VALT-U.TO vs. AMAX.TO
VALT-U.TO (CI Gold Bullion ETF (US$ Series)) and AMAX.TO (Hamilton Gold Producer YIELD MAXIMIZER ETF) are both Gold funds. Both are actively managed. Over the past year, VALT-U.TO returned 20.07% vs 24.20% for AMAX.TO. A 0.60 correlation means they provide meaningful diversification when combined.
Performance
VALT-U.TO vs. AMAX.TO - Performance Comparison
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Different Trading Currencies
VALT-U.TO is traded in USD, while AMAX.TO is traded in CAD. To make them comparable, the AMAX.TO values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, VALT-U.TO achieves a -7.19% return, which is significantly higher than AMAX.TO's -18.47% return.
VALT-U.TO
- 1D
- 0.40%
- 1M
- -6.58%
- 6M
- -12.48%
- YTD
- -7.19%
- 1Y
- 20.07%
- 3Y*
- 26.42%
- 5Y*
- 17.02%
- 10Y*
- —
AMAX.TO
- 1D
- -0.63%
- 1M
- -16.38%
- 6M
- -26.56%
- YTD
- -18.47%
- 1Y
- 24.20%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
VALT-U.TO vs. AMAX.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
VALT-U.TO CI Gold Bullion ETF (US$ Series) | -7.19% | 65.42% | 28.59% |
AMAX.TO Hamilton Gold Producer YIELD MAXIMIZER ETF | -18.47% | 123.44% | 19.85% |
Correlation
The correlation between VALT-U.TO and AMAX.TO is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Feb 7, 2024 | 0.60 |
The correlation between VALT-U.TO and AMAX.TO shifts across timeframes, from 0.60 (all time) to 0.72 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
VALT-U.TO vs. AMAX.TO — Risk / Return Rank
VALT-U.TO
AMAX.TO
VALT-U.TO vs. AMAX.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for CI Gold Bullion ETF (US$ Series) (VALT-U.TO) and Hamilton Gold Producer YIELD MAXIMIZER ETF (AMAX.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.
| VALT-U.TO | AMAX.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | -0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.13 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.53 | 0.66 | -0.14 |
| Martin ratioReturn relative to average drawdown | 1.23 | 1.58 | -0.35 |
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Drawdowns
VALT-U.TO vs. AMAX.TO - Drawdown Comparison
The maximum VALT-U.TO drawdown since its inception was -38.65%, which is greater than AMAX.TO's maximum drawdown of -36.60%. Use the drawdown chart below to compare losses from any high point for VALT-U.TO and AMAX.TO.
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Drawdown Indicators
| VALT-U.TO | AMAX.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.65% | -36.60% | -2.05% |
Max Drawdown (1Y)Largest decline over 1 year | -38.65% | -36.60% | -2.05% |
Max Drawdown (3Y)Largest decline over 3 years | -38.65% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -38.65% | — | — |
Current DrawdownCurrent decline from peak | -38.25% | -36.60% | -1.65% |
Average DrawdownAverage peak-to-trough decline | -6.38% | -7.48% | +1.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.45% | 15.38% | +1.07% |
Volatility
VALT-U.TO vs. AMAX.TO - Volatility Comparison
The current volatility for CI Gold Bullion ETF (US$ Series) (VALT-U.TO) is 6.45%, while Hamilton Gold Producer YIELD MAXIMIZER ETF (AMAX.TO) has a volatility of 10.76%. This indicates that VALT-U.TO experiences smaller price fluctuations and is considered to be less risky than AMAX.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VALT-U.TO | AMAX.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.45% | 10.76% | -4.31% |
Volatility (6M)Calculated over the trailing 6-month period | 39.00% | 36.17% | +2.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.54% | 43.27% | -1.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.13% | 35.27% | -12.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.37% | 35.27% | -12.90% |
Dividends
VALT-U.TO vs. AMAX.TO - Dividend Comparison
VALT-U.TO has not paid dividends to shareholders, while AMAX.TO's dividend yield for the trailing twelve months is around 11.07%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
AMAX.TO Hamilton Gold Producer YIELD MAXIMIZER ETF | 11.07% | 6.96% | 9.67% |
VALT-U.TO CI Gold Bullion ETF (US$ Series) | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VALT-U.TO and AMAX.TO have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: CI and Hamilton Capital.
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