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

SMAX.TO vs. XFR.TO

Last updated Jun 14, 2026

SMAX.TO (Hamilton U.S. Equity YIELD MAXIMIZER ETF) and XFR.TO (iShares Floating Rate Index ETF) are both exchange-traded funds - SMAX.TO is a Derivative Income fund actively managed by Hamilton Capital, while XFR.TO is a Canadian Government Bonds fund tracking the Morningstar Can 1-5Y Core Bd GR CAD. SMAX.TO is actively managed, while XFR.TO is passively managed. Over the past year, SMAX.TO returned 35.90% vs 3.02% for XFR.TO. At a 0.03 correlation, their price movements are largely independent. SMAX.TO charges 0.65%/yr vs 0.14%/yr for XFR.TO.

Performance

SMAX.TO vs. XFR.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 iShares Floating Rate Index ETF (XFR.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 XFR.TO's 1.15% return.

SMAX.TO

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

XFR.TO

1D
0.05%
1M
0.26%
YTD
1.15%
6M
1.33%
1Y
3.02%
3Y*
3.98%
5Y*
3.24%
10Y*
2.26%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023
SMAX.TO
Hamilton U.S. Equity YIELD MAXIMIZER ETF		14.89%13.56%34.57%6.14%
XFR.TO
iShares Floating Rate Index ETF		1.15%3.33%4.57%0.98%

Correlation

The correlation between SMAX.TO and XFR.TO is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

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

0.09

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

0.03

Compare stocks, funds, or ETFs

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Hamilton U.S. Equity YIELD MAXIMIZER ETF

iShares Floating Rate Index ETF

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 XFR.TO:
XFR.TO vs. CASH.TOXFR.TO vs. ZMMK.TOXFR.TO vs. CMR.TOXFR.TO vs. XSH.TOXFR.TO vs. XBB.TOXFR.TO vs. ZST.TOXFR.TO vs. XHY.TO

Return for Risk

SMAX.TO vs. XFR.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
XFR.TO
XFR.TO Risk / Return Rank: 9898
Overall Rank
XFR.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
XFR.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
XFR.TO Omega Ratio Rank: 9898
Omega Ratio Rank
XFR.TO Calmar Ratio Rank: 9999
Calmar Ratio Rank
XFR.TO Martin Ratio Rank: 9999
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. XFR.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 iShares Floating Rate Index ETF (XFR.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.TOXFR.TODifference
Sharpe ratioReturn per unit of total volatility
2.79
4.14

-1.35

Sortino ratioReturn per unit of downside risk
3.87
7.03

-3.17

Omega ratioGain probability vs. loss probability

1.54

1.98

-0.44

Calmar ratioReturn relative to maximum drawdown

4.79

29.79

-25.00

Martin ratioReturn relative to average drawdown

16.38

90.21

-73.83

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

The current SMAX.TO Sharpe Ratio is 2.79, which is lower than the XFR.TO Sharpe Ratio of 4.14. The chart below compares the historical Sharpe Ratios of SMAX.TO and XFR.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. XFR.TO - Drawdown Comparison

The maximum SMAX.TO drawdown since its inception was -18.88%, which is greater than XFR.TO's maximum drawdown of -4.12%. Use the drawdown chart below to compare losses from any high point for SMAX.TO and XFR.TO.

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Drawdown Indicators

SMAX.TOXFR.TODifference

Max Drawdown

Largest peak-to-trough decline

-18.88%

-4.12%

-14.76%

Max Drawdown (1Y)

Largest decline over 1 year

-7.33%

-0.10%

-7.23%

Max Drawdown (3Y)

Largest decline over 3 years

—

-0.30%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-0.30%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-4.12%

—

Current Drawdown

Current decline from peak

-2.26%

0.00%

-2.26%

Average Drawdown

Average peak-to-trough decline

-2.46%

-0.06%

-2.40%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.14%

0.03%

+2.11%

Volatility

SMAX.TO vs. XFR.TO - Volatility Comparison

Hamilton U.S. Equity YIELD MAXIMIZER ETF (SMAX.TO) has a higher volatility of 6.14% compared to iShares Floating Rate Index ETF (XFR.TO) at 0.23%. This indicates that SMAX.TO's price experiences larger fluctuations and is considered to be riskier than XFR.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.TOXFR.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.14%

0.23%

+5.91%

Volatility (6M)

Calculated over the trailing 6-month period

10.10%

0.47%

+9.63%

Volatility (1Y)

Calculated over the trailing 1-year period

12.58%

0.72%

+11.86%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.62%

0.85%

+13.77%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.62%

1.86%

+12.76%

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

SMAX.TO has a 0.65% expense ratio, which is higher than XFR.TO's 0.14% expense ratio.

Dividends

SMAX.TO vs. XFR.TO - Dividend Comparison

SMAX.TO's dividend yield for the trailing twelve months is around 9.86%, more than XFR.TO's 2.77% yield.

PositionTTM20252024202320222021202020192018201720162015
SMAX.TO
Hamilton U.S. Equity YIELD MAXIMIZER ETF		9.86%10.50%10.11%1.92%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
XFR.TO
iShares Floating Rate Index ETF		2.77%3.23%4.93%4.91%1.84%0.30%1.07%1.99%1.64%0.92%0.65%0.95%

Frequently Asked Questions

SMAX.TO and XFR.TO have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XFR.TO is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XFR.TO is cheaper with a 0.14% expense ratio, compared with 0.65% for SMAX.TO.

SMAX.TO is categorized as Derivative Income, while XFR.TO is Canadian Government Bonds. They also come from different issuers: Hamilton Capital and iShares. Their fees differ too: 0.65% for SMAX.TO and 0.14% for XFR.TO.

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