HHIC.TO vs. HMAX.TO

Last updated Jun 16, 2026

HHIC.TO (Harvest Canadian High Income Shares ETF) and HMAX.TO (Hamilton Canadian Financials Yield Maximizer ETF) are both exchange-traded funds - HHIC.TO is a Canada Equities fund actively managed by Harvest, while HMAX.TO is a Derivative Income fund actively managed by Hamilton Capital. Both are actively managed. A 0.61 correlation means they provide meaningful diversification when combined. HHIC.TO charges 0.40%/yr vs 0.65%/yr for HMAX.TO.

Performance

HHIC.TO vs. HMAX.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Harvest Canadian High Income Shares ETF (HHIC.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, HHIC.TO achieves a 13.14% return, which is significantly lower than HMAX.TO's 15.62% return.

HHIC.TO

• 1D: 0.99%
• 1M: 3.75%
• YTD: 13.14%
• 6M: 14.74%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HMAX.TO

• 1D: 0.28%
• 1M: 6.42%
• YTD: 15.62%
• 6M: 16.37%
• 1Y: 41.44%
• 3Y*: 22.86%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025
HHIC.TO Harvest Canadian High Income Shares ETF	13.14%	16.60%
HMAX.TO Hamilton Canadian Financials Yield Maximizer ETF	15.62%	15.40%

Correlation

The correlation between HHIC.TO and HMAX.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 Aug 21, 2025	0.61

Return for Risk

HHIC.TO vs. HMAX.TO — Risk / Return Rank

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

HHIC.TO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

HMAX.TO

HMAX.TO Risk / Return Rank: 95
HMAX.TO Sharpe Ratio Rank: 97
HMAX.TO Sortino Ratio Rank: 97
HMAX.TO Omega Ratio Rank: 96
HMAX.TO Calmar Ratio Rank: 93
HMAX.TO Martin Ratio Rank: 94

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.

HHIC.TO vs. HMAX.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harvest Canadian High Income Shares ETF (HHIC.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.

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.

	HHIC.TO	HMAX.TO	Difference
Sharpe ratio: Return per unit of total volatility	—	4.16	—
Sortino ratio: Return per unit of downside risk	—	5.83	—
Omega ratio: Gain probability vs. loss probability	—	1.79	—
Calmar ratio: Return relative to maximum drawdown	—	5.71	—
Martin ratio: Return relative to average drawdown	—	25.05	—

Drawdowns

HHIC.TO vs. HMAX.TO - Drawdown Comparison

The maximum HHIC.TO drawdown since its inception was -7.30%, smaller than the maximum HMAX.TO drawdown of -15.34%. Use the drawdown chart below to compare losses from any high point for HHIC.TO and HMAX.TO.

Drawdown Indicators

	HHIC.TO	HMAX.TO	Difference
Max Drawdown Largest peak-to-trough decline	-7.30%	-15.34%	+8.04%
Max Drawdown (1Y) Largest decline over 1 year	—	-7.29%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-12.51%	—
Current Drawdown Current decline from peak	-1.38%	0.00%	-1.38%
Average Drawdown Average peak-to-trough decline	-1.52%	-2.91%	+1.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.66%	—

Volatility

Volatility by Period

	HHIC.TO	HMAX.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.92%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.61%	—
Volatility (1Y) Calculated over the trailing 1-year period	16.91%	10.03%	+6.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.91%	11.40%	+5.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.91%	11.40%	+5.51%

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

HHIC.TO has a 0.40% expense ratio, which is lower than HMAX.TO's 0.65% expense ratio.

Dividends

HHIC.TO vs. HMAX.TO - Dividend Comparison

HHIC.TO's dividend yield for the trailing twelve months is around 10.95%, less than HMAX.TO's 11.14% yield.

Position	TTM	2025	2024	2023
HHIC.TO Harvest Canadian High Income Shares ETF	10.95%	4.77%	0.00%	0.00%
HMAX.TO Hamilton Canadian Financials Yield Maximizer ETF	11.14%	12.29%	14.08%	15.47%

Frequently Asked Questions

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

HHIC.TO and HMAX.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.

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

On fees, HHIC.TO is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

HHIC.TO is cheaper with a 0.40% expense ratio, compared with 0.65% for HMAX.TO.

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

HHIC.TO is categorized as Canada Equities, while HMAX.TO is Derivative Income. They also come from different issuers: Harvest and Hamilton Capital. Their fees differ too: 0.40% for HHIC.TO and 0.65% for HMAX.TO.