USCL.TO vs. SMAX.TO

Last updated Apr 1, 2026

Compare and contrast key facts about Global X Enhanced S&P 500 Covered Call ETF (USCL.TO) and Hamilton U.S. Equity YIELD MAXIMIZER ETF (SMAX.TO).

USCL.TO and SMAX.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. USCL.TO is an actively managed fund by Global X. It was launched on Jul 5, 2023. SMAX.TO is an actively managed fund by Hamilton Capital. It was launched on Oct 25, 2023.

Performance

USCL.TO vs. SMAX.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X Enhanced S&P 500 Covered Call ETF (USCL.TO) and Hamilton U.S. Equity YIELD MAXIMIZER ETF (SMAX.TO). The values are adjusted to include any dividend payments, if applicable.

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

	2026 (YTD)	2025	2024	2023
USCL.TO Global X Enhanced S&P 500 Covered Call ETF	-5.43%	10.03%	38.54%	7.83%
SMAX.TO Hamilton U.S. Equity YIELD MAXIMIZER ETF	-2.43%	18.64%	40.16%	7.98%

Returns By Period

In the year-to-date period, USCL.TO achieves a -5.43% return, which is significantly lower than SMAX.TO's -2.43% return.

USCL.TO

• 1D: 0.00%
• 1M: -6.20%
• YTD: -5.43%
• 6M: -3.57%
• 1Y: 8.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMAX.TO

• 1D: 1.72%
• 1M: -2.84%
• YTD: -2.43%
• 6M: 1.69%
• 1Y: 19.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

USCL.TO has a 0.04% expense ratio, which is lower than SMAX.TO's 0.65% expense ratio.

SMAX.TO

Hamilton U.S. Equity YIELD MAXIMIZER ETF

USCL.TO

Global X Enhanced S&P 500 Covered Call ETF

Return for Risk

USCL.TO vs. SMAX.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

USCL.TO

USCL.TO Risk / Return Rank: 30
USCL.TO Sharpe Ratio Rank: 27
USCL.TO Sortino Ratio Rank: 28
USCL.TO Omega Ratio Rank: 32
USCL.TO Calmar Ratio Rank: 30
USCL.TO Martin Ratio Rank: 33

SMAX.TO

SMAX.TO Risk / Return Rank: 71
SMAX.TO Sharpe Ratio Rank: 67
SMAX.TO Sortino Ratio Rank: 67
SMAX.TO Omega Ratio Rank: 73
SMAX.TO Calmar Ratio Rank: 74
SMAX.TO Martin Ratio Rank: 74

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.

USCL.TO vs. SMAX.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Enhanced S&P 500 Covered Call ETF (USCL.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.

	USCL.TO	SMAX.TO	Difference
Sharpe ratio Return per unit of total volatility	0.45	1.16	-0.71
Sortino ratio Return per unit of downside risk	0.76	1.66	-0.91
Omega ratio Gain probability vs. loss probability	1.12	1.26	-0.14
Calmar ratio Return relative to maximum drawdown	0.67	1.89	-1.22
Martin ratio Return relative to average drawdown	2.74	7.54	-4.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current USCL.TO Sharpe Ratio is 0.45, which is lower than the SMAX.TO Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of USCL.TO and SMAX.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.

Sharpe Ratios by Period

	USCL.TO	SMAX.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.45	1.16	-0.71
Sharpe Ratio (All Time) Calculated using the full available price history	1.04	1.81	-0.77

Correlation

The correlation between USCL.TO and SMAX.TO is 0.88, 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

USCL.TO vs. SMAX.TO - Dividend Comparison

USCL.TO's dividend yield for the trailing twelve months is around 13.76%, less than SMAX.TO's 14.11% yield.

	TTM	2025	2024	2023
USCL.TO Global X Enhanced S&P 500 Covered Call ETF	13.76%	12.94%	11.57%	7.08%
SMAX.TO Hamilton U.S. Equity YIELD MAXIMIZER ETF	14.11%	14.67%	13.88%	2.57%

Drawdowns

USCL.TO vs. SMAX.TO - Drawdown Comparison

The maximum USCL.TO drawdown since its inception was -21.85%, which is greater than SMAX.TO's maximum drawdown of -18.22%. Use the drawdown chart below to compare losses from any high point for USCL.TO and SMAX.TO.

Drawdown Indicators

	USCL.TO	SMAX.TO	Difference
Max Drawdown Largest peak-to-trough decline	-21.85%	-18.22%	-3.63%
Max Drawdown (1Y) Largest decline over 1 year	-14.94%	-11.37%	-3.57%
Current Drawdown Current decline from peak	-8.56%	-4.81%	-3.75%
Average Drawdown Average peak-to-trough decline	-2.66%	-2.20%	-0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.63%	2.85%	+0.78%

Volatility

USCL.TO vs. SMAX.TO - Volatility Comparison

Global X Enhanced S&P 500 Covered Call ETF (USCL.TO) has a higher volatility of 5.13% compared to Hamilton U.S. Equity YIELD MAXIMIZER ETF (SMAX.TO) at 4.66%. This indicates that USCL.TO's price experiences larger fluctuations and is considered to be riskier than SMAX.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USCL.TO	SMAX.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.13%	4.66%	+0.47%
Volatility (6M) Calculated over the trailing 6-month period	9.48%	9.00%	+0.48%
Volatility (1Y) Calculated over the trailing 1-year period	20.04%	17.20%	+2.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.62%	14.47%	+1.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.62%	14.47%	+1.15%