FMAX.TO vs. SMAX.TO

Last updated Jun 4, 2026

FMAX.TO (Hamilton U.S. Financials Yield Maximizer ETF) and SMAX.TO (Hamilton U.S. Equity YIELD MAXIMIZER ETF) are both exchange-traded funds - FMAX.TO is a Financials Equities fund actively managed by Hamilton, while SMAX.TO is a Derivative Income fund actively managed by Hamilton Capital. Both are actively managed. Over the past year, FMAX.TO returned -0.31% vs 44.38% for SMAX.TO. A 0.53 correlation means they provide meaningful diversification when combined. FMAX.TO charges 1.07%/yr vs 0.65%/yr for SMAX.TO.

Performance

FMAX.TO vs. SMAX.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 U.S. Equity YIELD MAXIMIZER ETF (SMAX.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMAX.TO achieves a -8.06% return, which is significantly lower than SMAX.TO's 18.79% return.

FMAX.TO

• 1D: -0.88%
• 1M: -0.13%
• YTD: -8.06%
• 6M: -6.74%
• 1Y: -0.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMAX.TO

• 1D: 0.31%
• 1M: 10.49%
• YTD: 18.79%
• 6M: 17.56%
• 1Y: 44.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FMAX.TO vs. SMAX.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FMAX.TO Hamilton U.S. Financials Yield Maximizer ETF	-8.06%	7.70%	32.95%
SMAX.TO Hamilton U.S. Equity YIELD MAXIMIZER ETF	18.79%	18.64%	30.67%

Correlation

The correlation between FMAX.TO and SMAX.TO is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (All Time) Calculated using the full available price history since Feb 8, 2024	0.53

The correlation between FMAX.TO and SMAX.TO has been stable across timeframes, ranging from 0.44 to 0.53 - a consistent structural relationship.

FMAX.TO vs. SMAX.TO - Sectors Allocation Comparison

Sectors	FMAX.TO	SMAX.TO
Financial Services	100.0%	11.5%
Basic Materials	-	3.8%
Communication Services	-	11.9%
Consumer Cyclical	-	8.3%
Consumer Defensive	-	4.0%
Energy	-	3.6%
Healthcare	-	7.4%
Industrials	-	8.1%
Real Estate	-	4.0%
Technology	-	33.6%
Utilities	-	3.9%

Return for Risk

FMAX.TO vs. SMAX.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: 8
FMAX.TO Sharpe Ratio Rank: 9
FMAX.TO Sortino Ratio Rank: 8
FMAX.TO Omega Ratio Rank: 8
FMAX.TO Calmar Ratio Rank: 9
FMAX.TO Martin Ratio Rank: 9

SMAX.TO

SMAX.TO Risk / Return Rank: 94
SMAX.TO Sharpe Ratio Rank: 94
SMAX.TO Sortino Ratio Rank: 94
SMAX.TO Omega Ratio Rank: 94
SMAX.TO Calmar Ratio Rank: 93
SMAX.TO Martin Ratio Rank: 93

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. SMAX.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. Equity YIELD MAXIMIZER ETF (SMAX.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	SMAX.TO	Difference
Sharpe ratio: Return per unit of total volatility	-0.02	3.61	-3.63
Sortino ratio: Return per unit of downside risk	0.07	5.00	-4.93
Omega ratio: Gain probability vs. loss probability	1.01	1.71	-0.70
Calmar ratio: Return relative to maximum drawdown	-0.02	6.95	-6.97
Martin ratio: Return relative to average drawdown	-0.05	25.77	-25.82
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. SMAX.TO - Sharpe Ratio Comparison

The current FMAX.TO Sharpe Ratio is -0.02, which is lower than the SMAX.TO Sharpe Ratio of 3.61. The chart below compares the historical Sharpe Ratios of FMAX.TO and SMAX.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.

Sharpe Ratios by Period

	FMAX.TO	SMAX.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.02	3.61	-3.63
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	2.32	-1.53

Drawdowns

FMAX.TO vs. SMAX.TO - Drawdown Comparison

The maximum FMAX.TO drawdown since its inception was -17.84%, roughly equal to the maximum SMAX.TO drawdown of -18.22%. Use the drawdown chart below to compare losses from any high point for FMAX.TO and SMAX.TO.

Drawdown Indicators

	FMAX.TO	SMAX.TO	Difference
Max Drawdown Largest peak-to-trough decline	-17.84%	-18.22%	+0.38%
Max Drawdown (1Y) Largest decline over 1 year	-15.83%	-6.42%	-9.41%
Current Drawdown Current decline from peak	-10.97%	-0.32%	-10.65%
Average Drawdown Average peak-to-trough decline	-4.11%	-2.09%	-2.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.40%	1.73%	+4.67%

Volatility

FMAX.TO vs. SMAX.TO - Volatility Comparison

The current volatility for Hamilton U.S. Financials Yield Maximizer ETF (FMAX.TO) is 3.53%, while Hamilton U.S. Equity YIELD MAXIMIZER ETF (SMAX.TO) has a volatility of 5.51%. This indicates that FMAX.TO experiences smaller price fluctuations and is considered to be less risky than SMAX.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMAX.TO	SMAX.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.53%	5.51%	-1.98%
Volatility (6M) Calculated over the trailing 6-month period	11.29%	9.72%	+1.57%
Volatility (1Y) Calculated over the trailing 1-year period	14.27%	12.36%	+1.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.01%	14.62%	+1.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.01%	14.62%	+1.39%

FMAX.TO vs. SMAX.TO - Expense Ratio Comparison

FMAX.TO has a 1.07% expense ratio, which is higher than SMAX.TO's 0.65% expense ratio.

Dividends

FMAX.TO vs. SMAX.TO - Dividend Comparison

FMAX.TO's dividend yield for the trailing twelve months is around 12.78%, less than SMAX.TO's 13.36% yield.

Position	TTM	2025	2024	2023
FMAX.TO Hamilton U.S. Financials Yield Maximizer ETF	12.78%	11.03%	9.19%	0.00%
SMAX.TO Hamilton U.S. Equity YIELD MAXIMIZER ETF	13.36%	14.67%	13.88%	2.57%

Frequently Asked Questions

Can I hold both FMAX.TO and SMAX.TO in my portfolio?

FMAX.TO and SMAX.TO have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FMAX.TO or SMAX.TO?

On fees, SMAX.TO is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FMAX.TO or SMAX.TO?

SMAX.TO is cheaper with a 0.65% expense ratio, compared with 1.07% for FMAX.TO.

What is the main difference between FMAX.TO and SMAX.TO?

FMAX.TO is categorized as Financials Equities, while SMAX.TO is Derivative Income. They also come from different issuers: Hamilton and Hamilton Capital. Their fees differ too: 1.07% for FMAX.TO and 0.65% for SMAX.TO.