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HDIF.TO vs. SMAX.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HDIF.TO vs. SMAX.TO

Last updated Jun 14, 2026

HDIF.TO (Harvest Diversified Monthly Income ETF - Class A Units) and SMAX.TO (Hamilton U.S. Equity YIELD MAXIMIZER ETF) are both Derivative Income funds. Both are actively managed. Over the past year, HDIF.TO returned 28.27% vs 35.90% for SMAX.TO. A 0.66 correlation means they provide meaningful diversification when combined. HDIF.TO charges 2.47%/yr vs 0.65%/yr for SMAX.TO.

Performance

HDIF.TO vs. SMAX.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Harvest Diversified Monthly Income ETF - Class A Units (HDIF.TO) and Hamilton U.S. Equity YIELD MAXIMIZER ETF (SMAX.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HDIF.TO achieves a 11.43% return, which is significantly lower than SMAX.TO's 14.89% return.

HDIF.TO

1D
0.74%
1M
4.15%
YTD
11.43%
6M
12.09%
1Y
28.27%
3Y*
17.71%
5Y*
—
10Y*
—

SMAX.TO

1D
0.36%
1M
2.79%
YTD
14.89%
6M
15.02%
1Y
35.90%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023
HDIF.TO
Harvest Diversified Monthly Income ETF - Class A Units		11.43%15.70%18.44%17.54%
SMAX.TO
Hamilton U.S. Equity YIELD MAXIMIZER ETF		14.89%13.56%34.57%6.14%

Correlation

The correlation between HDIF.TO and SMAX.TO is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.68

Correlation (All Time)
Calculated using the full available price history since Oct 26, 2023

0.66

The correlation between HDIF.TO and SMAX.TO has been stable across timeframes, ranging from 0.66 to 0.68 - a consistent structural relationship.

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

Sectors
HDIF.TO
SMAX.TO

Technology

27.6%
33.6%

Financial Services

15.6%
11.5%

Healthcare

11.4%
7.4%

Communication Services

10.3%
11.9%

Consumer Cyclical

9.7%
8.3%

Industrials

9.4%
8.1%

Energy

5.3%
3.6%

Utilities

5.0%
3.9%

Consumer Defensive

3.9%
4.0%

Basic Materials

1.1%
3.8%

Real Estate

0.8%
4.0%

Technology

HDIF.TO
27.6%
SMAX.TO
33.6%

Financial Services

HDIF.TO
15.6%
SMAX.TO
11.5%

Healthcare

HDIF.TO
11.4%
SMAX.TO
7.4%

Communication Services

HDIF.TO
10.3%
SMAX.TO
11.9%

Consumer Cyclical

HDIF.TO
9.7%
SMAX.TO
8.3%

Industrials

HDIF.TO
9.4%
SMAX.TO
8.1%

Energy

HDIF.TO
5.3%
SMAX.TO
3.6%

Utilities

HDIF.TO
5.0%
SMAX.TO
3.9%

Consumer Defensive

HDIF.TO
3.9%
SMAX.TO
4.0%

Basic Materials

HDIF.TO
1.1%
SMAX.TO
3.8%

Real Estate

HDIF.TO
0.8%
SMAX.TO
4.0%

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Harvest Diversified Monthly Income ETF - Class A Units

Hamilton U.S. Equity YIELD MAXIMIZER ETF

Often compared with HDIF.TO:
HDIF.TO vs. HDIV.TOHDIF.TO vs. HYLD.TOHDIF.TO vs. XEQT.TOHDIF.TO vs. HTAE.TOHDIF.TO vs. MQQQHDIF.TO vs. ZMMK.TOHDIF.TO vs. VDY.TO
Often compared with SMAX.TO:
SMAX.TO vs. QMAX.TOSMAX.TO vs. HYLD.TOSMAX.TO vs. AMAX.TOSMAX.TO vs. HDIV.TOSMAX.TO vs. HHIS.TOSMAX.TO vs. HMAX.TOSMAX.TO vs. USCL.TO

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HDIF.TO
HDIF.TO Risk / Return Rank: 7373
Overall Rank
HDIF.TO Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
HDIF.TO Sortino Ratio Rank: 7272
Sortino Ratio Rank
HDIF.TO Omega Ratio Rank: 7474
Omega Ratio Rank
HDIF.TO Calmar Ratio Rank: 7070
Calmar Ratio Rank
HDIF.TO Martin Ratio Rank: 7676
Martin Ratio Rank
SMAX.TO
SMAX.TO Risk / Return Rank: 9090
Overall Rank
SMAX.TO Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
SMAX.TO Sortino Ratio Rank: 9292
Sortino Ratio Rank
SMAX.TO Omega Ratio Rank: 9292
Omega Ratio Rank
SMAX.TO Calmar Ratio Rank: 9090
Calmar Ratio Rank
SMAX.TO Martin Ratio Rank: 8787
Martin Ratio Rank
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.

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

This table presents a comparison of risk-adjusted performance metrics for Harvest Diversified Monthly Income ETF - Class A Units (HDIF.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.

HDIF.TOSMAX.TODifference
Sharpe ratioReturn per unit of total volatility
2.07
2.79

-0.72

Sortino ratioReturn per unit of downside risk
2.81
3.87

-1.05

Omega ratioGain probability vs. loss probability

1.37

1.54

-0.16

Calmar ratioReturn relative to maximum drawdown

3.06

4.79

-1.73

Martin ratioReturn relative to average drawdown

12.56

16.38

-3.83

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

The current HDIF.TO Sharpe Ratio is 2.07, which is comparable to the SMAX.TO Sharpe Ratio of 2.79. The chart below compares the historical Sharpe Ratios of HDIF.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.

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Drawdowns

HDIF.TO vs. SMAX.TO - Drawdown Comparison

The maximum HDIF.TO drawdown since its inception was -24.08%, which is greater than SMAX.TO's maximum drawdown of -18.88%. Use the drawdown chart below to compare losses from any high point for HDIF.TO and SMAX.TO.

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Drawdown Indicators

HDIF.TOSMAX.TODifference

Max Drawdown

Largest peak-to-trough decline

-24.08%

-18.88%

-5.20%

Max Drawdown (1Y)

Largest decline over 1 year

-8.79%

-7.33%

-1.46%

Max Drawdown (3Y)

Largest decline over 3 years

-19.59%

—

—

Current Drawdown

Current decline from peak

-0.84%

-2.26%

+1.42%

Average Drawdown

Average peak-to-trough decline

-6.63%

-2.46%

-4.17%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.14%

2.14%

0.00%

Volatility

HDIF.TO vs. SMAX.TO - Volatility Comparison

The current volatility for Harvest Diversified Monthly Income ETF - Class A Units (HDIF.TO) is 4.52%, while Hamilton U.S. Equity YIELD MAXIMIZER ETF (SMAX.TO) has a volatility of 6.14%. This indicates that HDIF.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

HDIF.TOSMAX.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.52%

6.14%

-1.62%

Volatility (6M)

Calculated over the trailing 6-month period

10.75%

10.10%

+0.65%

Volatility (1Y)

Calculated over the trailing 1-year period

12.99%

12.58%

+0.41%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.49%

14.62%

+2.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.49%

14.62%

+2.87%

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

HDIF.TO has a 2.47% expense ratio, which is higher than SMAX.TO's 0.65% expense ratio.

Dividends

HDIF.TO vs. SMAX.TO - Dividend Comparison

HDIF.TO's dividend yield for the trailing twelve months is around 10.23%, more than SMAX.TO's 9.86% yield.

PositionTTM2025202420232022
HDIF.TO
Harvest Diversified Monthly Income ETF - Class A Units		10.23%9.95%10.14%10.59%8.93%
SMAX.TO
Hamilton U.S. Equity YIELD MAXIMIZER ETF		9.86%10.50%10.11%1.92%0.00%

Frequently Asked Questions

HDIF.TO and SMAX.TO have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, SMAX.TO is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

SMAX.TO is cheaper with a 0.65% expense ratio, compared with 2.47% for HDIF.TO.

They also come from different issuers: Harvest and Hamilton Capital. Their fees differ too: 2.47% for HDIF.TO and 0.65% for SMAX.TO.

Portfolio Optimizer

Find the right allocation for HDIF.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.

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