EMAX.TO vs. DXQ.TO

Last updated Jun 4, 2026

EMAX.TO (Hamilton Energy YIELD MAXIMIZER ETF) and DXQ.TO (Dynamic Active Enhanced Yield Covered Options ETF) are both exchange-traded funds - EMAX.TO is a Energy Equities fund actively managed by Hamilton Capital, while DXQ.TO is a Derivative Income fund actively managed by Dynamic. Both are actively managed. Over the past year, EMAX.TO returned 48.14% vs 19.04% for DXQ.TO. At a 0.16 correlation, their price movements are largely independent. EMAX.TO charges 0.65%/yr vs 0.72%/yr for DXQ.TO.

Performance

EMAX.TO vs. DXQ.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 Dynamic Active Enhanced Yield Covered Options ETF (DXQ.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 DXQ.TO's 6.80% return.

EMAX.TO

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

DXQ.TO

• 1D: -0.70%
• 1M: 2.65%
• YTD: 6.80%
• 6M: 5.77%
• 1Y: 19.04%
• 3Y*: 17.27%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024
EMAX.TO Hamilton Energy YIELD MAXIMIZER ETF	30.76%	4.63%	3.60%
DXQ.TO Dynamic Active Enhanced Yield Covered Options ETF	6.80%	12.99%	16.47%

Correlation

The correlation between EMAX.TO and DXQ.TO is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.05
Correlation (All Time) Calculated using the full available price history since Feb 8, 2024	0.16

The correlation between EMAX.TO and DXQ.TO shifts across timeframes, from -0.05 (1 year) to 0.16 (all time), reflecting how their relationship changes across market environments.

Return for Risk

EMAX.TO vs. DXQ.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

DXQ.TO

DXQ.TO Risk / Return Rank: 65
DXQ.TO Sharpe Ratio Rank: 62
DXQ.TO Sortino Ratio Rank: 64
DXQ.TO Omega Ratio Rank: 66
DXQ.TO Calmar Ratio Rank: 75
DXQ.TO Martin Ratio Rank: 60

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. DXQ.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton Energy YIELD MAXIMIZER ETF (EMAX.TO) and Dynamic Active Enhanced Yield Covered Options ETF (DXQ.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	DXQ.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.42	2.08	+0.35
Sortino ratio: Return per unit of downside risk	3.13	2.95	+0.18
Omega ratio: Gain probability vs. loss probability	1.39	1.40	-0.01
Calmar ratio: Return relative to maximum drawdown	3.90	3.74	+0.17
Martin ratio: Return relative to average drawdown	12.55	10.46	+2.08
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. DXQ.TO - Sharpe Ratio Comparison

The current EMAX.TO Sharpe Ratio is 2.42, which is comparable to the DXQ.TO Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of EMAX.TO and DXQ.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	DXQ.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.42	2.08	+0.35
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	1.61	-0.88

Drawdowns

EMAX.TO vs. DXQ.TO - Drawdown Comparison

The maximum EMAX.TO drawdown since its inception was -27.55%, which is greater than DXQ.TO's maximum drawdown of -15.54%. Use the drawdown chart below to compare losses from any high point for EMAX.TO and DXQ.TO.

Drawdown Indicators

	EMAX.TO	DXQ.TO	Difference
Max Drawdown Largest peak-to-trough decline	-27.55%	-15.54%	-12.01%
Max Drawdown (1Y) Largest decline over 1 year	-12.39%	-5.11%	-7.28%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.54%	—
Current Drawdown Current decline from peak	-3.72%	-0.70%	-3.02%
Average Drawdown Average peak-to-trough decline	-9.31%	-1.27%	-8.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.85%	1.82%	+2.03%

Volatility

EMAX.TO vs. DXQ.TO - Volatility Comparison

Hamilton Energy YIELD MAXIMIZER ETF (EMAX.TO) has a higher volatility of 7.47% compared to Dynamic Active Enhanced Yield Covered Options ETF (DXQ.TO) at 2.38%. This indicates that EMAX.TO's price experiences larger fluctuations and is considered to be riskier than DXQ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMAX.TO	DXQ.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.47%	2.38%	+5.09%
Volatility (6M) Calculated over the trailing 6-month period	15.32%	7.14%	+8.18%
Volatility (1Y) Calculated over the trailing 1-year period	20.03%	9.21%	+10.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.41%	10.92%	+11.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.41%	10.92%	+11.49%

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

EMAX.TO has a 0.65% expense ratio, which is lower than DXQ.TO's 0.72% expense ratio.

Dividends

EMAX.TO vs. DXQ.TO - Dividend Comparison

EMAX.TO's dividend yield for the trailing twelve months is around 10.25%, more than DXQ.TO's 7.77% yield.

Position	TTM	2025	2024	2023	2022
DXQ.TO Dynamic Active Enhanced Yield Covered Options ETF	7.77%	7.45%	5.74%	6.54%	1.83%
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 DXQ.TO in my portfolio?

EMAX.TO and DXQ.TO have a correlation of -0.05, 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 DXQ.TO?

On fees, EMAX.TO is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

EMAX.TO is cheaper with a 0.65% expense ratio, compared with 0.72% for DXQ.TO.

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

EMAX.TO is categorized as Energy Equities, while DXQ.TO is Derivative Income. They also come from different issuers: Hamilton Capital and Dynamic. Their fees differ too: 0.65% for EMAX.TO and 0.72% for DXQ.TO.