ZWU.TO vs. HMAX.TO

Last updated Jun 4, 2026

ZWU.TO (BMO Covered Call Utilities ETF) and HMAX.TO (Hamilton Canadian Financials YIELD MAXIMIZER ETF) are both exchange-traded funds - ZWU.TO is a Utilities Equities fund actively managed by BMO, while HMAX.TO is a Derivative Income fund actively managed by Hamilton Capital. Both are actively managed. Over the past 3 years, ZWU.TO returned 10.66%/yr vs 21.76%/yr for HMAX.TO. At a 0.37 correlation, their price movements are largely independent. Both charge a 0.65% expense ratio.

Performance

ZWU.TO vs. HMAX.TO - Performance Comparison

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

Returns By Period

In the year-to-date period, ZWU.TO achieves a 10.15% return, which is significantly lower than HMAX.TO's 11.17% return.

ZWU.TO

• 1D: -0.50%
• 1M: -0.34%
• YTD: 10.15%
• 6M: 9.37%
• 1Y: 15.17%
• 3Y*: 10.66%
• 5Y*: 6.33%
• 10Y*: 6.08%

HMAX.TO

• 1D: -0.55%
• 1M: 4.52%
• YTD: 11.17%
• 6M: 14.64%
• 1Y: 35.28%
• 3Y*: 21.76%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023
ZWU.TO BMO Covered Call Utilities ETF	10.15%	13.18%	10.97%	-5.51%
HMAX.TO Hamilton Canadian Financials YIELD MAXIMIZER ETF	11.17%	27.20%	20.65%	0.77%

Correlation

The correlation between ZWU.TO and HMAX.TO is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (All Time) Calculated using the full available price history since Jan 24, 2023	0.37

Over the past year, the correlation between ZWU.TO and HMAX.TO has dropped to 0.07 - well below their long-term average of 0.37, suggesting their price drivers have been diverging.

ZWU.TO vs. HMAX.TO - Sectors Allocation Comparison

Sectors	ZWU.TO	HMAX.TO
Utilities	52.7%	-
Energy	25.8%	-
Communication Services	21.5%	-
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	100.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

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

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

ZWU.TO

ZWU.TO Risk / Return Rank: 58
ZWU.TO Sharpe Ratio Rank: 58
ZWU.TO Sortino Ratio Rank: 62
ZWU.TO Omega Ratio Rank: 57
ZWU.TO Calmar Ratio Rank: 63
ZWU.TO Martin Ratio Rank: 51

HMAX.TO

HMAX.TO Risk / Return Rank: 91
HMAX.TO Sharpe Ratio Rank: 93
HMAX.TO Sortino Ratio Rank: 94
HMAX.TO Omega Ratio Rank: 93
HMAX.TO Calmar Ratio Rank: 86
HMAX.TO Martin Ratio Rank: 90

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.

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

This table presents a comparison of risk-adjusted performance metrics for BMO Covered Call Utilities ETF (ZWU.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.

	ZWU.TO	HMAX.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.01	3.56	-1.55
Sortino ratio: Return per unit of downside risk	2.94	5.03	-2.09
Omega ratio: Gain probability vs. loss probability	1.36	1.67	-0.32
Calmar ratio: Return relative to maximum drawdown	3.13	4.86	-1.73
Martin ratio: Return relative to average drawdown	8.85	21.27	-12.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current ZWU.TO Sharpe Ratio is 2.01, which is lower than the HMAX.TO Sharpe Ratio of 3.56. The chart below compares the historical Sharpe Ratios of ZWU.TO and HMAX.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

	ZWU.TO	HMAX.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.01	3.56	-1.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	1.54	-1.12

Drawdowns

ZWU.TO vs. HMAX.TO - Drawdown Comparison

The maximum ZWU.TO drawdown since its inception was -37.41%, 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 ZWU.TO and HMAX.TO.

Drawdown Indicators

	ZWU.TO	HMAX.TO	Difference
Max Drawdown Largest peak-to-trough decline	-37.41%	-15.34%	-22.07%
Max Drawdown (1Y) Largest decline over 1 year	-4.86%	-7.29%	+2.43%
Max Drawdown (3Y) Largest decline over 3 years	-12.85%	-12.48%	-0.37%
Max Drawdown (5Y) Largest decline over 5 years	-23.36%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-37.41%	—	—
Current Drawdown Current decline from peak	-2.31%	-0.91%	-1.40%
Average Drawdown Average peak-to-trough decline	-5.38%	-2.94%	-2.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.73%	1.66%	+0.07%

Volatility

ZWU.TO vs. HMAX.TO - Volatility Comparison

The current volatility for BMO Covered Call Utilities ETF (ZWU.TO) is 2.81%, while Hamilton Canadian Financials YIELD MAXIMIZER ETF (HMAX.TO) has a volatility of 3.28%. This indicates that ZWU.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.

Volatility by Period

	ZWU.TO	HMAX.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.81%	3.28%	-0.47%
Volatility (6M) Calculated over the trailing 6-month period	6.30%	8.55%	-2.25%
Volatility (1Y) Calculated over the trailing 1-year period	7.59%	9.95%	-2.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.47%	11.42%	-0.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.18%	11.42%	+2.76%

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

Both ZWU.TO and HMAX.TO have an expense ratio of 0.65%.

Dividends

ZWU.TO vs. HMAX.TO - Dividend Comparison

ZWU.TO's dividend yield for the trailing twelve months is around 7.09%, less than HMAX.TO's 11.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HMAX.TO Hamilton Canadian Financials YIELD MAXIMIZER ETF	11.59%	12.29%	14.08%	15.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZWU.TO BMO Covered Call Utilities ETF	7.09%	7.59%	7.96%	8.54%	8.35%	7.43%	7.94%	6.29%	6.84%	6.46%	6.77%	7.57%

Frequently Asked Questions

Can I hold both ZWU.TO and HMAX.TO in my portfolio?

ZWU.TO and HMAX.TO have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZWU.TO or HMAX.TO?

Both ETFs have the same 0.65% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZWU.TO or HMAX.TO?

ZWU.TO and HMAX.TO have the same expense ratio: 0.65% per year.

What is the main difference between ZWU.TO and HMAX.TO?

ZWU.TO is categorized as Utilities Equities, while HMAX.TO is Derivative Income. They also come from different issuers: BMO and Hamilton Capital.