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UMAX.TO vs. ZPW.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UMAX.TO vs. ZPW.TO

Last updated Jul 15, 2026
Documentation

UMAX.TO (Hamilton Utilities YIELD MAXIMIZER ETF) and ZPW.TO (BMO US Put Write ETF) are both Derivative Income funds. Both are actively managed. Over the past 3 years, UMAX.TO returned 8.83%/yr vs 11.60%/yr for ZPW.TO. At a 0.17 correlation, their price movements are largely independent. Both charge a 0.65% expense ratio.

Performance

UMAX.TO vs. ZPW.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 BMO US Put Write ETF (ZPW.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, UMAX.TO achieves a 9.82% return, which is significantly higher than ZPW.TO's 5.69% return.

UMAX.TO

1D
-0.37%
1M
-0.37%
6M
10.92%
YTD
9.82%
1Y
13.86%
3Y*
8.83%
5Y*
—
10Y*
—

ZPW.TO

1D
-0.50%
1M
2.76%
6M
4.49%
YTD
5.69%
1Y
11.62%
3Y*
11.60%
5Y*
9.15%
10Y*
6.12%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023
UMAX.TO
Hamilton Utilities YIELD MAXIMIZER ETF		9.82%9.90%5.99%0.18%
ZPW.TO
BMO US Put Write ETF		5.69%6.40%13.88%9.30%

Correlation

The correlation between UMAX.TO and ZPW.TO is 0.09, 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

0.09

Correlation (3Y)
Calculated over the trailing 3-year period

0.18

Correlation (All Time)
Calculated using the full available price history since Jun 15, 2023

0.17

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

Sectors
UMAX.TO
ZPW.TO

Utilities

30.6%

-

Energy

24.0%

-

Industrials

23.0%
9.0%

Communication Services

22.4%
9.5%

Basic Materials

-

-

Consumer Cyclical

-

2.0%

Consumer Defensive

-

13.6%

Financial Services

-

16.0%

Healthcare

-

14.2%

Real Estate

-

-

Technology

-

35.8%

Utilities

UMAX.TO
30.6%
ZPW.TO

-

Energy

UMAX.TO
24.0%
ZPW.TO

-

Industrials

UMAX.TO
23.0%
ZPW.TO
9.0%

Communication Services

UMAX.TO
22.4%
ZPW.TO
9.5%

Basic Materials

UMAX.TO

-

ZPW.TO

-

Consumer Cyclical

UMAX.TO

-

ZPW.TO
2.0%

Consumer Defensive

UMAX.TO

-

ZPW.TO
13.6%

Financial Services

UMAX.TO

-

ZPW.TO
16.0%

Healthcare

UMAX.TO

-

ZPW.TO
14.2%

Real Estate

UMAX.TO

-

ZPW.TO

-

Technology

UMAX.TO

-

ZPW.TO
35.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Hamilton Utilities YIELD MAXIMIZER ETF

BMO US Put Write ETF

Often compared with UMAX.TO:
UMAX.TO vs. HMAX.TOUMAX.TO vs. UTESUMAX.TO vs. AMAX.TOUMAX.TO vs. UTES.TOUMAX.TO vs. ZWU.TOUMAX.TO vs. HCAL.TOUMAX.TO vs. QMAX.TO
Often compared with ZPW.TO:
ZPW.TO vs. USCL.TOZPW.TO vs. ZPH.TOZPW.TO vs. ECHI.TOZPW.TO vs. HPYM.TOZPW.TO vs. ZEQT.TOZPW.TO vs. BANK.TOZPW.TO vs. ZLB.TO

Return for Risk

UMAX.TO vs. ZPW.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: 7373
Overall Rank
UMAX.TO Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
UMAX.TO Sortino Ratio Rank: 8080
Sortino Ratio Rank
UMAX.TO Omega Ratio Rank: 7575
Omega Ratio Rank
UMAX.TO Calmar Ratio Rank: 6868
Calmar Ratio Rank
UMAX.TO Martin Ratio Rank: 6565
Martin Ratio Rank
ZPW.TO
ZPW.TO Risk / Return Rank: 5555
Overall Rank
ZPW.TO Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
ZPW.TO Sortino Ratio Rank: 5757
Sortino Ratio Rank
ZPW.TO Omega Ratio Rank: 6262
Omega Ratio Rank
ZPW.TO Calmar Ratio Rank: 5151
Calmar Ratio Rank
ZPW.TO Martin Ratio Rank: 4545
Martin Ratio Rank
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. ZPW.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.TO) and BMO US Put Write ETF (ZPW.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.TOZPW.TODifference
Sharpe ratioReturn per unit of total volatility
1.89
1.60

+0.29

Sortino ratioReturn per unit of downside risk
2.85
2.21

+0.64

Omega ratioGain probability vs. loss probability

1.35

1.30

+0.05

Calmar ratioReturn relative to maximum drawdown

2.72

2.08

+0.64

Martin ratioReturn relative to average drawdown

9.28

5.91

+3.37

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

The current UMAX.TO Sharpe Ratio is 1.89, which is comparable to the ZPW.TO Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of UMAX.TO and ZPW.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.

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Drawdowns

UMAX.TO vs. ZPW.TO - Drawdown Comparison

The maximum UMAX.TO drawdown since its inception was -10.09%, smaller than the maximum ZPW.TO drawdown of -23.77%. Use the drawdown chart below to compare losses from any high point for UMAX.TO and ZPW.TO.

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Drawdown Indicators

UMAX.TOZPW.TODifference

Max Drawdown

Largest peak-to-trough decline

-10.09%

-23.77%

+13.68%

Max Drawdown (1Y)

Largest decline over 1 year

-5.11%

-5.61%

+0.50%

Max Drawdown (3Y)

Largest decline over 3 years

-9.59%

-12.35%

+2.76%

Max Drawdown (5Y)

Largest decline over 5 years

—

-16.57%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-23.77%

—

Current Drawdown

Current decline from peak

-0.66%

-0.50%

-0.16%

Average Drawdown

Average peak-to-trough decline

-2.02%

-4.05%

+2.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.50%

1.98%

-0.48%

Volatility

UMAX.TO vs. ZPW.TO - Volatility Comparison

Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.TO) has a higher volatility of 3.51% compared to BMO US Put Write ETF (ZPW.TO) at 2.89%. This indicates that UMAX.TO's price experiences larger fluctuations and is considered to be riskier than ZPW.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

UMAX.TOZPW.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.51%

2.89%

+0.62%

Volatility (6M)

Calculated over the trailing 6-month period

6.19%

6.18%

+0.01%

Volatility (1Y)

Calculated over the trailing 1-year period

7.36%

7.32%

+0.04%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

8.79%

10.62%

-1.83%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.79%

11.72%

-2.93%

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

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

Dividends

UMAX.TO vs. ZPW.TO - Dividend Comparison

UMAX.TO's dividend yield for the trailing twelve months is around 13.92%, more than ZPW.TO's 9.49% yield.

PositionTTM20252024202320222021202020192018201720162015
UMAX.TO
Hamilton Utilities YIELD MAXIMIZER ETF		13.92%14.85%14.78%6.96%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
ZPW.TO
BMO US Put Write ETF		9.49%9.55%9.18%7.57%8.20%7.24%7.61%7.17%6.61%6.82%7.32%2.32%

Frequently Asked Questions

UMAX.TO and ZPW.TO have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

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

They also come from different issuers: Hamilton Capital and BMO.

Portfolio Optimizer

Find the right allocation for UMAX.TO and ZPW.TO

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