HMAX.TO vs. HDIVX

Last updated Jun 4, 2026

HMAX.TO (Hamilton Canadian Financials YIELD MAXIMIZER ETF) and HDIVX (Janus Henderson Dividend & Income Builder Fund) are both funds - HMAX.TO is a Derivative Income fund actively managed by Hamilton Capital, while HDIVX is a Foreign Large Cap Equities fund managed by Janus Henderson. Over the past 3 years, HMAX.TO returned 21.76%/yr vs 21.87%/yr for HDIVX. A 0.50 correlation means they provide meaningful diversification when combined. HMAX.TO charges 0.65%/yr vs 0.95%/yr for HDIVX.

Performance

HMAX.TO vs. HDIVX - 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 Janus Henderson Dividend & Income Builder Fund (HDIVX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HMAX.TO is traded in CAD, while HDIVX is traded in USD. To make them comparable, the HDIVX values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, HMAX.TO achieves a 11.17% return, which is significantly lower than HDIVX's 16.79% return.

HMAX.TO

• 1D: -0.55%
• 1M: 4.52%
• YTD: 11.17%
• 6M: 14.64%
• 1Y: 35.28%
• 3Y*: 21.76%
• 5Y*: —
• 10Y*: —

HDIVX

• 1D: 1.08%
• 1M: 9.26%
• YTD: 16.79%
• 6M: 17.76%
• 1Y: 28.87%
• 3Y*: 21.87%
• 5Y*: 15.51%
• 10Y*: 11.01%

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

HMAX.TO vs. HDIVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HMAX.TO Hamilton Canadian Financials YIELD MAXIMIZER ETF	11.17%	27.20%	20.65%	0.77%
HDIVX Janus Henderson Dividend & Income Builder Fund	16.79%	23.31%	18.19%	9.53%

Correlation

The correlation between HMAX.TO and HDIVX is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (All Time) Calculated using the full available price history since Jan 24, 2023	0.50

The correlation between HMAX.TO and HDIVX has been stable across timeframes, ranging from 0.47 to 0.52 - a consistent structural relationship.

Return for Risk

HMAX.TO vs. HDIVX — 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: 93
HMAX.TO Calmar Ratio Rank: 86
HMAX.TO Martin Ratio Rank: 90

HDIVX

HDIVX Risk / Return Rank: 44
HDIVX Sharpe Ratio Rank: 48
HDIVX Sortino Ratio Rank: 43
HDIVX Omega Ratio Rank: 48
HDIVX Calmar Ratio Rank: 41
HDIVX Martin Ratio Rank: 41

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. HDIVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton Canadian Financials YIELD MAXIMIZER ETF (HMAX.TO) and Janus Henderson Dividend & Income Builder Fund (HDIVX). 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	HDIVX	Difference
Sharpe ratio: Return per unit of total volatility	3.56	2.19	+1.37
Sortino ratio: Return per unit of downside risk	5.03	2.91	+2.12
Omega ratio: Gain probability vs. loss probability	1.67	1.41	+0.26
Calmar ratio: Return relative to maximum drawdown	4.86	2.66	+2.21
Martin ratio: Return relative to average drawdown	21.27	10.06	+11.21
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. HDIVX - Sharpe Ratio Comparison

The current HMAX.TO Sharpe Ratio is 3.56, which is higher than the HDIVX Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of HMAX.TO and HDIVX, 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	HDIVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.56	2.19	+1.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.36	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.96	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.54	1.12	+0.42

Drawdowns

HMAX.TO vs. HDIVX - Drawdown Comparison

The maximum HMAX.TO drawdown since its inception was -15.34%, smaller than the maximum HDIVX drawdown of -21.86%. Use the drawdown chart below to compare losses from any high point for HMAX.TO and HDIVX.

Drawdown Indicators

	HMAX.TO	HDIVX	Difference
Max Drawdown Largest peak-to-trough decline	-15.34%	-21.86%	+6.52%
Max Drawdown (1Y) Largest decline over 1 year	-7.29%	-10.77%	+3.48%
Max Drawdown (3Y) Largest decline over 3 years	-12.48%	-13.55%	+1.07%
Max Drawdown (5Y) Largest decline over 5 years	—	-16.30%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-21.86%	—
Current Drawdown Current decline from peak	-0.91%	0.00%	-0.91%
Average Drawdown Average peak-to-trough decline	-2.94%	-2.78%	-0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.66%	2.84%	-1.18%

Volatility

HMAX.TO vs. HDIVX - Volatility Comparison

The current volatility for Hamilton Canadian Financials YIELD MAXIMIZER ETF (HMAX.TO) is 3.28%, while Janus Henderson Dividend & Income Builder Fund (HDIVX) has a volatility of 4.60%. This indicates that HMAX.TO experiences smaller price fluctuations and is considered to be less risky than HDIVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMAX.TO	HDIVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.28%	4.60%	-1.32%
Volatility (6M) Calculated over the trailing 6-month period	8.55%	10.73%	-2.18%
Volatility (1Y) Calculated over the trailing 1-year period	9.95%	13.05%	-3.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.42%	11.43%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.42%	11.56%	-0.14%

HMAX.TO vs. HDIVX - Expense Ratio Comparison

HMAX.TO has a 0.65% expense ratio, which is lower than HDIVX's 0.95% expense ratio.

Dividends

HMAX.TO vs. HDIVX - Dividend Comparison

HMAX.TO's dividend yield for the trailing twelve months is around 11.59%, more than HDIVX's 6.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDIVX Janus Henderson Dividend & Income Builder Fund	6.61%	7.60%	6.54%	3.11%	4.14%	4.59%	3.26%	3.20%	4.19%	2.76%	3.12%	3.02%
HMAX.TO Hamilton Canadian Financials YIELD MAXIMIZER ETF	11.59%	12.29%	14.08%	15.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HMAX.TO and HDIVX in my portfolio?

HMAX.TO and HDIVX have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.