SMAX.TO vs. EMCL.NEO

Last updated Jul 1, 2026

SMAX.TO (Hamilton U.S. Equity YIELD MAXIMIZER ETF) and EMCL.NEO (Global X Enhanced MSCI Emerging Markets Covered Call ETF) are both Derivative Income funds. Both are actively managed. Over the past year, SMAX.TO returned 36.94% vs 50.83% for EMCL.NEO. A 0.52 correlation means they provide meaningful diversification when combined.

Performance

SMAX.TO vs. EMCL.NEO - 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 Enhanced MSCI Emerging Markets Covered Call ETF (EMCL.NEO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMAX.TO achieves a 18.78% return, which is significantly lower than EMCL.NEO's 29.58% return.

SMAX.TO

• 1D: 0.66%
• 1M: 2.61%
• YTD: 18.78%
• 6M: 18.40%
• 1Y: 36.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EMCL.NEO

• 1D: 1.62%
• 1M: 4.66%
• YTD: 29.58%
• 6M: 29.82%
• 1Y: 50.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMAX.TO vs. EMCL.NEO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMAX.TO Hamilton U.S. Equity YIELD MAXIMIZER ETF	18.78%	13.56%	18.00%
EMCL.NEO Global X Enhanced MSCI Emerging Markets Covered Call ETF	29.58%	20.46%	3.66%

Correlation

The correlation between SMAX.TO and EMCL.NEO is 0.69, 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	0.69
Correlation (All Time) Calculated using the full available price history since May 29, 2024	0.52

The correlation between SMAX.TO and EMCL.NEO shifts across timeframes, from 0.52 (all time) to 0.69 (1 year), reflecting how their relationship changes across market environments.

SMAX.TO vs. EMCL.NEO - Sectors Allocation Comparison

Sectors	SMAX.TO	EMCL.NEO
Technology	38.4%	40.3%
Communication Services	10.8%	6.5%
Financial Services	10.5%	19.8%
Consumer Cyclical	8.3%	6.3%
Industrials	7.8%	7.8%
Healthcare	7.4%	2.2%
Real Estate	3.7%	1.1%
Basic Materials	3.5%	7.0%
Consumer Defensive	3.3%	2.8%
Utilities	3.3%	2.1%
Energy	3.1%	4.2%

Return for Risk

SMAX.TO vs. EMCL.NEO — 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: 92
SMAX.TO Sharpe Ratio Rank: 93
SMAX.TO Sortino Ratio Rank: 93
SMAX.TO Omega Ratio Rank: 93
SMAX.TO Calmar Ratio Rank: 91
SMAX.TO Martin Ratio Rank: 90

EMCL.NEO

EMCL.NEO Risk / Return Rank: 83
EMCL.NEO Sharpe Ratio Rank: 84
EMCL.NEO Sortino Ratio Rank: 73
EMCL.NEO Omega Ratio Rank: 88
EMCL.NEO Calmar Ratio Rank: 84
EMCL.NEO Martin Ratio Rank: 83

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. EMCL.NEO - 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 Enhanced MSCI Emerging Markets Covered Call ETF (EMCL.NEO). 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	EMCL.NEO	Difference
Sharpe ratio: Return per unit of total volatility	2.87	2.33	+0.54
Sortino ratio: Return per unit of downside risk	4.01	2.82	+1.19
Omega ratio: Gain probability vs. loss probability	1.55	1.47	+0.08
Calmar ratio: Return relative to maximum drawdown	5.06	3.99	+1.07
Martin ratio: Return relative to average drawdown	17.21	14.20	+3.01

SMAX.TO vs. EMCL.NEO - Sharpe Ratio Comparison

The current SMAX.TO Sharpe Ratio is 2.87, which is comparable to the EMCL.NEO Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of SMAX.TO and EMCL.NEO, 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. EMCL.NEO - Drawdown Comparison

The maximum SMAX.TO drawdown since its inception was -18.88%, roughly equal to the maximum EMCL.NEO drawdown of -19.73%. Use the drawdown chart below to compare losses from any high point for SMAX.TO and EMCL.NEO.

Drawdown Indicators

	SMAX.TO	EMCL.NEO	Difference
Max Drawdown Largest peak-to-trough decline	-18.88%	-19.73%	+0.85%
Max Drawdown (1Y) Largest decline over 1 year	-7.33%	-13.12%	+5.79%
Current Drawdown Current decline from peak	0.00%	-2.66%	+2.66%
Average Drawdown Average peak-to-trough decline	-2.43%	-2.58%	+0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	3.64%	-1.49%

Volatility

SMAX.TO vs. EMCL.NEO - Volatility Comparison

The current volatility for Hamilton U.S. Equity YIELD MAXIMIZER ETF (SMAX.TO) is 5.08%, while Global X Enhanced MSCI Emerging Markets Covered Call ETF (EMCL.NEO) has a volatility of 12.54%. This indicates that SMAX.TO experiences smaller price fluctuations and is considered to be less risky than EMCL.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMAX.TO	EMCL.NEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.08%	12.54%	-7.46%
Volatility (6M) Calculated over the trailing 6-month period	10.53%	20.84%	-10.31%
Volatility (1Y) Calculated over the trailing 1-year period	12.94%	22.52%	-9.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.65%	22.96%	-8.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.65%	22.96%	-8.31%

Dividends

SMAX.TO vs. EMCL.NEO - Dividend Comparison

SMAX.TO's dividend yield for the trailing twelve months is around 9.70%, less than EMCL.NEO's 10.19% yield.

Position	TTM	2025	2024	2023
EMCL.NEO Global X Enhanced MSCI Emerging Markets Covered Call ETF	10.19%	9.86%	3.10%	0.00%
SMAX.TO Hamilton U.S. Equity YIELD MAXIMIZER ETF	9.70%	10.50%	10.11%	1.92%

Frequently Asked Questions

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

SMAX.TO and EMCL.NEO have a correlation of 0.69, 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 EMCL.NEO?

They also come from different issuers: Hamilton Capital and Global X.