HEB.TO vs. AMAX.TO
HEB.TO (Hamilton Canadian Bank Equal-Weight Index ETF) and AMAX.TO (Hamilton Gold Producer YIELD MAXIMIZER ETF) are both exchange-traded funds - HEB.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index, while AMAX.TO is a Gold fund actively managed by Hamilton. HEB.TO is passively managed, while AMAX.TO is actively managed. Over the past year, HEB.TO returned 68.66% vs 28.15% for AMAX.TO. Their 0.22 correlation means their historical movements had little consistent relationship. HEB.TO charges 0.19%/yr vs 0.65%/yr for AMAX.TO.
Performance
HEB.TO vs. AMAX.TO - Performance Comparison
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Returns By Period
In the year-to-date period, HEB.TO achieves a 32.76% return, which is significantly higher than AMAX.TO's -13.72% return.
HEB.TO
- 1D
- 0.31%
- 1M
- 1.89%
- 6M
- 34.14%
- YTD
- 32.76%
- 1Y
- 68.66%
- 3Y*
- 35.19%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 32.14%
AMAX.TO
- 1D
- -2.85%
- 1M
- -9.53%
- 6M
- -18.37%
- YTD
- -13.72%
- 1Y
- 28.15%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 41.07%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$1.99M | CA$2.68M | CA$3.87M | |
| CA$813.69K | CA$972.65K | CA$1.62M |
HEB.TO vs. AMAX.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
HEB.TO Hamilton Canadian Bank Equal-Weight Index ETF | 32.76% | 43.56% | 26.76% |
AMAX.TO Hamilton Gold Producer YIELD MAXIMIZER ETF | -13.72% | 113.24% | 27.49% |
Correlation
The correlation between HEB.TO and AMAX.TO is 0.30, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.30 |
Correlation (All Time) Calculated using the full available price history since Feb 7, 2024 | 0.22 |
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Return for Risk
HEB.TO vs. AMAX.TO — Risk / Return Rank
HEB.TO
AMAX.TO
HEB.TO vs. AMAX.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hamilton Canadian Bank Equal-Weight Index ETF (HEB.TO) and Hamilton Gold Producer YIELD MAXIMIZER ETF (AMAX.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.
| HEB.TO | AMAX.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.07 | ||
| Sortino ratioReturn per unit of downside risk | +4.84 | ||
| Omega ratioGain probability vs. loss probability | 1.83 | 1.15 | +0.68 |
| Calmar ratioReturn relative to maximum drawdown | 7.83 | 0.86 | +6.98 |
| Martin ratioReturn relative to average drawdown | 33.50 | 1.87 | +31.62 |
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Drawdowns
HEB.TO vs. AMAX.TO - Drawdown Comparison
The maximum HEB.TO drawdown since its inception was -14.77%, smaller than the maximum AMAX.TO drawdown of -35.26%. Use the drawdown chart below to compare losses from any high point for HEB.TO and AMAX.TO.
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Drawdown Indicators
| HEB.TO | AMAX.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.77% | -35.26% | +20.49% |
Max Drawdown (1Y)Largest decline over 1 year | -8.86% | -35.26% | +26.40% |
Max Drawdown (3Y)Largest decline over 3 years | -13.40% | — | — |
Current DrawdownCurrent decline from peak | -2.67% | -32.81% | +30.14% |
Average DrawdownAverage peak-to-trough decline | -2.37% | -7.32% | +4.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.06% | 16.08% | -14.02% |
Volatility
HEB.TO vs. AMAX.TO - Volatility Comparison
The current volatility for Hamilton Canadian Bank Equal-Weight Index ETF (HEB.TO) is 6.13%, while Hamilton Gold Producer YIELD MAXIMIZER ETF (AMAX.TO) has a volatility of 11.19%. This indicates that HEB.TO experiences smaller price fluctuations and is considered to be less risky than AMAX.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HEB.TO | AMAX.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.13% | 11.19% | -5.06% |
Volatility (6M)Calculated over the trailing 6-month period | 12.51% | 34.13% | -21.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.59% | 43.31% | -28.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.30% | 34.93% | -21.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.30% | 34.93% | -21.63% |
HEB.TO vs. AMAX.TO - Expense Ratio Comparison
HEB.TO has a 0.19% expense ratio, which is lower than AMAX.TO's 0.65% expense ratio.
Dividends
HEB.TO vs. AMAX.TO - Dividend Comparison
HEB.TO's dividend yield for the trailing twelve months is around 2.18%, less than AMAX.TO's 11.07% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
AMAX.TO Hamilton Gold Producer YIELD MAXIMIZER ETF | 11.07% | 6.96% | 9.67% | 0.00% |
HEB.TO Hamilton Canadian Bank Equal-Weight Index ETF | 2.18% | 2.93% | 4.24% | 3.75% |
Frequently Asked Questions
HEB.TO and AMAX.TO have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HEB.TO is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HEB.TO is cheaper with a 0.19% expense ratio, compared with 0.65% for AMAX.TO.
HEB.TO is categorized as Financials Equities, while AMAX.TO is Gold. Their fees differ too: 0.19% for HEB.TO and 0.65% for AMAX.TO.
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