HMAX.TO vs. USCL
HMAX.TO (Hamilton Canadian Financials Yield Maximizer ETF) and USCL (iShares Climate Conscious & Transition MSCI USA ETF) are both exchange-traded funds - HMAX.TO is a Derivative Income fund actively managed by Hamilton, while USCL is a Large Cap Blend Equities fund tracking the MSCI USA Extended Climate Action Index. HMAX.TO is actively managed, while USCL is passively managed. Over the past 3 years, HMAX.TO returned 23.17%/yr vs 19.89%/yr for USCL. Their 0.55 correlation means they have sometimes moved together and sometimes differently. HMAX.TO charges 0.65%/yr vs 0.08%/yr for USCL.
Performance
HMAX.TO vs. USCL - Performance Comparison
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Different Trading Currencies
HMAX.TO is traded in CAD, while USCL is traded in USD. To make them comparable, the USCL 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 19.57% return, which is significantly higher than USCL's 8.94% 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%
USCL
- 1D
- 0.88%
- 1M
- -0.55%
- 6M
- 10.57%
- YTD
- 8.94%
- 1Y
- 16.09%
- 3Y*
- 19.89%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 21.08%
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$8.59K | CA$94.90K | CA$2.35M |
HMAX.TO vs. USCL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
HMAX.TO Hamilton Canadian Financials Yield Maximizer ETF | 19.57% | 27.16% | 20.69% | 6.11% |
USCL iShares Climate Conscious & Transition MSCI USA ETF | 8.94% | 9.04% | 37.80% | 11.51% |
Correlation
The correlation between HMAX.TO and USCL is 0.60, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.60 |
Correlation (3Y) Balances recent behavior with more history. | 0.55 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2023 | 0.55 |
The correlation between HMAX.TO and USCL has been stable across timeframes, ranging from 0.55 to 0.60 - a consistent structural relationship.
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Return for Risk
HMAX.TO vs. USCL — Risk / Return Rank
HMAX.TO
USCL
HMAX.TO vs. USCL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hamilton Canadian Financials Yield Maximizer ETF (HMAX.TO) and iShares Climate Conscious & Transition MSCI USA ETF (USCL). 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 | USCL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.74 | ||
| Sortino ratioReturn per unit of downside risk | +3.59 | ||
| Omega ratioGain probability vs. loss probability | 1.70 | 1.19 | +0.51 |
| Calmar ratioReturn relative to maximum drawdown | 5.52 | 1.32 | +4.20 |
| Martin ratioReturn relative to average drawdown | 23.60 | 4.26 | +19.34 |
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Drawdowns
HMAX.TO vs. USCL - Drawdown Comparison
The maximum HMAX.TO drawdown since its inception was -15.34%, smaller than the maximum USCL drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for HMAX.TO and USCL.
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Drawdown Indicators
| HMAX.TO | USCL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.34% | -20.07% | +4.73% |
Max Drawdown (1Y)Largest decline over 1 year | -7.29% | -10.94% | +3.65% |
Max Drawdown (3Y)Largest decline over 3 years | -12.51% | -20.07% | +7.56% |
Current DrawdownCurrent decline from peak | -1.84% | -1.78% | -0.06% |
Average DrawdownAverage peak-to-trough decline | -2.83% | -2.67% | -0.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.70% | 3.39% | -1.69% |
Volatility
HMAX.TO vs. USCL - Volatility Comparison
Hamilton Canadian Financials Yield Maximizer ETF (HMAX.TO) has a higher volatility of 3.82% compared to iShares Climate Conscious & Transition MSCI USA ETF (USCL) at 3.60%. This indicates that HMAX.TO's price experiences larger fluctuations and is considered to be riskier than USCL 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 | USCL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.82% | 3.60% | +0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 9.00% | 10.35% | -1.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.55% | 13.35% | -2.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.38% | 15.45% | -4.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.38% | 15.45% | -4.07% |
HMAX.TO vs. USCL - Expense Ratio Comparison
HMAX.TO has a 0.65% expense ratio, which is higher than USCL's 0.08% expense ratio.
Dividends
HMAX.TO vs. USCL - Dividend Comparison
HMAX.TO's dividend yield for the trailing twelve months is around 11.01%, more than USCL's 1.10% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
HMAX.TO Hamilton Canadian Financials Yield Maximizer ETF | 11.01% | 12.29% | 14.08% | 15.47% |
USCL iShares Climate Conscious & Transition MSCI USA ETF | 1.10% | 1.10% | 1.18% | 0.85% |
Frequently Asked Questions
HMAX.TO and USCL have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, USCL is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.
USCL is cheaper with a 0.08% expense ratio, compared with 0.65% for HMAX.TO.
HMAX.TO is categorized as Derivative Income, while USCL is Large Cap Blend Equities. They also come from different issuers: Hamilton and iShares. Their fees differ too: 0.65% for HMAX.TO and 0.08% for USCL.
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