HCAL.TO vs. SMAX.TO

Last updated Jun 5, 2026

HCAL.TO (Hamilton Enhanced Canadian Bank ETF) and SMAX.TO (Hamilton U.S. Equity YIELD MAXIMIZER ETF) are both exchange-traded funds - HCAL.TO is a Leveraged Equities fund tracking the Solactive Equal Weight Canada Banks Index (125%), while SMAX.TO is a Derivative Income fund actively managed by Hamilton Capital. HCAL.TO is passively managed, while SMAX.TO is actively managed. Over the past year, HCAL.TO returned 81.17% vs 44.79% for SMAX.TO. At a 0.41 correlation, their price movements are largely independent. Both charge a 0.65% expense ratio.

Performance

HCAL.TO vs. SMAX.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Hamilton Enhanced Canadian Bank ETF (HCAL.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, HCAL.TO achieves a 26.15% return, which is significantly higher than SMAX.TO's 18.74% return.

HCAL.TO

• 1D: 2.11%
• 1M: 8.69%
• YTD: 26.15%
• 6M: 30.35%
• 1Y: 81.17%
• 3Y*: 41.45%
• 5Y*: 21.27%
• 10Y*: —

SMAX.TO

• 1D: -0.04%
• 1M: 9.45%
• YTD: 18.74%
• 6M: 17.59%
• 1Y: 44.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023
HCAL.TO Hamilton Enhanced Canadian Bank ETF	26.15%	54.09%	29.04%	26.00%
SMAX.TO Hamilton U.S. Equity YIELD MAXIMIZER ETF	18.74%	18.64%	40.16%	7.98%

Correlation

The correlation between HCAL.TO and SMAX.TO is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (All Time) Calculated using the full available price history since Oct 27, 2023	0.41

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

Sectors	HCAL.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

HCAL.TO vs. SMAX.TO — Risk / Return Rank

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

HCAL.TO

HCAL.TO Risk / Return Rank: 96
HCAL.TO Sharpe Ratio Rank: 98
HCAL.TO Sortino Ratio Rank: 97
HCAL.TO Omega Ratio Rank: 97
HCAL.TO Calmar Ratio Rank: 95
HCAL.TO Martin Ratio Rank: 96

SMAX.TO

SMAX.TO Risk / Return Rank: 94
SMAX.TO Sharpe Ratio Rank: 94
SMAX.TO Sortino Ratio Rank: 95
SMAX.TO Omega Ratio Rank: 95
SMAX.TO Calmar Ratio Rank: 94
SMAX.TO Martin Ratio Rank: 94

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.

HCAL.TO vs. SMAX.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton Enhanced Canadian Bank ETF (HCAL.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.

	HCAL.TO	SMAX.TO	Difference
Sharpe ratio: Return per unit of total volatility	5.12	3.64	+1.48
Sortino ratio: Return per unit of downside risk	6.62	5.04	+1.57
Omega ratio: Gain probability vs. loss probability	1.92	1.72	+0.20
Calmar ratio: Return relative to maximum drawdown	7.66	7.01	+0.65
Martin ratio: Return relative to average drawdown	33.26	26.02	+7.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HCAL.TO vs. SMAX.TO - Sharpe Ratio Comparison

The current HCAL.TO Sharpe Ratio is 5.12, which is higher than the SMAX.TO Sharpe Ratio of 3.64. The chart below compares the historical Sharpe Ratios of HCAL.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

	HCAL.TO	SMAX.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.12	3.64	+1.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.24	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.67	2.32	-0.65

Drawdowns

HCAL.TO vs. SMAX.TO - Drawdown Comparison

The maximum HCAL.TO drawdown since its inception was -35.05%, which is greater than SMAX.TO's maximum drawdown of -18.22%. Use the drawdown chart below to compare losses from any high point for HCAL.TO and SMAX.TO.

Drawdown Indicators

	HCAL.TO	SMAX.TO	Difference
Max Drawdown Largest peak-to-trough decline	-35.05%	-18.22%	-16.83%
Max Drawdown (1Y) Largest decline over 1 year	-10.65%	-6.42%	-4.23%
Max Drawdown (3Y) Largest decline over 3 years	-18.77%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-35.05%	—	—
Current Drawdown Current decline from peak	-0.36%	-0.36%	0.00%
Average Drawdown Average peak-to-trough decline	-9.61%	-2.09%	-7.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.45%	1.73%	+0.72%

Volatility

HCAL.TO vs. SMAX.TO - Volatility Comparison

Hamilton Enhanced Canadian Bank ETF (HCAL.TO) has a higher volatility of 6.30% compared to Hamilton U.S. Equity YIELD MAXIMIZER ETF (SMAX.TO) at 5.51%. This indicates that HCAL.TO's price experiences larger fluctuations and is considered to be riskier than SMAX.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HCAL.TO	SMAX.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.30%	5.51%	+0.79%
Volatility (6M) Calculated over the trailing 6-month period	14.11%	9.71%	+4.40%
Volatility (1Y) Calculated over the trailing 1-year period	15.93%	12.36%	+3.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.18%	14.61%	+2.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.02%	14.61%	+2.41%

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

Both HCAL.TO and SMAX.TO have an expense ratio of 0.65%.

Dividends

HCAL.TO vs. SMAX.TO - Dividend Comparison

HCAL.TO's dividend yield for the trailing twelve months is around 3.42%, less than SMAX.TO's 13.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
HCAL.TO Hamilton Enhanced Canadian Bank ETF	3.42%	4.20%	6.12%	7.37%	7.47%	4.99%	3.14%
SMAX.TO Hamilton U.S. Equity YIELD MAXIMIZER ETF	13.37%	14.67%	13.88%	2.57%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

HCAL.TO and SMAX.TO have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

Both ETFs have the same 0.65% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

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

HCAL.TO and SMAX.TO have the same expense ratio: 0.65% per year.

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

HCAL.TO is categorized as Leveraged Equities, while SMAX.TO is Derivative Income.