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

SMAX.TO vs. HPF.TO

Last updated Jul 18, 2026
Documentation

SMAX.TO (Hamilton U.S. Equity YIELD MAXIMIZER ETF) and HPF.TO (Harvest Energy Leaders Income ETF Class A CAD Hedged) are both exchange-traded funds - SMAX.TO is a Derivative Income fund actively managed by Hamilton Capital, while HPF.TO is a Energy Equities fund actively managed by Harvest. Both are actively managed. Over the past year, SMAX.TO returned 29.79% vs 41.27% for HPF.TO. At a 0.05 correlation, their price movements are largely independent.

Performance

SMAX.TO vs. HPF.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 Energy Leaders Income ETF Class A CAD Hedged (HPF.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 15.23% return, which is significantly lower than HPF.TO's 31.82% return.

SMAX.TO

1D
-0.93%
1M
-0.73%
6M
12.43%
YTD
15.23%
1Y
29.79%
3Y*
—
5Y*
—
10Y*
—

HPF.TO

1D
1.06%
1M
6.87%
6M
26.38%
YTD
31.82%
1Y
41.27%
3Y*
14.64%
5Y*
17.23%
10Y*
5.28%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023
SMAX.TO
Hamilton U.S. Equity YIELD MAXIMIZER ETF		15.23%13.56%34.57%6.14%
HPF.TO
Harvest Energy Leaders Income ETF Class A CAD Hedged		31.82%8.98%-2.46%-0.14%

Correlation

The correlation between SMAX.TO and HPF.TO is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.11

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

0.05

The correlation between SMAX.TO and HPF.TO shifts across timeframes, from -0.11 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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Hamilton U.S. Equity YIELD MAXIMIZER ETF

Harvest Energy Leaders Income ETF Class A CAD Hedged

Often compared with SMAX.TO:
SMAX.TO vs. HYLD.TOSMAX.TO vs. QMAX.TOSMAX.TO vs. AMAX.TOSMAX.TO vs. HDIV.TOSMAX.TO vs. HHIS.TOSMAX.TO vs. HMAX.TOSMAX.TO vs. USCL.TO
Often compared with HPF.TO:
HPF.TO vs. HTAE.TOHPF.TO vs. TSLY.TOHPF.TO vs. CIF.TOHPF.TO vs. ENCC.TOHPF.TO vs. ENCL.TOHPF.TO vs. HDIF.TOHPF.TO vs. HHIC.TO

Return for Risk

SMAX.TO vs. HPF.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: 8787
Overall Rank
SMAX.TO Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
SMAX.TO Sortino Ratio Rank: 8888
Sortino Ratio Rank
SMAX.TO Omega Ratio Rank: 8888
Omega Ratio Rank
SMAX.TO Calmar Ratio Rank: 8888
Calmar Ratio Rank
SMAX.TO Martin Ratio Rank: 8686
Martin Ratio Rank
HPF.TO
HPF.TO Risk / Return Rank: 8181
Overall Rank
HPF.TO Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
HPF.TO Sortino Ratio Rank: 8080
Sortino Ratio Rank
HPF.TO Omega Ratio Rank: 7878
Omega Ratio Rank
HPF.TO Calmar Ratio Rank: 8585
Calmar Ratio Rank
HPF.TO Martin Ratio Rank: 7575
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. HPF.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 Energy Leaders Income ETF Class A CAD Hedged (HPF.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.TOHPF.TODifference
Sharpe ratioReturn per unit of total volatility
2.28
2.10

+0.18

Sortino ratioReturn per unit of downside risk
3.25
2.73

+0.53

Omega ratioGain probability vs. loss probability

1.43

1.35

+0.08

Calmar ratioReturn relative to maximum drawdown

4.08

3.45

+0.63

Martin ratioReturn relative to average drawdown

13.76

10.17

+3.59

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

The current SMAX.TO Sharpe Ratio is 2.28, which is comparable to the HPF.TO Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of SMAX.TO and HPF.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. HPF.TO - Drawdown Comparison

The maximum SMAX.TO drawdown since its inception was -18.88%, smaller than the maximum HPF.TO drawdown of -72.97%. Use the drawdown chart below to compare losses from any high point for SMAX.TO and HPF.TO.

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Drawdown Indicators

SMAX.TOHPF.TODifference

Max Drawdown

Largest peak-to-trough decline

-18.88%

-72.97%

+54.09%

Max Drawdown (1Y)

Largest decline over 1 year

-7.33%

-12.01%

+4.68%

Max Drawdown (3Y)

Largest decline over 3 years

—

-22.85%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-23.87%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-69.11%

—

Current Drawdown

Current decline from peak

-3.20%

-3.42%

+0.22%

Average Drawdown

Average peak-to-trough decline

-2.40%

-26.26%

+23.86%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.17%

4.07%

-1.90%

Volatility

SMAX.TO vs. HPF.TO - Volatility Comparison

The current volatility for Hamilton U.S. Equity YIELD MAXIMIZER ETF (SMAX.TO) is 3.74%, while Harvest Energy Leaders Income ETF Class A CAD Hedged (HPF.TO) has a volatility of 6.39%. This indicates that SMAX.TO experiences smaller price fluctuations and is considered to be less risky than HPF.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.TOHPF.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.74%

6.39%

-2.65%

Volatility (6M)

Calculated over the trailing 6-month period

10.75%

16.32%

-5.57%

Volatility (1Y)

Calculated over the trailing 1-year period

13.13%

19.73%

-6.60%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.60%

23.63%

-9.03%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.60%

28.03%

-13.43%

Dividends

SMAX.TO vs. HPF.TO - Dividend Comparison

SMAX.TO's dividend yield for the trailing twelve months is around 10.00%, more than HPF.TO's 7.85% yield.

PositionTTM20252024202320222021202020192018201720162015
HPF.TO
Harvest Energy Leaders Income ETF Class A CAD Hedged		7.85%9.93%9.80%8.75%6.58%4.61%15.32%8.74%8.78%12.87%13.58%13.31%
SMAX.TO
Hamilton U.S. Equity YIELD MAXIMIZER ETF		10.00%10.50%10.11%1.92%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

SMAX.TO and HPF.TO have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SMAX.TO is categorized as Derivative Income, while HPF.TO is Energy Equities. They also come from different issuers: Hamilton Capital and Harvest.

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