HMAX.TO vs. HYLD

Last updated Jun 4, 2026

HMAX.TO (Hamilton Canadian Financials YIELD MAXIMIZER ETF) and HYLD (High Yield ETF) are both exchange-traded funds - HMAX.TO is a Derivative Income fund actively managed by Hamilton Capital, while HYLD is a High Yield Bonds fund actively managed by Eve Capital. Both are actively managed. At a correlation of -0.05, they often move in opposite directions. HMAX.TO charges 0.65%/yr vs 1.29%/yr for HYLD.

Performance

HMAX.TO vs. HYLD - 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 High Yield ETF (HYLD). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

HMAX.TO

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

HYLD

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HMAX.TO vs. HYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HMAX.TO Hamilton Canadian Financials YIELD MAXIMIZER ETF	11.17%	27.20%	20.65%	0.77%
HYLD High Yield ETF	0.00%	0.00%	0.00%	-0.20%

Correlation

The correlation between HMAX.TO and HYLD is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	-0.02
Correlation (All Time) Calculated using the full available price history since Jan 24, 2023	-0.05

HMAX.TO vs. HYLD - Sectors Allocation Comparison

Sectors	HMAX.TO	HYLD
Financial Services	100.0%	0.5%
Basic Materials	-	0.0%
Communication Services	-	10.8%
Consumer Cyclical	-	9.6%
Consumer Defensive	-	4.7%
Energy	-	29.9%
Healthcare	-	5.0%
Industrials	-	3.4%
Real Estate	-	0.2%
Technology	-	34.8%
Utilities	-	1.1%

Return for Risk

HMAX.TO vs. HYLD — 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

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. HYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton Canadian Financials YIELD MAXIMIZER ETF (HMAX.TO) and High Yield ETF (HYLD). 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	HYLD	Difference
Sharpe ratio: Return per unit of total volatility	3.56	—	—
Sortino ratio: Return per unit of downside risk	5.03	—	—
Omega ratio: Gain probability vs. loss probability	1.67	—	—
Calmar ratio: Return relative to maximum drawdown	4.86	—	—
Martin ratio: Return relative to average drawdown	21.27	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	HMAX.TO	HYLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.56	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.54	—	—

Drawdowns

Drawdown Indicators

	HMAX.TO	HYLD	Difference
Max Drawdown Largest peak-to-trough decline	-15.34%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-7.29%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-12.48%	—	—
Current Drawdown Current decline from peak	-0.91%	—	—
Average Drawdown Average peak-to-trough decline	-2.94%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.66%	—	—

Volatility

Volatility by Period

	HMAX.TO	HYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.28%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.55%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	9.95%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.42%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.42%	—	—

HMAX.TO vs. HYLD - Expense Ratio Comparison

HMAX.TO has a 0.65% expense ratio, which is lower than HYLD's 1.29% expense ratio.

Dividends

HMAX.TO vs. HYLD - Dividend Comparison

HMAX.TO's dividend yield for the trailing twelve months is around 11.59%, while HYLD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
HYLD High Yield ETF	0.00%	0.00%	0.00%	4.67%	7.86%	6.45%	7.52%	7.46%	7.97%	7.18%	6.59%	10.87%

Frequently Asked Questions

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

HMAX.TO and HYLD have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HMAX.TO or HYLD?

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.

Which ETF is cheaper, HMAX.TO or HYLD?

HMAX.TO is cheaper with a 0.65% expense ratio, compared with 1.29% for HYLD.

What is the main difference between HMAX.TO and HYLD?

HMAX.TO is categorized as Derivative Income, while HYLD is High Yield Bonds. They also come from different issuers: Hamilton Capital and Eve Capital. Their fees differ too: 0.65% for HMAX.TO and 1.29% for HYLD.