HEB.TO vs. CMAX.TO

Last updated Jun 4, 2026

HEB.TO (Hamilton Canadian Bank Equal-Weight Index ETF) and CMAX.TO (Hamilton Canadian Equity YIELD MAXIMIZER ETF) are both exchange-traded funds - HEB.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index, while CMAX.TO is a Derivative Income fund actively managed by Hamilton. HEB.TO is passively managed, while CMAX.TO is actively managed. A 0.61 correlation means they provide meaningful diversification when combined.

Performance

HEB.TO vs. CMAX.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Hamilton Canadian Bank Equal-Weight Index ETF (HEB.TO) and Hamilton Canadian Equity YIELD MAXIMIZER ETF (CMAX.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

HEB.TO

• 1D: -0.37%
• 1M: 5.56%
• YTD: 19.19%
• 6M: 25.16%
• 1Y: 60.55%
• 3Y*: 32.46%
• 5Y*: —
• 10Y*: —

CMAX.TO

• 1D: 0.00%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HEB.TO vs. CMAX.TO - Yearly Performance Comparison

	2026 (YTD)
HEB.TO Hamilton Canadian Bank Equal-Weight Index ETF	3.92%
CMAX.TO Hamilton Canadian Equity YIELD MAXIMIZER ETF	1.54%

Correlation

The correlation between HEB.TO and CMAX.TO is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 12, 2026	0.61

Return for Risk

HEB.TO vs. CMAX.TO — Risk / Return Rank

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

HEB.TO

HEB.TO Risk / Return Rank: 96
HEB.TO Sharpe Ratio Rank: 97
HEB.TO Sortino Ratio Rank: 97
HEB.TO Omega Ratio Rank: 97
HEB.TO Calmar Ratio Rank: 93
HEB.TO Martin Ratio Rank: 95

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.

HEB.TO vs. CMAX.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 Canadian Equity YIELD MAXIMIZER ETF (CMAX.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.

	HEB.TO	CMAX.TO	Difference
Sharpe ratio: Return per unit of total volatility	4.67	—	—
Sortino ratio: Return per unit of downside risk	6.44	—	—
Omega ratio: Gain probability vs. loss probability	1.87	—	—
Calmar ratio: Return relative to maximum drawdown	6.87	—	—
Martin ratio: Return relative to average drawdown	30.91	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	HEB.TO	CMAX.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.67	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.35	2.84	-0.49

Drawdowns

HEB.TO vs. CMAX.TO - Drawdown Comparison

The maximum HEB.TO drawdown since its inception was -14.82%, which is greater than CMAX.TO's maximum drawdown of -1.48%. Use the drawdown chart below to compare losses from any high point for HEB.TO and CMAX.TO.

Drawdown Indicators

	HEB.TO	CMAX.TO	Difference
Max Drawdown Largest peak-to-trough decline	-14.82%	-1.48%	-13.34%
Max Drawdown (1Y) Largest decline over 1 year	-8.86%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-14.82%	—	—
Current Drawdown Current decline from peak	-1.93%	-0.38%	-1.55%
Average Drawdown Average peak-to-trough decline	-2.43%	-0.54%	-1.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	—	—

Volatility

Volatility by Period

	HEB.TO	CMAX.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.84%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.53%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	13.03%	9.88%	+3.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.92%	9.88%	+3.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.92%	9.88%	+3.04%

Dividends

HEB.TO vs. CMAX.TO - Dividend Comparison

HEB.TO's dividend yield for the trailing twelve months is around 2.85%, more than CMAX.TO's 0.91% yield.

Position	TTM	2025	2024	2023
CMAX.TO Hamilton Canadian Equity YIELD MAXIMIZER ETF	0.91%	0.00%	0.00%	0.00%
HEB.TO Hamilton Canadian Bank Equal-Weight Index ETF	2.85%	3.20%	4.24%	3.75%

Frequently Asked Questions

Can I hold both HEB.TO and CMAX.TO in my portfolio?

HEB.TO and CMAX.TO have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between HEB.TO and CMAX.TO?

HEB.TO is categorized as Financials Equities, while CMAX.TO is Derivative Income.