EMAX.TO vs. HCAL.TO

Last updated Apr 2, 2026

Compare and contrast key facts about Hamilton Energy YIELD MAXIMIZER ETF (EMAX.TO) and Hamilton Enhanced Canadian Bank ETF (HCAL.TO).

EMAX.TO and HCAL.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EMAX.TO is an actively managed fund by Hamilton Capital. It was launched on Feb 6, 2024. HCAL.TO is a passively managed fund by Hamilton Capital that tracks the performance of the Solactive Equal Weight Canada Banks Index (125%). It was launched on Oct 14, 2020.

Performance

EMAX.TO vs. HCAL.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 Enhanced Canadian Bank ETF (HCAL.TO). The values are adjusted to include any dividend payments, if applicable.

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

	2026 (YTD)	2025	2024
EMAX.TO Hamilton Energy YIELD MAXIMIZER ETF	28.41%	4.63%	3.60%
HCAL.TO Hamilton Enhanced Canadian Bank ETF	3.57%	54.09%	34.41%

Returns By Period

In the year-to-date period, EMAX.TO achieves a 28.41% return, which is significantly higher than HCAL.TO's 3.57% return.

EMAX.TO

• 1D: -3.02%
• 1M: 6.45%
• YTD: 28.41%
• 6M: 28.44%
• 1Y: 27.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HCAL.TO

• 1D: 1.58%
• 1M: -4.24%
• YTD: 3.57%
• 6M: 18.78%
• 1Y: 68.12%
• 3Y*: 31.11%
• 5Y*: 19.29%
• 10Y*: —

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

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

Both EMAX.TO and HCAL.TO have an expense ratio of 0.65%.

EMAX.TO

Hamilton Energy YIELD MAXIMIZER ETF

HCAL.TO

Hamilton Enhanced Canadian Bank ETF

Return for Risk

EMAX.TO vs. HCAL.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: 48
EMAX.TO Sharpe Ratio Rank: 56
EMAX.TO Sortino Ratio Rank: 50
EMAX.TO Omega Ratio Rank: 56
EMAX.TO Calmar Ratio Rank: 46
EMAX.TO Martin Ratio Rank: 35

HCAL.TO

HCAL.TO Risk / Return Rank: 98
HCAL.TO Sharpe Ratio Rank: 98
HCAL.TO Sortino Ratio Rank: 98
HCAL.TO Omega Ratio Rank: 98
HCAL.TO Calmar Ratio Rank: 98
HCAL.TO Martin Ratio Rank: 98

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. HCAL.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 Enhanced Canadian Bank ETF (HCAL.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	HCAL.TO	Difference
Sharpe ratio Return per unit of total volatility	1.04	4.08	-3.03
Sortino ratio Return per unit of downside risk	1.42	4.96	-3.54
Omega ratio Gain probability vs. loss probability	1.22	1.76	-0.54
Calmar ratio Return relative to maximum drawdown	1.31	6.44	-5.13
Martin ratio Return relative to average drawdown	3.42	24.95	-21.53
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. HCAL.TO - Sharpe Ratio Comparison

The current EMAX.TO Sharpe Ratio is 1.04, which is lower than the HCAL.TO Sharpe Ratio of 4.08. The chart below compares the historical Sharpe Ratios of EMAX.TO and HCAL.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	EMAX.TO	HCAL.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.04	4.08	-3.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.15	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	1.47	-0.71

Correlation

The correlation between EMAX.TO and HCAL.TO is 0.17, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

EMAX.TO vs. HCAL.TO - Dividend Comparison

EMAX.TO's dividend yield for the trailing twelve months is around 10.44%, more than HCAL.TO's 4.10% yield.

	TTM	2025	2024	2023	2022	2021	2020
EMAX.TO Hamilton Energy YIELD MAXIMIZER ETF	10.44%	13.44%	12.31%	0.00%	0.00%	0.00%	0.00%
HCAL.TO Hamilton Enhanced Canadian Bank ETF	4.10%	4.20%	6.12%	7.37%	7.47%	4.99%	3.14%

Drawdowns

EMAX.TO vs. HCAL.TO - Drawdown Comparison

The maximum EMAX.TO drawdown since its inception was -27.55%, smaller than the maximum HCAL.TO drawdown of -35.05%. Use the drawdown chart below to compare losses from any high point for EMAX.TO and HCAL.TO.

Drawdown Indicators

	EMAX.TO	HCAL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-27.55%	-35.05%	+7.50%
Max Drawdown (1Y) Largest decline over 1 year	-20.97%	-10.65%	-10.32%
Max Drawdown (5Y) Largest decline over 5 years	—	-35.05%	—
Current Drawdown Current decline from peak	-5.45%	-5.86%	+0.41%
Average Drawdown Average peak-to-trough decline	-9.51%	-9.89%	+0.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.04%	2.75%	+5.29%

Volatility

EMAX.TO vs. HCAL.TO - Volatility Comparison

The current volatility for Hamilton Energy YIELD MAXIMIZER ETF (EMAX.TO) is 6.10%, while Hamilton Enhanced Canadian Bank ETF (HCAL.TO) has a volatility of 7.81%. This indicates that EMAX.TO experiences smaller price fluctuations and is considered to be less risky than HCAL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMAX.TO	HCAL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.10%	7.81%	-1.71%
Volatility (6M) Calculated over the trailing 6-month period	13.25%	12.72%	+0.53%
Volatility (1Y) Calculated over the trailing 1-year period	26.45%	16.80%	+9.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.19%	16.89%	+5.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.19%	16.91%	+5.28%