HUTS.TO vs. HMAX.TO
HUTS.TO (Hamilton Enhanced Utilities ETF) and HMAX.TO (Hamilton Canadian Financials Yield Maximizer ETF) are both exchange-traded funds - HUTS.TO is a Utilities Equities fund tracking the Solactive Canadian Utility Services High Dividend Index TR, while HMAX.TO is a Derivative Income fund actively managed by Hamilton. HUTS.TO is passively managed, while HMAX.TO is actively managed. Over the past 3 years, HUTS.TO returned 16.58%/yr vs 23.75%/yr for HMAX.TO. Their 0.37 correlation means their historical movements had little consistent relationship. HUTS.TO charges 2.06%/yr vs 0.65%/yr for HMAX.TO.
Performance
HUTS.TO vs. HMAX.TO - Performance Comparison
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Returns By Period
In the year-to-date period, HUTS.TO achieves a 15.96% return, which is significantly lower than HMAX.TO's 20.10% return.
HUTS.TO
- 1D
- -1.14%
- 1M
- 0.67%
- 6M
- 10.14%
- YTD
- 15.96%
- 1Y
- 24.80%
- 3Y*
- 16.58%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 6.66%
HMAX.TO
- 1D
- 0.44%
- 1M
- 1.38%
- 6M
- 19.39%
- YTD
- 20.10%
- 1Y
- 41.76%
- 3Y*
- 23.75%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 19.28%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$6.47M | CA$5.95M | CA$5.84M | |
| CA$273.34K | CA$215.70K | CA$190.49K |
HUTS.TO vs. HMAX.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
HUTS.TO Hamilton Enhanced Utilities ETF | 15.96% | 21.29% | 9.40% | -10.01% |
HMAX.TO Hamilton Canadian Financials Yield Maximizer ETF | 20.10% | 27.16% | 20.69% | 1.08% |
Correlation
The correlation between HUTS.TO and HMAX.TO is -0.04, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.04 |
Correlation (3Y) Balances recent behavior with more history. | 0.37 |
Correlation (All Time) Calculated using the full available price history since Jan 23, 2023 | 0.37 |
The correlation between HUTS.TO and HMAX.TO shifts across timeframes, from -0.04 (1 year) to 0.37 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
HUTS.TO vs. HMAX.TO — Risk / Return Rank
HUTS.TO
HMAX.TO
HUTS.TO vs. HMAX.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hamilton Enhanced Utilities ETF (HUTS.TO) and Hamilton Canadian Financials Yield Maximizer ETF (HMAX.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.
| HUTS.TO | HMAX.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.65 | ||
| Sortino ratioReturn per unit of downside risk | -2.09 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.74 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | 4.24 | 5.76 | -1.51 |
| Martin ratioReturn relative to average drawdown | 11.54 | 24.56 | -13.03 |
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Drawdowns
HUTS.TO vs. HMAX.TO - Drawdown Comparison
The maximum HUTS.TO drawdown since its inception was -30.57%, which is greater than HMAX.TO's maximum drawdown of -15.34%. Use the drawdown chart below to compare losses from any high point for HUTS.TO and HMAX.TO.
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Drawdown Indicators
| HUTS.TO | HMAX.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.57% | -15.34% | -15.23% |
Max Drawdown (1Y)Largest decline over 1 year | -5.87% | -7.29% | +1.42% |
Max Drawdown (3Y)Largest decline over 3 years | -14.20% | -12.51% | -1.69% |
Current DrawdownCurrent decline from peak | -4.32% | -1.41% | -2.91% |
Average DrawdownAverage peak-to-trough decline | -9.73% | -2.83% | -6.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.15% | 1.70% | +0.45% |
Volatility
HUTS.TO vs. HMAX.TO - Volatility Comparison
Hamilton Enhanced Utilities ETF (HUTS.TO) has a higher volatility of 4.45% compared to Hamilton Canadian Financials Yield Maximizer ETF (HMAX.TO) at 3.83%. This indicates that HUTS.TO's price experiences larger fluctuations and is considered to be riskier than HMAX.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HUTS.TO | HMAX.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.45% | 3.83% | +0.62% |
Volatility (6M)Calculated over the trailing 6-month period | 9.14% | 8.88% | +0.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.67% | 10.53% | +0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.98% | 11.38% | +3.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.98% | 11.38% | +3.60% |
HUTS.TO vs. HMAX.TO - Expense Ratio Comparison
HUTS.TO has a 2.06% expense ratio, which is higher than HMAX.TO's 0.65% expense ratio.
Dividends
HUTS.TO vs. HMAX.TO - Dividend Comparison
HUTS.TO's dividend yield for the trailing twelve months is around 5.70%, less than HMAX.TO's 10.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
HMAX.TO Hamilton Canadian Financials Yield Maximizer ETF | 10.96% | 12.29% | 14.08% | 15.47% | 0.00% |
HUTS.TO Hamilton Enhanced Utilities ETF | 5.70% | 6.45% | 7.45% | 7.83% | 2.33% |
Frequently Asked Questions
HUTS.TO and HMAX.TO have a correlation of -0.04, 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 2.06% for HUTS.TO.
HUTS.TO is categorized as Utilities Equities, while HMAX.TO is Derivative Income. Their fees differ too: 2.06% for HUTS.TO and 0.65% for HMAX.TO.
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