FMAX.TO vs. HYLD-U.TO

Last updated Apr 2, 2026

Compare and contrast key facts about Hamilton U.S. Financials Yield Maximizer ETF (FMAX.TO) and Hamilton Enhanced U.S. Covered Call ETF (USD) (HYLD-U.TO).

FMAX.TO and HYLD-U.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FMAX.TO is an actively managed fund by Hamilton. It was launched on Feb 6, 2024. HYLD-U.TO is an actively managed fund by Hamilton. It was launched on Feb 4, 2022.

Performance

FMAX.TO vs. HYLD-U.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Hamilton U.S. Financials Yield Maximizer ETF (FMAX.TO) and Hamilton Enhanced U.S. Covered Call ETF (USD) (HYLD-U.TO). The values are adjusted to include any dividend payments, if applicable.

FMAX.TO vs. HYLD-U.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FMAX.TO Hamilton U.S. Financials Yield Maximizer ETF	-8.88%	7.70%	32.95%
HYLD-U.TO Hamilton Enhanced U.S. Covered Call ETF (USD)	-4.55%	14.33%	26.20%

Different Trading Currencies

FMAX.TO is traded in CAD, while HYLD-U.TO is traded in USD. To make them comparable, the HYLD-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 -8.88% return, which is significantly lower than HYLD-U.TO's -4.55% return.

FMAX.TO

• 1D: 0.00%
• 1M: -1.00%
• YTD: -8.88%
• 6M: -5.99%
• 1Y: -2.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HYLD-U.TO

• 1D: 1.19%
• 1M: -2.80%
• YTD: -4.55%
• 6M: -3.27%
• 1Y: 16.98%
• 3Y*: 16.54%
• 5Y*: —
• 10Y*: —

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

FMAX.TO vs. HYLD-U.TO - Expense Ratio Comparison

FMAX.TO

Hamilton U.S. Financials Yield Maximizer ETF

Return for Risk

FMAX.TO vs. HYLD-U.TO — Risk / Return Rank

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

FMAX.TO

FMAX.TO Risk / Return Rank: 9
FMAX.TO Sharpe Ratio Rank: 9
FMAX.TO Sortino Ratio Rank: 9
FMAX.TO Omega Ratio Rank: 9
FMAX.TO Calmar Ratio Rank: 8
FMAX.TO Martin Ratio Rank: 7

HYLD-U.TO

HYLD-U.TO Risk / Return Rank: 49
HYLD-U.TO Sharpe Ratio Rank: 46
HYLD-U.TO Sortino Ratio Rank: 49
HYLD-U.TO Omega Ratio Rank: 53
HYLD-U.TO Calmar Ratio Rank: 47
HYLD-U.TO Martin Ratio Rank: 52

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.

FMAX.TO vs. HYLD-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 Enhanced U.S. Covered Call ETF (USD) (HYLD-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.

	FMAX.TO	HYLD-U.TO	Difference
Sharpe ratio Return per unit of total volatility	-0.12	0.77	-0.89
Sortino ratio Return per unit of downside risk	-0.03	1.20	-1.23
Omega ratio Gain probability vs. loss probability	1.00	1.18	-0.18
Calmar ratio Return relative to maximum drawdown	-0.20	1.15	-1.35
Martin ratio Return relative to average drawdown	-0.57	3.85	-4.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMAX.TO vs. HYLD-U.TO - Sharpe Ratio Comparison

The current FMAX.TO Sharpe Ratio is -0.12, which is lower than the HYLD-U.TO Sharpe Ratio of 0.77. The chart below compares the historical Sharpe Ratios of FMAX.TO and HYLD-U.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

	FMAX.TO	HYLD-U.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.12	0.77	-0.89
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	0.51	+0.31

Correlation

The correlation between FMAX.TO and HYLD-U.TO is 0.56, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

FMAX.TO vs. HYLD-U.TO - Dividend Comparison

FMAX.TO's dividend yield for the trailing twelve months is around 12.60%, more than HYLD-U.TO's 8.98% yield.

	TTM	2025	2024	2023	2022
FMAX.TO Hamilton U.S. Financials Yield Maximizer ETF	12.60%	11.03%	9.19%	0.00%	0.00%
HYLD-U.TO Hamilton Enhanced U.S. Covered Call ETF (USD)	8.98%	8.06%	8.49%	8.82%	9.99%

Drawdowns

FMAX.TO vs. HYLD-U.TO - Drawdown Comparison

The maximum FMAX.TO drawdown since its inception was -17.84%, smaller than the maximum HYLD-U.TO drawdown of -24.30%. Use the drawdown chart below to compare losses from any high point for FMAX.TO and HYLD-U.TO.

Drawdown Indicators

	FMAX.TO	HYLD-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-17.84%	-31.64%	+13.80%
Max Drawdown (1Y) Largest decline over 1 year	-15.83%	-13.99%	-1.84%
Current Drawdown Current decline from peak	-11.76%	-7.74%	-4.02%
Average Drawdown Average peak-to-trough decline	-3.64%	-10.10%	+6.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.52%	3.44%	+2.08%

Volatility

FMAX.TO vs. HYLD-U.TO - Volatility Comparison

The current volatility for Hamilton U.S. Financials Yield Maximizer ETF (FMAX.TO) is 5.01%, while Hamilton Enhanced U.S. Covered Call ETF (USD) (HYLD-U.TO) has a volatility of 6.93%. This indicates that FMAX.TO experiences smaller price fluctuations and is considered to be less risky than HYLD-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMAX.TO	HYLD-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.01%	6.93%	-1.92%
Volatility (6M) Calculated over the trailing 6-month period	12.05%	12.09%	-0.04%
Volatility (1Y) Calculated over the trailing 1-year period	19.38%	22.09%	-2.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.32%	18.04%	-1.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.32%	18.04%	-1.72%