ZPH.TO vs. HMAX.TO
ZPH.TO (BMO US Put Write Hedged to CAD ETF) and HMAX.TO (Hamilton Canadian Financials Yield Maximizer ETF) are both Derivative Income funds. Both are actively managed. Over the past 3 years, ZPH.TO returned 7.98%/yr vs 24.21%/yr for HMAX.TO. At a 0.48 correlation, their price movements are largely independent. Both charge a 0.65% expense ratio.
Performance
ZPH.TO vs. HMAX.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ZPH.TO achieves a 2.64% return, which is significantly lower than HMAX.TO's 21.55% return.
ZPH.TO
- 1D
- 0.29%
- 1M
- 1.47%
- 6M
- 3.15%
- YTD
- 2.64%
- 1Y
- 8.71%
- 3Y*
- 7.98%
- 5Y*
- 5.84%
- 10Y*
- —
HMAX.TO
- 1D
- -0.22%
- 1M
- 4.43%
- 6M
- 19.78%
- YTD
- 21.55%
- 1Y
- 42.63%
- 3Y*
- 24.21%
- 5Y*
- —
- 10Y*
- —
ZPH.TO vs. HMAX.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZPH.TO BMO US Put Write Hedged to CAD ETF | 2.64% | 9.47% | 4.21% | 19.62% |
HMAX.TO Hamilton Canadian Financials Yield Maximizer ETF | 21.55% | 27.16% | 20.69% | 1.08% |
Correlation
The correlation between ZPH.TO and HMAX.TO is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Jan 23, 2023 | 0.48 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ZPH.TO vs. HMAX.TO — Risk / Return Rank
ZPH.TO
HMAX.TO
ZPH.TO vs. HMAX.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO US Put Write Hedged to CAD ETF (ZPH.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.
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.
| ZPH.TO | HMAX.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.87 | ||
| Sortino ratioReturn per unit of downside risk | -3.86 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.79 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | 1.44 | 5.88 | -4.43 |
| Martin ratioReturn relative to average drawdown | 5.44 | 25.73 | -20.29 |
Loading charts...
Drawdowns
ZPH.TO vs. HMAX.TO - Drawdown Comparison
The maximum ZPH.TO drawdown since its inception was -33.38%, 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 ZPH.TO and HMAX.TO.
Loading charts...
Drawdown Indicators
| ZPH.TO | HMAX.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.38% | -15.34% | -18.04% |
Max Drawdown (1Y)Largest decline over 1 year | -6.07% | -7.29% | +1.22% |
Max Drawdown (3Y)Largest decline over 3 years | -11.83% | -12.51% | +0.68% |
Max Drawdown (5Y)Largest decline over 5 years | -18.38% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.22% | +0.22% |
Average DrawdownAverage peak-to-trough decline | -4.23% | -2.84% | -1.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.60% | 1.66% | -0.06% |
Volatility
ZPH.TO vs. HMAX.TO - Volatility Comparison
The current volatility for BMO US Put Write Hedged to CAD ETF (ZPH.TO) is 2.42%, while Hamilton Canadian Financials Yield Maximizer ETF (HMAX.TO) has a volatility of 2.57%. This indicates that ZPH.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.
Loading charts...
Volatility by Period
| ZPH.TO | HMAX.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.42% | 2.57% | -0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 5.64% | 8.77% | -3.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.55% | 10.20% | -3.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.18% | 11.35% | -0.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.59% | 11.35% | +1.24% |
ZPH.TO vs. HMAX.TO - Expense Ratio Comparison
Both ZPH.TO and HMAX.TO have an expense ratio of 0.65%.
Dividends
ZPH.TO vs. HMAX.TO - Dividend Comparison
ZPH.TO's dividend yield for the trailing twelve months is around 10.32%, less than HMAX.TO's 10.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
HMAX.TO Hamilton Canadian Financials Yield Maximizer ETF | 10.71% | 12.29% | 14.08% | 15.47% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZPH.TO BMO US Put Write Hedged to CAD ETF | 10.32% | 10.06% | 9.95% | 8.18% | 8.83% | 7.27% | 7.67% | 7.26% | 6.98% | 5.94% |
Frequently Asked Questions
ZPH.TO and HMAX.TO have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.65% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
ZPH.TO and HMAX.TO have the same expense ratio: 0.65% per year.
They also come from different issuers: BMO and Hamilton Capital.
Find the right allocation for ZPH.TO and HMAX.TO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer