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

UMAX.TO vs. ZWU.TO

Last updated Apr 1, 2026

Compare and contrast key facts about Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.TO) and BMO Covered Call Utilities ETF (ZWU.TO).

UMAX.TO and ZWU.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. ZWU.TO is an actively managed fund by BMO. It was launched on Oct 20, 2011.

Performance

UMAX.TO vs. ZWU.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 Covered Call Utilities ETF (ZWU.TO). The values are adjusted to include any dividend payments, if applicable.

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

2026 (YTD)202520242023
UMAX.TO
Hamilton Utilities YIELD MAXIMIZER ETF		4.87%9.95%5.97%0.81%
ZWU.TO
BMO Covered Call Utilities ETF		11.68%13.18%10.97%-0.98%

Returns By Period

In the year-to-date period, UMAX.TO achieves a 4.87% return, which is significantly lower than ZWU.TO's 11.68% return.

UMAX.TO

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

ZWU.TO

1D
0.04%
1M
0.62%
YTD
11.68%
6M
9.62%
1Y
17.09%
3Y*
10.60%
5Y*
7.16%
10Y*
6.50%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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Hamilton Utilities YIELD MAXIMIZER ETF

BMO Covered Call Utilities ETF

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Often compared with ZWU.TO:
ZWU.TO vs. ZUT.TOZWU.TO vs. UTES.TOZWU.TO vs. ZWC.TOZWU.TO vs. PAYF.TOZWU.TO vs. SYLD.TOZWU.TO vs. VDY.TOZWU.TO vs. VGG.TO

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

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

UMAX.TO
Hamilton Utilities YIELD MAXIMIZER ETF
ZWU.TO
BMO Covered Call Utilities ETF

Return for Risk

UMAX.TO vs. ZWU.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
ZWU.TO
ZWU.TO Risk / Return Rank: 8888
Overall Rank
ZWU.TO Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
ZWU.TO Sortino Ratio Rank: 8989
Sortino Ratio Rank
ZWU.TO Omega Ratio Rank: 9090
Omega Ratio Rank
ZWU.TO Calmar Ratio Rank: 8787
Calmar Ratio Rank
ZWU.TO Martin Ratio Rank: 8787
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. ZWU.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 Covered Call Utilities ETF (ZWU.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.TOZWU.TODifference

Sharpe ratio

Return per unit of total volatility

1.44

1.89

-0.44

Sortino ratio

Return per unit of downside risk

2.00

2.43

-0.43

Omega ratio

Gain probability vs. loss probability

1.28

1.37

-0.09

Calmar ratio

Return relative to maximum drawdown

1.85

2.66

-0.81

Martin ratio

Return relative to average drawdown

8.59

9.91

-1.32

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. ZWU.TO - Sharpe Ratio Comparison

The current UMAX.TO Sharpe Ratio is 1.44, which is comparable to the ZWU.TO Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of UMAX.TO and ZWU.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.TOZWU.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.44

1.89

-0.44

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.70

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.46

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.90

0.43

+0.47

Correlation

The correlation between UMAX.TO and ZWU.TO is 0.81, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

UMAX.TO vs. ZWU.TO - Dividend Comparison

UMAX.TO's dividend yield for the trailing twelve months is around 13.09%, more than ZWU.TO's 6.92% 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%
ZWU.TO
BMO Covered Call Utilities ETF		6.92%7.59%7.96%8.54%8.35%7.43%7.94%6.29%6.84%6.46%6.77%7.57%

Drawdowns

UMAX.TO vs. ZWU.TO - Drawdown Comparison

The maximum UMAX.TO drawdown since its inception was -10.09%, smaller than the maximum ZWU.TO drawdown of -37.41%. Use the drawdown chart below to compare losses from any high point for UMAX.TO and ZWU.TO.

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Drawdown Indicators

UMAX.TOZWU.TODifference

Max Drawdown

Largest peak-to-trough decline

-10.09%

-37.41%

+27.32%

Max Drawdown (1Y)

Largest decline over 1 year

-6.23%

-6.71%

+0.48%

Max Drawdown (5Y)

Largest decline over 5 years

—

-23.36%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-37.41%

—

Current Drawdown

Current decline from peak

-2.84%

-0.37%

-2.47%

Average Drawdown

Average peak-to-trough decline

-2.05%

-5.42%

+3.37%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.39%

1.80%

-0.41%

Volatility

UMAX.TO vs. ZWU.TO - Volatility Comparison

The current volatility for Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.TO) is 2.22%, while BMO Covered Call Utilities ETF (ZWU.TO) has a volatility of 2.41%. This indicates that UMAX.TO experiences smaller price fluctuations and is considered to be less risky than ZWU.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.TOZWU.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.22%

2.41%

-0.19%

Volatility (6M)

Calculated over the trailing 6-month period

4.78%

5.28%

-0.50%

Volatility (1Y)

Calculated over the trailing 1-year period

7.81%

9.12%

-1.31%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

8.68%

10.34%

-1.66%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.68%

14.15%

-5.47%