HMAX.TO vs. ZWC.TO

Last updated Jun 4, 2026

HMAX.TO (Hamilton Canadian Financials YIELD MAXIMIZER ETF) and ZWC.TO (BMO CA High Dividend Covered Call ETF) are both Derivative Income funds. Both are actively managed. Over the past 3 years, HMAX.TO returned 21.76%/yr vs 17.17%/yr for ZWC.TO. A 0.80 correlation means they provide meaningful diversification when combined. HMAX.TO charges 0.65%/yr vs 0.91%/yr for ZWC.TO.

Performance

HMAX.TO vs. ZWC.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 BMO CA High Dividend Covered Call ETF (ZWC.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with HMAX.TO having a 11.17% return and ZWC.TO slightly lower at 11.12%.

HMAX.TO

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

ZWC.TO

• 1D: -0.27%
• 1M: 2.71%
• YTD: 11.12%
• 6M: 12.78%
• 1Y: 28.05%
• 3Y*: 17.17%
• 5Y*: 11.09%
• 10Y*: —

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

HMAX.TO vs. ZWC.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HMAX.TO Hamilton Canadian Financials YIELD MAXIMIZER ETF	11.17%	27.20%	20.65%	0.77%
ZWC.TO BMO CA High Dividend Covered Call ETF	11.12%	22.79%	12.00%	1.33%

Correlation

The correlation between HMAX.TO and ZWC.TO is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jan 24, 2023	0.80

The correlation between HMAX.TO and ZWC.TO has been stable across timeframes, ranging from 0.71 to 0.80 - a consistent structural relationship.

HMAX.TO vs. ZWC.TO - Sectors Allocation Comparison

Sectors	HMAX.TO	ZWC.TO
Financial Services	100.0%	38.7%
Basic Materials	-	12.7%
Communication Services	-	6.4%
Consumer Cyclical	-	4.1%
Consumer Defensive	-	1.5%
Energy	-	22.9%
Healthcare	-	-
Industrials	-	4.9%
Real Estate	-	-
Technology	-	-
Utilities	-	8.9%

Return for Risk

HMAX.TO vs. ZWC.TO — 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

ZWC.TO

ZWC.TO Risk / Return Rank: 92
ZWC.TO Sharpe Ratio Rank: 93
ZWC.TO Sortino Ratio Rank: 95
ZWC.TO Omega Ratio Rank: 94
ZWC.TO Calmar Ratio Rank: 85
ZWC.TO Martin Ratio Rank: 92

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. ZWC.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 CA High Dividend Covered Call ETF (ZWC.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.

	HMAX.TO	ZWC.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.56	3.61	-0.05
Sortino ratio: Return per unit of downside risk	5.03	5.11	-0.07
Omega ratio: Gain probability vs. loss probability	1.67	1.69	-0.02
Calmar ratio: Return relative to maximum drawdown	4.86	4.71	+0.16
Martin ratio: Return relative to average drawdown	21.27	23.23	-1.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current HMAX.TO Sharpe Ratio is 3.56, which is comparable to the ZWC.TO Sharpe Ratio of 3.61. The chart below compares the historical Sharpe Ratios of HMAX.TO and ZWC.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.

Sharpe Ratios by Period

	HMAX.TO	ZWC.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.56	3.61	-0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.10	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.54	0.56	+0.98

Drawdowns

HMAX.TO vs. ZWC.TO - Drawdown Comparison

The maximum HMAX.TO drawdown since its inception was -15.34%, smaller than the maximum ZWC.TO drawdown of -40.57%. Use the drawdown chart below to compare losses from any high point for HMAX.TO and ZWC.TO.

Drawdown Indicators

	HMAX.TO	ZWC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-15.34%	-40.57%	+25.23%
Max Drawdown (1Y) Largest decline over 1 year	-7.29%	-5.99%	-1.30%
Max Drawdown (3Y) Largest decline over 3 years	-12.48%	-9.09%	-3.39%
Max Drawdown (5Y) Largest decline over 5 years	—	-16.43%	—
Current Drawdown Current decline from peak	-0.91%	-0.97%	+0.06%
Average Drawdown Average peak-to-trough decline	-2.94%	-4.69%	+1.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.66%	1.21%	+0.45%

Volatility

HMAX.TO vs. ZWC.TO - Volatility Comparison

Hamilton Canadian Financials YIELD MAXIMIZER ETF (HMAX.TO) has a higher volatility of 3.28% compared to BMO CA High Dividend Covered Call ETF (ZWC.TO) at 2.40%. This indicates that HMAX.TO's price experiences larger fluctuations and is considered to be riskier than ZWC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMAX.TO	ZWC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.28%	2.40%	+0.88%
Volatility (6M) Calculated over the trailing 6-month period	8.55%	6.77%	+1.78%
Volatility (1Y) Calculated over the trailing 1-year period	9.95%	7.80%	+2.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.42%	10.13%	+1.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.42%	14.94%	-3.52%

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

HMAX.TO has a 0.65% expense ratio, which is lower than ZWC.TO's 0.91% expense ratio.

Dividends

HMAX.TO vs. ZWC.TO - Dividend Comparison

HMAX.TO's dividend yield for the trailing twelve months is around 11.59%, more than ZWC.TO's 5.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
ZWC.TO BMO CA High Dividend Covered Call ETF	5.64%	5.92%	6.73%	7.62%	7.01%	6.60%	8.15%	6.92%	7.11%	5.46%

Frequently Asked Questions

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

HMAX.TO and ZWC.TO have a correlation of 0.71, 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 ZWC.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 ZWC.TO?

HMAX.TO is cheaper with a 0.65% expense ratio, compared with 0.91% for ZWC.TO.

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

They also come from different issuers: Hamilton Capital and BMO. Their fees differ too: 0.65% for HMAX.TO and 0.91% for ZWC.TO.