LMAX.TO vs. XHC.TO

Last updated Apr 1, 2026

Compare and contrast key facts about Hamilton Healthcare Yield Maximizer ETF (LMAX.TO) and iShares Global Healthcare Index ETF (CAD-Hedged) (XHC.TO).

LMAX.TO and XHC.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. LMAX.TO is an actively managed fund by Hamilton. It was launched on Feb 6, 2024. XHC.TO is a passively managed fund by iShares that tracks the performance of the Morningstar Gbl GR CAD. It was launched on Apr 12, 2011.

Performance

LMAX.TO vs. XHC.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 iShares Global Healthcare Index ETF (CAD-Hedged) (XHC.TO). The values are adjusted to include any dividend payments, if applicable.

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

	2026 (YTD)	2025	2024
LMAX.TO Hamilton Healthcare Yield Maximizer ETF	-3.55%	7.03%	4.91%
XHC.TO iShares Global Healthcare Index ETF (CAD-Hedged)	-4.13%	10.91%	-3.84%

Returns By Period

In the year-to-date period, LMAX.TO achieves a -3.55% return, which is significantly higher than XHC.TO's -4.13% return.

LMAX.TO

• 1D: 0.30%
• 1M: -6.57%
• YTD: -3.55%
• 6M: 3.86%
• 1Y: -3.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XHC.TO

• 1D: 2.00%
• 1M: -7.56%
• YTD: -4.13%
• 6M: 5.87%
• 1Y: 1.51%
• 3Y*: 3.80%
• 5Y*: 4.70%
• 10Y*: 7.62%

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

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

LMAX.TO has a 0.65% expense ratio, which is lower than XHC.TO's 0.66% expense ratio.

XHC.TO

iShares Global Healthcare Index ETF (CAD-Hedged)

LMAX.TO

Hamilton Healthcare Yield Maximizer ETF

Return for Risk

LMAX.TO vs. XHC.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: 8
LMAX.TO Sharpe Ratio Rank: 7
LMAX.TO Sortino Ratio Rank: 7
LMAX.TO Omega Ratio Rank: 7
LMAX.TO Calmar Ratio Rank: 9
LMAX.TO Martin Ratio Rank: 9

XHC.TO

XHC.TO Risk / Return Rank: 14
XHC.TO Sharpe Ratio Rank: 14
XHC.TO Sortino Ratio Rank: 14
XHC.TO Omega Ratio Rank: 14
XHC.TO Calmar Ratio Rank: 15
XHC.TO Martin Ratio Rank: 15

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. XHC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton Healthcare Yield Maximizer ETF (LMAX.TO) and iShares Global Healthcare Index ETF (CAD-Hedged) (XHC.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	XHC.TO	Difference
Sharpe ratio Return per unit of total volatility	-0.23	0.09	-0.32
Sortino ratio Return per unit of downside risk	-0.21	0.25	-0.45
Omega ratio Gain probability vs. loss probability	0.97	1.03	-0.06
Calmar ratio Return relative to maximum drawdown	-0.19	0.17	-0.35
Martin ratio Return relative to average drawdown	-0.32	0.32	-0.64
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. XHC.TO - Sharpe Ratio Comparison

The current LMAX.TO Sharpe Ratio is -0.23, which is lower than the XHC.TO Sharpe Ratio of 0.09. The chart below compares the historical Sharpe Ratios of LMAX.TO and XHC.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	LMAX.TO	XHC.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.23	0.09	-0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.35	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.49	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.69	-0.41

Correlation

The correlation between LMAX.TO and XHC.TO is 0.81, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

LMAX.TO vs. XHC.TO - Dividend Comparison

LMAX.TO's dividend yield for the trailing twelve months is around 11.91%, more than XHC.TO's 1.95% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LMAX.TO Hamilton Healthcare Yield Maximizer ETF	11.91%	12.51%	11.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XHC.TO iShares Global Healthcare Index ETF (CAD-Hedged)	1.95%	1.87%	4.42%	2.38%	0.84%	0.79%	0.96%	1.07%	1.68%	1.14%	1.63%	2.15%

Drawdowns

LMAX.TO vs. XHC.TO - Drawdown Comparison

The maximum LMAX.TO drawdown since its inception was -15.87%, smaller than the maximum XHC.TO drawdown of -27.28%. Use the drawdown chart below to compare losses from any high point for LMAX.TO and XHC.TO.

Drawdown Indicators

	LMAX.TO	XHC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-15.87%	-27.28%	+11.41%
Max Drawdown (1Y) Largest decline over 1 year	-12.62%	-9.85%	-2.77%
Max Drawdown (5Y) Largest decline over 5 years	—	-18.81%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-27.28%	—
Current Drawdown Current decline from peak	-8.34%	-8.30%	-0.04%
Average Drawdown Average peak-to-trough decline	-4.90%	-4.80%	-0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.00%	5.22%	+2.78%

Volatility

LMAX.TO vs. XHC.TO - Volatility Comparison

The current volatility for Hamilton Healthcare Yield Maximizer ETF (LMAX.TO) is 3.75%, while iShares Global Healthcare Index ETF (CAD-Hedged) (XHC.TO) has a volatility of 4.89%. This indicates that LMAX.TO experiences smaller price fluctuations and is considered to be less risky than XHC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LMAX.TO	XHC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.75%	4.89%	-1.14%
Volatility (6M) Calculated over the trailing 6-month period	9.73%	10.44%	-0.71%
Volatility (1Y) Calculated over the trailing 1-year period	16.63%	17.41%	-0.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.68%	13.69%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.68%	15.72%	-2.04%