamilton Canadian Financials Yield Maximizer ETF | 11.01% | 12.29% | 14.08% | 15.47% |
Frequently Asked Questions
CWIN.TO and HMAX.TO have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.65% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
CWIN.TO and HMAX.TO have the same expense ratio: 0.65% per year.
CWIN.TO is categorized as Dividend, while HMAX.TO is Derivative Income.
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