RMAX.TO vs. HDIV.TO

Last updated Jun 4, 2026

RMAX.TO (Hamilton REITs YIELD MAXIMIZER ETF) and HDIV.TO (Hamilton Enhanced Canadian Covered Call ETF) are both exchange-traded funds - RMAX.TO is a REIT fund managed by Hamilton ETFs, while HDIV.TO is a Derivative Income fund actively managed by Hamilton ETFs. Over the past year, RMAX.TO returned 9.43% vs 47.51% for HDIV.TO. At a 0.47 correlation, their price movements are largely independent. RMAX.TO charges 0.79%/yr vs 0.00%/yr for HDIV.TO.

Performance

RMAX.TO vs. HDIV.TO - Performance Comparison

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

Returns By Period

In the year-to-date period, RMAX.TO achieves a 7.20% return, which is significantly lower than HDIV.TO's 17.22% return.

RMAX.TO

• 1D: -0.18%
• 1M: -0.46%
• YTD: 7.20%
• 6M: 7.28%
• 1Y: 9.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HDIV.TO

• 1D: 0.86%
• 1M: 6.14%
• YTD: 17.22%
• 6M: 17.73%
• 1Y: 47.51%
• 3Y*: 28.06%
• 5Y*: —
• 10Y*: —

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

RMAX.TO vs. HDIV.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
RMAX.TO Hamilton REITs YIELD MAXIMIZER ETF	7.20%	5.39%	9.70%
HDIV.TO Hamilton Enhanced Canadian Covered Call ETF	17.22%	33.87%	14.70%

Correlation

The correlation between RMAX.TO and HDIV.TO is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (All Time) Calculated using the full available price history since Jun 21, 2024	0.47

RMAX.TO vs. HDIV.TO - Sectors Allocation Comparison

Sectors	RMAX.TO	HDIV.TO
Real Estate	100.0%	2.1%
Basic Materials	-	13.4%
Communication Services	-	6.3%
Consumer Cyclical	-	2.5%
Consumer Defensive	-	0.3%
Energy	-	18.4%
Financial Services	-	39.8%
Healthcare	-	0.2%
Industrials	-	3.0%
Technology	-	9.5%
Utilities	-	4.7%

Return for Risk

RMAX.TO vs. HDIV.TO — Risk / Return Rank

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

RMAX.TO

RMAX.TO Risk / Return Rank: 26
RMAX.TO Sharpe Ratio Rank: 25
RMAX.TO Sortino Ratio Rank: 24
RMAX.TO Omega Ratio Rank: 24
RMAX.TO Calmar Ratio Rank: 30
RMAX.TO Martin Ratio Rank: 26

HDIV.TO

HDIV.TO Risk / Return Rank: 93
HDIV.TO Sharpe Ratio Rank: 95
HDIV.TO Sortino Ratio Rank: 94
HDIV.TO Omega Ratio Rank: 95
HDIV.TO Calmar Ratio Rank: 90
HDIV.TO Martin Ratio Rank: 94

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.

RMAX.TO vs. HDIV.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton REITs YIELD MAXIMIZER ETF (RMAX.TO) and Hamilton Enhanced Canadian Covered Call ETF (HDIV.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.

	RMAX.TO	HDIV.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.87	3.83	-2.95
Sortino ratio: Return per unit of downside risk	1.26	4.88	-3.62
Omega ratio: Gain probability vs. loss probability	1.15	1.71	-0.55
Calmar ratio: Return relative to maximum drawdown	1.47	5.47	-3.99
Martin ratio: Return relative to average drawdown	3.53	26.51	-22.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RMAX.TO vs. HDIV.TO - Sharpe Ratio Comparison

The current RMAX.TO Sharpe Ratio is 0.87, which is lower than the HDIV.TO Sharpe Ratio of 3.83. The chart below compares the historical Sharpe Ratios of RMAX.TO and HDIV.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

	RMAX.TO	HDIV.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.87	3.83	-2.95
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	1.27	-0.37

Drawdowns

RMAX.TO vs. HDIV.TO - Drawdown Comparison

The maximum RMAX.TO drawdown since its inception was -15.90%, smaller than the maximum HDIV.TO drawdown of -22.32%. Use the drawdown chart below to compare losses from any high point for RMAX.TO and HDIV.TO.

Drawdown Indicators

	RMAX.TO	HDIV.TO	Difference
Max Drawdown Largest peak-to-trough decline	-15.90%	-22.32%	+6.42%
Max Drawdown (1Y) Largest decline over 1 year	-6.43%	-8.73%	+2.30%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.58%	—
Current Drawdown Current decline from peak	-2.28%	0.00%	-2.28%
Average Drawdown Average peak-to-trough decline	-3.71%	-4.22%	+0.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.68%	1.80%	+0.88%

Volatility

RMAX.TO vs. HDIV.TO - Volatility Comparison

The current volatility for Hamilton REITs YIELD MAXIMIZER ETF (RMAX.TO) is 3.36%, while Hamilton Enhanced Canadian Covered Call ETF (HDIV.TO) has a volatility of 3.80%. This indicates that RMAX.TO experiences smaller price fluctuations and is considered to be less risky than HDIV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RMAX.TO	HDIV.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.36%	3.80%	-0.44%
Volatility (6M) Calculated over the trailing 6-month period	8.23%	10.31%	-2.08%
Volatility (1Y) Calculated over the trailing 1-year period	10.86%	12.49%	-1.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.98%	15.63%	-2.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.98%	15.63%	-2.65%

RMAX.TO vs. HDIV.TO - Expense Ratio Comparison

RMAX.TO has a 0.79% expense ratio, which is higher than HDIV.TO's 0.00% expense ratio.

Dividends

RMAX.TO vs. HDIV.TO - Dividend Comparison

RMAX.TO's dividend yield for the trailing twelve months is around 10.64%, more than HDIV.TO's 9.25% yield.

Position	TTM	2025	2024	2023	2022	2021
HDIV.TO Hamilton Enhanced Canadian Covered Call ETF	9.25%	10.09%	11.38%	10.41%	9.64%	3.39%
RMAX.TO Hamilton REITs YIELD MAXIMIZER ETF	10.64%	10.65%	4.88%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RMAX.TO and HDIV.TO in my portfolio?

RMAX.TO and HDIV.TO have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, RMAX.TO or HDIV.TO?

On fees, HDIV.TO is cheaper at 0.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, RMAX.TO or HDIV.TO?

HDIV.TO is cheaper with a 0.00% expense ratio, compared with 0.79% for RMAX.TO.

What is the main difference between RMAX.TO and HDIV.TO?

RMAX.TO is categorized as REIT, while HDIV.TO is Derivative Income. Their fees differ too: 0.79% for RMAX.TO and 0.00% for HDIV.TO.