HMAX.TO vs. CMVP.TO
HMAX.TO (Hamilton Canadian Financials YIELD MAXIMIZER ETF) and CMVP.TO (HAMILTON CHAMPIONS Canadian Dividend Index ETF Class E Units) are both exchange-traded funds - HMAX.TO is a Derivative Income fund actively managed by Hamilton Capital, while CMVP.TO is a Canada Equities fund tracking the Solactive Canada Dividend Elite Champions Index. HMAX.TO is actively managed, while CMVP.TO is passively managed. Over the past year, HMAX.TO returned 35.28% vs 25.73% for CMVP.TO. A 0.66 correlation means they provide meaningful diversification when combined. HMAX.TO charges 0.65%/yr vs 0.00%/yr for CMVP.TO.
Performance
HMAX.TO vs. CMVP.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 CMVP.TO's 11.91% return.
HMAX.TO
- 1D
- -0.55%
- 1M
- 4.52%
- YTD
- 11.17%
- 6M
- 14.64%
- 1Y
- 35.28%
- 3Y*
- 21.76%
- 5Y*
- —
- 10Y*
- —
CMVP.TO
- 1D
- -0.29%
- 1M
- 2.40%
- YTD
- 11.91%
- 6M
- 14.09%
- 1Y
- 25.73%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HMAX.TO vs. CMVP.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HMAX.TO Hamilton Canadian Financials YIELD MAXIMIZER ETF | 11.17% | 24.59% |
CMVP.TO HAMILTON CHAMPIONS Canadian Dividend Index ETF Class E Units | 11.91% | 21.46% |
Correlation
The correlation between HMAX.TO and CMVP.TO is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Jan 28, 2025 | 0.66 |
The correlation between HMAX.TO and CMVP.TO has been stable across timeframes, ranging from 0.65 to 0.66 - a consistent structural relationship.
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Return for Risk
HMAX.TO vs. CMVP.TO — Risk / Return Rank
HMAX.TO
CMVP.TO
HMAX.TO vs. CMVP.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 HAMILTON CHAMPIONS Canadian Dividend Index ETF Class E Units (CMVP.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 | CMVP.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.90 | ||
| Sortino ratioReturn per unit of downside risk | +1.37 | ||
| Omega ratioGain probability vs. loss probability | 1.67 | 1.49 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 4.86 | 3.62 | +1.24 |
| Martin ratioReturn relative to average drawdown | 21.27 | 16.15 | +5.11 |
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 | CMVP.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.56 | 2.66 | +0.90 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.54 | 2.32 | -0.78 |
Drawdowns
HMAX.TO vs. CMVP.TO - Drawdown Comparison
The maximum HMAX.TO drawdown since its inception was -15.34%, which is greater than CMVP.TO's maximum drawdown of -8.86%. Use the drawdown chart below to compare losses from any high point for HMAX.TO and CMVP.TO.
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Drawdown Indicators
| HMAX.TO | CMVP.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.34% | -8.86% | -6.48% |
Max Drawdown (1Y)Largest decline over 1 year | -7.29% | -7.14% | -0.15% |
Max Drawdown (3Y)Largest decline over 3 years | -12.48% | — | — |
Current DrawdownCurrent decline from peak | -0.91% | -1.42% | +0.51% |
Average DrawdownAverage peak-to-trough decline | -2.94% | -1.09% | -1.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.66% | 1.60% | +0.06% |
Volatility
HMAX.TO vs. CMVP.TO - Volatility Comparison
Hamilton Canadian Financials YIELD MAXIMIZER ETF (HMAX.TO) has a higher volatility of 3.28% compared to HAMILTON CHAMPIONS Canadian Dividend Index ETF Class E Units (CMVP.TO) at 3.00%. This indicates that HMAX.TO's price experiences larger fluctuations and is considered to be riskier than CMVP.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 | CMVP.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.28% | 3.00% | +0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 8.55% | 7.92% | +0.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.95% | 9.72% | +0.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.42% | 11.08% | +0.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.42% | 11.08% | +0.34% |
HMAX.TO vs. CMVP.TO - Expense Ratio Comparison
HMAX.TO has a 0.65% expense ratio, which is higher than CMVP.TO's 0.00% expense ratio.
Dividends
HMAX.TO vs. CMVP.TO - Dividend Comparison
HMAX.TO's dividend yield for the trailing twelve months is around 11.59%, more than CMVP.TO's 2.72% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
CMVP.TO HAMILTON CHAMPIONS Canadian Dividend Index ETF Class E Units | 2.72% | 2.70% | 0.00% | 0.00% |
HMAX.TO Hamilton Canadian Financials YIELD MAXIMIZER ETF | 11.59% | 12.29% | 14.08% | 15.47% |
Frequently Asked Questions
HMAX.TO and CMVP.TO have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CMVP.TO is cheaper at 0.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CMVP.TO is cheaper with a 0.00% expense ratio, compared with 0.65% for HMAX.TO.
HMAX.TO is categorized as Derivative Income, while CMVP.TO is Canada Equities. Their fees differ too: 0.65% for HMAX.TO and 0.00% for CMVP.TO.
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