UMAX.TO vs. EMCL.NEO

Last updated Jun 26, 2026

UMAX.TO (Hamilton Utilities YIELD MAXIMIZER ETF) and EMCL.NEO (Global X Enhanced MSCI Emerging Markets Covered Call ETF) are both Derivative Income funds. Both are actively managed. Over the past year, UMAX.TO returned 17.30% vs 48.25% for EMCL.NEO. At a 0.05 correlation, their price movements are largely independent.

Performance

UMAX.TO vs. EMCL.NEO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.TO) and Global X Enhanced MSCI Emerging Markets Covered Call ETF (EMCL.NEO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UMAX.TO achieves a 10.39% return, which is significantly lower than EMCL.NEO's 28.01% return.

UMAX.TO

• 1D: 0.37%
• 1M: 1.11%
• YTD: 10.39%
• 6M: 11.21%
• 1Y: 17.30%
• 3Y*: 9.15%
• 5Y*: —
• 10Y*: —

EMCL.NEO

• 1D: 0.84%
• 1M: 3.55%
• YTD: 28.01%
• 6M: 29.37%
• 1Y: 48.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UMAX.TO vs. EMCL.NEO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UMAX.TO Hamilton Utilities YIELD MAXIMIZER ETF	10.39%	9.90%	5.12%
EMCL.NEO Global X Enhanced MSCI Emerging Markets Covered Call ETF	28.01%	20.46%	3.66%

Correlation

The correlation between UMAX.TO and EMCL.NEO is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (All Time) Calculated using the full available price history since May 29, 2024	0.05

UMAX.TO vs. EMCL.NEO - Sectors Allocation Comparison

Sectors	UMAX.TO	EMCL.NEO
Utilities	30.6%	2.1%
Energy	24.0%	4.2%
Industrials	23.0%	7.8%
Communication Services	22.4%	6.5%
Basic Materials	-	7.0%
Consumer Cyclical	-	6.3%
Consumer Defensive	-	2.8%
Financial Services	-	19.8%
Healthcare	-	2.2%
Real Estate	-	1.1%
Technology	-	40.3%

Return for Risk

UMAX.TO vs. EMCL.NEO — 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: 84
UMAX.TO Sharpe Ratio Rank: 89
UMAX.TO Sortino Ratio Rank: 93
UMAX.TO Omega Ratio Rank: 89
UMAX.TO Calmar Ratio Rank: 76
UMAX.TO Martin Ratio Rank: 73

EMCL.NEO

EMCL.NEO Risk / Return Rank: 78
EMCL.NEO Sharpe Ratio Rank: 79
EMCL.NEO Sortino Ratio Rank: 67
EMCL.NEO Omega Ratio Rank: 85
EMCL.NEO Calmar Ratio Rank: 81
EMCL.NEO Martin Ratio Rank: 79

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. EMCL.NEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.TO) and Global X Enhanced MSCI Emerging Markets Covered Call ETF (EMCL.NEO). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	UMAX.TO	EMCL.NEO	Difference
Sharpe ratio: Return per unit of total volatility	2.54	2.21	+0.33
Sortino ratio: Return per unit of downside risk	3.93	2.71	+1.23
Omega ratio: Gain probability vs. loss probability	1.48	1.45	+0.03
Calmar ratio: Return relative to maximum drawdown	3.40	3.79	-0.39
Martin ratio: Return relative to average drawdown	11.81	13.57	-1.75

UMAX.TO vs. EMCL.NEO - Sharpe Ratio Comparison

The current UMAX.TO Sharpe Ratio is 2.54, which is comparable to the EMCL.NEO Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of UMAX.TO and EMCL.NEO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UMAX.TO vs. EMCL.NEO - Drawdown Comparison

The maximum UMAX.TO drawdown since its inception was -10.09%, smaller than the maximum EMCL.NEO drawdown of -19.73%. Use the drawdown chart below to compare losses from any high point for UMAX.TO and EMCL.NEO.

Drawdown Indicators

	UMAX.TO	EMCL.NEO	Difference
Max Drawdown Largest peak-to-trough decline	-10.09%	-19.73%	+9.64%
Max Drawdown (1Y) Largest decline over 1 year	-5.11%	-13.12%	+8.01%
Max Drawdown (3Y) Largest decline over 3 years	-10.09%	—	—
Current Drawdown Current decline from peak	0.00%	-3.84%	+3.84%
Average Drawdown Average peak-to-trough decline	-2.03%	-2.57%	+0.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.47%	3.62%	-2.15%

Volatility

UMAX.TO vs. EMCL.NEO - Volatility Comparison

The current volatility for Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.TO) is 2.47%, while Global X Enhanced MSCI Emerging Markets Covered Call ETF (EMCL.NEO) has a volatility of 12.62%. This indicates that UMAX.TO experiences smaller price fluctuations and is considered to be less risky than EMCL.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UMAX.TO	EMCL.NEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.47%	12.62%	-10.15%
Volatility (6M) Calculated over the trailing 6-month period	5.68%	20.77%	-15.09%
Volatility (1Y) Calculated over the trailing 1-year period	6.87%	22.46%	-15.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.70%	23.00%	-14.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.70%	23.00%	-14.30%

Dividends

UMAX.TO vs. EMCL.NEO - Dividend Comparison

UMAX.TO's dividend yield for the trailing twelve months is around 13.79%, more than EMCL.NEO's 10.11% yield.

Position	TTM	2025	2024	2023
EMCL.NEO Global X Enhanced MSCI Emerging Markets Covered Call ETF	10.11%	9.86%	3.10%	0.00%
UMAX.TO Hamilton Utilities YIELD MAXIMIZER ETF	13.79%	14.85%	14.78%	6.96%

Frequently Asked Questions

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

UMAX.TO and EMCL.NEO have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between UMAX.TO and EMCL.NEO?

They also come from different issuers: Hamilton Capital and Global X.