HBIL-U.TO vs. UMAX.TO

Last updated Jul 16, 2026

HBIL-U.TO (Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units) and UMAX.TO (Hamilton Utilities YIELD MAXIMIZER ETF) are both exchange-traded funds - HBIL-U.TO is a Government Bonds fund actively managed by Hamilton, while UMAX.TO is a Derivative Income fund actively managed by Hamilton Capital. Both are actively managed. Over the past year, HBIL-U.TO returned 4.03% vs 11.22% for UMAX.TO. At a 0.15 correlation, their price movements are largely independent.

Performance

HBIL-U.TO vs. UMAX.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.TO) and Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HBIL-U.TO is traded in USD, while UMAX.TO is traded in CAD. To make them comparable, the UMAX.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, HBIL-U.TO achieves a 1.33% return, which is significantly lower than UMAX.TO's 7.27% return.

HBIL-U.TO

• 1D: -0.07%
• 1M: -0.04%
• 6M: 1.06%
• YTD: 1.33%
• 1Y: 4.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UMAX.TO

• 1D: 0.92%
• 1M: -0.70%
• 6M: 9.11%
• YTD: 7.27%
• 1Y: 11.22%
• 3Y*: 6.42%
• 5Y*: —
• 10Y*: —

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

HBIL-U.TO vs. UMAX.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HBIL-U.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units	1.33%	4.81%	-0.94%
UMAX.TO Hamilton Utilities YIELD MAXIMIZER ETF	7.27%	15.16%	-9.33%

Correlation

The correlation between HBIL-U.TO and UMAX.TO is 0.06, 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	0.06
Correlation (All Time) Calculated using the full available price history since Sep 16, 2024	0.15

Return for Risk

HBIL-U.TO vs. UMAX.TO — Risk / Return Rank

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

HBIL-U.TO

HBIL-U.TO Risk / Return Rank: 86
HBIL-U.TO Sharpe Ratio Rank: 83
HBIL-U.TO Sortino Ratio Rank: 83
HBIL-U.TO Omega Ratio Rank: 91
HBIL-U.TO Calmar Ratio Rank: 85
HBIL-U.TO Martin Ratio Rank: 88

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.

HBIL-U.TO vs. UMAX.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.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.

	HBIL-U.TO	UMAX.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.12	1.32	+0.80
Sortino ratio: Return per unit of downside risk	2.98	1.99	+0.99
Omega ratio: Gain probability vs. loss probability	1.48	1.24	+0.24
Calmar ratio: Return relative to maximum drawdown	3.79	2.28	+1.51
Martin ratio: Return relative to average drawdown	14.88	6.35	+8.53

HBIL-U.TO vs. UMAX.TO - Sharpe Ratio Comparison

The current HBIL-U.TO Sharpe Ratio is 2.12, which is higher than the UMAX.TO Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of HBIL-U.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

HBIL-U.TO vs. UMAX.TO - Drawdown Comparison

The maximum HBIL-U.TO drawdown since its inception was -1.48%, smaller than the maximum UMAX.TO drawdown of -12.85%. Use the drawdown chart below to compare losses from any high point for HBIL-U.TO and UMAX.TO.

Drawdown Indicators

	HBIL-U.TO	UMAX.TO	Difference
Max Drawdown Largest peak-to-trough decline	-1.48%	-12.85%	+11.37%
Max Drawdown (1Y) Largest decline over 1 year	-1.07%	-4.94%	+3.87%
Max Drawdown (3Y) Largest decline over 3 years	—	-12.85%	—
Current Drawdown Current decline from peak	-1.00%	-1.17%	+0.17%
Average Drawdown Average peak-to-trough decline	-0.32%	-3.13%	+2.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.27%	1.77%	-1.50%

Volatility

HBIL-U.TO vs. UMAX.TO - Volatility Comparison

The current volatility for Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.TO) is 1.25%, while Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.TO) has a volatility of 3.93%. This indicates that HBIL-U.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

	HBIL-U.TO	UMAX.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.25%	3.93%	-2.68%
Volatility (6M) Calculated over the trailing 6-month period	1.64%	6.98%	-5.34%
Volatility (1Y) Calculated over the trailing 1-year period	1.91%	8.56%	-6.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.12%	10.60%	-8.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.12%	10.60%	-8.48%

Dividends

HBIL-U.TO vs. UMAX.TO - Dividend Comparison

HBIL-U.TO's dividend yield for the trailing twelve months is around 6.75%, less than UMAX.TO's 13.89% yield.

Position	TTM	2025	2024	2023
HBIL-U.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units	6.75%	7.37%	2.40%	0.00%
UMAX.TO Hamilton Utilities YIELD MAXIMIZER ETF	13.89%	14.85%	14.78%	6.96%

Frequently Asked Questions

Can I hold both HBIL-U.TO and UMAX.TO in my portfolio?

HBIL-U.TO and UMAX.TO have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between HBIL-U.TO and UMAX.TO?

HBIL-U.TO is categorized as Government Bonds, while UMAX.TO is Derivative Income. They also come from different issuers: Hamilton and Hamilton Capital.