QMAX.TO vs. QQQM

Last updated Apr 1, 2026

Compare and contrast key facts about Hamilton Technology YIELD MAXIMIZER ETF (QMAX.TO) and Invesco NASDAQ 100 ETF (QQQM).

QMAX.TO and QQQM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. QMAX.TO is an actively managed fund by Hamilton Capital. It was launched on Oct 25, 2023. QQQM is a passively managed fund by Invesco that tracks the performance of the NASDAQ-100 Index. It was launched on Oct 13, 2020.

Performance

QMAX.TO vs. QQQM - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Hamilton Technology YIELD MAXIMIZER ETF (QMAX.TO) and Invesco NASDAQ 100 ETF (QQQM). The values are adjusted to include any dividend payments, if applicable.

QMAX.TO vs. QQQM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
QMAX.TO Hamilton Technology YIELD MAXIMIZER ETF	-15.25%	16.57%	37.65%	16.15%
QQQM Invesco NASDAQ 100 ETF	-4.65%	15.31%	36.48%	14.51%

Different Trading Currencies

QMAX.TO is traded in CAD, while QQQM is traded in USD. To make them comparable, the QQQM values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, QMAX.TO achieves a -15.25% return, which is significantly lower than QQQM's -4.65% return.

QMAX.TO

• 1D: 3.55%
• 1M: -2.67%
• YTD: -15.25%
• 6M: -14.61%
• 1Y: 12.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QQQM

• 1D: 3.26%
• 1M: -2.97%
• YTD: -4.65%
• 6M: -3.68%
• 1Y: 19.64%
• 3Y*: 23.58%
• 5Y*: 15.31%
• 10Y*: —

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

QMAX.TO vs. QQQM - Expense Ratio Comparison

QMAX.TO has a 0.65% expense ratio, which is higher than QQQM's 0.15% expense ratio.

QMAX.TO

Hamilton Technology YIELD MAXIMIZER ETF

QQQM

Invesco NASDAQ 100 ETF

Return for Risk

QMAX.TO vs. QQQM — Risk / Return Rank

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

QMAX.TO

QMAX.TO Risk / Return Rank: 27
QMAX.TO Sharpe Ratio Rank: 28
QMAX.TO Sortino Ratio Rank: 30
QMAX.TO Omega Ratio Rank: 30
QMAX.TO Calmar Ratio Rank: 26
QMAX.TO Martin Ratio Rank: 24

QQQM

QQQM Risk / Return Rank: 70
QQQM Sharpe Ratio Rank: 64
QQQM Sortino Ratio Rank: 69
QQQM Omega Ratio Rank: 68
QQQM Calmar Ratio Rank: 76
QQQM Martin Ratio Rank: 73

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.

QMAX.TO vs. QQQM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton Technology YIELD MAXIMIZER ETF (QMAX.TO) and Invesco NASDAQ 100 ETF (QQQM). 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.

	QMAX.TO	QQQM	Difference
Sharpe ratio Return per unit of total volatility	0.46	0.89	-0.43
Sortino ratio Return per unit of downside risk	0.83	1.37	-0.54
Omega ratio Gain probability vs. loss probability	1.12	1.20	-0.08
Calmar ratio Return relative to maximum drawdown	0.54	1.64	-1.10
Martin ratio Return relative to average drawdown	1.52	4.77	-3.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QMAX.TO vs. QQQM - Sharpe Ratio Comparison

The current QMAX.TO Sharpe Ratio is 0.46, which is lower than the QQQM Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of QMAX.TO and QQQM, 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

	QMAX.TO	QQQM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.46	0.89	-0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.75	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.88	0.73	+0.15

Correlation

The correlation between QMAX.TO and QQQM is 0.89, 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

QMAX.TO vs. QQQM - Dividend Comparison

QMAX.TO's dividend yield for the trailing twelve months is around 11.87%, more than QQQM's 0.53% yield.

	TTM	2025	2024	2023	2022	2021	2020
QMAX.TO Hamilton Technology YIELD MAXIMIZER ETF	11.87%	10.79%	10.90%	2.01%	0.00%	0.00%	0.00%
QQQM Invesco NASDAQ 100 ETF	0.53%	0.50%	0.61%	0.65%	0.83%	0.40%	0.16%

Drawdowns

QMAX.TO vs. QQQM - Drawdown Comparison

The maximum QMAX.TO drawdown since its inception was -26.77%, smaller than the maximum QQQM drawdown of -31.71%. Use the drawdown chart below to compare losses from any high point for QMAX.TO and QQQM.

Drawdown Indicators

	QMAX.TO	QQQM	Difference
Max Drawdown Largest peak-to-trough decline	-26.77%	-35.04%	+8.27%
Max Drawdown (1Y) Largest decline over 1 year	-22.86%	-12.55%	-10.31%
Max Drawdown (5Y) Largest decline over 5 years	—	-35.04%	—
Current Drawdown Current decline from peak	-20.12%	-8.99%	-11.13%
Average Drawdown Average peak-to-trough decline	-5.29%	-8.47%	+3.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.16%	3.41%	+4.75%

Volatility

QMAX.TO vs. QQQM - Volatility Comparison

Hamilton Technology YIELD MAXIMIZER ETF (QMAX.TO) has a higher volatility of 7.64% compared to Invesco NASDAQ 100 ETF (QQQM) at 6.36%. This indicates that QMAX.TO's price experiences larger fluctuations and is considered to be riskier than QQQM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QMAX.TO	QQQM	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.64%	6.36%	+1.28%
Volatility (6M) Calculated over the trailing 6-month period	16.03%	12.63%	+3.40%
Volatility (1Y) Calculated over the trailing 1-year period	26.26%	22.10%	+4.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.56%	20.58%	+2.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.56%	20.60%	+2.96%