HYLD.TO vs. SMAX.TO

Last updated Jun 4, 2026

HYLD.TO (Hamilton Enhanced U.S. Covered Call ETF) and SMAX.TO (Hamilton U.S. Equity YIELD MAXIMIZER ETF) are both Derivative Income funds from Hamilton Capital. Both are actively managed. Over the past year, HYLD.TO returned 39.70% vs 44.38% for SMAX.TO. Their correlation of 0.84 suggests significant overlap in exposure. HYLD.TO charges 2.37%/yr vs 0.65%/yr for SMAX.TO.

Performance

HYLD.TO vs. SMAX.TO - Performance Comparison

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

Returns By Period

In the year-to-date period, HYLD.TO achieves a 15.73% return, which is significantly lower than SMAX.TO's 18.79% return.

HYLD.TO

• 1D: 0.09%
• 1M: 9.70%
• YTD: 15.73%
• 6M: 15.82%
• 1Y: 39.70%
• 3Y*: 23.83%
• 5Y*: —
• 10Y*: —

SMAX.TO

• 1D: 0.31%
• 1M: 10.49%
• YTD: 18.79%
• 6M: 17.56%
• 1Y: 44.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HYLD.TO vs. SMAX.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HYLD.TO Hamilton Enhanced U.S. Covered Call ETF	15.73%	22.14%	25.39%	13.53%
SMAX.TO Hamilton U.S. Equity YIELD MAXIMIZER ETF	18.79%	18.64%	40.16%	7.98%

Correlation

The correlation between HYLD.TO and SMAX.TO is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (All Time) Calculated using the full available price history since Oct 27, 2023	0.84

The correlation between HYLD.TO and SMAX.TO has been stable across timeframes, ranging from 0.82 to 0.84 - a consistent structural relationship.

HYLD.TO vs. SMAX.TO - Sectors Allocation Comparison

Sectors	HYLD.TO	SMAX.TO
Technology	33.9%	33.6%
Financial Services	12.4%	11.5%
Communication Services	11.3%	11.9%
Healthcare	9.8%	7.4%
Consumer Cyclical	8.1%	8.3%
Industrials	5.0%	8.1%
Basic Materials	5.0%	3.8%
Energy	4.9%	3.6%
Real Estate	3.8%	4.0%
Consumer Defensive	3.4%	4.0%
Utilities	2.4%	3.9%

Return for Risk

HYLD.TO vs. SMAX.TO — Risk / Return Rank

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

HYLD.TO

HYLD.TO Risk / Return Rank: 75
HYLD.TO Sharpe Ratio Rank: 78
HYLD.TO Sortino Ratio Rank: 77
HYLD.TO Omega Ratio Rank: 77
HYLD.TO Calmar Ratio Rank: 66
HYLD.TO Martin Ratio Rank: 75

SMAX.TO

SMAX.TO Risk / Return Rank: 94
SMAX.TO Sharpe Ratio Rank: 94
SMAX.TO Sortino Ratio Rank: 94
SMAX.TO Omega Ratio Rank: 94
SMAX.TO Calmar Ratio Rank: 93
SMAX.TO Martin Ratio Rank: 93

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.TO vs. SMAX.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton Enhanced U.S. Covered Call ETF (HYLD.TO) and Hamilton U.S. Equity YIELD MAXIMIZER ETF (SMAX.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.TO	SMAX.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.61	3.61	-1.00
Sortino ratio: Return per unit of downside risk	3.52	5.00	-1.48
Omega ratio: Gain probability vs. loss probability	1.47	1.71	-0.24
Calmar ratio: Return relative to maximum drawdown	3.31	6.95	-3.64
Martin ratio: Return relative to average drawdown	14.63	25.77	-11.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYLD.TO vs. SMAX.TO - Sharpe Ratio Comparison

The current HYLD.TO Sharpe Ratio is 2.61, which is comparable to the SMAX.TO Sharpe Ratio of 3.61. The chart below compares the historical Sharpe Ratios of HYLD.TO and SMAX.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

	HYLD.TO	SMAX.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.61	3.61	-1.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	2.32	-1.63

Drawdowns

HYLD.TO vs. SMAX.TO - Drawdown Comparison

The maximum HYLD.TO drawdown since its inception was -31.38%, which is greater than SMAX.TO's maximum drawdown of -18.22%. Use the drawdown chart below to compare losses from any high point for HYLD.TO and SMAX.TO.

Drawdown Indicators

	HYLD.TO	SMAX.TO	Difference
Max Drawdown Largest peak-to-trough decline	-31.38%	-18.22%	-13.16%
Max Drawdown (1Y) Largest decline over 1 year	-12.04%	-6.42%	-5.62%
Max Drawdown (3Y) Largest decline over 3 years	-21.83%	—	—
Current Drawdown Current decline from peak	0.00%	-0.32%	+0.32%
Average Drawdown Average peak-to-trough decline	-8.91%	-2.09%	-6.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.72%	1.73%	+0.99%

Volatility

HYLD.TO vs. SMAX.TO - Volatility Comparison

The current volatility for Hamilton Enhanced U.S. Covered Call ETF (HYLD.TO) is 4.58%, while Hamilton U.S. Equity YIELD MAXIMIZER ETF (SMAX.TO) has a volatility of 5.51%. This indicates that HYLD.TO experiences smaller price fluctuations and is considered to be less risky than SMAX.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYLD.TO	SMAX.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.58%	5.51%	-0.93%
Volatility (6M) Calculated over the trailing 6-month period	12.17%	9.72%	+2.45%
Volatility (1Y) Calculated over the trailing 1-year period	15.31%	12.36%	+2.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.22%	14.62%	+4.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.22%	14.62%	+4.60%

HYLD.TO vs. SMAX.TO - Expense Ratio Comparison

HYLD.TO has a 2.37% expense ratio, which is higher than SMAX.TO's 0.65% expense ratio.

Dividends

HYLD.TO vs. SMAX.TO - Dividend Comparison

HYLD.TO's dividend yield for the trailing twelve months is around 11.23%, less than SMAX.TO's 13.36% yield.

Position	TTM	2025	2024	2023	2022
HYLD.TO Hamilton Enhanced U.S. Covered Call ETF	11.23%	11.98%	12.13%	12.11%	13.02%
SMAX.TO Hamilton U.S. Equity YIELD MAXIMIZER ETF	13.36%	14.67%	13.88%	2.57%	0.00%

Frequently Asked Questions

Can I hold both HYLD.TO and SMAX.TO in my portfolio?

HYLD.TO and SMAX.TO have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HYLD.TO or SMAX.TO?

On fees, SMAX.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, HYLD.TO or SMAX.TO?

SMAX.TO is cheaper with a 0.65% expense ratio, compared with 2.37% for HYLD.TO.

What is the main difference between HYLD.TO and SMAX.TO?

Their fees differ too: 2.37% for HYLD.TO and 0.65% for SMAX.TO.