UMAX.TO vs. SMAX.TO

Last updated Jun 4, 2026

UMAX.TO (Hamilton Utilities YIELD MAXIMIZER ETF) and SMAX.TO (Hamilton U.S. Equity YIELD MAXIMIZER ETF) are both Derivative Income funds from Hamilton Capital. Both are actively managed. Over the past year, UMAX.TO returned 13.44% vs 44.38% for SMAX.TO. At a 0.19 correlation, their price movements are largely independent. Both charge a 0.65% expense ratio.

Performance

UMAX.TO vs. SMAX.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 Hamilton U.S. Equity YIELD MAXIMIZER ETF (SMAX.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 8.78% return, which is significantly lower than SMAX.TO's 18.79% return.

UMAX.TO

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

SMAX.TO

• 1D: 0.31%
• 1M: 10.49%
• YTD: 18.79%
• 6M: 17.56%
• 1Y: 44.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023
UMAX.TO Hamilton Utilities YIELD MAXIMIZER ETF	8.78%	9.95%	5.97%	8.15%
SMAX.TO Hamilton U.S. Equity YIELD MAXIMIZER ETF	18.79%	18.64%	40.16%	7.98%

Correlation

The correlation between UMAX.TO and SMAX.TO is 0.06, 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	0.06
Correlation (All Time) Calculated using the full available price history since Oct 27, 2023	0.19

The correlation between UMAX.TO and SMAX.TO shifts across timeframes, from 0.06 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.

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

Sectors	UMAX.TO	SMAX.TO
Utilities	30.6%	3.9%
Energy	24.4%	3.6%
Industrials	23.6%	8.1%
Communication Services	21.4%	11.9%
Basic Materials	-	3.8%
Consumer Cyclical	-	8.3%
Consumer Defensive	-	4.0%
Financial Services	-	11.5%
Healthcare	-	7.4%
Real Estate	-	4.0%
Technology	-	33.6%

Return for Risk

UMAX.TO vs. SMAX.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: 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

SMAX.TO

SMAX.TO Risk / Return Rank: 94
SMAX.TO Sharpe Ratio Rank: 94
SMAX.TO Sortino Ratio Rank: 94
SMAX.TO Omega Ratio Rank: 94
SMAX.TO Calmar Ratio Rank: 93
SMAX.TO Martin Ratio Rank: 93

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. SMAX.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.TO) and Hamilton U.S. Equity YIELD MAXIMIZER ETF (SMAX.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	SMAX.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.03	3.61	-1.58
Sortino ratio: Return per unit of downside risk	3.16	5.00	-1.84
Omega ratio: Gain probability vs. loss probability	1.37	1.71	-0.33
Calmar ratio: Return relative to maximum drawdown	2.64	6.95	-4.31
Martin ratio: Return relative to average drawdown	9.13	25.77	-16.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current UMAX.TO Sharpe Ratio is 2.03, which is lower than the SMAX.TO Sharpe Ratio of 3.61. The chart below compares the historical Sharpe Ratios of UMAX.TO and SMAX.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

	UMAX.TO	SMAX.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.03	3.61	-1.58
Sharpe Ratio (All Time) Calculated using the full available price history	1.00	2.32	-1.32

Drawdowns

UMAX.TO vs. SMAX.TO - Drawdown Comparison

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

Drawdown Indicators

	UMAX.TO	SMAX.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%	-6.42%	+1.31%
Current Drawdown Current decline from peak	-0.47%	-0.32%	-0.15%
Average Drawdown Average peak-to-trough decline	-2.06%	-2.09%	+0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.50%	1.73%	-0.23%

Volatility

UMAX.TO vs. SMAX.TO - Volatility Comparison

The current volatility for Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.TO) is 1.93%, while Hamilton U.S. Equity YIELD MAXIMIZER ETF (SMAX.TO) has a volatility of 5.51%. This indicates that UMAX.TO experiences smaller price fluctuations and is considered to be less risky than SMAX.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UMAX.TO	SMAX.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.93%	5.51%	-3.58%
Volatility (6M) Calculated over the trailing 6-month period	5.54%	9.72%	-4.18%
Volatility (1Y) Calculated over the trailing 1-year period	6.65%	12.36%	-5.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.68%	14.62%	-5.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.68%	14.62%	-5.94%

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

Both UMAX.TO and SMAX.TO have an expense ratio of 0.65%.

Dividends

UMAX.TO vs. SMAX.TO - Dividend Comparison

UMAX.TO's dividend yield for the trailing twelve months is around 14.00%, more than SMAX.TO's 13.36% yield.

Position	TTM	2025	2024	2023
SMAX.TO Hamilton U.S. Equity YIELD MAXIMIZER ETF	13.36%	14.67%	13.88%	2.57%
UMAX.TO Hamilton Utilities YIELD MAXIMIZER ETF	14.00%	14.86%	14.81%	6.96%

Frequently Asked Questions

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

UMAX.TO and SMAX.TO have a correlation of 0.06, 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 SMAX.TO?

Both ETFs have the same 0.65% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

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

UMAX.TO and SMAX.TO have the same expense ratio: 0.65% per year.