HMAX.TO vs. PINC.TO
HMAX.TO (Hamilton Canadian Financials Yield Maximizer ETF) and PINC.TO (Purpose Multi-Asset Income Fund) are both Derivative Income funds. Both are actively managed. Over the past 3 years, HMAX.TO returned 23.17%/yr vs 14.78%/yr for PINC.TO. Their 0.44 correlation means their historical movements had little consistent relationship. HMAX.TO charges 0.65%/yr vs 1.04%/yr for PINC.TO.
Performance
HMAX.TO vs. PINC.TO - Performance Comparison
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Returns By Period
In the year-to-date period, HMAX.TO achieves a 19.57% return, which is significantly higher than PINC.TO's 17.29% return.
HMAX.TO
- 1D
- 0.16%
- 1M
- 0.93%
- 6M
- 20.59%
- YTD
- 19.57%
- 1Y
- 41.14%
- 3Y*
- 23.17%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 19.20%
PINC.TO
- 1D
- -0.26%
- 1M
- 1.34%
- 6M
- 15.30%
- YTD
- 17.29%
- 1Y
- 24.86%
- 3Y*
- 14.78%
- 5Y*
- 6.76%
- 10Y*
- —
- ALL TIME*
- 6.95%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$6.66M | CA$5.74M | CA$5.89M | |
| CA$17.08K | CA$13.56K | CA$13.69K |
HMAX.TO vs. PINC.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
HMAX.TO Hamilton Canadian Financials Yield Maximizer ETF | 19.57% | 27.16% | 20.69% | 1.08% |
PINC.TO Purpose Multi-Asset Income Fund | 17.29% | 14.41% | 11.54% | -3.89% |
Correlation
The correlation between HMAX.TO and PINC.TO is 0.36, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.36 |
Correlation (3Y) Balances recent behavior with more history. | 0.44 |
Correlation (All Time) Calculated using the full available price history since Jan 23, 2023 | 0.44 |
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Return for Risk
HMAX.TO vs. PINC.TO — Risk / Return Rank
HMAX.TO
PINC.TO
HMAX.TO vs. PINC.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 Purpose Multi-Asset Income Fund (PINC.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 | PINC.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.70 | 1.78 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 5.52 | 6.71 | -1.19 |
| Martin ratioReturn relative to average drawdown | 23.60 | 26.05 | -2.45 |
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Drawdowns
HMAX.TO vs. PINC.TO - Drawdown Comparison
The maximum HMAX.TO drawdown since its inception was -15.34%, smaller than the maximum PINC.TO drawdown of -43.84%. Use the drawdown chart below to compare losses from any high point for HMAX.TO and PINC.TO.
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Drawdown Indicators
| HMAX.TO | PINC.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.34% | -43.84% | +28.50% |
Max Drawdown (1Y)Largest decline over 1 year | -7.29% | -3.59% | -3.70% |
Max Drawdown (3Y)Largest decline over 3 years | -12.51% | -8.55% | -3.96% |
Max Drawdown (5Y)Largest decline over 5 years | — | -21.04% | — |
Current DrawdownCurrent decline from peak | -1.84% | -0.94% | -0.90% |
Average DrawdownAverage peak-to-trough decline | -2.83% | -5.79% | +2.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.70% | 0.92% | +0.78% |
Volatility
HMAX.TO vs. PINC.TO - Volatility Comparison
Hamilton Canadian Financials Yield Maximizer ETF (HMAX.TO) has a higher volatility of 3.82% compared to Purpose Multi-Asset Income Fund (PINC.TO) at 1.64%. This indicates that HMAX.TO's price experiences larger fluctuations and is considered to be riskier than PINC.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 | PINC.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.82% | 1.64% | +2.18% |
Volatility (6M)Calculated over the trailing 6-month period | 9.00% | 5.04% | +3.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.55% | 6.37% | +4.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.38% | 8.38% | +3.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.38% | 14.69% | -3.31% |
HMAX.TO vs. PINC.TO - Expense Ratio Comparison
HMAX.TO has a 0.65% expense ratio, which is lower than PINC.TO's 1.04% expense ratio.
Dividends
HMAX.TO vs. PINC.TO - Dividend Comparison
HMAX.TO's dividend yield for the trailing twelve months is around 11.01%, more than PINC.TO's 4.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
HMAX.TO Hamilton Canadian Financials Yield Maximizer ETF | 11.01% | 12.29% | 14.08% | 15.47% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PINC.TO Purpose Multi-Asset Income Fund | 4.43% | 5.05% | 5.48% | 5.78% | 5.51% | 4.60% | 5.33% | 5.06% | 3.66% |
Frequently Asked Questions
HMAX.TO and PINC.TO have a correlation of 0.36, 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 1.04% for PINC.TO.
They also come from different issuers: Hamilton and Purpose. Their fees differ too: 0.65% for HMAX.TO and 1.04% for PINC.TO.
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