FMAX.TO vs. HBIL-U.TO
FMAX.TO (Hamilton U.S. Financials Yield Maximizer ETF) and HBIL-U.TO (Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units) are both exchange-traded funds - FMAX.TO is a Financials Equities fund actively managed by Hamilton, while HBIL-U.TO is a Government Bonds fund actively managed by Hamilton. Both are actively managed. Over the past year, FMAX.TO returned 8.52% vs 6.67% for HBIL-U.TO. At a 0.02 correlation, their price movements are largely independent.
Performance
FMAX.TO vs. HBIL-U.TO - Performance Comparison
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Different Trading Currencies
FMAX.TO is traded in CAD, while HBIL-U.TO is traded in USD. To make them comparable, the HBIL-U.TO values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, FMAX.TO achieves a 1.74% return, which is significantly lower than HBIL-U.TO's 3.97% return.
FMAX.TO
- 1D
- 0.06%
- 1M
- 4.64%
- 6M
- 1.58%
- YTD
- 1.74%
- 1Y
- 8.52%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HBIL-U.TO
- 1D
- -0.76%
- 1M
- 0.59%
- 6M
- 2.26%
- YTD
- 3.97%
- 1Y
- 6.67%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FMAX.TO vs. HBIL-U.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FMAX.TO Hamilton U.S. Financials Yield Maximizer ETF | 1.74% | 7.70% | 15.28% |
HBIL-U.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units | 3.97% | 0.03% | 4.69% |
Correlation
The correlation between FMAX.TO and HBIL-U.TO is 0.01, 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 | 0.01 |
Correlation (All Time) Calculated using the full available price history since Sep 16, 2024 | 0.02 |
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Return for Risk
FMAX.TO vs. HBIL-U.TO — Risk / Return Rank
FMAX.TO
HBIL-U.TO
FMAX.TO vs. HBIL-U.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hamilton U.S. Financials Yield Maximizer ETF (FMAX.TO) and Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.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.
| FMAX.TO | HBIL-U.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.85 | ||
| Sortino ratioReturn per unit of downside risk | -1.17 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.25 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.54 | 1.67 | -1.13 |
| Martin ratioReturn relative to average drawdown | 1.29 | 4.26 | -2.97 |
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Drawdowns
FMAX.TO vs. HBIL-U.TO - Drawdown Comparison
The maximum FMAX.TO drawdown since its inception was -17.84%, which is greater than HBIL-U.TO's maximum drawdown of -6.68%. Use the drawdown chart below to compare losses from any high point for FMAX.TO and HBIL-U.TO.
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Drawdown Indicators
| FMAX.TO | HBIL-U.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.84% | -6.68% | -11.16% |
Max Drawdown (1Y)Largest decline over 1 year | -15.83% | -4.01% | -11.82% |
Current DrawdownCurrent decline from peak | -1.48% | -2.10% | +0.62% |
Average DrawdownAverage peak-to-trough decline | -4.12% | -2.26% | -1.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.62% | 1.57% | +5.05% |
Volatility
FMAX.TO vs. HBIL-U.TO - Volatility Comparison
Hamilton U.S. Financials Yield Maximizer ETF (FMAX.TO) has a higher volatility of 4.60% compared to Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.TO) at 1.88%. This indicates that FMAX.TO's price experiences larger fluctuations and is considered to be riskier than HBIL-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMAX.TO | HBIL-U.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.60% | 1.88% | +2.72% |
Volatility (6M)Calculated over the trailing 6-month period | 11.88% | 3.60% | +8.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.89% | 4.68% | +10.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.01% | 5.86% | +10.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.01% | 5.86% | +10.15% |
Dividends
FMAX.TO vs. HBIL-U.TO - Dividend Comparison
FMAX.TO's dividend yield for the trailing twelve months is around 11.67%, more than HBIL-U.TO's 6.75% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
FMAX.TO Hamilton U.S. Financials Yield Maximizer ETF | 11.67% | 11.03% | 9.19% |
HBIL-U.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units | 6.75% | 7.37% | 2.40% |
Frequently Asked Questions
FMAX.TO and HBIL-U.TO have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FMAX.TO is categorized as Financials Equities, while HBIL-U.TO is Government Bonds.
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