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SMAX.TO vs. HDIF.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMAX.TO vs. HDIF.TO

Last updated Jun 14, 2026

SMAX.TO (Hamilton U.S. Equity YIELD MAXIMIZER ETF) and HDIF.TO (Harvest Diversified Monthly Income ETF - Class A Units) are both Derivative Income funds. Both are actively managed. Over the past year, SMAX.TO returned 35.90% vs 28.27% for HDIF.TO. A 0.66 correlation means they provide meaningful diversification when combined. SMAX.TO charges 0.65%/yr vs 2.47%/yr for HDIF.TO.

Performance

SMAX.TO vs. HDIF.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 Harvest Diversified Monthly Income ETF - Class A Units (HDIF.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SMAX.TO achieves a 14.89% return, which is significantly higher than HDIF.TO's 11.43% return.

SMAX.TO

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

HDIF.TO

1D
0.74%
1M
4.15%
YTD
11.43%
6M
12.09%
1Y
28.27%
3Y*
17.71%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023
SMAX.TO
Hamilton U.S. Equity YIELD MAXIMIZER ETF		14.89%13.56%34.57%6.14%
HDIF.TO
Harvest Diversified Monthly Income ETF - Class A Units		11.43%15.70%18.44%17.54%

Correlation

The correlation between SMAX.TO and HDIF.TO is 0.68, 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

0.68

Correlation (All Time)
Calculated using the full available price history since Oct 26, 2023

0.66

The correlation between SMAX.TO and HDIF.TO has been stable across timeframes, ranging from 0.66 to 0.68 - a consistent structural relationship.

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

Sectors
SMAX.TO
HDIF.TO

Technology

33.6%
27.6%

Communication Services

11.9%
10.3%

Financial Services

11.5%
15.6%

Consumer Cyclical

8.3%
9.7%

Industrials

8.1%
9.4%

Healthcare

7.4%
11.4%

Consumer Defensive

4.0%
3.9%

Real Estate

4.0%
0.8%

Utilities

3.9%
5.0%

Basic Materials

3.8%
1.1%

Energy

3.6%
5.3%

Technology

SMAX.TO
33.6%
HDIF.TO
27.6%

Communication Services

SMAX.TO
11.9%
HDIF.TO
10.3%

Financial Services

SMAX.TO
11.5%
HDIF.TO
15.6%

Consumer Cyclical

SMAX.TO
8.3%
HDIF.TO
9.7%

Industrials

SMAX.TO
8.1%
HDIF.TO
9.4%

Healthcare

SMAX.TO
7.4%
HDIF.TO
11.4%

Consumer Defensive

SMAX.TO
4.0%
HDIF.TO
3.9%

Real Estate

SMAX.TO
4.0%
HDIF.TO
0.8%

Utilities

SMAX.TO
3.9%
HDIF.TO
5.0%

Basic Materials

SMAX.TO
3.8%
HDIF.TO
1.1%

Energy

SMAX.TO
3.6%
HDIF.TO
5.3%

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Hamilton U.S. Equity YIELD MAXIMIZER ETF

Harvest Diversified Monthly Income ETF - Class A Units

Often compared with SMAX.TO:
SMAX.TO vs. QMAX.TOSMAX.TO vs. HYLD.TOSMAX.TO vs. AMAX.TOSMAX.TO vs. HDIV.TOSMAX.TO vs. HHIS.TOSMAX.TO vs. HMAX.TOSMAX.TO vs. USCL.TO
Often compared with HDIF.TO:
HDIF.TO vs. HDIV.TOHDIF.TO vs. HYLD.TOHDIF.TO vs. XEQT.TOHDIF.TO vs. HTAE.TOHDIF.TO vs. MQQQHDIF.TO vs. ZMMK.TOHDIF.TO vs. VDY.TO

Return for Risk

SMAX.TO vs. HDIF.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: 9090
Overall Rank
SMAX.TO Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
SMAX.TO Sortino Ratio Rank: 9292
Sortino Ratio Rank
SMAX.TO Omega Ratio Rank: 9292
Omega Ratio Rank
SMAX.TO Calmar Ratio Rank: 9090
Calmar Ratio Rank
SMAX.TO Martin Ratio Rank: 8787
Martin Ratio Rank
HDIF.TO
HDIF.TO Risk / Return Rank: 7373
Overall Rank
HDIF.TO Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
HDIF.TO Sortino Ratio Rank: 7272
Sortino Ratio Rank
HDIF.TO Omega Ratio Rank: 7474
Omega Ratio Rank
HDIF.TO Calmar Ratio Rank: 7070
Calmar Ratio Rank
HDIF.TO Martin Ratio Rank: 7676
Martin Ratio Rank
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. HDIF.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 Harvest Diversified Monthly Income ETF - Class A Units (HDIF.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.TOHDIF.TODifference
Sharpe ratioReturn per unit of total volatility
2.79
2.07

+0.72

Sortino ratioReturn per unit of downside risk
3.87
2.81

+1.05

Omega ratioGain probability vs. loss probability

1.54

1.37

+0.16

Calmar ratioReturn relative to maximum drawdown

4.79

3.06

+1.73

Martin ratioReturn relative to average drawdown

16.38

12.56

+3.83

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

The current SMAX.TO Sharpe Ratio is 2.79, which is higher than the HDIF.TO Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of SMAX.TO and HDIF.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.

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Drawdowns

SMAX.TO vs. HDIF.TO - Drawdown Comparison

The maximum SMAX.TO drawdown since its inception was -18.88%, smaller than the maximum HDIF.TO drawdown of -24.08%. Use the drawdown chart below to compare losses from any high point for SMAX.TO and HDIF.TO.

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Drawdown Indicators

SMAX.TOHDIF.TODifference

Max Drawdown

Largest peak-to-trough decline

-18.88%

-24.08%

+5.20%

Max Drawdown (1Y)

Largest decline over 1 year

-7.33%

-8.79%

+1.46%

Max Drawdown (3Y)

Largest decline over 3 years

—

-19.59%

—

Current Drawdown

Current decline from peak

-2.26%

-0.84%

-1.42%

Average Drawdown

Average peak-to-trough decline

-2.46%

-6.63%

+4.17%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.14%

2.14%

0.00%

Volatility

SMAX.TO vs. HDIF.TO - Volatility Comparison

Hamilton U.S. Equity YIELD MAXIMIZER ETF (SMAX.TO) has a higher volatility of 6.14% compared to Harvest Diversified Monthly Income ETF - Class A Units (HDIF.TO) at 4.52%. This indicates that SMAX.TO's price experiences larger fluctuations and is considered to be riskier than HDIF.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.TOHDIF.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.14%

4.52%

+1.62%

Volatility (6M)

Calculated over the trailing 6-month period

10.10%

10.75%

-0.65%

Volatility (1Y)

Calculated over the trailing 1-year period

12.58%

12.99%

-0.41%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.62%

17.49%

-2.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.62%

17.49%

-2.87%

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

SMAX.TO has a 0.65% expense ratio, which is lower than HDIF.TO's 2.47% expense ratio.

Dividends

SMAX.TO vs. HDIF.TO - Dividend Comparison

SMAX.TO's dividend yield for the trailing twelve months is around 9.86%, less than HDIF.TO's 10.23% yield.

PositionTTM2025202420232022
HDIF.TO
Harvest Diversified Monthly Income ETF - Class A Units		10.23%9.95%10.14%10.59%8.93%
SMAX.TO
Hamilton U.S. Equity YIELD MAXIMIZER ETF		9.86%10.50%10.11%1.92%0.00%

Frequently Asked Questions

SMAX.TO and HDIF.TO have a correlation of 0.68, 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 2.47% for HDIF.TO.

They also come from different issuers: Hamilton Capital and Harvest. Their fees differ too: 0.65% for SMAX.TO and 2.47% for HDIF.TO.

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