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EMAX.TO vs. HBIL.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EMAX.TO vs. HBIL.TO

Last updated Jun 4, 2026

EMAX.TO (Hamilton Energy YIELD MAXIMIZER ETF) and HBIL.TO (Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged)) are both exchange-traded funds - EMAX.TO is a Energy Equities fund actively managed by Hamilton Capital, while HBIL.TO is a Derivative Income fund actively managed by Hamilton Capital. Both are actively managed. Over the past year, EMAX.TO returned 48.14% vs 2.87% for HBIL.TO. At a correlation of -0.12, they often move in opposite directions. EMAX.TO charges 0.65%/yr vs 0.35%/yr for HBIL.TO.

Performance

EMAX.TO vs. HBIL.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 Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) (HBIL.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EMAX.TO achieves a 30.76% return, which is significantly higher than HBIL.TO's 0.59% return.

EMAX.TO

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

HBIL.TO

1D
0.00%
1M
0.23%
YTD
0.59%
6M
0.53%
1Y
2.87%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024
EMAX.TO
Hamilton Energy YIELD MAXIMIZER ETF		30.76%4.63%2.32%
HBIL.TO
Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged)		0.59%3.05%-1.40%

Correlation

The correlation between EMAX.TO and HBIL.TO is -0.21, 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

-0.21

Correlation (All Time)
Calculated using the full available price history since Sep 17, 2024

-0.12

Compare stocks, funds, or ETFs

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Hamilton Energy YIELD MAXIMIZER ETF

Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged)

Often compared with EMAX.TO:
EMAX.TO vs. ENCC.TOEMAX.TO vs. HDIV.TOEMAX.TO vs. QMAX.TOEMAX.TO vs. HMAX.TOEMAX.TO vs. UMAX.TOEMAX.TO vs. XEG.TOEMAX.TO vs. GLCC.TO
Often compared with HBIL.TO:
HBIL.TO vs. HBND.TOHBIL.TO vs. SGOVHBIL.TO vs. CBIL.TOHBIL.TO vs. TLTHBIL.TO vs. HYLD-U.TOHBIL.TO vs. ZWP.TOHBIL.TO vs. UMAX.TO

Return for Risk

EMAX.TO vs. HBIL.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: 7070
Overall Rank
EMAX.TO Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
EMAX.TO Sortino Ratio Rank: 6868
Sortino Ratio Rank
EMAX.TO Omega Ratio Rank: 6464
Omega Ratio Rank
EMAX.TO Calmar Ratio Rank: 7777
Calmar Ratio Rank
EMAX.TO Martin Ratio Rank: 6868
Martin Ratio Rank
HBIL.TO
HBIL.TO Risk / Return Rank: 5656
Overall Rank
HBIL.TO Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
HBIL.TO Sortino Ratio Rank: 5757
Sortino Ratio Rank
HBIL.TO Omega Ratio Rank: 5656
Omega Ratio Rank
HBIL.TO Calmar Ratio Rank: 6161
Calmar Ratio Rank
HBIL.TO Martin Ratio Rank: 5656
Martin Ratio Rank
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. HBIL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton Energy YIELD MAXIMIZER ETF (EMAX.TO) and Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) (HBIL.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.TOHBIL.TODifference
Sharpe ratioReturn per unit of total volatility
2.42
1.74

+0.68

Sortino ratioReturn per unit of downside risk
3.13
2.71

+0.41

Omega ratioGain probability vs. loss probability

1.39

1.34

+0.05

Calmar ratioReturn relative to maximum drawdown

3.90

3.03

+0.88

Martin ratioReturn relative to average drawdown

12.55

9.74

+2.81

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. HBIL.TO - Sharpe Ratio Comparison

The current EMAX.TO Sharpe Ratio is 2.42, which is higher than the HBIL.TO Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of EMAX.TO and HBIL.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.

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Sharpe Ratios by Period

EMAX.TOHBIL.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.42

1.74

+0.68

Sharpe Ratio (All Time)

Calculated using the full available price history

0.73

0.64

+0.09

Drawdowns

EMAX.TO vs. HBIL.TO - Drawdown Comparison

The maximum EMAX.TO drawdown since its inception was -27.55%, which is greater than HBIL.TO's maximum drawdown of -1.69%. Use the drawdown chart below to compare losses from any high point for EMAX.TO and HBIL.TO.

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Drawdown Indicators

EMAX.TOHBIL.TODifference

Max Drawdown

Largest peak-to-trough decline

-27.55%

-1.69%

-25.86%

Max Drawdown (1Y)

Largest decline over 1 year

-12.39%

-0.95%

-11.44%

Current Drawdown

Current decline from peak

-3.72%

-0.31%

-3.41%

Average Drawdown

Average peak-to-trough decline

-9.31%

-0.48%

-8.83%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.85%

0.30%

+3.55%

Volatility

EMAX.TO vs. HBIL.TO - Volatility Comparison

Hamilton Energy YIELD MAXIMIZER ETF (EMAX.TO) has a higher volatility of 7.47% compared to Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) (HBIL.TO) at 0.62%. This indicates that EMAX.TO's price experiences larger fluctuations and is considered to be riskier than HBIL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EMAX.TOHBIL.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

7.47%

0.62%

+6.85%

Volatility (6M)

Calculated over the trailing 6-month period

15.32%

1.24%

+14.08%

Volatility (1Y)

Calculated over the trailing 1-year period

20.03%

1.66%

+18.37%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.41%

2.03%

+20.38%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.41%

2.03%

+20.38%

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

EMAX.TO has a 0.65% expense ratio, which is higher than HBIL.TO's 0.35% expense ratio.

Dividends

EMAX.TO vs. HBIL.TO - Dividend Comparison

EMAX.TO's dividend yield for the trailing twelve months is around 10.25%, more than HBIL.TO's 6.52% yield.

PositionTTM20252024
EMAX.TO
Hamilton Energy YIELD MAXIMIZER ETF		10.25%13.44%12.31%
HBIL.TO
Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged)		6.52%7.49%2.58%

Frequently Asked Questions

EMAX.TO and HBIL.TO have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, HBIL.TO is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

HBIL.TO is cheaper with a 0.35% expense ratio, compared with 0.65% for EMAX.TO.

EMAX.TO is categorized as Energy Equities, while HBIL.TO is Derivative Income. Their fees differ too: 0.65% for EMAX.TO and 0.35% for HBIL.TO.

Portfolio Optimizer

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