HBND.TO vs. SMAX.TO
HBND.TO ( Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged)) and SMAX.TO (Hamilton U.S. Equity YIELD MAXIMIZER ETF) are both exchange-traded funds - HBND.TO is a Government Bonds fund actively managed by Hamilton Capital, while SMAX.TO is a Derivative Income fund actively managed by Hamilton Capital. Both are actively managed. Over the past year, HBND.TO returned 3.27% vs 36.94% for SMAX.TO. At a 0.08 correlation, their price movements are largely independent. HBND.TO charges 0.45%/yr vs 0.65%/yr for SMAX.TO.
Performance
HBND.TO vs. SMAX.TO - Performance Comparison
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Returns By Period
In the year-to-date period, HBND.TO achieves a 1.71% return, which is significantly lower than SMAX.TO's 18.78% return.
HBND.TO
- 1D
- -0.11%
- 1M
- 1.94%
- YTD
- 1.71%
- 6M
- 1.14%
- 1Y
- 3.27%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SMAX.TO
- 1D
- 0.66%
- 1M
- 2.61%
- YTD
- 18.78%
- 6M
- 18.40%
- 1Y
- 36.94%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HBND.TO vs. SMAX.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
HBND.TO Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) | 1.71% | 4.05% | -7.02% | 13.40% |
SMAX.TO Hamilton U.S. Equity YIELD MAXIMIZER ETF | 18.78% | 13.56% | 34.57% | 6.14% |
Correlation
The correlation between HBND.TO and SMAX.TO is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2023 | 0.08 |
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Return for Risk
HBND.TO vs. SMAX.TO — Risk / Return Rank
HBND.TO
SMAX.TO
HBND.TO vs. SMAX.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) (HBND.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.
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.
| HBND.TO | SMAX.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.48 | ||
| Sortino ratioReturn per unit of downside risk | -3.40 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.55 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | 0.49 | 5.06 | -4.58 |
| Martin ratioReturn relative to average drawdown | 1.22 | 17.21 | -15.99 |
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Drawdowns
HBND.TO vs. SMAX.TO - Drawdown Comparison
The maximum HBND.TO drawdown since its inception was -13.62%, smaller than the maximum SMAX.TO drawdown of -18.88%. Use the drawdown chart below to compare losses from any high point for HBND.TO and SMAX.TO.
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Drawdown Indicators
| HBND.TO | SMAX.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.62% | -18.88% | +5.26% |
Max Drawdown (1Y)Largest decline over 1 year | -6.76% | -7.33% | +0.57% |
Current DrawdownCurrent decline from peak | -6.15% | 0.00% | -6.15% |
Average DrawdownAverage peak-to-trough decline | -6.52% | -2.43% | -4.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.71% | 2.15% | +0.56% |
Volatility
HBND.TO vs. SMAX.TO - Volatility Comparison
The current volatility for Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) (HBND.TO) is 2.51%, while Hamilton U.S. Equity YIELD MAXIMIZER ETF (SMAX.TO) has a volatility of 5.08%. This indicates that HBND.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.
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Volatility by Period
| HBND.TO | SMAX.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.51% | 5.08% | -2.57% |
Volatility (6M)Calculated over the trailing 6-month period | 6.03% | 10.53% | -4.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.49% | 12.94% | -4.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.26% | 14.65% | -3.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.26% | 14.65% | -3.39% |
HBND.TO vs. SMAX.TO - Expense Ratio Comparison
HBND.TO has a 0.45% expense ratio, which is lower than SMAX.TO's 0.65% expense ratio.
Dividends
HBND.TO vs. SMAX.TO - Dividend Comparison
HBND.TO's dividend yield for the trailing twelve months is around 10.96%, more than SMAX.TO's 9.70% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
HBND.TO Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) | 10.96% | 11.84% | 11.51% | 2.41% |
SMAX.TO Hamilton U.S. Equity YIELD MAXIMIZER ETF | 9.70% | 10.50% | 10.11% | 1.92% |
Frequently Asked Questions
HBND.TO and SMAX.TO have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HBND.TO is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HBND.TO is cheaper with a 0.45% expense ratio, compared with 0.65% for SMAX.TO.
HBND.TO is categorized as Government Bonds, while SMAX.TO is Derivative Income. Their fees differ too: 0.45% for HBND.TO and 0.65% for SMAX.TO.
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