LMAX.TO vs. HBIL-U.TO
LMAX.TO (Hamilton Healthcare Yield Maximizer ETF) and HBIL-U.TO (Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units) are both exchange-traded funds - LMAX.TO is a Health & Biotech Equities fund actively managed by Hamilton, while HBIL-U.TO is a Government Bonds fund actively managed by Hamilton. Both are actively managed. Over the past year, LMAX.TO returned 16.64% vs 6.60% for HBIL-U.TO. At a 0.07 correlation, their price movements are largely independent.
Performance
LMAX.TO vs. HBIL-U.TO - Performance Comparison
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Different Trading Currencies
LMAX.TO is traded in CAD, while HBIL-U.TO is traded in USD. To make them comparable, the HBIL-U.TO values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, LMAX.TO achieves a 3.55% return, which is significantly lower than HBIL-U.TO's 3.86% return.
LMAX.TO
- 1D
- -1.00%
- 1M
- 5.05%
- 6M
- 1.69%
- YTD
- 3.55%
- 1Y
- 16.64%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HBIL-U.TO
- 1D
- -0.00%
- 1M
- 0.12%
- 6M
- 2.21%
- YTD
- 3.86%
- 1Y
- 6.60%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
LMAX.TO vs. HBIL-U.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
LMAX.TO Hamilton Healthcare Yield Maximizer ETF | 3.55% | 7.07% | -4.55% |
HBIL-U.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units | 3.86% | 0.03% | 4.69% |
Correlation
The correlation between LMAX.TO and HBIL-U.TO is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Sep 16, 2024 | 0.07 |
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Return for Risk
LMAX.TO vs. HBIL-U.TO — Risk / Return Rank
LMAX.TO
HBIL-U.TO
LMAX.TO vs. HBIL-U.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hamilton Healthcare Yield Maximizer ETF (LMAX.TO) and Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.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.
| LMAX.TO | HBIL-U.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.26 | ||
| Sortino ratioReturn per unit of downside risk | -0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.25 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.37 | 1.65 | -0.28 |
| Martin ratioReturn relative to average drawdown | 3.23 | 4.19 | -0.96 |
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Drawdowns
LMAX.TO vs. HBIL-U.TO - Drawdown Comparison
The maximum LMAX.TO drawdown since its inception was -15.89%, which is greater than HBIL-U.TO's maximum drawdown of -6.68%. Use the drawdown chart below to compare losses from any high point for LMAX.TO and HBIL-U.TO.
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Drawdown Indicators
| LMAX.TO | HBIL-U.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.89% | -6.68% | -9.21% |
Max Drawdown (1Y)Largest decline over 1 year | -12.16% | -4.01% | -8.15% |
Current DrawdownCurrent decline from peak | -2.12% | -2.20% | +0.08% |
Average DrawdownAverage peak-to-trough decline | -5.14% | -2.26% | -2.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.16% | 1.58% | +3.58% |
Volatility
LMAX.TO vs. HBIL-U.TO - Volatility Comparison
Hamilton Healthcare Yield Maximizer ETF (LMAX.TO) has a higher volatility of 5.60% compared to Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.TO) at 1.82%. This indicates that LMAX.TO's price experiences larger fluctuations and is considered to be riskier than HBIL-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LMAX.TO | HBIL-U.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.60% | 1.82% | +3.78% |
Volatility (6M)Calculated over the trailing 6-month period | 10.73% | 3.60% | +7.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.42% | 4.68% | +9.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.97% | 5.85% | +8.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.97% | 5.85% | +8.12% |
Dividends
LMAX.TO vs. HBIL-U.TO - Dividend Comparison
LMAX.TO's dividend yield for the trailing twelve months is around 12.40%, more than HBIL-U.TO's 6.74% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
HBIL-U.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units | 6.74% | 7.37% | 2.40% |
LMAX.TO Hamilton Healthcare Yield Maximizer ETF | 12.40% | 12.51% | 11.35% |
Frequently Asked Questions
LMAX.TO and HBIL-U.TO have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LMAX.TO is categorized as Health & Biotech Equities, while HBIL-U.TO is Government Bonds.
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