SMAX.TO vs. DXQ.TO
SMAX.TO (Hamilton U.S. Equity YIELD MAXIMIZER ETF) and DXQ.TO (Dynamic Active Enhanced Yield Covered Options ETF) are both Derivative Income funds. Both are actively managed. Over the past year, SMAX.TO returned 36.94% vs 16.99% for DXQ.TO. A 0.71 correlation means they provide meaningful diversification when combined. SMAX.TO charges 0.65%/yr vs 0.72%/yr for DXQ.TO.
Performance
SMAX.TO vs. DXQ.TO - Performance Comparison
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Returns By Period
In the year-to-date period, SMAX.TO achieves a 18.78% return, which is significantly higher than DXQ.TO's 8.44% return.
SMAX.TO
- 1D
- 0.66%
- 1M
- 2.61%
- YTD
- 18.78%
- 6M
- 18.40%
- 1Y
- 36.94%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DXQ.TO
- 1D
- 0.60%
- 1M
- 1.25%
- YTD
- 8.44%
- 6M
- 8.44%
- 1Y
- 16.99%
- 3Y*
- 17.36%
- 5Y*
- —
- 10Y*
- —
SMAX.TO vs. DXQ.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SMAX.TO Hamilton U.S. Equity YIELD MAXIMIZER ETF | 18.78% | 13.56% | 34.57% | 6.14% |
DXQ.TO Dynamic Active Enhanced Yield Covered Options ETF | 8.44% | 12.99% | 21.07% | 5.79% |
Correlation
The correlation between SMAX.TO and DXQ.TO is 0.71, 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 | 0.71 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2023 | 0.71 |
The correlation between SMAX.TO and DXQ.TO has been stable across timeframes, ranging from 0.71 to 0.71 - a consistent structural relationship.
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Return for Risk
SMAX.TO vs. DXQ.TO — Risk / Return Rank
SMAX.TO
DXQ.TO
SMAX.TO vs. DXQ.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 Dynamic Active Enhanced Yield Covered Options ETF (DXQ.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 | DXQ.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.04 | ||
| Sortino ratioReturn per unit of downside risk | +1.42 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.35 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 5.06 | 3.34 | +1.73 |
| Martin ratioReturn relative to average drawdown | 17.21 | 9.21 | +8.00 |
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Drawdowns
SMAX.TO vs. DXQ.TO - Drawdown Comparison
The maximum SMAX.TO drawdown since its inception was -18.88%, which is greater than DXQ.TO's maximum drawdown of -15.54%. Use the drawdown chart below to compare losses from any high point for SMAX.TO and DXQ.TO.
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Drawdown Indicators
| SMAX.TO | DXQ.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.88% | -15.54% | -3.34% |
Max Drawdown (1Y)Largest decline over 1 year | -7.33% | -5.11% | -2.22% |
Max Drawdown (3Y)Largest decline over 3 years | — | -15.54% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.88% | +0.88% |
Average DrawdownAverage peak-to-trough decline | -2.43% | -1.26% | -1.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.15% | 1.85% | +0.30% |
Volatility
SMAX.TO vs. DXQ.TO - Volatility Comparison
Hamilton U.S. Equity YIELD MAXIMIZER ETF (SMAX.TO) has a higher volatility of 5.08% compared to Dynamic Active Enhanced Yield Covered Options ETF (DXQ.TO) at 3.15%. This indicates that SMAX.TO's price experiences larger fluctuations and is considered to be riskier than DXQ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMAX.TO | DXQ.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.08% | 3.15% | +1.93% |
Volatility (6M)Calculated over the trailing 6-month period | 10.53% | 7.59% | +2.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.94% | 9.31% | +3.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.65% | 10.91% | +3.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.65% | 10.91% | +3.74% |
SMAX.TO vs. DXQ.TO - Expense Ratio Comparison
SMAX.TO has a 0.65% expense ratio, which is lower than DXQ.TO's 0.72% expense ratio.
Dividends
SMAX.TO vs. DXQ.TO - Dividend Comparison
SMAX.TO's dividend yield for the trailing twelve months is around 9.70%, more than DXQ.TO's 7.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
DXQ.TO Dynamic Active Enhanced Yield Covered Options ETF | 7.82% | 7.45% | 5.74% | 6.54% | 1.83% |
SMAX.TO Hamilton U.S. Equity YIELD MAXIMIZER ETF | 9.70% | 10.50% | 10.11% | 1.92% | 0.00% |
Frequently Asked Questions
SMAX.TO and DXQ.TO have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SMAX.TO is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SMAX.TO is cheaper with a 0.65% expense ratio, compared with 0.72% for DXQ.TO.
They also come from different issuers: Hamilton Capital and Dynamic. Their fees differ too: 0.65% for SMAX.TO and 0.72% for DXQ.TO.
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