HYLD-U.TO vs. CMAX.TO

Last updated Jun 5, 2026

HYLD-U.TO (Hamilton Enhanced U.S. Covered Call ETF (USD)) and CMAX.TO (Hamilton Canadian Equity YIELD MAXIMIZER ETF) are both Derivative Income funds from Hamilton. Both are actively managed. Their correlation of 0.86 suggests significant overlap in exposure.

Performance

HYLD-U.TO vs. CMAX.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hamilton Enhanced U.S. Covered Call ETF (USD) (HYLD-U.TO) and Hamilton Canadian Equity YIELD MAXIMIZER ETF (CMAX.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HYLD-U.TO is traded in USD, while CMAX.TO is traded in CAD. To make them comparable, the CMAX.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

HYLD-U.TO

• 1D: 0.11%
• 1M: 8.37%
• YTD: 15.25%
• 6M: 14.75%
• 1Y: 37.97%
• 3Y*: 21.67%
• 5Y*: —
• 10Y*: —

CMAX.TO

• 1D: 0.59%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HYLD-U.TO vs. CMAX.TO - Yearly Performance Comparison

	2026 (YTD)
HYLD-U.TO Hamilton Enhanced U.S. Covered Call ETF (USD)	3.76%
CMAX.TO Hamilton Canadian Equity YIELD MAXIMIZER ETF	0.56%

Correlation

The correlation between HYLD-U.TO and CMAX.TO is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 12, 2026	0.86

Return for Risk

HYLD-U.TO vs. CMAX.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HYLD-U.TO

HYLD-U.TO Risk / Return Rank: 74
HYLD-U.TO Sharpe Ratio Rank: 80
HYLD-U.TO Sortino Ratio Rank: 78
HYLD-U.TO Omega Ratio Rank: 77
HYLD-U.TO Calmar Ratio Rank: 62
HYLD-U.TO Martin Ratio Rank: 71

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.

HYLD-U.TO vs. CMAX.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton Enhanced U.S. Covered Call ETF (USD) (HYLD-U.TO) and Hamilton Canadian Equity YIELD MAXIMIZER ETF (CMAX.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.

	HYLD-U.TO	CMAX.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.55	—	—
Sortino ratio: Return per unit of downside risk	3.45	—	—
Omega ratio: Gain probability vs. loss probability	1.45	—	—
Calmar ratio: Return relative to maximum drawdown	3.06	—	—
Martin ratio: Return relative to average drawdown	13.05	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	HYLD-U.TO	CMAX.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.55	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.81	-0.22

Drawdowns

HYLD-U.TO vs. CMAX.TO - Drawdown Comparison

The maximum HYLD-U.TO drawdown since its inception was -31.64%, which is greater than CMAX.TO's maximum drawdown of -1.70%. Use the drawdown chart below to compare losses from any high point for HYLD-U.TO and CMAX.TO.

Drawdown Indicators

	HYLD-U.TO	CMAX.TO	Difference
Max Drawdown Largest peak-to-trough decline	-31.64%	-1.70%	-29.94%
Max Drawdown (1Y) Largest decline over 1 year	-12.46%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-22.66%	—	—
Current Drawdown Current decline from peak	-0.06%	-0.40%	+0.34%
Average Drawdown Average peak-to-trough decline	-9.72%	-0.71%	-9.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.92%	—	—

Volatility

Volatility by Period

	HYLD-U.TO	CMAX.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.18%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.81%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	14.98%	10.88%	+4.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.73%	10.88%	+8.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.73%	10.88%	+8.85%

Dividends

HYLD-U.TO vs. CMAX.TO - Dividend Comparison

HYLD-U.TO's dividend yield for the trailing twelve months is around 7.56%, more than CMAX.TO's 0.90% yield.

Position	TTM	2025	2024	2023	2022
CMAX.TO Hamilton Canadian Equity YIELD MAXIMIZER ETF	0.90%	0.00%	0.00%	0.00%	0.00%
HYLD-U.TO Hamilton Enhanced U.S. Covered Call ETF (USD)	7.56%	8.06%	8.49%	8.82%	9.99%

Frequently Asked Questions

Can I hold both HYLD-U.TO and CMAX.TO in my portfolio?

HYLD-U.TO and CMAX.TO have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.