HEB.TO vs. HMAX.TO

Last updated Jun 4, 2026

HEB.TO (Hamilton Canadian Bank Equal-Weight Index ETF) and HMAX.TO (Hamilton Canadian Financials YIELD MAXIMIZER ETF) are both exchange-traded funds - HEB.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index, while HMAX.TO is a Derivative Income fund actively managed by Hamilton Capital. HEB.TO is passively managed, while HMAX.TO is actively managed. Over the past 3 years, HEB.TO returned 32.46%/yr vs 21.76%/yr for HMAX.TO. Their correlation of 0.83 suggests significant overlap in exposure. HEB.TO charges 0.19%/yr vs 0.65%/yr for HMAX.TO.

Performance

HEB.TO vs. HMAX.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 Financials YIELD MAXIMIZER ETF (HMAX.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HEB.TO achieves a 19.19% return, which is significantly higher than HMAX.TO's 11.17% return.

HEB.TO

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

HMAX.TO

• 1D: -0.55%
• 1M: 4.52%
• YTD: 11.17%
• 6M: 14.64%
• 1Y: 35.28%
• 3Y*: 21.76%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023
HEB.TO Hamilton Canadian Bank Equal-Weight Index ETF	19.19%	44.00%	23.58%	8.60%
HMAX.TO Hamilton Canadian Financials YIELD MAXIMIZER ETF	11.17%	27.20%	20.65%	5.45%

Correlation

The correlation between HEB.TO and HMAX.TO is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (All Time) Calculated using the full available price history since Apr 5, 2023	0.83

The correlation between HEB.TO and HMAX.TO has been stable across timeframes, ranging from 0.82 to 0.90 - a consistent structural relationship.

HEB.TO vs. HMAX.TO - Sectors Allocation Comparison

Sectors	HEB.TO	HMAX.TO
Financial Services	100.0%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

HEB.TO vs. HMAX.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

HMAX.TO

HMAX.TO Risk / Return Rank: 91
HMAX.TO Sharpe Ratio Rank: 93
HMAX.TO Sortino Ratio Rank: 94
HMAX.TO Omega Ratio Rank: 93
HMAX.TO Calmar Ratio Rank: 86
HMAX.TO Martin Ratio Rank: 90

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. HMAX.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 Financials YIELD MAXIMIZER ETF (HMAX.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	HMAX.TO	Difference
Sharpe ratio: Return per unit of total volatility	4.67	3.56	+1.11
Sortino ratio: Return per unit of downside risk	6.44	5.03	+1.40
Omega ratio: Gain probability vs. loss probability	1.87	1.67	+0.20
Calmar ratio: Return relative to maximum drawdown	6.87	4.86	+2.01
Martin ratio: Return relative to average drawdown	30.91	21.27	+9.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HEB.TO vs. HMAX.TO - Sharpe Ratio Comparison

The current HEB.TO Sharpe Ratio is 4.67, which is higher than the HMAX.TO Sharpe Ratio of 3.56. The chart below compares the historical Sharpe Ratios of HEB.TO and HMAX.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

	HEB.TO	HMAX.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.67	3.56	+1.11
Sharpe Ratio (All Time) Calculated using the full available price history	2.35	1.54	+0.81

Drawdowns

HEB.TO vs. HMAX.TO - Drawdown Comparison

The maximum HEB.TO drawdown since its inception was -14.82%, roughly equal to the maximum HMAX.TO drawdown of -15.34%. Use the drawdown chart below to compare losses from any high point for HEB.TO and HMAX.TO.

Drawdown Indicators

	HEB.TO	HMAX.TO	Difference
Max Drawdown Largest peak-to-trough decline	-14.82%	-15.34%	+0.52%
Max Drawdown (1Y) Largest decline over 1 year	-8.86%	-7.29%	-1.57%
Max Drawdown (3Y) Largest decline over 3 years	-14.82%	-12.48%	-2.34%
Current Drawdown Current decline from peak	-1.93%	-0.91%	-1.02%
Average Drawdown Average peak-to-trough decline	-2.43%	-2.94%	+0.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	1.66%	+0.30%

Volatility

HEB.TO vs. HMAX.TO - Volatility Comparison

Hamilton Canadian Bank Equal-Weight Index ETF (HEB.TO) has a higher volatility of 4.84% compared to Hamilton Canadian Financials YIELD MAXIMIZER ETF (HMAX.TO) at 3.28%. This indicates that HEB.TO's price experiences larger fluctuations and is considered to be riskier than HMAX.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEB.TO	HMAX.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.84%	3.28%	+1.56%
Volatility (6M) Calculated over the trailing 6-month period	11.53%	8.55%	+2.98%
Volatility (1Y) Calculated over the trailing 1-year period	13.03%	9.95%	+3.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.92%	11.42%	+1.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.92%	11.42%	+1.50%

HEB.TO vs. HMAX.TO - Expense Ratio Comparison

HEB.TO has a 0.19% expense ratio, which is lower than HMAX.TO's 0.65% expense ratio.

Dividends

HEB.TO vs. HMAX.TO - Dividend Comparison

HEB.TO's dividend yield for the trailing twelve months is around 2.85%, less than HMAX.TO's 11.59% yield.

Position	TTM	2025	2024	2023
HEB.TO Hamilton Canadian Bank Equal-Weight Index ETF	2.85%	3.20%	4.24%	3.75%
HMAX.TO Hamilton Canadian Financials YIELD MAXIMIZER ETF	11.59%	12.29%	14.08%	15.47%

Frequently Asked Questions

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

With a correlation of 0.90, HEB.TO and HMAX.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, HEB.TO or HMAX.TO?

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.

Which ETF is cheaper, HEB.TO or HMAX.TO?

HEB.TO is cheaper with a 0.19% expense ratio, compared with 0.65% for HMAX.TO.

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

HEB.TO is categorized as Financials Equities, while HMAX.TO is Derivative Income. They also come from different issuers: Hamilton and Hamilton Capital. Their fees differ too: 0.19% for HEB.TO and 0.65% for HMAX.TO.