HMAX.TO vs. EMCL.NEO
HMAX.TO (Hamilton Canadian Financials Yield Maximizer ETF) and EMCL.NEO (Global X Enhanced MSCI Emerging Markets Covered Call ETF) are both Derivative Income funds. Both are actively managed. Over the past year, HMAX.TO returned 40.53% vs 47.60% for EMCL.NEO. At a 0.40 correlation, their price movements are largely independent.
Performance
HMAX.TO vs. EMCL.NEO - 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 lower than EMCL.NEO's 26.93% return.
HMAX.TO
- 1D
- -0.39%
- 1M
- 4.63%
- YTD
- 17.37%
- 6M
- 17.05%
- 1Y
- 40.53%
- 3Y*
- 24.74%
- 5Y*
- —
- 10Y*
- —
EMCL.NEO
- 1D
- 0.27%
- 1M
- 3.04%
- YTD
- 26.93%
- 6M
- 28.29%
- 1Y
- 47.60%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HMAX.TO vs. EMCL.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
HMAX.TO Hamilton Canadian Financials Yield Maximizer ETF | 17.37% | 27.16% | 15.72% |
EMCL.NEO Global X Enhanced MSCI Emerging Markets Covered Call ETF | 26.93% | 20.46% | 3.66% |
Correlation
The correlation between HMAX.TO and EMCL.NEO is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since May 29, 2024 | 0.40 |
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Return for Risk
HMAX.TO vs. EMCL.NEO — Risk / Return Rank
HMAX.TO
EMCL.NEO
HMAX.TO vs. EMCL.NEO - 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 MSCI Emerging Markets Covered Call ETF (EMCL.NEO). 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 | EMCL.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.90 | ||
| Sortino ratioReturn per unit of downside risk | +3.04 | ||
| Omega ratioGain probability vs. loss probability | 1.78 | 1.45 | +0.33 |
| Calmar ratioReturn relative to maximum drawdown | 5.59 | 3.74 | +1.85 |
| Martin ratioReturn relative to average drawdown | 24.50 | 13.41 | +11.09 |
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Drawdowns
HMAX.TO vs. EMCL.NEO - Drawdown Comparison
The maximum HMAX.TO drawdown since its inception was -15.34%, smaller than the maximum EMCL.NEO drawdown of -19.73%. Use the drawdown chart below to compare losses from any high point for HMAX.TO and EMCL.NEO.
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Drawdown Indicators
| HMAX.TO | EMCL.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.34% | -19.73% | +4.39% |
Max Drawdown (1Y)Largest decline over 1 year | -7.29% | -13.12% | +5.83% |
Max Drawdown (3Y)Largest decline over 3 years | -12.51% | — | — |
Current DrawdownCurrent decline from peak | -0.39% | -4.65% | +4.26% |
Average DrawdownAverage peak-to-trough decline | -2.89% | -2.57% | -0.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.66% | 3.61% | -1.95% |
Volatility
HMAX.TO vs. EMCL.NEO - Volatility Comparison
The current volatility for Hamilton Canadian Financials Yield Maximizer ETF (HMAX.TO) is 2.54%, while Global X Enhanced MSCI Emerging Markets Covered Call ETF (EMCL.NEO) has a volatility of 12.60%. This indicates that HMAX.TO experiences smaller price fluctuations and is considered to be less risky than EMCL.NEO 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 | EMCL.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.54% | 12.60% | -10.06% |
Volatility (6M)Calculated over the trailing 6-month period | 8.58% | 20.76% | -12.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.01% | 22.56% | -12.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.37% | 23.02% | -11.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.37% | 23.02% | -11.65% |
Dividends
HMAX.TO vs. EMCL.NEO - Dividend Comparison
HMAX.TO's dividend yield for the trailing twelve months is around 10.97%, more than EMCL.NEO's 10.20% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
EMCL.NEO Global X Enhanced MSCI Emerging Markets Covered Call ETF | 10.20% | 9.86% | 3.10% | 0.00% |
HMAX.TO Hamilton Canadian Financials Yield Maximizer ETF | 10.97% | 12.29% | 14.08% | 15.47% |
Frequently Asked Questions
HMAX.TO and EMCL.NEO have a correlation of 0.48, 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 Global X.
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