TF.TO vs. HMAX.TO

Last updated Jun 4, 2026

TF.TO (Timbercreek Financial Corp.) 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, TF.TO returned 5.17%/yr vs 21.76%/yr for HMAX.TO. A 0.51 correlation means they provide meaningful diversification when combined.

Performance

TF.TO vs. HMAX.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Timbercreek Financial Corp. (TF.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, TF.TO achieves a -0.50% return, which is significantly lower than HMAX.TO's 11.17% return.

TF.TO

• 1D: -0.46%
• 1M: -0.50%
• YTD: -0.50%
• 6M: 2.44%
• 1Y: -1.96%
• 3Y*: 5.17%
• 5Y*: 1.64%
• 10Y*: —

HMAX.TO

• 1D: -0.55%
• 1M: 4.52%
• YTD: 11.17%
• 6M: 14.64%
• 1Y: 35.28%
• 3Y*: 21.76%
• 5Y*: —
• 10Y*: —

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

TF.TO vs. HMAX.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TF.TO Timbercreek Financial Corp.	-0.50%	6.67%	16.18%	-7.75%
HMAX.TO Hamilton Canadian Financials YIELD MAXIMIZER ETF	11.17%	27.20%	20.65%	0.77%

Correlation

The correlation between TF.TO and HMAX.TO is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (All Time) Calculated using the full available price history since Jan 24, 2023	0.51

The correlation between TF.TO and HMAX.TO has been stable across timeframes, ranging from 0.47 to 0.51 - a consistent structural relationship.

Return for Risk

TF.TO vs. HMAX.TO — Risk / Return Rank

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

TF.TO

TF.TO Risk / Return Rank: 33
TF.TO Sharpe Ratio Rank: 36
TF.TO Sortino Ratio Rank: 28
TF.TO Omega Ratio Rank: 28
TF.TO Calmar Ratio Rank: 36
TF.TO Martin Ratio Rank: 35

HMAX.TO

HMAX.TO Risk / Return Rank: 91
HMAX.TO Sharpe Ratio Rank: 93
HMAX.TO Sortino Ratio Rank: 94
HMAX.TO Omega Ratio Rank: 93
HMAX.TO Calmar Ratio Rank: 86
HMAX.TO Martin Ratio Rank: 90

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.

TF.TO vs. HMAX.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Timbercreek Financial Corp. (TF.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.

	TF.TO	HMAX.TO	Difference
Sharpe ratio: Return per unit of total volatility	-0.12	3.56	-3.68
Sortino ratio: Return per unit of downside risk	-0.05	5.03	-5.09
Omega ratio: Gain probability vs. loss probability	0.99	1.67	-0.68
Calmar ratio: Return relative to maximum drawdown	-0.12	4.86	-4.98
Martin ratio: Return relative to average drawdown	-0.29	21.27	-21.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TF.TO vs. HMAX.TO - Sharpe Ratio Comparison

The current TF.TO Sharpe Ratio is -0.12, which is lower than the HMAX.TO Sharpe Ratio of 3.56. The chart below compares the historical Sharpe Ratios of TF.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

	TF.TO	HMAX.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.12	3.56	-3.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	1.54	-1.22

Drawdowns

TF.TO vs. HMAX.TO - Drawdown Comparison

The maximum TF.TO drawdown since its inception was -40.43%, 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 TF.TO and HMAX.TO.

Drawdown Indicators

	TF.TO	HMAX.TO	Difference
Max Drawdown Largest peak-to-trough decline	-40.43%	-15.34%	-25.09%
Max Drawdown (1Y) Largest decline over 1 year	-16.35%	-7.29%	-9.06%
Max Drawdown (3Y) Largest decline over 3 years	-23.02%	-12.48%	-10.54%
Max Drawdown (5Y) Largest decline over 5 years	-30.93%	—	—
Current Drawdown Current decline from peak	-9.11%	-0.91%	-8.20%
Average Drawdown Average peak-to-trough decline	-6.63%	-2.94%	-3.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.84%	1.66%	+5.18%

Volatility

TF.TO vs. HMAX.TO - Volatility Comparison

Timbercreek Financial Corp. (TF.TO) has a higher volatility of 3.93% compared to Hamilton Canadian Financials YIELD MAXIMIZER ETF (HMAX.TO) at 3.28%. This indicates that TF.TO's price experiences larger fluctuations and is considered to be riskier than HMAX.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TF.TO	HMAX.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.93%	3.28%	+0.65%
Volatility (6M) Calculated over the trailing 6-month period	12.07%	8.55%	+3.52%
Volatility (1Y) Calculated over the trailing 1-year period	16.13%	9.95%	+6.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.24%	11.42%	+6.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.07%	11.42%	+7.65%

Dividends

TF.TO vs. HMAX.TO - Dividend Comparison

TF.TO's dividend yield for the trailing twelve months is around 10.67%, less than HMAX.TO's 11.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
HMAX.TO Hamilton Canadian Financials YIELD MAXIMIZER ETF	11.59%	12.29%	14.08%	15.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TF.TO Timbercreek Financial Corp.	10.67%	10.18%	9.84%	10.43%	9.79%	7.24%	8.05%	7.01%	7.95%	7.13%	3.92%

Frequently Asked Questions

Can I hold both TF.TO and HMAX.TO in my portfolio?

TF.TO and HMAX.TO have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.