HMAX.TO vs. ZPW.TO
HMAX.TO (Hamilton Canadian Financials Yield Maximizer ETF) and ZPW.TO (BMO US Put Write ETF) are both Derivative Income funds. Both are actively managed. Over the past 3 years, HMAX.TO returned 23.74%/yr vs 11.79%/yr for ZPW.TO. At a 0.39 correlation, their price movements are largely independent. Both charge a 0.65% expense ratio.
Performance
HMAX.TO vs. ZPW.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, HMAX.TO achieves a 19.85% return, which is significantly higher than ZPW.TO's 6.23% return.
HMAX.TO
- 1D
- -0.16%
- 1M
- 3.95%
- 6M
- 18.10%
- YTD
- 19.85%
- 1Y
- 41.20%
- 3Y*
- 23.74%
- 5Y*
- —
- 10Y*
- —
ZPW.TO
- 1D
- 0.25%
- 1M
- 3.28%
- 6M
- 4.63%
- YTD
- 6.23%
- 1Y
- 13.06%
- 3Y*
- 11.79%
- 5Y*
- 9.35%
- 10Y*
- 6.17%
HMAX.TO vs. ZPW.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
HMAX.TO Hamilton Canadian Financials Yield Maximizer ETF | 19.85% | 27.16% | 20.69% | 1.08% |
ZPW.TO BMO US Put Write ETF | 6.23% | 6.40% | 13.88% | 19.09% |
Correlation
The correlation between HMAX.TO and ZPW.TO is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Jan 23, 2023 | 0.39 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
HMAX.TO vs. ZPW.TO — Risk / Return Rank
HMAX.TO
ZPW.TO
HMAX.TO vs. ZPW.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 BMO US Put Write ETF (ZPW.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 | ZPW.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.28 | ||
| Sortino ratioReturn per unit of downside risk | +3.17 | ||
| Omega ratioGain probability vs. loss probability | 1.77 | 1.34 | +0.43 |
| Calmar ratioReturn relative to maximum drawdown | 5.68 | 2.34 | +3.34 |
| Martin ratioReturn relative to average drawdown | 24.87 | 6.61 | +18.26 |
Loading charts...
Drawdowns
HMAX.TO vs. ZPW.TO - Drawdown Comparison
The maximum HMAX.TO drawdown since its inception was -15.34%, smaller than the maximum ZPW.TO drawdown of -23.77%. Use the drawdown chart below to compare losses from any high point for HMAX.TO and ZPW.TO.
Loading charts...
Drawdown Indicators
| HMAX.TO | ZPW.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.34% | -23.77% | +8.43% |
Max Drawdown (1Y)Largest decline over 1 year | -7.29% | -5.61% | -1.68% |
Max Drawdown (3Y)Largest decline over 3 years | -12.51% | -12.35% | -0.16% |
Max Drawdown (5Y)Largest decline over 5 years | — | -16.57% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -23.77% | — |
Current DrawdownCurrent decline from peak | -0.16% | 0.00% | -0.16% |
Average DrawdownAverage peak-to-trough decline | -2.85% | -4.05% | +1.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.66% | 1.98% | -0.32% |
Volatility
HMAX.TO vs. ZPW.TO - Volatility Comparison
The current volatility for Hamilton Canadian Financials Yield Maximizer ETF (HMAX.TO) is 2.45%, while BMO US Put Write ETF (ZPW.TO) has a volatility of 2.85%. This indicates that HMAX.TO experiences smaller price fluctuations and is considered to be less risky than ZPW.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| HMAX.TO | ZPW.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.45% | 2.85% | -0.40% |
Volatility (6M)Calculated over the trailing 6-month period | 8.73% | 6.17% | +2.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.17% | 7.31% | +2.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.35% | 10.61% | +0.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.35% | 11.72% | -0.37% |
HMAX.TO vs. ZPW.TO - Expense Ratio Comparison
Both HMAX.TO and ZPW.TO have an expense ratio of 0.65%.
Dividends
HMAX.TO vs. ZPW.TO - Dividend Comparison
HMAX.TO's dividend yield for the trailing twelve months is around 10.86%, more than ZPW.TO's 9.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HMAX.TO Hamilton Canadian Financials Yield Maximizer ETF | 10.86% | 12.29% | 14.08% | 15.47% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZPW.TO BMO US Put Write ETF | 9.45% | 9.55% | 9.18% | 7.57% | 8.20% | 7.24% | 7.61% | 7.17% | 6.61% | 6.82% | 7.32% | 2.32% |
Frequently Asked Questions
HMAX.TO and ZPW.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.
Both ETFs have the same 0.65% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
HMAX.TO and ZPW.TO have the same expense ratio: 0.65% per year.
They also come from different issuers: Hamilton Capital and BMO.
Find the right allocation for HMAX.TO and ZPW.TO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer