HEB.TO vs. QMAX.TO

Last updated Aug 2, 2026

HEB.TO (Hamilton Canadian Bank Equal-Weight Index ETF) and QMAX.TO (Hamilton Technology YIELD MAXIMIZER ETF) are both exchange-traded funds - HEB.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index, while QMAX.TO is a Technology Equities fund actively managed by Hamilton. HEB.TO is passively managed, while QMAX.TO is actively managed. Over the past year, HEB.TO returned 68.66% vs 23.39% for QMAX.TO. Their 0.32 correlation means their historical movements had little consistent relationship. HEB.TO charges 0.19%/yr vs 0.65%/yr for QMAX.TO.

Performance

HEB.TO vs. QMAX.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 Technology YIELD MAXIMIZER ETF (QMAX.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 32.76% return, which is significantly higher than QMAX.TO's 11.50% 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%

QMAX.TO

• 1D: 0.74%
• 1M: -8.11%
• 6M: 19.05%
• YTD: 11.50%
• 1Y: 23.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 29.59%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HEB.TO Hamilton Canadian Bank Equal-Weight Index ETF	CA$813.69K	CA$972.65K	CA$1.62M
QMAX.TO Hamilton Technology YIELD MAXIMIZER ETF	CA$2.30M	CA$2.10M	CA$1.86M

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

	2026 (YTD)	2025	2024	2023
HEB.TO Hamilton Canadian Bank Equal-Weight Index ETF	32.76%	43.56%	23.55%	21.70%
QMAX.TO Hamilton Technology YIELD MAXIMIZER ETF	11.50%	16.54%	37.66%	14.41%

Correlation

The correlation between HEB.TO and QMAX.TO is 0.42, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.42
Correlation (All Time) Calculated using the full available price history since Oct 26, 2023	0.32

The correlation between HEB.TO and QMAX.TO shifts across timeframes, from 0.32 (all time) to 0.42 (1 year), reflecting how their relationship changes across market environments.

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

Sectors	HEB.TO	QMAX.TO
Financial Services	100.0%	-
Basic Materials	-	-
Communication Services	-	16.0%
Consumer Cyclical	-	10.9%
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	73.1%
Utilities	-	-

Return for Risk

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

Compare historical risk-adjusted metric ranks over the past 12 months.

HEB.TO

HEB.TO Risk / Return Rank: 98
HEB.TO Sharpe Ratio Rank: 98
HEB.TO Sortino Ratio Rank: 98
HEB.TO Omega Ratio Rank: 97
HEB.TO Calmar Ratio Rank: 97
HEB.TO Martin Ratio Rank: 97

QMAX.TO

QMAX.TO Risk / Return Rank: 31
QMAX.TO Sharpe Ratio Rank: 33
QMAX.TO Sortino Ratio Rank: 32
QMAX.TO Omega Ratio Rank: 33
QMAX.TO Calmar Ratio Rank: 28
QMAX.TO Martin Ratio Rank: 28

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HEB.TO vs. QMAX.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 Technology YIELD MAXIMIZER ETF (QMAX.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	QMAX.TO	Difference
Sharpe ratio: Return per unit of total volatility	4.76	0.80	+3.96
Sortino ratio: Return per unit of downside risk	5.98	1.23	+4.75
Omega ratio: Gain probability vs. loss probability	1.83	1.16	+0.67
Calmar ratio: Return relative to maximum drawdown	7.83	0.90	+6.93
Martin ratio: Return relative to average drawdown	33.50	2.34	+31.16

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

The current HEB.TO Sharpe Ratio is 4.76, which is higher than the QMAX.TO Sharpe Ratio of 0.80. The chart below compares the historical Sharpe Ratios of HEB.TO and QMAX.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.

Drawdowns

HEB.TO vs. QMAX.TO - Drawdown Comparison

The maximum HEB.TO drawdown since its inception was -14.77%, smaller than the maximum QMAX.TO drawdown of -26.77%. Use the drawdown chart below to compare losses from any high point for HEB.TO and QMAX.TO.

Drawdown Indicators

	HEB.TO	QMAX.TO	Difference
Max Drawdown Largest peak-to-trough decline	-14.77%	-26.77%	+12.00%
Max Drawdown (1Y) Largest decline over 1 year	-8.86%	-22.86%	+14.00%
Max Drawdown (3Y) Largest decline over 3 years	-13.40%	—	—
Current Drawdown Current decline from peak	-2.67%	-11.59%	+8.92%
Average Drawdown Average peak-to-trough decline	-2.37%	-5.26%	+2.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	8.80%	-6.74%

Volatility

HEB.TO vs. QMAX.TO - Volatility Comparison

The current volatility for Hamilton Canadian Bank Equal-Weight Index ETF (HEB.TO) is 6.13%, while Hamilton Technology YIELD MAXIMIZER ETF (QMAX.TO) has a volatility of 10.37%. This indicates that HEB.TO experiences smaller price fluctuations and is considered to be less risky than QMAX.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEB.TO	QMAX.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.13%	10.37%	-4.24%
Volatility (6M) Calculated over the trailing 6-month period	12.51%	22.35%	-9.84%
Volatility (1Y) Calculated over the trailing 1-year period	14.59%	25.78%	-11.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.30%	24.98%	-11.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.30%	24.98%	-11.68%

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

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

Dividends

HEB.TO vs. QMAX.TO - Dividend Comparison

HEB.TO's dividend yield for the trailing twelve months is around 2.18%, less than QMAX.TO's 10.58% yield.

Position	TTM	2025	2024	2023
HEB.TO Hamilton Canadian Bank Equal-Weight Index ETF	2.18%	2.93%	4.24%	3.75%
QMAX.TO Hamilton Technology YIELD MAXIMIZER ETF	10.58%	10.79%	10.88%	2.01%

Frequently Asked Questions

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

HEB.TO and QMAX.TO have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

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

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

HEB.TO is categorized as Financials Equities, while QMAX.TO is Technology Equities. Their fees differ too: 0.19% for HEB.TO and 0.65% for QMAX.TO.