HBND.TO vs. UMAX.TO

Last updated Apr 1, 2026

Compare and contrast key facts about Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) (HBND.TO) and Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.TO).

HBND.TO and UMAX.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HBND.TO is an actively managed fund by Hamilton Capital. It was launched on Aug 21, 2024. UMAX.TO is an actively managed fund by Hamilton Capital. It was launched on Jun 14, 2023.

Performance

HBND.TO vs. UMAX.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) (HBND.TO) and Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.TO). The values are adjusted to include any dividend payments, if applicable.

HBND.TO vs. UMAX.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HBND.TO Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged)	-1.01%	4.05%	-7.02%	4.80%
UMAX.TO Hamilton Utilities YIELD MAXIMIZER ETF	4.87%	9.95%	5.97%	1.88%

Returns By Period

In the year-to-date period, HBND.TO achieves a -1.01% return, which is significantly lower than UMAX.TO's 4.87% return.

HBND.TO

• 1D: -0.72%
• 1M: -4.53%
• YTD: -1.01%
• 6M: -1.85%
• 1Y: -1.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UMAX.TO

• 1D: -0.84%
• 1M: -2.21%
• YTD: 4.87%
• 6M: 5.47%
• 1Y: 11.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HBND.TO vs. UMAX.TO - Expense Ratio Comparison

HBND.TO has a 0.45% expense ratio, which is lower than UMAX.TO's 0.65% expense ratio.

UMAX.TO

Hamilton Utilities YIELD MAXIMIZER ETF

HBND.TO

Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged)

Return for Risk

HBND.TO vs. UMAX.TO — Risk / Return Rank

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

HBND.TO

HBND.TO Risk / Return Rank: 9
HBND.TO Sharpe Ratio Rank: 9
HBND.TO Sortino Ratio Rank: 8
HBND.TO Omega Ratio Rank: 8
HBND.TO Calmar Ratio Rank: 11
HBND.TO Martin Ratio Rank: 11

UMAX.TO

UMAX.TO Risk / Return Rank: 78
UMAX.TO Sharpe Ratio Rank: 79
UMAX.TO Sortino Ratio Rank: 79
UMAX.TO Omega Ratio Rank: 76
UMAX.TO Calmar Ratio Rank: 74
UMAX.TO Martin Ratio Rank: 81

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.

HBND.TO vs. UMAX.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 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.

	HBND.TO	UMAX.TO	Difference
Sharpe ratio Return per unit of total volatility	-0.13	1.44	-1.58
Sortino ratio Return per unit of downside risk	-0.11	2.00	-2.11
Omega ratio Gain probability vs. loss probability	0.99	1.28	-0.29
Calmar ratio Return relative to maximum drawdown	-0.07	1.85	-1.92
Martin ratio Return relative to average drawdown	-0.16	8.59	-8.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HBND.TO vs. UMAX.TO - Sharpe Ratio Comparison

The current HBND.TO Sharpe Ratio is -0.13, which is lower than the UMAX.TO Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of HBND.TO and UMAX.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

	HBND.TO	UMAX.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.13	1.44	-1.58
Sharpe Ratio (All Time) Calculated using the full available price history	0.01	0.90	-0.89

Correlation

The correlation between HBND.TO and UMAX.TO is 0.29, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

HBND.TO vs. UMAX.TO - Dividend Comparison

HBND.TO's dividend yield for the trailing twelve months is around 10.88%, less than UMAX.TO's 13.09% yield.

	TTM	2025	2024	2023
HBND.TO Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged)	10.88%	11.84%	11.51%	2.41%
UMAX.TO Hamilton Utilities YIELD MAXIMIZER ETF	13.09%	14.86%	14.81%	6.96%

Drawdowns

HBND.TO vs. UMAX.TO - Drawdown Comparison

The maximum HBND.TO drawdown since its inception was -13.65%, which is greater than UMAX.TO's maximum drawdown of -10.09%. Use the drawdown chart below to compare losses from any high point for HBND.TO and UMAX.TO.

Drawdown Indicators

	HBND.TO	UMAX.TO	Difference
Max Drawdown Largest peak-to-trough decline	-13.65%	-10.09%	-3.56%
Max Drawdown (1Y) Largest decline over 1 year	-8.60%	-6.23%	-2.37%
Current Drawdown Current decline from peak	-8.67%	-2.84%	-5.83%
Average Drawdown Average peak-to-trough decline	-6.39%	-2.05%	-4.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.95%	1.39%	+2.56%

Volatility

HBND.TO vs. UMAX.TO - Volatility Comparison

Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) (HBND.TO) has a higher volatility of 3.46% compared to Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.TO) at 2.22%. This indicates that HBND.TO's price experiences larger fluctuations and is considered to be riskier than UMAX.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HBND.TO	UMAX.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.46%	2.22%	+1.24%
Volatility (6M) Calculated over the trailing 6-month period	5.93%	4.78%	+1.15%
Volatility (1Y) Calculated over the trailing 1-year period	10.30%	7.81%	+2.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.57%	8.68%	+2.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.57%	8.68%	+2.89%