PINC.TO vs. HMAX.TO
PINC.TO (Purpose Multi-Asset Income Fund) and HMAX.TO (Hamilton Canadian Financials Yield Maximizer ETF) are both Derivative Income funds. Both are actively managed. Over the past 3 years, PINC.TO returned 14.69%/yr vs 23.03%/yr for HMAX.TO. At a 0.44 correlation, their price movements are largely independent. PINC.TO charges 1.04%/yr vs 0.65%/yr for HMAX.TO.
Performance
PINC.TO vs. HMAX.TO - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with PINC.TO having a 18.40% return and HMAX.TO slightly higher at 19.26%.
PINC.TO
- 1D
- 0.57%
- 1M
- 1.74%
- 6M
- 17.22%
- YTD
- 18.40%
- 1Y
- 24.52%
- 3Y*
- 14.69%
- 5Y*
- 6.92%
- 10Y*
- —
- ALL TIME*
- 7.09%
HMAX.TO
- 1D
- 0.72%
- 1M
- 1.60%
- 6M
- 18.45%
- YTD
- 19.26%
- 1Y
- 38.71%
- 3Y*
- 23.03%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 19.22%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$5.42M | CA$5.45M | CA$6.03M | |
| CA$10.04K | CA$9.73K | CA$12.47K |
PINC.TO vs. HMAX.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PINC.TO Purpose Multi-Asset Income Fund | 18.40% | 14.41% | 11.54% | -3.89% |
HMAX.TO Hamilton Canadian Financials Yield Maximizer ETF | 19.26% | 27.16% | 20.69% | 1.08% |
Correlation
The correlation between PINC.TO and HMAX.TO is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Jan 23, 2023 | 0.44 |
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Return for Risk
PINC.TO vs. HMAX.TO — Risk / Return Rank
PINC.TO
HMAX.TO
PINC.TO vs. HMAX.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Purpose Multi-Asset Income Fund (PINC.TO) and Hamilton Canadian Financials Yield Maximizer ETF (HMAX.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.
| PINC.TO | HMAX.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.42 | ||
| Omega ratioGain probability vs. loss probability | 1.81 | 1.69 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 6.87 | 5.34 | +1.53 |
| Martin ratioReturn relative to average drawdown | 26.66 | 22.96 | +3.70 |
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Drawdowns
PINC.TO vs. HMAX.TO - Drawdown Comparison
The maximum PINC.TO drawdown since its inception was -43.84%, which is greater than HMAX.TO's maximum drawdown of -15.34%. Use the drawdown chart below to compare losses from any high point for PINC.TO and HMAX.TO.
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Drawdown Indicators
| PINC.TO | HMAX.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.84% | -15.34% | -28.50% |
Max Drawdown (1Y)Largest decline over 1 year | -3.59% | -7.29% | +3.70% |
Max Drawdown (3Y)Largest decline over 3 years | -10.48% | -12.51% | +2.03% |
Max Drawdown (5Y)Largest decline over 5 years | -21.04% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -2.10% | +2.10% |
Average DrawdownAverage peak-to-trough decline | -5.81% | -2.84% | -2.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 1.69% | -0.76% |
Volatility
PINC.TO vs. HMAX.TO - Volatility Comparison
The current volatility for Purpose Multi-Asset Income Fund (PINC.TO) is 1.54%, while Hamilton Canadian Financials Yield Maximizer ETF (HMAX.TO) has a volatility of 3.40%. This indicates that PINC.TO experiences smaller price fluctuations and is considered to be less risky than HMAX.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PINC.TO | HMAX.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.54% | 3.40% | -1.86% |
Volatility (6M)Calculated over the trailing 6-month period | 5.06% | 8.92% | -3.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.35% | 10.40% | -4.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.38% | 11.37% | -2.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.70% | 11.37% | +3.33% |
PINC.TO vs. HMAX.TO - Expense Ratio Comparison
PINC.TO has a 1.04% expense ratio, which is higher than HMAX.TO's 0.65% expense ratio.
Dividends
PINC.TO vs. HMAX.TO - Dividend Comparison
PINC.TO's dividend yield for the trailing twelve months is around 4.37%, less than HMAX.TO's 10.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
HMAX.TO Hamilton Canadian Financials Yield Maximizer ETF | 10.92% | 12.29% | 14.08% | 15.47% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PINC.TO Purpose Multi-Asset Income Fund | 4.37% | 5.05% | 5.48% | 5.78% | 5.51% | 4.60% | 5.33% | 5.06% | 3.66% |
Frequently Asked Questions
PINC.TO and HMAX.TO have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HMAX.TO is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HMAX.TO is cheaper with a 0.65% expense ratio, compared with 1.04% for PINC.TO.
They also come from different issuers: Purpose Investments Inc. and Hamilton Capital. Their fees differ too: 1.04% for PINC.TO and 0.65% for HMAX.TO.
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