QMAX.TO vs. INAI.TO
QMAX.TO (Hamilton Technology YIELD MAXIMIZER ETF) and INAI.TO (Invesco Morningstar Global Next Gen AI Index ETF) are both Technology Equities funds. QMAX.TO is actively managed, while INAI.TO is passively managed. Over the past year, QMAX.TO returned 24.68% vs 34.40% for INAI.TO. A 0.62 correlation means they provide meaningful diversification when combined. QMAX.TO charges 0.65%/yr vs 0.60%/yr for INAI.TO.
Performance
QMAX.TO vs. INAI.TO - Performance Comparison
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Returns By Period
In the year-to-date period, QMAX.TO achieves a 13.64% return, which is significantly lower than INAI.TO's 24.22% return.
QMAX.TO
- 1D
- -2.35%
- 1M
- -5.65%
- 6M
- 15.93%
- YTD
- 13.64%
- 1Y
- 24.68%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
INAI.TO
- 1D
- -1.68%
- 1M
- -5.80%
- 6M
- 17.20%
- YTD
- 24.22%
- 1Y
- 34.40%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
QMAX.TO vs. INAI.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
QMAX.TO Hamilton Technology YIELD MAXIMIZER ETF | 13.64% | 16.54% | 31.65% |
INAI.TO Invesco Morningstar Global Next Gen AI Index ETF | 24.22% | 24.92% | 36.26% |
Correlation
The correlation between QMAX.TO and INAI.TO is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Jan 22, 2024 | 0.62 |
The correlation between QMAX.TO and INAI.TO shifts across timeframes, from 0.62 (all time) to 0.80 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
QMAX.TO vs. INAI.TO — Risk / Return Rank
QMAX.TO
INAI.TO
QMAX.TO vs. INAI.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hamilton Technology YIELD MAXIMIZER ETF (QMAX.TO) and Invesco Morningstar Global Next Gen AI Index ETF (INAI.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.
| QMAX.TO | INAI.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.22 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.08 | 1.36 | -0.28 |
| Martin ratioReturn relative to average drawdown | 2.91 | 3.50 | -0.60 |
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Drawdowns
QMAX.TO vs. INAI.TO - Drawdown Comparison
The maximum QMAX.TO drawdown since its inception was -26.77%, roughly equal to the maximum INAI.TO drawdown of -26.78%. Use the drawdown chart below to compare losses from any high point for QMAX.TO and INAI.TO.
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Drawdown Indicators
| QMAX.TO | INAI.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.77% | -26.78% | +0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -22.86% | -25.34% | +2.48% |
Current DrawdownCurrent decline from peak | -9.89% | -11.45% | +1.56% |
Average DrawdownAverage peak-to-trough decline | -5.18% | -5.71% | +0.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.52% | 9.85% | -1.33% |
Volatility
QMAX.TO vs. INAI.TO - Volatility Comparison
Hamilton Technology YIELD MAXIMIZER ETF (QMAX.TO) has a higher volatility of 10.41% compared to Invesco Morningstar Global Next Gen AI Index ETF (INAI.TO) at 9.25%. This indicates that QMAX.TO's price experiences larger fluctuations and is considered to be riskier than INAI.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QMAX.TO | INAI.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.41% | 9.25% | +1.16% |
Volatility (6M)Calculated over the trailing 6-month period | 20.93% | 23.54% | -2.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.41% | 29.48% | -5.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.61% | 27.97% | -3.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.61% | 27.97% | -3.36% |
QMAX.TO vs. INAI.TO - Expense Ratio Comparison
QMAX.TO has a 0.65% expense ratio, which is higher than INAI.TO's 0.60% expense ratio.
Dividends
QMAX.TO vs. INAI.TO - Dividend Comparison
QMAX.TO's dividend yield for the trailing twelve months is around 10.20%, more than INAI.TO's 0.02% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
INAI.TO Invesco Morningstar Global Next Gen AI Index ETF | 0.02% | 0.07% | 0.14% | 0.00% |
QMAX.TO Hamilton Technology YIELD MAXIMIZER ETF | 10.20% | 10.79% | 10.88% | 2.01% |
Frequently Asked Questions
QMAX.TO and INAI.TO have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, INAI.TO is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.
INAI.TO is cheaper with a 0.60% expense ratio, compared with 0.65% for QMAX.TO.
They also come from different issuers: Hamilton Capital and Invesco. Their fees differ too: 0.65% for QMAX.TO and 0.60% for INAI.TO.
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