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

UMAX.TO vs. ZUT.TO

Last updated Apr 1, 2026

Compare and contrast key facts about Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.TO) and BMO Equal Weight Utilities Index ETF (ZUT.TO).

UMAX.TO and ZUT.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. UMAX.TO is an actively managed fund by Hamilton Capital. It was launched on Jun 14, 2023. ZUT.TO is a passively managed fund by BMO that tracks the performance of the Solactive Equal Weight Canada Utilities Index. It was launched on Jan 19, 2010.

Performance

UMAX.TO vs. ZUT.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 Equal Weight Utilities Index ETF (ZUT.TO). The values are adjusted to include any dividend payments, if applicable.

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

2026 (YTD)202520242023
UMAX.TO
Hamilton Utilities YIELD MAXIMIZER ETF		4.87%9.95%5.97%0.81%
ZUT.TO
BMO Equal Weight Utilities Index ETF		15.64%15.25%14.13%-6.30%

Returns By Period

In the year-to-date period, UMAX.TO achieves a 4.87% return, which is significantly lower than ZUT.TO's 15.64% return.

UMAX.TO

1D
-0.84%
1M
-2.21%
YTD
4.87%
6M
5.47%
1Y
11.19%
3Y*
—
5Y*
—
10Y*
—

ZUT.TO

1D
0.73%
1M
3.27%
YTD
15.64%
6M
14.44%
1Y
28.59%
3Y*
11.46%
5Y*
6.39%
10Y*
10.41%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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Hamilton Utilities YIELD MAXIMIZER ETF

BMO Equal Weight Utilities Index ETF

Often compared with UMAX.TO:
UMAX.TO vs. HMAX.TOUMAX.TO vs. UTESUMAX.TO vs. AMAX.TOUMAX.TO vs. HCAL.TOUMAX.TO vs. ZWU.TOUMAX.TO vs. UTES.TOUMAX.TO vs. ENCL.TO
Often compared with ZUT.TO:
ZUT.TO vs. XUT.TOZUT.TO vs. ZWU.TOZUT.TO vs. ZLB.TOZUT.TO vs. VDY.TOZUT.TO vs. XMA.TOZUT.TO vs. XDIV.TOZUT.TO vs. ZWC.TO

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

UMAX.TO has a 0.65% expense ratio, which is higher than ZUT.TO's 0.61% expense ratio.

UMAX.TO
Hamilton Utilities YIELD MAXIMIZER ETF
ZUT.TO
BMO Equal Weight Utilities Index ETF

Return for Risk

UMAX.TO vs. ZUT.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: 7878
Overall Rank
UMAX.TO Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
UMAX.TO Sortino Ratio Rank: 7979
Sortino Ratio Rank
UMAX.TO Omega Ratio Rank: 7676
Omega Ratio Rank
UMAX.TO Calmar Ratio Rank: 7474
Calmar Ratio Rank
UMAX.TO Martin Ratio Rank: 8181
Martin Ratio Rank
ZUT.TO
ZUT.TO Risk / Return Rank: 9292
Overall Rank
ZUT.TO Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
ZUT.TO Sortino Ratio Rank: 9696
Sortino Ratio Rank
ZUT.TO Omega Ratio Rank: 9696
Omega Ratio Rank
ZUT.TO Calmar Ratio Rank: 9292
Calmar Ratio Rank
ZUT.TO Martin Ratio Rank: 7979
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. ZUT.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 Equal Weight Utilities Index ETF (ZUT.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.TOZUT.TODifference

Sharpe ratio

Return per unit of total volatility

1.44

2.43

-0.98

Sortino ratio

Return per unit of downside risk

2.00

3.13

-1.13

Omega ratio

Gain probability vs. loss probability

1.28

1.49

-0.21

Calmar ratio

Return relative to maximum drawdown

1.85

3.23

-1.38

Martin ratio

Return relative to average drawdown

8.59

8.12

+0.48

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. ZUT.TO - Sharpe Ratio Comparison

The current UMAX.TO Sharpe Ratio is 1.44, which is lower than the ZUT.TO Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of UMAX.TO and ZUT.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

UMAX.TOZUT.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.44

2.43

-0.98

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.46

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.63

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.90

0.57

+0.33

Correlation

The correlation between UMAX.TO and ZUT.TO is 0.60, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

UMAX.TO vs. ZUT.TO - Dividend Comparison

UMAX.TO's dividend yield for the trailing twelve months is around 13.09%, more than ZUT.TO's 2.92% yield.

TTM20252024202320222021202020192018201720162015
UMAX.TO
Hamilton Utilities YIELD MAXIMIZER ETF		13.09%14.86%14.81%6.96%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
ZUT.TO
BMO Equal Weight Utilities Index ETF		2.92%3.44%3.98%4.35%3.95%3.25%3.31%4.00%4.59%3.71%3.98%4.63%

Drawdowns

UMAX.TO vs. ZUT.TO - Drawdown Comparison

The maximum UMAX.TO drawdown since its inception was -10.09%, smaller than the maximum ZUT.TO drawdown of -37.08%. Use the drawdown chart below to compare losses from any high point for UMAX.TO and ZUT.TO.

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Drawdown Indicators

UMAX.TOZUT.TODifference

Max Drawdown

Largest peak-to-trough decline

-10.09%

-37.08%

+26.99%

Max Drawdown (1Y)

Largest decline over 1 year

-6.23%

-8.96%

+2.73%

Max Drawdown (5Y)

Largest decline over 5 years

—

-32.42%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-37.08%

—

Current Drawdown

Current decline from peak

-2.84%

0.00%

-2.84%

Average Drawdown

Average peak-to-trough decline

-2.05%

-6.37%

+4.32%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.39%

3.56%

-2.17%

Volatility

UMAX.TO vs. ZUT.TO - Volatility Comparison

The current volatility for Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.TO) is 2.22%, while BMO Equal Weight Utilities Index ETF (ZUT.TO) has a volatility of 4.76%. This indicates that UMAX.TO experiences smaller price fluctuations and is considered to be less risky than ZUT.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.TOZUT.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.22%

4.76%

-2.54%

Volatility (6M)

Calculated over the trailing 6-month period

4.78%

8.47%

-3.69%

Volatility (1Y)

Calculated over the trailing 1-year period

7.81%

11.83%

-4.02%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

8.68%

13.91%

-5.23%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.68%

16.48%

-7.80%