FCMI.TO vs. UMAX.TO

Last updated Jul 16, 2026

FCMI.TO (Fidelity Canadian Monthly High Income ETF) and UMAX.TO (Hamilton Utilities YIELD MAXIMIZER ETF) are both exchange-traded funds - FCMI.TO is a Canada Equities fund actively managed by Fidelity, while UMAX.TO is a Derivative Income fund actively managed by Hamilton Capital. Both are actively managed. Over the past 3 years, FCMI.TO returned 13.93%/yr vs 8.91%/yr for UMAX.TO. At a 0.15 correlation, their price movements are largely independent. FCMI.TO charges 0.50%/yr vs 0.65%/yr for UMAX.TO.

Performance

FCMI.TO vs. UMAX.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Fidelity Canadian Monthly High Income ETF (FCMI.TO) and Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCMI.TO achieves a 9.25% return, which is significantly lower than UMAX.TO's 10.07% return.

FCMI.TO

• 1D: 0.00%
• 1M: 0.07%
• 6M: 7.41%
• YTD: 9.25%
• 1Y: 19.31%
• 3Y*: 13.93%
• 5Y*: 8.04%
• 10Y*: —

UMAX.TO

• 1D: 0.22%
• 1M: -0.08%
• 6M: 10.40%
• YTD: 10.07%
• 1Y: 14.03%
• 3Y*: 8.91%
• 5Y*: —
• 10Y*: —

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

FCMI.TO vs. UMAX.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FCMI.TO Fidelity Canadian Monthly High Income ETF	9.25%	15.02%	13.11%	4.42%
UMAX.TO Hamilton Utilities YIELD MAXIMIZER ETF	10.07%	9.90%	5.99%	0.18%

Correlation

The correlation between FCMI.TO and UMAX.TO is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (All Time) Calculated using the full available price history since Jun 15, 2023	0.15

Return for Risk

FCMI.TO vs. UMAX.TO — Risk / Return Rank

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

FCMI.TO

FCMI.TO Risk / Return Rank: 95
FCMI.TO Sharpe Ratio Rank: 95
FCMI.TO Sortino Ratio Rank: 96
FCMI.TO Omega Ratio Rank: 97
FCMI.TO Calmar Ratio Rank: 94
FCMI.TO Martin Ratio Rank: 94

UMAX.TO

UMAX.TO Risk / Return Rank: 73
UMAX.TO Sharpe Ratio Rank: 76
UMAX.TO Sortino Ratio Rank: 81
UMAX.TO Omega Ratio Rank: 76
UMAX.TO Calmar Ratio Rank: 68
UMAX.TO Martin Ratio Rank: 65

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.

FCMI.TO vs. UMAX.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Canadian Monthly High Income ETF (FCMI.TO) and Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.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.

	FCMI.TO	UMAX.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.03	1.91	+1.12
Sortino ratio: Return per unit of downside risk	4.75	2.89	+1.87
Omega ratio: Gain probability vs. loss probability	1.80	1.35	+0.45
Calmar ratio: Return relative to maximum drawdown	5.36	2.76	+2.61
Martin ratio: Return relative to average drawdown	20.61	9.40	+11.20

FCMI.TO vs. UMAX.TO - Sharpe Ratio Comparison

The current FCMI.TO Sharpe Ratio is 3.03, which is higher than the UMAX.TO Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of FCMI.TO and UMAX.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.

Drawdowns

FCMI.TO vs. UMAX.TO - Drawdown Comparison

The maximum FCMI.TO drawdown since its inception was -63.80%, which is greater than UMAX.TO's maximum drawdown of -10.09%. Use the drawdown chart below to compare losses from any high point for FCMI.TO and UMAX.TO.

Drawdown Indicators

	FCMI.TO	UMAX.TO	Difference
Max Drawdown Largest peak-to-trough decline	-63.80%	-10.09%	-53.71%
Max Drawdown (1Y) Largest decline over 1 year	-3.62%	-5.11%	+1.49%
Max Drawdown (3Y) Largest decline over 3 years	-6.63%	-9.59%	+2.96%
Max Drawdown (5Y) Largest decline over 5 years	-10.00%	—	—
Current Drawdown Current decline from peak	-18.96%	-0.44%	-18.52%
Average Drawdown Average peak-to-trough decline	-41.60%	-2.01%	-39.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	1.50%	-0.56%

Volatility

FCMI.TO vs. UMAX.TO - Volatility Comparison

The current volatility for Fidelity Canadian Monthly High Income ETF (FCMI.TO) is 2.10%, while Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.TO) has a volatility of 3.52%. This indicates that FCMI.TO experiences smaller price fluctuations and is considered to be less risky than UMAX.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCMI.TO	UMAX.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.10%	3.52%	-1.42%
Volatility (6M) Calculated over the trailing 6-month period	4.99%	6.16%	-1.17%
Volatility (1Y) Calculated over the trailing 1-year period	6.39%	7.36%	-0.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.80%	8.78%	-0.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.20%	8.78%	+13.42%

FCMI.TO vs. UMAX.TO - Expense Ratio Comparison

FCMI.TO has a 0.50% expense ratio, which is lower than UMAX.TO's 0.65% expense ratio.

Dividends

FCMI.TO vs. UMAX.TO - Dividend Comparison

FCMI.TO's dividend yield for the trailing twelve months is around 3.28%, less than UMAX.TO's 13.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
FCMI.TO Fidelity Canadian Monthly High Income ETF	3.28%	3.38%	3.63%	4.09%	3.73%	2.76%	6.22%
UMAX.TO Hamilton Utilities YIELD MAXIMIZER ETF	13.89%	14.85%	14.78%	6.96%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FCMI.TO and UMAX.TO in my portfolio?

FCMI.TO and UMAX.TO have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FCMI.TO or UMAX.TO?

On fees, FCMI.TO is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FCMI.TO or UMAX.TO?

FCMI.TO is cheaper with a 0.50% expense ratio, compared with 0.65% for UMAX.TO.

What is the main difference between FCMI.TO and UMAX.TO?

FCMI.TO is categorized as Canada Equities, while UMAX.TO is Derivative Income. They also come from different issuers: Fidelity and Hamilton Capital. Their fees differ too: 0.50% for FCMI.TO and 0.65% for UMAX.TO.