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QMAX.TO vs. ZWT.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QMAX.TO vs. ZWT.TO

Last updated Jun 4, 2026

QMAX.TO (Hamilton Technology YIELD MAXIMIZER ETF) and ZWT.TO (BMO Covered Call Technology ETF) are both Technology Equities funds. Both are actively managed. Over the past year, QMAX.TO returned 44.35% vs 47.17% for ZWT.TO. Their correlation of 0.90 suggests significant overlap in exposure. QMAX.TO charges 0.65%/yr vs 0.71%/yr for ZWT.TO.

Performance

QMAX.TO vs. ZWT.TO - Performance Comparison

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

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Returns By Period

In the year-to-date period, QMAX.TO achieves a 22.06% return, which is significantly higher than ZWT.TO's 20.37% return.

QMAX.TO

1D
0.64%
1M
17.44%
YTD
22.06%
6M
19.75%
1Y
44.35%
3Y*
—
5Y*
—
10Y*
—

ZWT.TO

1D
-0.06%
1M
12.28%
YTD
20.37%
6M
17.59%
1Y
47.17%
3Y*
36.02%
5Y*
23.64%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

QMAX.TO vs. ZWT.TO - Yearly Performance Comparison

2026 (YTD)202520242023
QMAX.TO
Hamilton Technology YIELD MAXIMIZER ETF		22.06%16.57%37.65%16.15%
ZWT.TO
BMO Covered Call Technology ETF		20.37%18.15%49.78%15.01%

Correlation

The correlation between QMAX.TO and ZWT.TO is 0.86, 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

0.86

Correlation (All Time)
Calculated using the full available price history since Oct 27, 2023

0.90

The correlation between QMAX.TO and ZWT.TO has been stable across timeframes, ranging from 0.86 to 0.90 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Hamilton Technology YIELD MAXIMIZER ETF

BMO Covered Call Technology ETF

Often compared with QMAX.TO:
QMAX.TO vs. QQCL.TOQMAX.TO vs. QQQQMAX.TO vs. HTAE.TOQMAX.TO vs. BANK.TOQMAX.TO vs. SMAX.TOQMAX.TO vs. VFV.TOQMAX.TO vs. HMAX.TO
Often compared with ZWT.TO:
ZWT.TO vs. QQQZWT.TO vs. TEC.TOZWT.TO vs. ZWB.TOZWT.TO vs. HHIS.TOZWT.TO vs. ZSP.TOZWT.TO vs. ZXLK.TOZWT.TO vs. VDY.TO

Return for Risk

QMAX.TO vs. ZWT.TO — 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: 5252
Overall Rank
QMAX.TO Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
QMAX.TO Sortino Ratio Rank: 6060
Sortino Ratio Rank
QMAX.TO Omega Ratio Rank: 6262
Omega Ratio Rank
QMAX.TO Calmar Ratio Rank: 3939
Calmar Ratio Rank
QMAX.TO Martin Ratio Rank: 3434
Martin Ratio Rank
ZWT.TO
ZWT.TO Risk / Return Rank: 6868
Overall Rank
ZWT.TO Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
ZWT.TO Sortino Ratio Rank: 7373
Sortino Ratio Rank
ZWT.TO Omega Ratio Rank: 7474
Omega Ratio Rank
ZWT.TO Calmar Ratio Rank: 6060
Calmar Ratio Rank
ZWT.TO Martin Ratio Rank: 5555
Martin Ratio Rank
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. ZWT.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton Technology YIELD MAXIMIZER ETF (QMAX.TO) and BMO Covered Call Technology ETF (ZWT.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.

QMAX.TOZWT.TODifference
Sharpe ratioReturn per unit of total volatility
2.17
2.66

-0.49

Sortino ratioReturn per unit of downside risk
2.86
3.34

-0.48

Omega ratioGain probability vs. loss probability

1.38

1.45

-0.06

Calmar ratioReturn relative to maximum drawdown

1.95

2.98

-1.03

Martin ratioReturn relative to average drawdown

5.32

9.56

-4.24

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. ZWT.TO - Sharpe Ratio Comparison

The current QMAX.TO Sharpe Ratio is 2.17, which is comparable to the ZWT.TO Sharpe Ratio of 2.66. The chart below compares the historical Sharpe Ratios of QMAX.TO and ZWT.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.

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Sharpe Ratios by Period

QMAX.TOZWT.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.17

2.66

-0.49

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

1.02

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.58

0.99

+0.59

Drawdowns

QMAX.TO vs. ZWT.TO - Drawdown Comparison

The maximum QMAX.TO drawdown since its inception was -26.77%, smaller than the maximum ZWT.TO drawdown of -35.84%. Use the drawdown chart below to compare losses from any high point for QMAX.TO and ZWT.TO.

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Drawdown Indicators

QMAX.TOZWT.TODifference

Max Drawdown

Largest peak-to-trough decline

-26.77%

-35.84%

+9.07%

Max Drawdown (1Y)

Largest decline over 1 year

-22.86%

-15.93%

-6.93%

Max Drawdown (3Y)

Largest decline over 3 years

—

-26.27%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-35.84%

—

Current Drawdown

Current decline from peak

0.00%

-0.06%

+0.06%

Average Drawdown

Average peak-to-trough decline

-5.25%

-8.84%

+3.59%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.36%

4.95%

+3.41%

Volatility

QMAX.TO vs. ZWT.TO - Volatility Comparison

Hamilton Technology YIELD MAXIMIZER ETF (QMAX.TO) has a higher volatility of 6.48% compared to BMO Covered Call Technology ETF (ZWT.TO) at 4.19%. This indicates that QMAX.TO's price experiences larger fluctuations and is considered to be riskier than ZWT.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.TOZWT.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.48%

4.19%

+2.29%

Volatility (6M)

Calculated over the trailing 6-month period

16.34%

13.67%

+2.67%

Volatility (1Y)

Calculated over the trailing 1-year period

20.53%

17.81%

+2.72%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

23.66%

23.23%

+0.43%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.66%

22.98%

+0.68%

QMAX.TO vs. ZWT.TO - Expense Ratio Comparison

QMAX.TO has a 0.65% expense ratio, which is lower than ZWT.TO's 0.71% expense ratio.

Dividends

QMAX.TO vs. ZWT.TO - Dividend Comparison

QMAX.TO's dividend yield for the trailing twelve months is around 9.33%, more than ZWT.TO's 4.22% yield.

PositionTTM20252024202320222021
QMAX.TO
Hamilton Technology YIELD MAXIMIZER ETF		9.33%10.79%10.90%2.01%0.00%0.00%
ZWT.TO
BMO Covered Call Technology ETF		4.22%4.46%3.34%3.83%6.54%4.00%

Frequently Asked Questions

QMAX.TO and ZWT.TO have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, QMAX.TO is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

QMAX.TO is cheaper with a 0.65% expense ratio, compared with 0.71% for ZWT.TO.

They also come from different issuers: Hamilton Capital and BMO. Their fees differ too: 0.65% for QMAX.TO and 0.71% for ZWT.TO.

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