HBIL.TO vs. SMAX.TO
HBIL.TO (Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged)) and SMAX.TO (Hamilton U.S. Equity YIELD MAXIMIZER ETF) are both Derivative Income funds from Hamilton Capital. Both are actively managed. Over the past year, HBIL.TO returned 2.87% vs 44.38% for SMAX.TO. At a 0.09 correlation, their price movements are largely independent. HBIL.TO charges 0.35%/yr vs 0.65%/yr for SMAX.TO.
Performance
HBIL.TO vs. SMAX.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, HBIL.TO achieves a 0.59% return, which is significantly lower than SMAX.TO's 18.79% return.
HBIL.TO
- 1D
- 0.00%
- 1M
- 0.23%
- YTD
- 0.59%
- 6M
- 0.53%
- 1Y
- 2.87%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SMAX.TO
- 1D
- 0.31%
- 1M
- 10.49%
- YTD
- 18.79%
- 6M
- 17.56%
- 1Y
- 44.38%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HBIL.TO vs. SMAX.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
HBIL.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) | 0.59% | 3.05% | -1.40% |
SMAX.TO Hamilton U.S. Equity YIELD MAXIMIZER ETF | 18.79% | 18.64% | 11.58% |
Correlation
The correlation between HBIL.TO and SMAX.TO is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Sep 17, 2024 | 0.09 |
The correlation between HBIL.TO and SMAX.TO shifts across timeframes, from 0.09 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
HBIL.TO vs. SMAX.TO — Risk / Return Rank
HBIL.TO
SMAX.TO
HBIL.TO vs. SMAX.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) (HBIL.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.
| HBIL.TO | SMAX.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.87 | ||
| Sortino ratioReturn per unit of downside risk | -2.29 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.71 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | 3.03 | 6.95 | -3.92 |
| Martin ratioReturn relative to average drawdown | 9.74 | 25.77 | -16.03 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| HBIL.TO | SMAX.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.74 | 3.61 | -1.87 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.64 | 2.32 | -1.69 |
Drawdowns
HBIL.TO vs. SMAX.TO - Drawdown Comparison
The maximum HBIL.TO drawdown since its inception was -1.69%, smaller than the maximum SMAX.TO drawdown of -18.22%. Use the drawdown chart below to compare losses from any high point for HBIL.TO and SMAX.TO.
Loading charts...
Drawdown Indicators
| HBIL.TO | SMAX.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.69% | -18.22% | +16.53% |
Max Drawdown (1Y)Largest decline over 1 year | -0.95% | -6.42% | +5.47% |
Current DrawdownCurrent decline from peak | -0.31% | -0.32% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -0.48% | -2.09% | +1.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.30% | 1.73% | -1.43% |
Volatility
HBIL.TO vs. SMAX.TO - Volatility Comparison
The current volatility for Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) (HBIL.TO) is 0.62%, while Hamilton U.S. Equity YIELD MAXIMIZER ETF (SMAX.TO) has a volatility of 5.51%. This indicates that HBIL.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.
Loading charts...
Volatility by Period
| HBIL.TO | SMAX.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.62% | 5.51% | -4.89% |
Volatility (6M)Calculated over the trailing 6-month period | 1.24% | 9.72% | -8.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.66% | 12.36% | -10.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.03% | 14.62% | -12.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.03% | 14.62% | -12.59% |
HBIL.TO vs. SMAX.TO - Expense Ratio Comparison
HBIL.TO has a 0.35% expense ratio, which is lower than SMAX.TO's 0.65% expense ratio.
Dividends
HBIL.TO vs. SMAX.TO - Dividend Comparison
HBIL.TO's dividend yield for the trailing twelve months is around 6.52%, less than SMAX.TO's 13.36% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
HBIL.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) | 6.52% | 7.49% | 2.58% | 0.00% |
SMAX.TO Hamilton U.S. Equity YIELD MAXIMIZER ETF | 13.36% | 14.67% | 13.88% | 2.57% |
Frequently Asked Questions
HBIL.TO and SMAX.TO have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HBIL.TO is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HBIL.TO is cheaper with a 0.35% expense ratio, compared with 0.65% for SMAX.TO.
Their fees differ too: 0.35% for HBIL.TO and 0.65% for SMAX.TO.
Find the right allocation for HBIL.TO and SMAX.TO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer