SMAX.TO vs. CBNK.TO

Last updated Jun 4, 2026

SMAX.TO (Hamilton U.S. Equity YIELD MAXIMIZER ETF) and CBNK.TO (Mulvihill Canadian Bank Enhanced Yield ETF) are both Derivative Income funds. Both are actively managed. Over the past year, SMAX.TO returned 44.38% vs 79.20% for CBNK.TO. At a 0.41 correlation, their price movements are largely independent.

Performance

SMAX.TO vs. CBNK.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Hamilton U.S. Equity YIELD MAXIMIZER ETF (SMAX.TO) and Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMAX.TO achieves a 18.79% return, which is significantly lower than CBNK.TO's 25.56% return.

SMAX.TO

• 1D: 0.31%
• 1M: 10.49%
• YTD: 18.79%
• 6M: 17.56%
• 1Y: 44.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBNK.TO

• 1D: 0.42%
• 1M: 7.74%
• YTD: 25.56%
• 6M: 32.17%
• 1Y: 79.20%
• 3Y*: 38.97%
• 5Y*: —
• 10Y*: —

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

SMAX.TO vs. CBNK.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SMAX.TO Hamilton U.S. Equity YIELD MAXIMIZER ETF	18.79%	18.64%	40.16%	7.98%
CBNK.TO Mulvihill Canadian Bank Enhanced Yield ETF	25.56%	51.67%	27.42%	22.87%

Correlation

The correlation between SMAX.TO and CBNK.TO is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (All Time) Calculated using the full available price history since Oct 27, 2023	0.41

Return for Risk

SMAX.TO vs. CBNK.TO — Risk / Return Rank

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

SMAX.TO

SMAX.TO Risk / Return Rank: 94
SMAX.TO Sharpe Ratio Rank: 94
SMAX.TO Sortino Ratio Rank: 94
SMAX.TO Omega Ratio Rank: 94
SMAX.TO Calmar Ratio Rank: 93
SMAX.TO Martin Ratio Rank: 93

CBNK.TO

CBNK.TO Risk / Return Rank: 96
CBNK.TO Sharpe Ratio Rank: 98
CBNK.TO Sortino Ratio Rank: 98
CBNK.TO Omega Ratio Rank: 97
CBNK.TO Calmar Ratio Rank: 95
CBNK.TO Martin Ratio Rank: 96

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.

SMAX.TO vs. CBNK.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton U.S. Equity YIELD MAXIMIZER ETF (SMAX.TO) and Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.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.

	SMAX.TO	CBNK.TO	Difference
Sharpe ratio Return per unit of total volatility	3.61	5.12	-1.51
Sortino ratio Return per unit of downside risk	5.00	6.76	-1.76
Omega ratio Gain probability vs. loss probability	1.71	1.87	-0.16
Calmar ratio Return relative to maximum drawdown	6.95	7.94	-0.99
Martin ratio Return relative to average drawdown	25.77	34.25	-8.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMAX.TO vs. CBNK.TO - Sharpe Ratio Comparison

The current SMAX.TO Sharpe Ratio is 3.61, which is comparable to the CBNK.TO Sharpe Ratio of 5.12. The chart below compares the historical Sharpe Ratios of SMAX.TO and CBNK.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

	SMAX.TO	CBNK.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.61	5.12	-1.51
Sharpe Ratio (All Time) Calculated using the full available price history	2.32	1.10	+1.23

Drawdowns

SMAX.TO vs. CBNK.TO - Drawdown Comparison

The maximum SMAX.TO drawdown since its inception was -18.22%, smaller than the maximum CBNK.TO drawdown of -32.12%. Use the drawdown chart below to compare losses from any high point for SMAX.TO and CBNK.TO.

Drawdown Indicators

	SMAX.TO	CBNK.TO	Difference
Max Drawdown Largest peak-to-trough decline	-18.22%	-32.12%	+13.90%
Max Drawdown (1Y) Largest decline over 1 year	-6.42%	-10.03%	+3.61%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.92%	—
Current Drawdown Current decline from peak	-0.32%	-2.29%	+1.97%
Average Drawdown Average peak-to-trough decline	-2.09%	-10.92%	+8.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.73%	2.32%	-0.59%

Volatility

SMAX.TO vs. CBNK.TO - Volatility Comparison

Hamilton U.S. Equity YIELD MAXIMIZER ETF (SMAX.TO) and Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.TO) have volatilities of 5.51% and 5.67%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMAX.TO	CBNK.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.51%	5.67%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	9.72%	13.29%	-3.57%
Volatility (1Y) Calculated over the trailing 1-year period	12.36%	15.55%	-3.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.62%	17.55%	-2.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.62%	17.55%	-2.93%

Dividends

SMAX.TO vs. CBNK.TO - Dividend Comparison

SMAX.TO's dividend yield for the trailing twelve months is around 13.36%, more than CBNK.TO's 5.94% yield.

Position	TTM	2025	2024	2023	2022
CBNK.TO Mulvihill Canadian Bank Enhanced Yield ETF	5.94%	5.86%	8.25%	9.59%	7.85%
SMAX.TO Hamilton U.S. Equity YIELD MAXIMIZER ETF	13.36%	14.67%	13.88%	2.57%	0.00%

Frequently Asked Questions

Can I hold both SMAX.TO and CBNK.TO in my portfolio?

SMAX.TO and CBNK.TO have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between SMAX.TO and CBNK.TO?

They also come from different issuers: Hamilton Capital and Mulvihill.