UMAX.TO vs. QQCL.TO

Last updated Jul 18, 2026

UMAX.TO (Hamilton Utilities YIELD MAXIMIZER ETF) and QQCL.TO (Global X Enhanced NASDAQ-100 Covered Call ETF) are both exchange-traded funds - UMAX.TO is a Derivative Income fund actively managed by Hamilton Capital, while QQCL.TO is a Nasdaq-100 fund actively managed by Global X. Both are actively managed. Over the past year, UMAX.TO returned 15.89% vs 28.58% for QQCL.TO. At a 0.05 correlation, their price movements are largely independent. UMAX.TO charges 0.65%/yr vs 0.85%/yr for QQCL.TO.

Performance

UMAX.TO vs. QQCL.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 Global X Enhanced NASDAQ-100 Covered Call ETF (QQCL.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 11.37% return, which is significantly lower than QQCL.TO's 15.07% return.

UMAX.TO

• 1D: -0.07%
• 1M: 2.38%
• 6M: 10.61%
• YTD: 11.37%
• 1Y: 15.89%
• 3Y*: 9.66%
• 5Y*: —
• 10Y*: —

QQCL.TO

• 1D: -1.94%
• 1M: -4.99%
• 6M: 11.36%
• YTD: 15.07%
• 1Y: 28.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023
UMAX.TO Hamilton Utilities YIELD MAXIMIZER ETF	11.37%	9.90%	5.99%	6.81%
QQCL.TO Global X Enhanced NASDAQ-100 Covered Call ETF	15.07%	13.10%	41.38%	4.96%

Correlation

The correlation between UMAX.TO and QQCL.TO is -0.16, 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	-0.16
Correlation (All Time) Calculated using the full available price history since Oct 11, 2023	0.05

The correlation between UMAX.TO and QQCL.TO shifts across timeframes, from -0.16 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.

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

Sectors	UMAX.TO	QQCL.TO
Utilities	30.6%	1.4%
Energy	24.0%	0.6%
Industrials	23.0%	2.8%
Communication Services	22.4%	15.8%
Basic Materials	-	1.1%
Consumer Cyclical	-	12.3%
Consumer Defensive	-	7.7%
Financial Services	-	0.2%
Healthcare	-	4.2%
Real Estate	-	0.1%
Technology	-	53.8%

Return for Risk

UMAX.TO vs. QQCL.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: 81
UMAX.TO Sharpe Ratio Rank: 84
UMAX.TO Sortino Ratio Rank: 88
UMAX.TO Omega Ratio Rank: 84
UMAX.TO Calmar Ratio Rank: 77
UMAX.TO Martin Ratio Rank: 74

QQCL.TO

QQCL.TO Risk / Return Rank: 60
QQCL.TO Sharpe Ratio Rank: 57
QQCL.TO Sortino Ratio Rank: 53
QQCL.TO Omega Ratio Rank: 56
QQCL.TO Calmar Ratio Rank: 67
QQCL.TO Martin Ratio Rank: 67

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. QQCL.TO - 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 NASDAQ-100 Covered Call ETF (QQCL.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.

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	QQCL.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.14	1.54	+0.60
Sortino ratio: Return per unit of downside risk	3.25	2.08	+1.16
Omega ratio: Gain probability vs. loss probability	1.40	1.28	+0.12
Calmar ratio: Return relative to maximum drawdown	3.12	2.68	+0.44
Martin ratio: Return relative to average drawdown	10.68	9.36	+1.32

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

The current UMAX.TO Sharpe Ratio is 2.14, which is higher than the QQCL.TO Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of UMAX.TO and QQCL.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.

Drawdowns

UMAX.TO vs. QQCL.TO - Drawdown Comparison

The maximum UMAX.TO drawdown since its inception was -10.09%, smaller than the maximum QQCL.TO drawdown of -25.63%. Use the drawdown chart below to compare losses from any high point for UMAX.TO and QQCL.TO.

Drawdown Indicators

	UMAX.TO	QQCL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-10.09%	-25.63%	+15.54%
Max Drawdown (1Y) Largest decline over 1 year	-5.11%	-10.70%	+5.59%
Max Drawdown (3Y) Largest decline over 3 years	-9.59%	—	—
Current Drawdown Current decline from peak	-0.07%	-7.32%	+7.25%
Average Drawdown Average peak-to-trough decline	-2.01%	-3.29%	+1.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.49%	3.06%	-1.57%

Volatility

UMAX.TO vs. QQCL.TO - Volatility Comparison

The current volatility for Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.TO) is 3.55%, while Global X Enhanced NASDAQ-100 Covered Call ETF (QQCL.TO) has a volatility of 7.60%. This indicates that UMAX.TO experiences smaller price fluctuations and is considered to be less risky than QQCL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UMAX.TO	QQCL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.55%	7.60%	-4.05%
Volatility (6M) Calculated over the trailing 6-month period	6.24%	15.75%	-9.51%
Volatility (1Y) Calculated over the trailing 1-year period	7.46%	18.67%	-11.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.80%	20.86%	-12.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.80%	20.86%	-12.06%

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

UMAX.TO has a 0.65% expense ratio, which is lower than QQCL.TO's 0.85% expense ratio.

Dividends

UMAX.TO vs. QQCL.TO - Dividend Comparison

UMAX.TO's dividend yield for the trailing twelve months is around 13.73%, less than QQCL.TO's 14.02% yield.

Position	TTM	2025	2024	2023
QQCL.TO Global X Enhanced NASDAQ-100 Covered Call ETF	14.02%	14.54%	11.87%	3.68%
UMAX.TO Hamilton Utilities YIELD MAXIMIZER ETF	13.73%	14.85%	14.78%	6.96%

Frequently Asked Questions

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

UMAX.TO and QQCL.TO have a correlation of -0.16, 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 QQCL.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, UMAX.TO or QQCL.TO?

UMAX.TO is cheaper with a 0.65% expense ratio, compared with 0.85% for QQCL.TO.

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

UMAX.TO is categorized as Derivative Income, while QQCL.TO is Nasdaq-100. They also come from different issuers: Hamilton Capital and Global X. Their fees differ too: 0.65% for UMAX.TO and 0.85% for QQCL.TO.