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ZMI.TO vs. HMAX.TO
Performance
Return for Risk
Dividends
Drawdowns
Volatility

ZMI.TO vs. HMAX.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO Monthly Income ETF (ZMI.TO) and Hamilton Canadian Financials YIELD MAXIMIZER ETF (HMAX.TO).

ZMI.TO and HMAX.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZMI.TO is an actively managed fund by BMO. It was launched on Jan 28, 2011. HMAX.TO is an actively managed fund by Hamilton Capital. It was launched on Jan 20, 2023.

Performance

ZMI.TO vs. HMAX.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Monthly Income ETF (ZMI.TO) and Hamilton Canadian Financials YIELD MAXIMIZER ETF (HMAX.TO). The values are adjusted to include any dividend payments, if applicable.

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ZMI.TO vs. HMAX.TO - Yearly Performance Comparison

2026 (YTD)202520242023
ZMI.TO
BMO Monthly Income ETF		2.98%7.88%13.43%5.14%
HMAX.TO
Hamilton Canadian Financials YIELD MAXIMIZER ETF		-3.41%27.20%20.65%0.77%

Returns By Period

In the year-to-date period, ZMI.TO achieves a 2.98% return, which is significantly higher than HMAX.TO's -3.41% return.

ZMI.TO

1D
1.29%
1M
-2.24%
YTD
2.98%
6M
2.10%
1Y
8.46%
3Y*
10.12%
5Y*
6.90%
10Y*
6.17%

HMAX.TO

1D
0.00%
1M
-4.99%
YTD
-3.41%
6M
5.24%
1Y
25.73%
3Y*
16.11%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BMO Monthly Income ETF

Hamilton Canadian Financials YIELD MAXIMIZER ETF

Often compared with ZMI.TO:
ZMI.TO vs. VRIF.TOZMI.TO vs. XTR.TOZMI.TO vs. VDY.TOZMI.TO vs. VBAL.TOZMI.TO vs. XDIV.TOZMI.TO vs. FBAL.NEOZMI.TO vs. XEI.TO
Often compared with HMAX.TO:
HMAX.TO vs. HDIV.TOHMAX.TO vs. BANK.TOHMAX.TO vs. HHIS.TOHMAX.TO vs. HYLDHMAX.TO vs. ZEB.TOHMAX.TO vs. HYLD.TOHMAX.TO vs. VDY.TO

ZMI.TO vs. HMAX.TO - Expense Ratio Comparison

ZMI.TO has a 0.18% expense ratio, which is lower than HMAX.TO's 0.65% expense ratio.

HMAX.TO
Hamilton Canadian Financials YIELD MAXIMIZER ETF
ZMI.TO
BMO Monthly Income ETF

Return for Risk

ZMI.TO vs. HMAX.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZMI.TO
ZMI.TO Risk / Return Rank: 5050
Overall Rank
ZMI.TO Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
ZMI.TO Sortino Ratio Rank: 4646
Sortino Ratio Rank
ZMI.TO Omega Ratio Rank: 5555
Omega Ratio Rank
ZMI.TO Calmar Ratio Rank: 4747
Calmar Ratio Rank
ZMI.TO Martin Ratio Rank: 4848
Martin Ratio Rank
HMAX.TO
HMAX.TO Risk / Return Rank: 9393
Overall Rank
HMAX.TO Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
HMAX.TO Sortino Ratio Rank: 9393
Sortino Ratio Rank
HMAX.TO Omega Ratio Rank: 9494
Omega Ratio Rank
HMAX.TO Calmar Ratio Rank: 9191
Calmar Ratio Rank
HMAX.TO Martin Ratio Rank: 9292
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.

ZMI.TO vs. HMAX.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Monthly Income ETF (ZMI.TO) and Hamilton Canadian Financials YIELD MAXIMIZER ETF (HMAX.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.

ZMI.TOHMAX.TODifference

Sharpe ratio

Return per unit of total volatility

0.94

2.10

-1.16

Sortino ratio

Return per unit of downside risk

1.25

2.76

-1.51

Omega ratio

Gain probability vs. loss probability

1.20

1.43

-0.23

Calmar ratio

Return relative to maximum drawdown

1.19

2.97

-1.78

Martin ratio

Return relative to average drawdown

4.53

12.60

-8.06

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZMI.TO vs. HMAX.TO - Sharpe Ratio Comparison

The current ZMI.TO Sharpe Ratio is 0.94, which is lower than the HMAX.TO Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of ZMI.TO and HMAX.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

ZMI.TOHMAX.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.94

2.10

-1.16

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.94

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.70

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.72

1.19

-0.46

Correlation

The correlation between ZMI.TO and HMAX.TO is 0.68, 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

ZMI.TO vs. HMAX.TO - Dividend Comparison

ZMI.TO's dividend yield for the trailing twelve months is around 4.30%, less than HMAX.TO's 12.91% yield.

TTM20252024202320222021202020192018201720162015
ZMI.TO
BMO Monthly Income ETF		4.30%4.54%4.68%4.94%4.49%3.71%4.21%4.24%4.58%4.06%3.89%3.89%
HMAX.TO
Hamilton Canadian Financials YIELD MAXIMIZER ETF		12.91%12.29%14.08%15.47%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Drawdowns

ZMI.TO vs. HMAX.TO - Drawdown Comparison

The maximum ZMI.TO drawdown since its inception was -26.65%, which is greater than HMAX.TO's maximum drawdown of -15.34%. Use the drawdown chart below to compare losses from any high point for ZMI.TO and HMAX.TO.

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Drawdown Indicators

ZMI.TOHMAX.TODifference

Max Drawdown

Largest peak-to-trough decline

-26.65%

-15.34%

-11.31%

Max Drawdown (1Y)

Largest decline over 1 year

-7.66%

-9.02%

+1.36%

Max Drawdown (5Y)

Largest decline over 5 years

-12.65%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-26.65%

—

—

Current Drawdown

Current decline from peak

-2.24%

-6.53%

+4.29%

Average Drawdown

Average peak-to-trough decline

-2.14%

-3.07%

+0.93%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.03%

2.13%

-0.10%

Volatility

ZMI.TO vs. HMAX.TO - Volatility Comparison

The current volatility for BMO Monthly Income ETF (ZMI.TO) is 3.14%, while Hamilton Canadian Financials YIELD MAXIMIZER ETF (HMAX.TO) has a volatility of 4.69%. This indicates that ZMI.TO experiences smaller price fluctuations and is considered to be less risky than HMAX.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZMI.TOHMAX.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.14%

4.69%

-1.55%

Volatility (6M)

Calculated over the trailing 6-month period

5.97%

7.76%

-1.79%

Volatility (1Y)

Calculated over the trailing 1-year period

9.09%

12.33%

-3.24%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.39%

11.37%

-3.98%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.83%

11.37%

-2.54%