SMAX.TO vs. XYLD

Last updated Apr 2, 2026

Compare and contrast key facts about Hamilton U.S. Equity YIELD MAXIMIZER ETF (SMAX.TO) and Global X S&P 500 Covered Call ETF (XYLD).

SMAX.TO and XYLD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SMAX.TO is an actively managed fund by Hamilton Capital. It was launched on Oct 25, 2023. XYLD is a passively managed fund by Global X that tracks the performance of the Cboe S&P 500 BuyWrite Index. It was launched on Jun 24, 2013.

Performance

SMAX.TO vs. XYLD - 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 S&P 500 Covered Call ETF (XYLD). The values are adjusted to include any dividend payments, if applicable.

SMAX.TO vs. XYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SMAX.TO Hamilton U.S. Equity YIELD MAXIMIZER ETF	-0.31%	18.64%	40.16%	7.98%
XYLD Global X S&P 500 Covered Call ETF	0.68%	3.06%	29.75%	1.66%

Different Trading Currencies

SMAX.TO is traded in CAD, while XYLD is traded in USD. To make them comparable, the XYLD values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, SMAX.TO achieves a -0.31% return, which is significantly lower than XYLD's 0.68% return.

SMAX.TO

• 1D: 0.82%
• 1M: -1.07%
• YTD: -0.31%
• 6M: 3.10%
• 1Y: 23.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XYLD

• 1D: 0.32%
• 1M: -0.95%
• YTD: 0.68%
• 6M: 5.30%
• 1Y: 7.83%
• 3Y*: 11.40%
• 5Y*: 9.26%
• 10Y*: 8.63%

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

SMAX.TO vs. XYLD - Expense Ratio Comparison

SMAX.TO has a 0.65% expense ratio, which is higher than XYLD's 0.60% expense ratio.

SMAX.TO

Hamilton U.S. Equity YIELD MAXIMIZER ETF

XYLD

Global X S&P 500 Covered Call ETF

Return for Risk

SMAX.TO vs. XYLD — 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: 73
SMAX.TO Sharpe Ratio Rank: 72
SMAX.TO Sortino Ratio Rank: 72
SMAX.TO Omega Ratio Rank: 77
SMAX.TO Calmar Ratio Rank: 72
SMAX.TO Martin Ratio Rank: 72

XYLD

XYLD Risk / Return Rank: 51
XYLD Sharpe Ratio Rank: 40
XYLD Sortino Ratio Rank: 43
XYLD Omega Ratio Rank: 69
XYLD Calmar Ratio Rank: 40
XYLD Martin Ratio Rank: 62

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. XYLD - 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 S&P 500 Covered Call ETF (XYLD). 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.

	SMAX.TO	XYLD	Difference
Sharpe ratio Return per unit of total volatility	1.33	0.56	+0.77
Sortino ratio Return per unit of downside risk	1.89	0.87	+1.02
Omega ratio Gain probability vs. loss probability	1.30	1.15	+0.15
Calmar ratio Return relative to maximum drawdown	1.97	0.72	+1.26
Martin ratio Return relative to average drawdown	7.89	2.57	+5.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMAX.TO vs. XYLD - Sharpe Ratio Comparison

The current SMAX.TO Sharpe Ratio is 1.33, which is higher than the XYLD Sharpe Ratio of 0.56. The chart below compares the historical Sharpe Ratios of SMAX.TO and XYLD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SMAX.TO	XYLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.33	0.56	+0.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.88	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.64	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.87	0.77	+1.10

Correlation

The correlation between SMAX.TO and XYLD is 0.65, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

SMAX.TO vs. XYLD - Dividend Comparison

SMAX.TO's dividend yield for the trailing twelve months is around 15.29%, more than XYLD's 10.93% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMAX.TO Hamilton U.S. Equity YIELD MAXIMIZER ETF	15.29%	14.67%	13.88%	2.57%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XYLD Global X S&P 500 Covered Call ETF	10.93%	10.51%	11.54%	10.51%	13.43%	9.07%	7.93%	5.76%	7.12%	5.18%	3.23%	4.65%

Drawdowns

SMAX.TO vs. XYLD - Drawdown Comparison

The maximum SMAX.TO drawdown since its inception was -18.22%, smaller than the maximum XYLD drawdown of -27.20%. Use the drawdown chart below to compare losses from any high point for SMAX.TO and XYLD.

Drawdown Indicators

	SMAX.TO	XYLD	Difference
Max Drawdown Largest peak-to-trough decline	-18.22%	-33.46%	+15.24%
Max Drawdown (1Y) Largest decline over 1 year	-11.37%	-10.14%	-1.23%
Max Drawdown (5Y) Largest decline over 5 years	—	-18.66%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.46%	—
Current Drawdown Current decline from peak	-2.73%	-2.94%	+0.21%
Average Drawdown Average peak-to-trough decline	-2.20%	-3.76%	+1.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.85%	1.73%	+1.12%

Volatility

SMAX.TO vs. XYLD - Volatility Comparison

Hamilton U.S. Equity YIELD MAXIMIZER ETF (SMAX.TO) has a higher volatility of 5.40% compared to Global X S&P 500 Covered Call ETF (XYLD) at 4.04%. This indicates that SMAX.TO's price experiences larger fluctuations and is considered to be riskier than XYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMAX.TO	XYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.40%	4.04%	+1.36%
Volatility (6M) Calculated over the trailing 6-month period	9.36%	6.50%	+2.86%
Volatility (1Y) Calculated over the trailing 1-year period	17.35%	13.97%	+3.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.56%	10.59%	+3.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.56%	13.53%	+1.03%