QMAX.TO vs. ZWU.TO

Last updated Jun 4, 2026

QMAX.TO (Hamilton Technology YIELD MAXIMIZER ETF) and ZWU.TO (BMO Covered Call Utilities ETF) are both exchange-traded funds - QMAX.TO is a Technology Equities fund actively managed by Hamilton Capital, while ZWU.TO is a Utilities Equities fund actively managed by BMO. Both are actively managed. Over the past year, QMAX.TO returned 44.35% vs 15.17% for ZWU.TO. At a correlation of -0.12, they often move in opposite directions. Both charge a 0.65% expense ratio.

Performance

QMAX.TO vs. ZWU.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 Utilities ETF (ZWU.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QMAX.TO achieves a 22.06% return, which is significantly higher than ZWU.TO's 10.15% return.

QMAX.TO

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

ZWU.TO

• 1D: -0.50%
• 1M: -0.34%
• YTD: 10.15%
• 6M: 9.37%
• 1Y: 15.17%
• 3Y*: 10.66%
• 5Y*: 6.33%
• 10Y*: 6.08%

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

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

	2026 (YTD)	2025	2024	2023
QMAX.TO Hamilton Technology YIELD MAXIMIZER ETF	22.06%	16.57%	37.65%	16.15%
ZWU.TO BMO Covered Call Utilities ETF	10.15%	13.18%	10.97%	8.43%

Correlation

The correlation between QMAX.TO and ZWU.TO is -0.25, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.25
Correlation (All Time) Calculated using the full available price history since Oct 27, 2023	-0.12

The correlation between QMAX.TO and ZWU.TO shifts across timeframes, from -0.25 (1 year) to -0.12 (all time), reflecting how their relationship changes across market environments.

QMAX.TO vs. ZWU.TO - Sectors Allocation Comparison

Sectors	QMAX.TO	ZWU.TO
Technology	69.2%	-
Communication Services	18.3%	21.5%
Consumer Cyclical	12.5%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	25.8%
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	52.7%

Return for Risk

QMAX.TO vs. ZWU.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: 52
QMAX.TO Sharpe Ratio Rank: 64
QMAX.TO Sortino Ratio Rank: 60
QMAX.TO Omega Ratio Rank: 62
QMAX.TO Calmar Ratio Rank: 39
QMAX.TO Martin Ratio Rank: 34

ZWU.TO

ZWU.TO Risk / Return Rank: 58
ZWU.TO Sharpe Ratio Rank: 58
ZWU.TO Sortino Ratio Rank: 62
ZWU.TO Omega Ratio Rank: 57
ZWU.TO Calmar Ratio Rank: 63
ZWU.TO Martin Ratio Rank: 51

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. ZWU.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 Utilities ETF (ZWU.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.TO	ZWU.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.17	2.01	+0.17
Sortino ratio: Return per unit of downside risk	2.86	2.94	-0.08
Omega ratio: Gain probability vs. loss probability	1.38	1.36	+0.03
Calmar ratio: Return relative to maximum drawdown	1.95	3.13	-1.18
Martin ratio: Return relative to average drawdown	5.32	8.85	-3.53
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. ZWU.TO - Sharpe Ratio Comparison

The current QMAX.TO Sharpe Ratio is 2.17, which is comparable to the ZWU.TO Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of QMAX.TO and ZWU.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.

Sharpe Ratios by Period

	QMAX.TO	ZWU.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.17	2.01	+0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.61	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.43	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.58	0.42	+1.16

Drawdowns

QMAX.TO vs. ZWU.TO - Drawdown Comparison

The maximum QMAX.TO drawdown since its inception was -26.77%, smaller than the maximum ZWU.TO drawdown of -37.41%. Use the drawdown chart below to compare losses from any high point for QMAX.TO and ZWU.TO.

Drawdown Indicators

	QMAX.TO	ZWU.TO	Difference
Max Drawdown Largest peak-to-trough decline	-26.77%	-37.41%	+10.64%
Max Drawdown (1Y) Largest decline over 1 year	-22.86%	-4.86%	-18.00%
Max Drawdown (3Y) Largest decline over 3 years	—	-12.85%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-23.36%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-37.41%	—
Current Drawdown Current decline from peak	0.00%	-2.31%	+2.31%
Average Drawdown Average peak-to-trough decline	-5.25%	-5.38%	+0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.36%	1.73%	+6.63%

Volatility

QMAX.TO vs. ZWU.TO - Volatility Comparison

Hamilton Technology YIELD MAXIMIZER ETF (QMAX.TO) has a higher volatility of 6.48% compared to BMO Covered Call Utilities ETF (ZWU.TO) at 2.81%. This indicates that QMAX.TO's price experiences larger fluctuations and is considered to be riskier than ZWU.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QMAX.TO	ZWU.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.48%	2.81%	+3.67%
Volatility (6M) Calculated over the trailing 6-month period	16.34%	6.30%	+10.04%
Volatility (1Y) Calculated over the trailing 1-year period	20.53%	7.59%	+12.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.66%	10.47%	+13.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.66%	14.18%	+9.48%

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

Both QMAX.TO and ZWU.TO have an expense ratio of 0.65%.

Dividends

QMAX.TO vs. ZWU.TO - Dividend Comparison

QMAX.TO's dividend yield for the trailing twelve months is around 9.33%, more than ZWU.TO's 7.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QMAX.TO Hamilton Technology YIELD MAXIMIZER ETF	9.33%	10.79%	10.90%	2.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZWU.TO BMO Covered Call Utilities ETF	7.09%	7.59%	7.96%	8.54%	8.35%	7.43%	7.94%	6.29%	6.84%	6.46%	6.77%	7.57%

Frequently Asked Questions

Can I hold both QMAX.TO and ZWU.TO in my portfolio?

QMAX.TO and ZWU.TO have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QMAX.TO or ZWU.TO?

Both ETFs have the same 0.65% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QMAX.TO or ZWU.TO?

QMAX.TO and ZWU.TO have the same expense ratio: 0.65% per year.

What is the main difference between QMAX.TO and ZWU.TO?

QMAX.TO is categorized as Technology Equities, while ZWU.TO is Utilities Equities. They also come from different issuers: Hamilton Capital and BMO.