HMAX.TO vs. BKCL.TO

Last updated Apr 5, 2026

Compare and contrast key facts about Hamilton Canadian Financials YIELD MAXIMIZER ETF (HMAX.TO) and Global X Enhanced Equal Weight Canadian Banks Covered Call ETF (BKCL.TO).

HMAX.TO and BKCL.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HMAX.TO is an actively managed fund by Hamilton Capital. It was launched on Jan 20, 2023. BKCL.TO is an actively managed fund by Global X. It was launched on Jul 5, 2023.

Performance

HMAX.TO vs. BKCL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Hamilton Canadian Financials YIELD MAXIMIZER ETF (HMAX.TO) and Global X Enhanced Equal Weight Canadian Banks Covered Call ETF (BKCL.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HMAX.TO achieves a -0.16% return, which is significantly lower than BKCL.TO's 3.61% return.

HMAX.TO

• 1D: 0.32%
• 1M: -0.44%
• YTD: -0.16%
• 6M: 8.07%
• 1Y: 36.62%
• 3Y*: 17.08%
• 5Y*: —
• 10Y*: —

BKCL.TO

• 1D: 0.39%
• 1M: -1.16%
• YTD: 3.61%
• 6M: 14.89%
• 1Y: 52.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023
HMAX.TO Hamilton Canadian Financials YIELD MAXIMIZER ETF	-0.16%	27.20%	20.65%	5.02%
BKCL.TO Global X Enhanced Equal Weight Canadian Banks Covered Call ETF	3.61%	34.78%	20.06%	5.22%

Correlation

The correlation between HMAX.TO and BKCL.TO is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification — they'll tend to fall together during downturns. For meaningful risk reduction, look for holdings with correlations below 0.5.

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

HMAX.TO has a 0.65% expense ratio, which is lower than BKCL.TO's 1.68% expense ratio.

BKCL.TO

Global X Enhanced Equal Weight Canadian Banks Covered Call ETF

HMAX.TO

Hamilton Canadian Financials YIELD MAXIMIZER ETF

Return for Risk

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

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

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: 94
HMAX.TO Calmar Ratio Rank: 86
HMAX.TO Martin Ratio Rank: 90

BKCL.TO

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

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.

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

This table presents a comparison of risk-adjusted performance metrics for Hamilton Canadian Financials YIELD MAXIMIZER ETF (HMAX.TO) and Global X Enhanced Equal Weight Canadian Banks Covered Call ETF (BKCL.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.

	HMAX.TO	BKCL.TO	Difference
Sharpe ratio Return per unit of total volatility	2.27	3.03	-0.76
Sortino ratio Return per unit of downside risk	3.00	3.93	-0.93
Omega ratio Gain probability vs. loss probability	1.47	1.64	-0.17
Calmar ratio Return relative to maximum drawdown	3.26	4.64	-1.38
Martin ratio Return relative to average drawdown	13.84	19.46	-5.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current HMAX.TO Sharpe Ratio is 2.27, which is comparable to the BKCL.TO Sharpe Ratio of 3.03. The chart below compares the historical Sharpe Ratios of HMAX.TO and BKCL.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

	HMAX.TO	BKCL.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.27	3.03	-0.76
Sharpe Ratio (All Time) Calculated using the full available price history	1.28	1.77	-0.49

Drawdowns

HMAX.TO vs. BKCL.TO - Drawdown Comparison

The maximum HMAX.TO drawdown since its inception was -15.34%, smaller than the maximum BKCL.TO drawdown of -16.58%. Use the drawdown chart below to compare losses from any high point for HMAX.TO and BKCL.TO.

Drawdown Indicators

	HMAX.TO	BKCL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-15.34%	-16.58%	+1.24%
Max Drawdown (1Y) Largest decline over 1 year	-7.29%	-9.15%	+1.86%
Current Drawdown Current decline from peak	-3.39%	-4.16%	+0.77%
Average Drawdown Average peak-to-trough decline	-3.07%	-2.79%	-0.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.13%	2.36%	-0.23%

Volatility

HMAX.TO vs. BKCL.TO - Volatility Comparison

The current volatility for Hamilton Canadian Financials YIELD MAXIMIZER ETF (HMAX.TO) is 5.26%, while Global X Enhanced Equal Weight Canadian Banks Covered Call ETF (BKCL.TO) has a volatility of 7.20%. This indicates that HMAX.TO experiences smaller price fluctuations and is considered to be less risky than BKCL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMAX.TO	BKCL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.26%	7.20%	-1.94%
Volatility (6M) Calculated over the trailing 6-month period	8.09%	10.58%	-2.49%
Volatility (1Y) Calculated over the trailing 1-year period	12.51%	14.65%	-2.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.43%	13.08%	-1.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.43%	13.08%	-1.65%

Dividends

HMAX.TO vs. BKCL.TO - Dividend Comparison

HMAX.TO's dividend yield for the trailing twelve months is around 12.63%, which matches BKCL.TO's 12.62% yield.

	TTM	2025	2024	2023
HMAX.TO Hamilton Canadian Financials YIELD MAXIMIZER ETF	12.63%	12.29%	14.08%	15.47%
BKCL.TO Global X Enhanced Equal Weight Canadian Banks Covered Call ETF	12.62%	12.60%	15.02%	7.91%