HMAX.TO vs. DXQ.TO
HMAX.TO (Hamilton Canadian Financials Yield Maximizer ETF) and DXQ.TO (Dynamic Active Enhanced Yield Covered Options ETF) are both Derivative Income funds. Both are actively managed. Over the past 3 years, HMAX.TO returned 24.74%/yr vs 17.51%/yr for DXQ.TO. At a 0.45 correlation, their price movements are largely independent. HMAX.TO charges 0.65%/yr vs 0.72%/yr for DXQ.TO.
Performance
HMAX.TO vs. DXQ.TO - Performance Comparison
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Returns By Period
In the year-to-date period, HMAX.TO achieves a 17.37% return, which is significantly higher than DXQ.TO's 7.63% return.
HMAX.TO
- 1D
- -0.39%
- 1M
- 4.63%
- YTD
- 17.37%
- 6M
- 17.05%
- 1Y
- 40.53%
- 3Y*
- 24.74%
- 5Y*
- —
- 10Y*
- —
DXQ.TO
- 1D
- -0.25%
- 1M
- 0.61%
- YTD
- 7.63%
- 6M
- 7.76%
- 1Y
- 17.05%
- 3Y*
- 17.51%
- 5Y*
- —
- 10Y*
- —
HMAX.TO vs. DXQ.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
HMAX.TO Hamilton Canadian Financials Yield Maximizer ETF | 17.37% | 27.16% | 20.69% | 1.08% |
DXQ.TO Dynamic Active Enhanced Yield Covered Options ETF | 7.63% | 12.99% | 21.07% | 18.06% |
Correlation
The correlation between HMAX.TO and DXQ.TO is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Jan 23, 2023 | 0.45 |
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Return for Risk
HMAX.TO vs. DXQ.TO — Risk / Return Rank
HMAX.TO
DXQ.TO
HMAX.TO vs. DXQ.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 Dynamic Active Enhanced Yield Covered Options ETF (DXQ.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.
| HMAX.TO | DXQ.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.24 | ||
| Sortino ratioReturn per unit of downside risk | +3.12 | ||
| Omega ratioGain probability vs. loss probability | 1.78 | 1.35 | +0.43 |
| Calmar ratioReturn relative to maximum drawdown | 5.59 | 3.35 | +2.24 |
| Martin ratioReturn relative to average drawdown | 24.50 | 9.30 | +15.21 |
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Drawdowns
HMAX.TO vs. DXQ.TO - Drawdown Comparison
The maximum HMAX.TO drawdown since its inception was -15.34%, roughly equal to the maximum DXQ.TO drawdown of -15.54%. Use the drawdown chart below to compare losses from any high point for HMAX.TO and DXQ.TO.
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Drawdown Indicators
| HMAX.TO | DXQ.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.34% | -15.54% | +0.20% |
Max Drawdown (1Y)Largest decline over 1 year | -7.29% | -5.11% | -2.18% |
Max Drawdown (3Y)Largest decline over 3 years | -12.51% | -15.54% | +3.03% |
Current DrawdownCurrent decline from peak | -0.39% | -1.63% | +1.24% |
Average DrawdownAverage peak-to-trough decline | -2.89% | -1.26% | -1.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.66% | 1.84% | -0.18% |
Volatility
HMAX.TO vs. DXQ.TO - Volatility Comparison
The current volatility for Hamilton Canadian Financials Yield Maximizer ETF (HMAX.TO) is 2.54%, while Dynamic Active Enhanced Yield Covered Options ETF (DXQ.TO) has a volatility of 3.10%. This indicates that HMAX.TO experiences smaller price fluctuations and is considered to be less risky than DXQ.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 | DXQ.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.54% | 3.10% | -0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 8.58% | 7.56% | +1.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.01% | 9.36% | +0.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.37% | 10.93% | +0.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.37% | 10.93% | +0.44% |
HMAX.TO vs. DXQ.TO - Expense Ratio Comparison
HMAX.TO has a 0.65% expense ratio, which is lower than DXQ.TO's 0.72% expense ratio.
Dividends
HMAX.TO vs. DXQ.TO - Dividend Comparison
HMAX.TO's dividend yield for the trailing twelve months is around 10.97%, more than DXQ.TO's 7.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
DXQ.TO Dynamic Active Enhanced Yield Covered Options ETF | 7.71% | 7.45% | 5.74% | 6.54% | 1.83% |
HMAX.TO Hamilton Canadian Financials Yield Maximizer ETF | 10.97% | 12.29% | 14.08% | 15.47% | 0.00% |
Frequently Asked Questions
HMAX.TO and DXQ.TO have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HMAX.TO is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HMAX.TO is cheaper with a 0.65% expense ratio, compared with 0.72% for DXQ.TO.
They also come from different issuers: Hamilton Capital and Dynamic. Their fees differ too: 0.65% for HMAX.TO and 0.72% for DXQ.TO.
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