SRU-UN.TO vs. HMAX.TO

Last updated Jun 5, 2026

SRU-UN.TO (SmartCentres Real Estate Investment Trust) is a stock, while HMAX.TO (Hamilton Canadian Financials Yield Maximizer ETF) is Derivative Income fund actively managed by Hamilton Capital. Over the past 3 years, SRU-UN.TO returned 12.34%/yr vs 22.64%/yr for HMAX.TO. A 0.51 correlation means they provide meaningful diversification when combined.

Performance

SRU-UN.TO vs. HMAX.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in SmartCentres Real Estate Investment Trust (SRU-UN.TO) and Hamilton Canadian Financials Yield Maximizer ETF (HMAX.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SRU-UN.TO achieves a 15.56% return, which is significantly higher than HMAX.TO's 12.57% return.

SRU-UN.TO

• 1D: 0.38%
• 1M: 1.44%
• YTD: 15.56%
• 6M: 18.65%
• 1Y: 20.29%
• 3Y*: 12.34%
• 5Y*: 7.06%
• 10Y*: 4.73%

HMAX.TO

• 1D: 1.26%
• 1M: 5.33%
• YTD: 12.57%
• 6M: 14.85%
• 1Y: 37.32%
• 3Y*: 22.64%
• 5Y*: —
• 10Y*: —

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

SRU-UN.TO vs. HMAX.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SRU-UN.TO SmartCentres Real Estate Investment Trust	15.56%	13.10%	6.13%	-6.44%
HMAX.TO Hamilton Canadian Financials Yield Maximizer ETF	12.57%	27.20%	20.65%	0.77%

Correlation

The correlation between SRU-UN.TO and HMAX.TO is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (All Time) Calculated using the full available price history since Jan 24, 2023	0.51

The correlation between SRU-UN.TO and HMAX.TO has been stable across timeframes, ranging from 0.46 to 0.52 - a consistent structural relationship.

Return for Risk

SRU-UN.TO vs. HMAX.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SRU-UN.TO

SRU-UN.TO Risk / Return Rank: 84
SRU-UN.TO Sharpe Ratio Rank: 87
SRU-UN.TO Sortino Ratio Rank: 84
SRU-UN.TO Omega Ratio Rank: 81
SRU-UN.TO Calmar Ratio Rank: 84
SRU-UN.TO Martin Ratio Rank: 86

HMAX.TO

HMAX.TO Risk / Return Rank: 93
HMAX.TO Sharpe Ratio Rank: 95
HMAX.TO Sortino Ratio Rank: 95
HMAX.TO Omega Ratio Rank: 95
HMAX.TO Calmar Ratio Rank: 88
HMAX.TO Martin Ratio Rank: 92

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.

SRU-UN.TO vs. HMAX.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SmartCentres Real Estate Investment Trust (SRU-UN.TO) and Hamilton Canadian Financials Yield Maximizer ETF (HMAX.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.

	SRU-UN.TO	HMAX.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.86	3.74	-1.88
Sortino ratio: Return per unit of downside risk	2.63	5.28	-2.66
Omega ratio: Gain probability vs. loss probability	1.31	1.71	-0.40
Calmar ratio: Return relative to maximum drawdown	3.29	5.14	-1.86
Martin ratio: Return relative to average drawdown	9.46	22.50	-13.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SRU-UN.TO vs. HMAX.TO - Sharpe Ratio Comparison

The current SRU-UN.TO Sharpe Ratio is 1.86, which is lower than the HMAX.TO Sharpe Ratio of 3.74. The chart below compares the historical Sharpe Ratios of SRU-UN.TO and HMAX.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.

Sharpe Ratios by Period

	SRU-UN.TO	HMAX.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.86	3.74	-1.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.22	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	1.57	-1.22

Drawdowns

SRU-UN.TO vs. HMAX.TO - Drawdown Comparison

The maximum SRU-UN.TO drawdown since its inception was -68.25%, which is greater than HMAX.TO's maximum drawdown of -15.34%. Use the drawdown chart below to compare losses from any high point for SRU-UN.TO and HMAX.TO.

Drawdown Indicators

	SRU-UN.TO	HMAX.TO	Difference
Max Drawdown Largest peak-to-trough decline	-68.25%	-15.34%	-52.91%
Max Drawdown (1Y) Largest decline over 1 year	-6.39%	-7.29%	+0.90%
Max Drawdown (3Y) Largest decline over 3 years	-14.34%	-12.48%	-1.86%
Max Drawdown (5Y) Largest decline over 5 years	-28.89%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-54.78%	—	—
Current Drawdown Current decline from peak	-0.40%	0.00%	-0.40%
Average Drawdown Average peak-to-trough decline	-10.98%	-2.94%	-8.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.22%	1.66%	+0.56%

Volatility

SRU-UN.TO vs. HMAX.TO - Volatility Comparison

The current volatility for SmartCentres Real Estate Investment Trust (SRU-UN.TO) is 3.08%, while Hamilton Canadian Financials Yield Maximizer ETF (HMAX.TO) has a volatility of 3.43%. This indicates that SRU-UN.TO experiences smaller price fluctuations and is considered to be less risky than HMAX.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SRU-UN.TO	HMAX.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.08%	3.43%	-0.35%
Volatility (6M) Calculated over the trailing 6-month period	8.12%	8.62%	-0.50%
Volatility (1Y) Calculated over the trailing 1-year period	11.30%	10.02%	+1.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.21%	11.43%	+4.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.54%	11.43%	+10.11%

Dividends

SRU-UN.TO vs. HMAX.TO - Dividend Comparison

SRU-UN.TO's dividend yield for the trailing twelve months is around 6.39%, less than HMAX.TO's 11.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HMAX.TO Hamilton Canadian Financials Yield Maximizer ETF	11.44%	12.29%	14.08%	15.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SRU-UN.TO SmartCentres Real Estate Investment Trust	6.39%	7.18%	7.56%	7.42%	6.90%	5.74%	8.01%	5.81%	5.72%	5.55%	5.17%	5.34%

Frequently Asked Questions

Can I hold both SRU-UN.TO and HMAX.TO in my portfolio?

SRU-UN.TO and HMAX.TO have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.