QQCL.TO vs. UMAX.TO

Last updated Aug 2, 2026

QQCL.TO (Global X Enhanced NASDAQ-100 Covered Call ETF) and UMAX.TO (Hamilton Utilities YIELD MAXIMIZER ETF) are both exchange-traded funds - QQCL.TO is a Nasdaq-100 fund actively managed by Global X, while UMAX.TO is a Derivative Income fund actively managed by Hamilton. Both are actively managed. Over the past year, QQCL.TO returned 28.37% vs 13.82% for UMAX.TO. Their 0.03 correlation means their historical movements had little consistent relationship. QQCL.TO charges 0.85%/yr vs 0.65%/yr for UMAX.TO.

Performance

QQCL.TO vs. UMAX.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X Enhanced NASDAQ-100 Covered Call ETF (QQCL.TO) and Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QQCL.TO achieves a 14.15% return, which is significantly higher than UMAX.TO's 8.99% return.

QQCL.TO

• 1D: 1.28%
• 1M: -5.74%
• 6M: 13.14%
• YTD: 14.15%
• 1Y: 28.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 26.10%

UMAX.TO

• 1D: -1.41%
• 1M: -0.31%
• 6M: 7.47%
• YTD: 8.99%
• 1Y: 13.82%
• 3Y*: 9.16%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.00%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
QQCL.TO Global X Enhanced NASDAQ-100 Covered Call ETF	CA$1.23M	CA$1.27M	CA$1.40M
UMAX.TO Hamilton Utilities YIELD MAXIMIZER ETF	CA$7.16M	CA$5.80M	CA$4.99M

QQCL.TO vs. UMAX.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
QQCL.TO Global X Enhanced NASDAQ-100 Covered Call ETF	14.15%	13.10%	41.38%	4.96%
UMAX.TO Hamilton Utilities YIELD MAXIMIZER ETF	8.99%	9.90%	5.99%	6.81%

Correlation

The correlation between QQCL.TO and UMAX.TO is -0.20, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.20
Correlation (All Time) Calculated using the full available price history since Oct 11, 2023	0.03

The correlation between QQCL.TO and UMAX.TO shifts across timeframes, from -0.20 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.

QQCL.TO vs. UMAX.TO - Sectors Allocation Comparison

Sectors	QQCL.TO	UMAX.TO
Technology	58.6%	-
Communication Services	14.3%	19.7%
Consumer Cyclical	11.4%	-
Consumer Defensive	6.4%	-
Healthcare	3.7%	-
Industrials	2.6%	24.4%
Utilities	1.2%	31.5%
Basic Materials	1.0%	-
Energy	0.5%	24.4%
Financial Services	0.2%	-
Real Estate	0.1%	-

Return for Risk

QQCL.TO vs. UMAX.TO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

QQCL.TO

QQCL.TO Risk / Return Rank: 56
QQCL.TO Sharpe Ratio Rank: 55
QQCL.TO Sortino Ratio Rank: 51
QQCL.TO Omega Ratio Rank: 53
QQCL.TO Calmar Ratio Rank: 59
QQCL.TO Martin Ratio Rank: 61

UMAX.TO

UMAX.TO Risk / Return Rank: 77
UMAX.TO Sharpe Ratio Rank: 77
UMAX.TO Sortino Ratio Rank: 80
UMAX.TO Omega Ratio Rank: 79
UMAX.TO Calmar Ratio Rank: 76
UMAX.TO Martin Ratio Rank: 74

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

QQCL.TO vs. UMAX.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Enhanced NASDAQ-100 Covered Call ETF (QQCL.TO) and Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.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.

	QQCL.TO	UMAX.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.30	1.76	-0.46
Sortino ratio: Return per unit of downside risk	1.80	2.60	-0.80
Omega ratio: Gain probability vs. loss probability	1.24	1.33	-0.09
Calmar ratio: Return relative to maximum drawdown	2.08	2.67	-0.59
Martin ratio: Return relative to average drawdown	7.36	9.04	-1.69

QQCL.TO vs. UMAX.TO - Sharpe Ratio Comparison

The current QQCL.TO Sharpe Ratio is 1.30, which is comparable to the UMAX.TO Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of QQCL.TO and UMAX.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.

Drawdowns

QQCL.TO vs. UMAX.TO - Drawdown Comparison

The maximum QQCL.TO drawdown since its inception was -25.63%, which is greater than UMAX.TO's maximum drawdown of -10.09%. Use the drawdown chart below to compare losses from any high point for QQCL.TO and UMAX.TO.

Drawdown Indicators

	QQCL.TO	UMAX.TO	Difference
Max Drawdown Largest peak-to-trough decline	-25.63%	-10.09%	-15.54%
Max Drawdown (1Y) Largest decline over 1 year	-12.29%	-5.11%	-7.18%
Max Drawdown (3Y) Largest decline over 3 years	—	-8.34%	—
Current Drawdown Current decline from peak	-8.07%	-2.70%	-5.37%
Average Drawdown Average peak-to-trough decline	-3.35%	-1.99%	-1.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.47%	1.50%	+1.97%

Volatility

QQCL.TO vs. UMAX.TO - Volatility Comparison

Global X Enhanced NASDAQ-100 Covered Call ETF (QQCL.TO) has a higher volatility of 7.67% compared to Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.TO) at 3.68%. This indicates that QQCL.TO's price experiences larger fluctuations and is considered to be riskier than UMAX.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQCL.TO	UMAX.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.67%	3.68%	+3.99%
Volatility (6M) Calculated over the trailing 6-month period	16.69%	6.56%	+10.13%
Volatility (1Y) Calculated over the trailing 1-year period	19.59%	7.73%	+11.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.05%	8.85%	+12.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.05%	8.85%	+12.20%

QQCL.TO vs. UMAX.TO - Expense Ratio Comparison

QQCL.TO has a 0.85% expense ratio, which is higher than UMAX.TO's 0.65% expense ratio.

Dividends

QQCL.TO vs. UMAX.TO - Dividend Comparison

QQCL.TO's dividend yield for the trailing twelve months is around 14.39%, more than UMAX.TO's 14.09% yield.

Position	TTM	2025	2024	2023
QQCL.TO Global X Enhanced NASDAQ-100 Covered Call ETF	14.39%	14.54%	11.87%	3.68%
UMAX.TO Hamilton Utilities YIELD MAXIMIZER ETF	14.09%	14.85%	14.78%	6.96%

Frequently Asked Questions

Can I hold both QQCL.TO and UMAX.TO in my portfolio?

QQCL.TO and UMAX.TO have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QQCL.TO or UMAX.TO?

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

Which ETF is cheaper, QQCL.TO or UMAX.TO?

UMAX.TO is cheaper with a 0.65% expense ratio, compared with 0.85% for QQCL.TO.

What is the main difference between QQCL.TO and UMAX.TO?

QQCL.TO is categorized as Nasdaq-100, while UMAX.TO is Derivative Income. They also come from different issuers: Global X and Hamilton. Their fees differ too: 0.85% for QQCL.TO and 0.65% for UMAX.TO.