LMAX.TO vs. ZHU.TO

Last updated Jul 1, 2026

LMAX.TO (Hamilton Healthcare Yield Maximizer ETF) and ZHU.TO (BMO Equal Weight US Health Care Index ETF) are both Health & Biotech Equities funds. Over the past year, LMAX.TO returned 14.44% vs 20.88% for ZHU.TO. At a 0.31 correlation, their price movements are largely independent.

Performance

LMAX.TO vs. ZHU.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 BMO Equal Weight US Health Care Index ETF (ZHU.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 2.35% return, which is significantly lower than ZHU.TO's 7.66% return.

LMAX.TO

• 1D: -1.15%
• 1M: 6.97%
• YTD: 2.35%
• 6M: 2.15%
• 1Y: 14.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZHU.TO

• 1D: -0.60%
• 1M: 9.89%
• YTD: 7.66%
• 6M: 7.98%
• 1Y: 20.88%
• 3Y*: 5.56%
• 5Y*: 2.44%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024
LMAX.TO Hamilton Healthcare Yield Maximizer ETF	2.35%	7.07%	4.45%
ZHU.TO BMO Equal Weight US Health Care Index ETF	7.66%	3.43%	2.50%

Correlation

The correlation between LMAX.TO and ZHU.TO is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (All Time) Calculated using the full available price history since Feb 7, 2024	0.31

Return for Risk

LMAX.TO vs. ZHU.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: 29
LMAX.TO Sharpe Ratio Rank: 32
LMAX.TO Sortino Ratio Rank: 32
LMAX.TO Omega Ratio Rank: 29
LMAX.TO Calmar Ratio Rank: 26
LMAX.TO Martin Ratio Rank: 24

ZHU.TO

ZHU.TO Risk / Return Rank: 38
ZHU.TO Sharpe Ratio Rank: 38
ZHU.TO Sortino Ratio Rank: 40
ZHU.TO Omega Ratio Rank: 37
ZHU.TO Calmar Ratio Rank: 44
ZHU.TO Martin Ratio Rank: 32

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. ZHU.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton Healthcare Yield Maximizer ETF (LMAX.TO) and BMO Equal Weight US Health Care Index ETF (ZHU.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	ZHU.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.06	1.21	-0.15
Sortino ratio: Return per unit of downside risk	1.59	1.79	-0.20
Omega ratio: Gain probability vs. loss probability	1.19	1.22	-0.03
Calmar ratio: Return relative to maximum drawdown	1.19	1.91	-0.72
Martin ratio: Return relative to average drawdown	2.80	4.19	-1.39

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

The current LMAX.TO Sharpe Ratio is 1.06, which is comparable to the ZHU.TO Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of LMAX.TO and ZHU.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.

Drawdowns

LMAX.TO vs. ZHU.TO - Drawdown Comparison

The maximum LMAX.TO drawdown since its inception was -15.89%, smaller than the maximum ZHU.TO drawdown of -27.25%. Use the drawdown chart below to compare losses from any high point for LMAX.TO and ZHU.TO.

Drawdown Indicators

	LMAX.TO	ZHU.TO	Difference
Max Drawdown Largest peak-to-trough decline	-15.89%	-27.25%	+11.36%
Max Drawdown (1Y) Largest decline over 1 year	-12.16%	-10.95%	-1.21%
Max Drawdown (3Y) Largest decline over 3 years	—	-21.51%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.25%	—
Current Drawdown Current decline from peak	-2.70%	-0.60%	-2.10%
Average Drawdown Average peak-to-trough decline	-5.21%	-8.83%	+3.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.16%	4.99%	+0.17%

Volatility

LMAX.TO vs. ZHU.TO - Volatility Comparison

The current volatility for Hamilton Healthcare Yield Maximizer ETF (LMAX.TO) is 4.33%, while BMO Equal Weight US Health Care Index ETF (ZHU.TO) has a volatility of 6.01%. This indicates that LMAX.TO experiences smaller price fluctuations and is considered to be less risky than ZHU.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LMAX.TO	ZHU.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.33%	6.01%	-1.68%
Volatility (6M) Calculated over the trailing 6-month period	9.99%	12.63%	-2.64%
Volatility (1Y) Calculated over the trailing 1-year period	13.70%	17.34%	-3.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.76%	16.17%	-2.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.76%	17.60%	-3.84%

Dividends

LMAX.TO vs. ZHU.TO - Dividend Comparison

LMAX.TO's dividend yield for the trailing twelve months is around 12.55%, more than ZHU.TO's 0.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
LMAX.TO Hamilton Healthcare Yield Maximizer ETF	12.55%	12.51%	11.35%	0.00%	0.00%	0.00%	0.00%	0.00%
ZHU.TO BMO Equal Weight US Health Care Index ETF	0.50%	0.54%	0.58%	0.97%	0.43%	0.13%	0.37%	0.17%

Frequently Asked Questions

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

LMAX.TO and ZHU.TO have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.