HMAX.TO vs. PYF.TO

Last updated Aug 2, 2026

HMAX.TO (Hamilton Canadian Financials Yield Maximizer ETF) and PYF.TO (Purpose Premium Yield Fund Series ETF) are both exchange-traded funds - HMAX.TO is a Derivative Income fund actively managed by Hamilton, while PYF.TO is a Diversified Portfolio fund actively managed by Purpose. Both are actively managed. Over the past 3 years, HMAX.TO returned 23.17%/yr vs 6.56%/yr for PYF.TO. Their 0.39 correlation means their historical movements had little consistent relationship. HMAX.TO charges 0.65%/yr vs 0.78%/yr for PYF.TO.

Performance

HMAX.TO vs. PYF.TO - 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 Purpose Premium Yield Fund Series ETF (PYF.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HMAX.TO achieves a 19.57% return, which is significantly higher than PYF.TO's 2.88% 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%

PYF.TO

• 1D: -0.06%
• 1M: 1.39%
• 6M: 3.00%
• YTD: 2.88%
• 1Y: 3.72%
• 3Y*: 6.56%
• 5Y*: 6.14%
• 10Y*: 4.72%
• ALL TIME*: 4.70%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HMAX.TO Hamilton Canadian Financials Yield Maximizer ETF	CA$6.66M	CA$5.74M	CA$5.89M
PYF.TO Purpose Premium Yield Fund Series ETF	CA$180.65K	CA$168.16K	CA$423.88K

HMAX.TO vs. PYF.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%
PYF.TO Purpose Premium Yield Fund Series ETF	2.88%	5.45%	7.42%	6.85%

Correlation

The correlation between HMAX.TO and PYF.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.	0.39
Correlation (All Time) Calculated using the full available price history since Jan 23, 2023	0.39

Return for Risk

HMAX.TO vs. PYF.TO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HMAX.TO

HMAX.TO Risk / Return Rank: 97
HMAX.TO Sharpe Ratio Rank: 98
HMAX.TO Sortino Ratio Rank: 97
HMAX.TO Omega Ratio Rank: 97
HMAX.TO Calmar Ratio Rank: 95
HMAX.TO Martin Ratio Rank: 96

PYF.TO

PYF.TO Risk / Return Rank: 48
PYF.TO Sharpe Ratio Rank: 47
PYF.TO Sortino Ratio Rank: 47
PYF.TO Omega Ratio Rank: 50
PYF.TO Calmar Ratio Rank: 50
PYF.TO Martin Ratio Rank: 43

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HMAX.TO vs. PYF.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 Premium Yield Fund Series ETF (PYF.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	PYF.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.82	1.17	+2.65
Sortino ratio: Return per unit of downside risk	5.15	1.71	+3.44
Omega ratio: Gain probability vs. loss probability	1.70	1.23	+0.47
Calmar ratio: Return relative to maximum drawdown	5.52	1.79	+3.73
Martin ratio: Return relative to average drawdown	23.60	4.79	+18.82

HMAX.TO vs. PYF.TO - Sharpe Ratio Comparison

The current HMAX.TO Sharpe Ratio is 3.82, which is higher than the PYF.TO Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of HMAX.TO and PYF.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HMAX.TO vs. PYF.TO - Drawdown Comparison

The maximum HMAX.TO drawdown since its inception was -15.34%, smaller than the maximum PYF.TO drawdown of -20.53%. Use the drawdown chart below to compare losses from any high point for HMAX.TO and PYF.TO.

Drawdown Indicators

	HMAX.TO	PYF.TO	Difference
Max Drawdown Largest peak-to-trough decline	-15.34%	-20.53%	+5.19%
Max Drawdown (1Y) Largest decline over 1 year	-7.29%	-2.11%	-5.18%
Max Drawdown (3Y) Largest decline over 3 years	-12.51%	-5.57%	-6.94%
Max Drawdown (5Y) Largest decline over 5 years	—	-5.57%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-20.53%	—
Current Drawdown Current decline from peak	-1.84%	-0.06%	-1.78%
Average Drawdown Average peak-to-trough decline	-2.83%	-0.97%	-1.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.70%	0.79%	+0.91%

Volatility

HMAX.TO vs. PYF.TO - Volatility Comparison

Hamilton Canadian Financials Yield Maximizer ETF (HMAX.TO) has a higher volatility of 3.82% compared to Purpose Premium Yield Fund Series ETF (PYF.TO) at 1.04%. This indicates that HMAX.TO's price experiences larger fluctuations and is considered to be riskier than PYF.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMAX.TO	PYF.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.82%	1.04%	+2.78%
Volatility (6M) Calculated over the trailing 6-month period	9.00%	2.82%	+6.18%
Volatility (1Y) Calculated over the trailing 1-year period	10.55%	3.28%	+7.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.38%	5.26%	+6.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.38%	6.67%	+4.71%

HMAX.TO vs. PYF.TO - Expense Ratio Comparison

HMAX.TO has a 0.65% expense ratio, which is lower than PYF.TO's 0.78% expense ratio.

Dividends

HMAX.TO vs. PYF.TO - Dividend Comparison

HMAX.TO's dividend yield for the trailing twelve months is around 11.01%, more than PYF.TO's 7.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%	0.00%	0.00%
PYF.TO Purpose Premium Yield Fund Series ETF	7.07%	7.84%	7.66%	7.47%	5.78%	5.74%	5.69%	5.29%	5.38%	5.83%	6.59%

Frequently Asked Questions

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

HMAX.TO and PYF.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.

Which ETF is better, HMAX.TO or PYF.TO?

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 PYF.TO?

HMAX.TO is cheaper with a 0.65% expense ratio, compared with 0.78% for PYF.TO.

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

HMAX.TO is categorized as Derivative Income, while PYF.TO is Diversified Portfolio. They also come from different issuers: Hamilton and Purpose. Their fees differ too: 0.65% for HMAX.TO and 0.78% for PYF.TO.