HMAX.TO vs. CBNK.TO
HMAX.TO (Hamilton Canadian Financials YIELD MAXIMIZER ETF) and CBNK.TO (Mulvihill Canadian Bank Enhanced Yield ETF) are both Derivative Income funds. Both are actively managed. Over the past 3 years, HMAX.TO returned 21.76%/yr vs 38.97%/yr for CBNK.TO. Their correlation of 0.84 suggests significant overlap in exposure.
Performance
HMAX.TO vs. CBNK.TO - Performance Comparison
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Returns By Period
In the year-to-date period, HMAX.TO achieves a 11.17% return, which is significantly lower than CBNK.TO's 25.56% return.
HMAX.TO
- 1D
- -0.55%
- 1M
- 4.52%
- YTD
- 11.17%
- 6M
- 14.64%
- 1Y
- 35.28%
- 3Y*
- 21.76%
- 5Y*
- —
- 10Y*
- —
CBNK.TO
- 1D
- 0.42%
- 1M
- 7.74%
- YTD
- 25.56%
- 6M
- 32.17%
- 1Y
- 79.20%
- 3Y*
- 38.97%
- 5Y*
- —
- 10Y*
- —
HMAX.TO vs. CBNK.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
HMAX.TO Hamilton Canadian Financials YIELD MAXIMIZER ETF | 11.17% | 27.20% | 20.65% | 0.77% |
CBNK.TO Mulvihill Canadian Bank Enhanced Yield ETF | 25.56% | 51.67% | 27.42% | 0.65% |
Correlation
The correlation between HMAX.TO and CBNK.TO is 0.81, 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 | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Jan 24, 2023 | 0.84 |
The correlation between HMAX.TO and CBNK.TO has been stable across timeframes, ranging from 0.81 to 0.84 - a consistent structural relationship.
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Return for Risk
HMAX.TO vs. CBNK.TO — Risk / Return Rank
HMAX.TO
CBNK.TO
HMAX.TO vs. CBNK.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 Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.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 | CBNK.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.56 | ||
| Sortino ratioReturn per unit of downside risk | -1.73 | ||
| Omega ratioGain probability vs. loss probability | 1.67 | 1.87 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 4.86 | 7.94 | -3.07 |
| Martin ratioReturn relative to average drawdown | 21.27 | 34.25 | -12.99 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HMAX.TO | CBNK.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.56 | 5.12 | -1.56 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.54 | 1.10 | +0.44 |
Drawdowns
HMAX.TO vs. CBNK.TO - Drawdown Comparison
The maximum HMAX.TO drawdown since its inception was -15.34%, smaller than the maximum CBNK.TO drawdown of -32.12%. Use the drawdown chart below to compare losses from any high point for HMAX.TO and CBNK.TO.
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Drawdown Indicators
| HMAX.TO | CBNK.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.34% | -32.12% | +16.78% |
Max Drawdown (1Y)Largest decline over 1 year | -7.29% | -10.03% | +2.74% |
Max Drawdown (3Y)Largest decline over 3 years | -12.48% | -17.92% | +5.44% |
Current DrawdownCurrent decline from peak | -0.91% | -2.29% | +1.38% |
Average DrawdownAverage peak-to-trough decline | -2.94% | -10.92% | +7.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.66% | 2.32% | -0.66% |
Volatility
HMAX.TO vs. CBNK.TO - Volatility Comparison
The current volatility for Hamilton Canadian Financials YIELD MAXIMIZER ETF (HMAX.TO) is 3.28%, while Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.TO) has a volatility of 5.67%. This indicates that HMAX.TO experiences smaller price fluctuations and is considered to be less risky than CBNK.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HMAX.TO | CBNK.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.28% | 5.67% | -2.39% |
Volatility (6M)Calculated over the trailing 6-month period | 8.55% | 13.29% | -4.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.95% | 15.55% | -5.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.42% | 17.55% | -6.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.42% | 17.55% | -6.13% |
Dividends
HMAX.TO vs. CBNK.TO - Dividend Comparison
HMAX.TO's dividend yield for the trailing twelve months is around 11.59%, more than CBNK.TO's 5.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CBNK.TO Mulvihill Canadian Bank Enhanced Yield ETF | 5.94% | 5.86% | 8.25% | 9.59% | 7.85% |
HMAX.TO Hamilton Canadian Financials YIELD MAXIMIZER ETF | 11.59% | 12.29% | 14.08% | 15.47% | 0.00% |
Frequently Asked Questions
HMAX.TO and CBNK.TO have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: Hamilton Capital and Mulvihill.
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