UMAX.TO vs. CNQE.TO

Last updated Jun 5, 2026

UMAX.TO (Hamilton Utilities YIELD MAXIMIZER ETF) and CNQE.TO (Harvest CNQ Enhanced High Income Shares ETF) are both Derivative Income funds. Both are actively managed. At a 0.18 correlation, their price movements are largely independent. UMAX.TO charges 0.65%/yr vs 0.40%/yr for CNQE.TO.

Performance

UMAX.TO vs. CNQE.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.TO) and Harvest CNQ Enhanced High Income Shares ETF (CNQE.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UMAX.TO achieves a 9.02% return, which is significantly lower than CNQE.TO's 38.88% return.

UMAX.TO

• 1D: 0.22%
• 1M: 3.55%
• YTD: 9.02%
• 6M: 8.76%
• 1Y: 14.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CNQE.TO

• 1D: -0.34%
• 1M: 1.72%
• YTD: 38.88%
• 6M: 34.99%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025
UMAX.TO Hamilton Utilities YIELD MAXIMIZER ETF	9.02%	1.22%
CNQE.TO Harvest CNQ Enhanced High Income Shares ETF	38.88%	13.80%

Correlation

The correlation between UMAX.TO and CNQE.TO is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 22, 2025	0.18

Return for Risk

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

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

UMAX.TO

UMAX.TO Risk / Return Rank: 64
UMAX.TO Sharpe Ratio Rank: 65
UMAX.TO Sortino Ratio Rank: 75
UMAX.TO Omega Ratio Rank: 67
UMAX.TO Calmar Ratio Rank: 57
UMAX.TO Martin Ratio Rank: 57

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.

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

This table presents a comparison of risk-adjusted performance metrics for Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.TO) and Harvest CNQ Enhanced High Income Shares ETF (CNQE.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.

	UMAX.TO	CNQE.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.14	—	—
Sortino ratio: Return per unit of downside risk	3.33	—	—
Omega ratio: Gain probability vs. loss probability	1.39	—	—
Calmar ratio: Return relative to maximum drawdown	2.78	—	—
Martin ratio: Return relative to average drawdown	9.65	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	UMAX.TO	CNQE.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.14	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.01	2.45	-1.44

Drawdowns

UMAX.TO vs. CNQE.TO - Drawdown Comparison

The maximum UMAX.TO drawdown since its inception was -10.09%, smaller than the maximum CNQE.TO drawdown of -18.22%. Use the drawdown chart below to compare losses from any high point for UMAX.TO and CNQE.TO.

Drawdown Indicators

	UMAX.TO	CNQE.TO	Difference
Max Drawdown Largest peak-to-trough decline	-10.09%	-18.22%	+8.13%
Max Drawdown (1Y) Largest decline over 1 year	-5.11%	—	—
Current Drawdown Current decline from peak	-0.25%	-6.40%	+6.15%
Average Drawdown Average peak-to-trough decline	-2.05%	-4.14%	+2.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.48%	—	—

Volatility

Volatility by Period

	UMAX.TO	CNQE.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.92%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.53%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	6.65%	33.04%	-26.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.67%	33.04%	-24.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.67%	33.04%	-24.37%

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

UMAX.TO has a 0.65% expense ratio, which is higher than CNQE.TO's 0.40% expense ratio.

Dividends

UMAX.TO vs. CNQE.TO - Dividend Comparison

UMAX.TO's dividend yield for the trailing twelve months is around 13.97%, more than CNQE.TO's 9.43% yield.

Position	TTM	2025	2024	2023
CNQE.TO Harvest CNQ Enhanced High Income Shares ETF	9.43%	4.42%	0.00%	0.00%
UMAX.TO Hamilton Utilities YIELD MAXIMIZER ETF	13.97%	14.86%	14.81%	6.96%

Frequently Asked Questions

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

UMAX.TO and CNQE.TO have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

On fees, CNQE.TO is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

CNQE.TO is cheaper with a 0.40% expense ratio, compared with 0.65% for UMAX.TO.

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

They also come from different issuers: Hamilton Capital and Harvest. Their fees differ too: 0.65% for UMAX.TO and 0.40% for CNQE.TO.