TXF.TO vs. UMAX.TO

Last updated Jun 4, 2026

TXF.TO (CI Tech Giants Covered Call Common) and UMAX.TO (Hamilton Utilities YIELD MAXIMIZER ETF) are both exchange-traded funds - TXF.TO is a Technology Equities fund actively managed by CI Investments, while UMAX.TO is a Derivative Income fund actively managed by Hamilton Capital. Both are actively managed. Over the past year, TXF.TO returned 64.62% vs 13.44% for UMAX.TO. At a 0.09 correlation, their price movements are largely independent. TXF.TO charges 0.71%/yr vs 0.65%/yr for UMAX.TO.

Performance

TXF.TO vs. UMAX.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Tech Giants Covered Call Common (TXF.TO) and Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TXF.TO achieves a 31.75% return, which is significantly higher than UMAX.TO's 8.78% return.

TXF.TO

• 1D: 0.07%
• 1M: 18.07%
• YTD: 31.75%
• 6M: 31.92%
• 1Y: 64.62%
• 3Y*: 33.10%
• 5Y*: 18.49%
• 10Y*: 19.77%

UMAX.TO

• 1D: 0.19%
• 1M: 3.71%
• YTD: 8.78%
• 6M: 8.52%
• 1Y: 13.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TXF.TO vs. UMAX.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TXF.TO CI Tech Giants Covered Call Common	31.75%	24.81%	18.69%	15.88%
UMAX.TO Hamilton Utilities YIELD MAXIMIZER ETF	8.78%	9.95%	5.97%	0.81%

Correlation

The correlation between TXF.TO and UMAX.TO is -0.15, 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	-0.15
Correlation (All Time) Calculated using the full available price history since Jun 16, 2023	0.09

The correlation between TXF.TO and UMAX.TO shifts across timeframes, from -0.15 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.

TXF.TO vs. UMAX.TO - Sectors Allocation Comparison

Sectors	TXF.TO	UMAX.TO
Technology	89.0%	-
Communication Services	11.1%	21.4%
Financial Services	0.0%	-
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	24.4%
Healthcare	-	-
Industrials	-	23.6%
Real Estate	-	-
Utilities	-	30.6%

Return for Risk

TXF.TO vs. UMAX.TO — Risk / Return Rank

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

TXF.TO

TXF.TO Risk / Return Rank: 85
TXF.TO Sharpe Ratio Rank: 91
TXF.TO Sortino Ratio Rank: 86
TXF.TO Omega Ratio Rank: 86
TXF.TO Calmar Ratio Rank: 81
TXF.TO Martin Ratio Rank: 79

UMAX.TO

UMAX.TO Risk / Return Rank: 58
UMAX.TO Sharpe Ratio Rank: 59
UMAX.TO Sortino Ratio Rank: 68
UMAX.TO Omega Ratio Rank: 60
UMAX.TO Calmar Ratio Rank: 53
UMAX.TO Martin Ratio Rank: 53

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.

TXF.TO vs. UMAX.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI Tech Giants Covered Call Common (TXF.TO) and Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.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.

	TXF.TO	UMAX.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.24	2.03	+1.21
Sortino ratio: Return per unit of downside risk	3.90	3.16	+0.74
Omega ratio: Gain probability vs. loss probability	1.53	1.37	+0.16
Calmar ratio: Return relative to maximum drawdown	4.21	2.64	+1.57
Martin ratio: Return relative to average drawdown	15.54	9.13	+6.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TXF.TO vs. UMAX.TO - Sharpe Ratio Comparison

The current TXF.TO Sharpe Ratio is 3.24, which is higher than the UMAX.TO Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of TXF.TO and UMAX.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

	TXF.TO	UMAX.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.24	2.03	+1.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	1.00	-0.19

Drawdowns

TXF.TO vs. UMAX.TO - Drawdown Comparison

The maximum TXF.TO drawdown since its inception was -41.23%, which is greater than UMAX.TO's maximum drawdown of -10.09%. Use the drawdown chart below to compare losses from any high point for TXF.TO and UMAX.TO.

Drawdown Indicators

	TXF.TO	UMAX.TO	Difference
Max Drawdown Largest peak-to-trough decline	-41.23%	-10.09%	-31.14%
Max Drawdown (1Y) Largest decline over 1 year	-15.43%	-5.11%	-10.32%
Max Drawdown (3Y) Largest decline over 3 years	-27.38%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-41.23%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-41.23%	—	—
Current Drawdown Current decline from peak	0.00%	-0.47%	+0.47%
Average Drawdown Average peak-to-trough decline	-6.17%	-2.06%	-4.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.17%	1.50%	+2.67%

Volatility

TXF.TO vs. UMAX.TO - Volatility Comparison

CI Tech Giants Covered Call Common (TXF.TO) has a higher volatility of 5.71% compared to Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.TO) at 1.93%. This indicates that TXF.TO's price experiences larger fluctuations and is considered to be riskier than UMAX.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TXF.TO	UMAX.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.71%	1.93%	+3.78%
Volatility (6M) Calculated over the trailing 6-month period	16.39%	5.54%	+10.85%
Volatility (1Y) Calculated over the trailing 1-year period	20.09%	6.65%	+13.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.63%	8.68%	+15.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.54%	8.68%	+14.86%

TXF.TO vs. UMAX.TO - Expense Ratio Comparison

TXF.TO has a 0.71% expense ratio, which is higher than UMAX.TO's 0.65% expense ratio.

Dividends

TXF.TO vs. UMAX.TO - Dividend Comparison

TXF.TO's dividend yield for the trailing twelve months is around 9.11%, less than UMAX.TO's 14.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TXF.TO CI Tech Giants Covered Call Common	9.11%	10.59%	9.76%	7.48%	14.13%	7.77%	11.01%	7.29%	9.29%	4.89%	6.16%	6.15%
UMAX.TO Hamilton Utilities YIELD MAXIMIZER ETF	14.00%	14.86%	14.81%	6.96%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TXF.TO and UMAX.TO in my portfolio?

TXF.TO and UMAX.TO have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TXF.TO or UMAX.TO?

On fees, UMAX.TO is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TXF.TO or UMAX.TO?

UMAX.TO is cheaper with a 0.65% expense ratio, compared with 0.71% for TXF.TO.

What is the main difference between TXF.TO and UMAX.TO?

TXF.TO is categorized as Technology Equities, while UMAX.TO is Derivative Income. They also come from different issuers: CI Investments and Hamilton Capital. Their fees differ too: 0.71% for TXF.TO and 0.65% for UMAX.TO.