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ZMT.TO vs. EMAX.TO
Performance
Return for Risk
Dividends
Drawdowns
Volatility

ZMT.TO vs. EMAX.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged) (ZMT.TO) and Hamilton Energy YIELD MAXIMIZER ETF (EMAX.TO).

ZMT.TO and EMAX.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZMT.TO is a passively managed fund by BMO that tracks the performance of the Solactive Equal Weight Global Base Metals Index Canadian Dollar Hedged. It was launched on Oct 20, 2009. EMAX.TO is an actively managed fund by Hamilton Capital. It was launched on Feb 6, 2024.

Performance

ZMT.TO vs. EMAX.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged) (ZMT.TO) and Hamilton Energy YIELD MAXIMIZER ETF (EMAX.TO). The values are adjusted to include any dividend payments, if applicable.

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ZMT.TO vs. EMAX.TO - Yearly Performance Comparison

2026 (YTD)20252024
ZMT.TO
BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged)		9.48%63.17%23.66%
EMAX.TO
Hamilton Energy YIELD MAXIMIZER ETF		31.32%4.63%3.60%

Returns By Period

In the year-to-date period, ZMT.TO achieves a 9.48% return, which is significantly lower than EMAX.TO's 31.32% return.

ZMT.TO

1D
7.64%
1M
-13.72%
YTD
9.48%
6M
27.57%
1Y
85.63%
3Y*
28.28%
5Y*
16.96%
10Y*
15.66%

EMAX.TO

1D
-1.98%
1M
11.00%
YTD
31.32%
6M
31.82%
1Y
30.39%
3Y*
—
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 S&P/TSX Equal Weight Global Base Metals (CAD Hedged)

Hamilton Energy YIELD MAXIMIZER ETF

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Often compared with EMAX.TO:
EMAX.TO vs. ENCC.TOEMAX.TO vs. UMAX.TOEMAX.TO vs. XEG.TOEMAX.TO vs. GLCC.TOEMAX.TO vs. XLEEMAX.TO vs. QMAX.TOEMAX.TO vs. JEPI.TO

ZMT.TO vs. EMAX.TO - Expense Ratio Comparison

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

EMAX.TO
Hamilton Energy YIELD MAXIMIZER ETF
ZMT.TO
BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged)

Return for Risk

ZMT.TO vs. EMAX.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZMT.TO
ZMT.TO Risk / Return Rank: 9191
Overall Rank
ZMT.TO Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
ZMT.TO Sortino Ratio Rank: 9191
Sortino Ratio Rank
ZMT.TO Omega Ratio Rank: 9090
Omega Ratio Rank
ZMT.TO Calmar Ratio Rank: 9393
Calmar Ratio Rank
ZMT.TO Martin Ratio Rank: 8989
Martin Ratio Rank
EMAX.TO
EMAX.TO Risk / Return Rank: 5959
Overall Rank
EMAX.TO Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
EMAX.TO Sortino Ratio Rank: 6060
Sortino Ratio Rank
EMAX.TO Omega Ratio Rank: 6565
Omega Ratio Rank
EMAX.TO Calmar Ratio Rank: 6060
Calmar Ratio Rank
EMAX.TO Martin Ratio Rank: 4242
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.

ZMT.TO vs. EMAX.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged) (ZMT.TO) and Hamilton Energy YIELD MAXIMIZER ETF (EMAX.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.

ZMT.TOEMAX.TODifference

Sharpe ratio

Return per unit of total volatility

2.12

1.16

+0.96

Sortino ratio

Return per unit of downside risk

2.66

1.55

+1.11

Omega ratio

Gain probability vs. loss probability

1.38

1.24

+0.14

Calmar ratio

Return relative to maximum drawdown

3.58

1.54

+2.05

Martin ratio

Return relative to average drawdown

11.07

4.01

+7.06

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

ZMT.TO vs. EMAX.TO - Sharpe Ratio Comparison

The current ZMT.TO Sharpe Ratio is 2.12, which is higher than the EMAX.TO Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of ZMT.TO and EMAX.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

ZMT.TOEMAX.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.12

1.16

+0.96

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.51

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.47

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.00

0.81

-0.81

Correlation

The correlation between ZMT.TO and EMAX.TO is 0.22, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

ZMT.TO vs. EMAX.TO - Dividend Comparison

ZMT.TO's dividend yield for the trailing twelve months is around 0.19%, less than EMAX.TO's 9.29% yield.

TTM20252024202320222021202020192018201720162015
ZMT.TO
BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged)		0.19%0.21%0.34%0.87%1.46%2.82%1.03%2.34%3.95%1.29%1.24%1.10%
EMAX.TO
Hamilton Energy YIELD MAXIMIZER ETF		9.29%13.44%12.31%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Drawdowns

ZMT.TO vs. EMAX.TO - Drawdown Comparison

The maximum ZMT.TO drawdown since its inception was -80.73%, which is greater than EMAX.TO's maximum drawdown of -27.55%. Use the drawdown chart below to compare losses from any high point for ZMT.TO and EMAX.TO.

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Drawdown Indicators

ZMT.TOEMAX.TODifference

Max Drawdown

Largest peak-to-trough decline

-80.73%

-27.55%

-53.18%

Max Drawdown (1Y)

Largest decline over 1 year

-23.81%

-20.97%

-2.84%

Max Drawdown (5Y)

Largest decline over 5 years

-41.01%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-67.51%

—

—

Current Drawdown

Current decline from peak

-14.38%

-3.30%

-11.08%

Average Drawdown

Average peak-to-trough decline

-43.56%

-9.52%

-34.04%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.70%

8.03%

-0.33%

Volatility

ZMT.TO vs. EMAX.TO - Volatility Comparison

BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged) (ZMT.TO) has a higher volatility of 17.21% compared to Hamilton Energy YIELD MAXIMIZER ETF (EMAX.TO) at 5.45%. This indicates that ZMT.TO's price experiences larger fluctuations and is considered to be riskier than EMAX.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZMT.TOEMAX.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

17.21%

5.45%

+11.76%

Volatility (6M)

Calculated over the trailing 6-month period

32.63%

13.03%

+19.60%

Volatility (1Y)

Calculated over the trailing 1-year period

40.64%

26.34%

+14.30%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

33.30%

22.14%

+11.16%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

33.22%

22.14%

+11.08%