EMAX.TO vs. BANK.TO

Last updated Jun 4, 2026

EMAX.TO (Hamilton Energy YIELD MAXIMIZER ETF) and BANK.TO (Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund) are both exchange-traded funds - EMAX.TO is a Energy Equities fund actively managed by Hamilton Capital, while BANK.TO is a Derivative Income fund tracking the Solactive Canadian Core Financials Equal Weight Index. EMAX.TO is actively managed, while BANK.TO is passively managed. Over the past year, EMAX.TO returned 48.14% vs 55.24% for BANK.TO. At a 0.08 correlation, their price movements are largely independent. EMAX.TO charges 0.65%/yr vs 0.60%/yr for BANK.TO.

Performance

EMAX.TO vs. BANK.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Hamilton Energy YIELD MAXIMIZER ETF (EMAX.TO) and Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund (BANK.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMAX.TO achieves a 30.76% return, which is significantly higher than BANK.TO's 17.36% return.

EMAX.TO

• 1D: 1.73%
• 1M: 0.51%
• YTD: 30.76%
• 6M: 24.14%
• 1Y: 48.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BANK.TO

• 1D: -0.47%
• 1M: 6.16%
• YTD: 17.36%
• 6M: 23.52%
• 1Y: 55.24%
• 3Y*: 31.96%
• 5Y*: —
• 10Y*: —

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

EMAX.TO vs. BANK.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EMAX.TO Hamilton Energy YIELD MAXIMIZER ETF	30.76%	4.63%	3.60%
BANK.TO Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund	17.36%	41.00%	29.32%

Correlation

The correlation between EMAX.TO and BANK.TO is -0.18, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.18
Correlation (All Time) Calculated using the full available price history since Feb 8, 2024	0.08

The correlation between EMAX.TO and BANK.TO shifts across timeframes, from -0.18 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.

EMAX.TO vs. BANK.TO - Sectors Allocation Comparison

Sectors	EMAX.TO	BANK.TO
Energy	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	100.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

EMAX.TO vs. BANK.TO — Risk / Return Rank

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

EMAX.TO

EMAX.TO Risk / Return Rank: 70
EMAX.TO Sharpe Ratio Rank: 74
EMAX.TO Sortino Ratio Rank: 68
EMAX.TO Omega Ratio Rank: 64
EMAX.TO Calmar Ratio Rank: 77
EMAX.TO Martin Ratio Rank: 68

BANK.TO

BANK.TO Risk / Return Rank: 96
BANK.TO Sharpe Ratio Rank: 97
BANK.TO Sortino Ratio Rank: 97
BANK.TO Omega Ratio Rank: 96
BANK.TO Calmar Ratio Rank: 93
BANK.TO Martin Ratio Rank: 95

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.

EMAX.TO vs. BANK.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton Energy YIELD MAXIMIZER ETF (EMAX.TO) and Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund (BANK.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.

	EMAX.TO	BANK.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.42	4.59	-2.17
Sortino ratio: Return per unit of downside risk	3.13	6.28	-3.15
Omega ratio: Gain probability vs. loss probability	1.39	1.85	-0.46
Calmar ratio: Return relative to maximum drawdown	3.90	6.75	-2.84
Martin ratio: Return relative to average drawdown	12.55	29.78	-17.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMAX.TO vs. BANK.TO - Sharpe Ratio Comparison

The current EMAX.TO Sharpe Ratio is 2.42, which is lower than the BANK.TO Sharpe Ratio of 4.59. The chart below compares the historical Sharpe Ratios of EMAX.TO and BANK.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

	EMAX.TO	BANK.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.42	4.59	-2.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	1.08	-0.35

Drawdowns

EMAX.TO vs. BANK.TO - Drawdown Comparison

The maximum EMAX.TO drawdown since its inception was -27.55%, smaller than the maximum BANK.TO drawdown of -29.03%. Use the drawdown chart below to compare losses from any high point for EMAX.TO and BANK.TO.

Drawdown Indicators

	EMAX.TO	BANK.TO	Difference
Max Drawdown Largest peak-to-trough decline	-27.55%	-29.03%	+1.48%
Max Drawdown (1Y) Largest decline over 1 year	-12.39%	-8.23%	-4.16%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.49%	—
Current Drawdown Current decline from peak	-3.72%	-1.16%	-2.56%
Average Drawdown Average peak-to-trough decline	-9.31%	-8.81%	-0.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.85%	1.86%	+1.99%

Volatility

EMAX.TO vs. BANK.TO - Volatility Comparison

Hamilton Energy YIELD MAXIMIZER ETF (EMAX.TO) has a higher volatility of 7.47% compared to Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund (BANK.TO) at 4.28%. This indicates that EMAX.TO's price experiences larger fluctuations and is considered to be riskier than BANK.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMAX.TO	BANK.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.47%	4.28%	+3.19%
Volatility (6M) Calculated over the trailing 6-month period	15.32%	10.45%	+4.87%
Volatility (1Y) Calculated over the trailing 1-year period	20.03%	12.09%	+7.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.41%	15.65%	+6.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.41%	15.65%	+6.76%

EMAX.TO vs. BANK.TO - Expense Ratio Comparison

EMAX.TO has a 0.65% expense ratio, which is higher than BANK.TO's 0.60% expense ratio.

Dividends

EMAX.TO vs. BANK.TO - Dividend Comparison

EMAX.TO's dividend yield for the trailing twelve months is around 10.25%, less than BANK.TO's 13.02% yield.

Position	TTM	2025	2024	2023	2022
BANK.TO Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund	13.02%	13.73%	15.28%	13.60%	10.52%
EMAX.TO Hamilton Energy YIELD MAXIMIZER ETF	10.25%	13.44%	12.31%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EMAX.TO and BANK.TO in my portfolio?

EMAX.TO and BANK.TO have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EMAX.TO or BANK.TO?

On fees, BANK.TO is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EMAX.TO or BANK.TO?

BANK.TO is cheaper with a 0.60% expense ratio, compared with 0.65% for EMAX.TO.

What is the main difference between EMAX.TO and BANK.TO?

EMAX.TO is categorized as Energy Equities, while BANK.TO is Derivative Income. They also come from different issuers: Hamilton Capital and Evolve. Their fees differ too: 0.65% for EMAX.TO and 0.60% for BANK.TO.