XUT.TO vs. UMAX.TO

Last updated Jun 4, 2026

XUT.TO (iShares S&P/TSX Capped Utilities Index ETF) and UMAX.TO (Hamilton Utilities YIELD MAXIMIZER ETF) are both exchange-traded funds - XUT.TO is a Utilities Equities fund tracking the Morningstar Gbl GR CAD, while UMAX.TO is a Derivative Income fund actively managed by Hamilton Capital. XUT.TO is passively managed, while UMAX.TO is actively managed. Over the past year, XUT.TO returned 23.81% vs 13.44% for UMAX.TO. A 0.74 correlation means they provide meaningful diversification when combined. XUT.TO charges 0.61%/yr vs 0.65%/yr for UMAX.TO.

Performance

XUT.TO vs. UMAX.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P/TSX Capped Utilities Index ETF (XUT.TO) and Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XUT.TO achieves a 14.90% return, which is significantly higher than UMAX.TO's 8.78% return.

XUT.TO

• 1D: 0.14%
• 1M: 3.21%
• YTD: 14.90%
• 6M: 13.55%
• 1Y: 23.81%
• 3Y*: 12.29%
• 5Y*: 7.97%
• 10Y*: 9.43%

UMAX.TO

• 1D: 0.19%
• 1M: 3.71%
• YTD: 8.78%
• 6M: 8.52%
• 1Y: 13.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023
XUT.TO iShares S&P/TSX Capped Utilities Index ETF	14.90%	18.91%	13.09%	-5.03%
UMAX.TO Hamilton Utilities YIELD MAXIMIZER ETF	8.78%	9.95%	5.97%	0.81%

Correlation

The correlation between XUT.TO and UMAX.TO is 0.56, 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	0.56
Correlation (All Time) Calculated using the full available price history since Jun 16, 2023	0.74

The correlation between XUT.TO and UMAX.TO shifts across timeframes, from 0.56 (1 year) to 0.74 (all time), reflecting how their relationship changes across market environments.

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

Sectors	XUT.TO	UMAX.TO
Utilities	90.7%	30.6%
Energy	9.3%	24.4%
Basic Materials	-	-
Communication Services	-	21.4%
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	23.6%
Real Estate	-	-
Technology	-	-

Return for Risk

XUT.TO vs. UMAX.TO — Risk / Return Rank

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

XUT.TO

XUT.TO Risk / Return Rank: 84
XUT.TO Sharpe Ratio Rank: 88
XUT.TO Sortino Ratio Rank: 89
XUT.TO Omega Ratio Rank: 89
XUT.TO Calmar Ratio Rank: 85
XUT.TO Martin Ratio Rank: 67

UMAX.TO

UMAX.TO Risk / Return Rank: 58
UMAX.TO Sharpe Ratio Rank: 59
UMAX.TO Sortino Ratio Rank: 68
UMAX.TO Omega Ratio Rank: 60
UMAX.TO Calmar Ratio Rank: 53
UMAX.TO Martin Ratio Rank: 53

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.

XUT.TO vs. UMAX.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX Capped Utilities Index ETF (XUT.TO) and Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.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.

	XUT.TO	UMAX.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.99	2.03	+0.97
Sortino ratio: Return per unit of downside risk	4.20	3.16	+1.04
Omega ratio: Gain probability vs. loss probability	1.57	1.37	+0.20
Calmar ratio: Return relative to maximum drawdown	4.78	2.64	+2.14
Martin ratio: Return relative to average drawdown	12.45	9.13	+3.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current XUT.TO Sharpe Ratio is 2.99, which is higher than the UMAX.TO Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of XUT.TO and UMAX.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.

Sharpe Ratios by Period

	XUT.TO	UMAX.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.99	2.03	+0.97
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	1.00	-0.46

Drawdowns

XUT.TO vs. UMAX.TO - Drawdown Comparison

The maximum XUT.TO drawdown since its inception was -37.65%, which is greater than UMAX.TO's maximum drawdown of -10.09%. Use the drawdown chart below to compare losses from any high point for XUT.TO and UMAX.TO.

Drawdown Indicators

	XUT.TO	UMAX.TO	Difference
Max Drawdown Largest peak-to-trough decline	-37.65%	-10.09%	-27.56%
Max Drawdown (1Y) Largest decline over 1 year	-5.00%	-5.11%	+0.11%
Max Drawdown (3Y) Largest decline over 3 years	-19.77%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.54%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-37.65%	—	—
Current Drawdown Current decline from peak	-1.20%	-0.47%	-0.73%
Average Drawdown Average peak-to-trough decline	-5.70%	-2.06%	-3.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.94%	1.50%	+0.44%

Volatility

XUT.TO vs. UMAX.TO - Volatility Comparison

iShares S&P/TSX Capped Utilities Index ETF (XUT.TO) has a higher volatility of 2.50% compared to Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.TO) at 1.93%. This indicates that XUT.TO's price experiences larger fluctuations and is considered to be riskier than UMAX.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XUT.TO	UMAX.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.50%	1.93%	+0.57%
Volatility (6M) Calculated over the trailing 6-month period	6.68%	5.54%	+1.14%
Volatility (1Y) Calculated over the trailing 1-year period	8.05%	6.65%	+1.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.65%	8.68%	+3.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.09%	8.68%	+7.41%

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

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

Dividends

XUT.TO vs. UMAX.TO - Dividend Comparison

XUT.TO's dividend yield for the trailing twelve months is around 3.23%, less than UMAX.TO's 14.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UMAX.TO Hamilton Utilities YIELD MAXIMIZER ETF	14.00%	14.86%	14.81%	6.96%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XUT.TO iShares S&P/TSX Capped Utilities Index ETF	3.23%	3.79%	4.00%	3.90%	3.80%	2.99%	4.51%	3.57%	4.52%	3.57%	3.74%	4.05%

Frequently Asked Questions

Can I hold both XUT.TO and UMAX.TO in my portfolio?

XUT.TO and UMAX.TO have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XUT.TO or UMAX.TO?

On fees, XUT.TO is cheaper at 0.61% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XUT.TO or UMAX.TO?

XUT.TO is cheaper with a 0.61% expense ratio, compared with 0.65% for UMAX.TO.

What is the main difference between XUT.TO and UMAX.TO?

XUT.TO is categorized as Utilities Equities, while UMAX.TO is Derivative Income. They also come from different issuers: iShares and Hamilton Capital. Their fees differ too: 0.61% for XUT.TO and 0.65% for UMAX.TO.