SMAX.TO vs. CHPS.TO

Last updated Jun 14, 2026

SMAX.TO (Hamilton U.S. Equity YIELD MAXIMIZER ETF) and CHPS.TO (Global X Artificial Intelligence Semiconductor Index ETF) are both exchange-traded funds - SMAX.TO is a Derivative Income fund actively managed by Hamilton Capital, while CHPS.TO is a Semiconductors fund tracking the PHLX US AI Semiconductor Index. SMAX.TO is actively managed, while CHPS.TO is passively managed. Over the past year, SMAX.TO returned 35.90% vs 123.06% for CHPS.TO. A 0.68 correlation means they provide meaningful diversification when combined. SMAX.TO charges 0.65%/yr vs 0.63%/yr for CHPS.TO.

Performance

SMAX.TO vs. CHPS.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 Global X Artificial Intelligence Semiconductor Index ETF (CHPS.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 14.89% return, which is significantly lower than CHPS.TO's 60.68% return.

SMAX.TO

• 1D: 0.36%
• 1M: 2.79%
• YTD: 14.89%
• 6M: 15.02%
• 1Y: 35.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CHPS.TO

• 1D: 1.86%
• 1M: 13.58%
• YTD: 60.68%
• 6M: 61.37%
• 1Y: 123.06%
• 3Y*: 47.55%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023
SMAX.TO Hamilton U.S. Equity YIELD MAXIMIZER ETF	14.89%	13.56%	34.57%	6.14%
CHPS.TO Global X Artificial Intelligence Semiconductor Index ETF	60.68%	45.93%	20.38%	28.61%

Correlation

The correlation between SMAX.TO and CHPS.TO is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (All Time) Calculated using the full available price history since Oct 26, 2023	0.68

The correlation between SMAX.TO and CHPS.TO has been stable across timeframes, ranging from 0.68 to 0.72 - a consistent structural relationship.

SMAX.TO vs. CHPS.TO - Sectors Allocation Comparison

Sectors	SMAX.TO	CHPS.TO
Technology	33.6%	100.0%
Communication Services	11.9%	-
Financial Services	11.5%	-
Consumer Cyclical	8.3%	-
Industrials	8.1%	-
Healthcare	7.4%	-
Consumer Defensive	4.0%	-
Real Estate	4.0%	-
Utilities	3.9%	-
Basic Materials	3.8%	-
Energy	3.6%	-

Return for Risk

SMAX.TO vs. CHPS.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: 90
SMAX.TO Sharpe Ratio Rank: 92
SMAX.TO Sortino Ratio Rank: 92
SMAX.TO Omega Ratio Rank: 92
SMAX.TO Calmar Ratio Rank: 90
SMAX.TO Martin Ratio Rank: 87

CHPS.TO

CHPS.TO Risk / Return Rank: 94
CHPS.TO Sharpe Ratio Rank: 96
CHPS.TO Sortino Ratio Rank: 91
CHPS.TO Omega Ratio Rank: 91
CHPS.TO Calmar Ratio Rank: 97
CHPS.TO Martin Ratio Rank: 95

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. CHPS.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 Global X Artificial Intelligence Semiconductor Index ETF (CHPS.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.

	SMAX.TO	CHPS.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.79	3.56	-0.77
Sortino ratio: Return per unit of downside risk	3.87	3.81	+0.06
Omega ratio: Gain probability vs. loss probability	1.54	1.53	+0.01
Calmar ratio: Return relative to maximum drawdown	4.79	9.12	-4.33
Martin ratio: Return relative to average drawdown	16.38	26.48	-10.10

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

The current SMAX.TO Sharpe Ratio is 2.79, which is comparable to the CHPS.TO Sharpe Ratio of 3.56. The chart below compares the historical Sharpe Ratios of SMAX.TO and CHPS.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

SMAX.TO vs. CHPS.TO - Drawdown Comparison

The maximum SMAX.TO drawdown since its inception was -18.88%, smaller than the maximum CHPS.TO drawdown of -48.16%. Use the drawdown chart below to compare losses from any high point for SMAX.TO and CHPS.TO.

Drawdown Indicators

	SMAX.TO	CHPS.TO	Difference
Max Drawdown Largest peak-to-trough decline	-18.88%	-48.16%	+29.28%
Max Drawdown (1Y) Largest decline over 1 year	-7.33%	-13.35%	+6.02%
Max Drawdown (3Y) Largest decline over 3 years	—	-37.49%	—
Current Drawdown Current decline from peak	-2.26%	-3.22%	+0.96%
Average Drawdown Average peak-to-trough decline	-2.46%	-13.88%	+11.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.14%	4.55%	-2.41%

Volatility

SMAX.TO vs. CHPS.TO - Volatility Comparison

The current volatility for Hamilton U.S. Equity YIELD MAXIMIZER ETF (SMAX.TO) is 6.14%, while Global X Artificial Intelligence Semiconductor Index ETF (CHPS.TO) has a volatility of 15.67%. This indicates that SMAX.TO experiences smaller price fluctuations and is considered to be less risky than CHPS.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMAX.TO	CHPS.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.14%	15.67%	-9.53%
Volatility (6M) Calculated over the trailing 6-month period	10.10%	27.93%	-17.83%
Volatility (1Y) Calculated over the trailing 1-year period	12.58%	34.16%	-21.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.62%	34.50%	-19.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.62%	34.50%	-19.88%

SMAX.TO vs. CHPS.TO - Expense Ratio Comparison

SMAX.TO has a 0.65% expense ratio, which is higher than CHPS.TO's 0.63% expense ratio.

Dividends

SMAX.TO vs. CHPS.TO - Dividend Comparison

SMAX.TO's dividend yield for the trailing twelve months is around 9.86%, more than CHPS.TO's 0.01% yield.

Position	TTM	2025	2024	2023	2022	2021
CHPS.TO Global X Artificial Intelligence Semiconductor Index ETF	0.01%	0.01%	0.20%	0.53%	0.97%	0.01%
SMAX.TO Hamilton U.S. Equity YIELD MAXIMIZER ETF	9.86%	10.50%	10.11%	1.92%	0.00%	0.00%

Frequently Asked Questions

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

SMAX.TO and CHPS.TO have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMAX.TO or CHPS.TO?

On fees, CHPS.TO is cheaper at 0.63% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMAX.TO or CHPS.TO?

CHPS.TO is cheaper with a 0.63% expense ratio, compared with 0.65% for SMAX.TO.

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

SMAX.TO is categorized as Derivative Income, while CHPS.TO is Semiconductors. They also come from different issuers: Hamilton Capital and Global X. Their fees differ too: 0.65% for SMAX.TO and 0.63% for CHPS.TO.