LMAX.TO vs. HUTS.TO

Last updated Jun 4, 2026

LMAX.TO (Hamilton Healthcare Yield Maximizer ETF) and HUTS.TO (Hamilton Enhanced Utilities ETF) are both exchange-traded funds - LMAX.TO is a Health & Biotech Equities fund actively managed by Hamilton, while HUTS.TO is a Utilities Equities fund tracking the Solactive Canadian Utility Services High Dividend Index TR. LMAX.TO is actively managed, while HUTS.TO is passively managed. Over the past year, LMAX.TO returned 7.58% vs 33.45% for HUTS.TO. At a 0.30 correlation, their price movements are largely independent. LMAX.TO charges 0.65%/yr vs 2.06%/yr for HUTS.TO.

Performance

LMAX.TO vs. HUTS.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Hamilton Healthcare Yield Maximizer ETF (LMAX.TO) and Hamilton Enhanced Utilities ETF (HUTS.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LMAX.TO achieves a -4.95% return, which is significantly lower than HUTS.TO's 18.77% return.

LMAX.TO

• 1D: 1.06%
• 1M: 1.95%
• YTD: -4.95%
• 6M: -6.28%
• 1Y: 7.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HUTS.TO

• 1D: 0.00%
• 1M: 5.42%
• YTD: 18.77%
• 6M: 17.55%
• 1Y: 33.45%
• 3Y*: 13.29%
• 5Y*: —
• 10Y*: —

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

LMAX.TO vs. HUTS.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
LMAX.TO Hamilton Healthcare Yield Maximizer ETF	-4.95%	7.03%	4.91%
HUTS.TO Hamilton Enhanced Utilities ETF	18.77%	21.29%	11.28%

Correlation

The correlation between LMAX.TO and HUTS.TO is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (All Time) Calculated using the full available price history since Feb 8, 2024	0.30

Return for Risk

LMAX.TO vs. HUTS.TO — Risk / Return Rank

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

LMAX.TO

LMAX.TO Risk / Return Rank: 17
LMAX.TO Sharpe Ratio Rank: 18
LMAX.TO Sortino Ratio Rank: 17
LMAX.TO Omega Ratio Rank: 17
LMAX.TO Calmar Ratio Rank: 17
LMAX.TO Martin Ratio Rank: 16

HUTS.TO

HUTS.TO Risk / Return Rank: 92
HUTS.TO Sharpe Ratio Rank: 94
HUTS.TO Sortino Ratio Rank: 95
HUTS.TO Omega Ratio Rank: 93
HUTS.TO Calmar Ratio Rank: 91
HUTS.TO Martin Ratio Rank: 86

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.

LMAX.TO vs. HUTS.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 Enhanced Utilities ETF (HUTS.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.

	LMAX.TO	HUTS.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.58	3.56	-2.98
Sortino ratio: Return per unit of downside risk	0.90	5.12	-4.22
Omega ratio: Gain probability vs. loss probability	1.11	1.65	-0.55
Calmar ratio: Return relative to maximum drawdown	0.63	5.75	-5.13
Martin ratio: Return relative to average drawdown	1.53	18.05	-16.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LMAX.TO vs. HUTS.TO - Sharpe Ratio Comparison

The current LMAX.TO Sharpe Ratio is 0.58, which is lower than the HUTS.TO Sharpe Ratio of 3.56. The chart below compares the historical Sharpe Ratios of LMAX.TO and HUTS.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

	LMAX.TO	HUTS.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.58	3.56	-2.98
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.52	-0.31

Drawdowns

LMAX.TO vs. HUTS.TO - Drawdown Comparison

The maximum LMAX.TO drawdown since its inception was -15.87%, smaller than the maximum HUTS.TO drawdown of -30.57%. Use the drawdown chart below to compare losses from any high point for LMAX.TO and HUTS.TO.

Drawdown Indicators

	LMAX.TO	HUTS.TO	Difference
Max Drawdown Largest peak-to-trough decline	-15.87%	-30.57%	+14.70%
Max Drawdown (1Y) Largest decline over 1 year	-12.16%	-5.84%	-6.32%
Max Drawdown (3Y) Largest decline over 3 years	—	-22.04%	—
Current Drawdown Current decline from peak	-9.67%	-1.31%	-8.36%
Average Drawdown Average peak-to-trough decline	-5.21%	-10.07%	+4.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.95%	1.86%	+3.09%

Volatility

LMAX.TO vs. HUTS.TO - Volatility Comparison

Hamilton Healthcare Yield Maximizer ETF (LMAX.TO) has a higher volatility of 4.38% compared to Hamilton Enhanced Utilities ETF (HUTS.TO) at 2.93%. This indicates that LMAX.TO's price experiences larger fluctuations and is considered to be riskier than HUTS.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LMAX.TO	HUTS.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.38%	2.93%	+1.45%
Volatility (6M) Calculated over the trailing 6-month period	9.50%	7.75%	+1.75%
Volatility (1Y) Calculated over the trailing 1-year period	13.23%	9.45%	+3.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.71%	15.01%	-1.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.71%	15.01%	-1.30%

LMAX.TO vs. HUTS.TO - Expense Ratio Comparison

LMAX.TO has a 0.65% expense ratio, which is lower than HUTS.TO's 2.06% expense ratio.

Dividends

LMAX.TO vs. HUTS.TO - Dividend Comparison

LMAX.TO's dividend yield for the trailing twelve months is around 13.45%, more than HUTS.TO's 5.50% yield.

Position	TTM	2025	2024	2023	2022
HUTS.TO Hamilton Enhanced Utilities ETF	5.50%	6.45%	7.45%	7.83%	2.33%
LMAX.TO Hamilton Healthcare Yield Maximizer ETF	13.45%	12.51%	11.36%	0.00%	0.00%

Frequently Asked Questions

Can I hold both LMAX.TO and HUTS.TO in my portfolio?

LMAX.TO and HUTS.TO have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, LMAX.TO or HUTS.TO?

On fees, LMAX.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, LMAX.TO or HUTS.TO?

LMAX.TO is cheaper with a 0.65% expense ratio, compared with 2.06% for HUTS.TO.

What is the main difference between LMAX.TO and HUTS.TO?

LMAX.TO is categorized as Health & Biotech Equities, while HUTS.TO is Utilities Equities. Their fees differ too: 0.65% for LMAX.TO and 2.06% for HUTS.TO.