A side-by-side comparison of Hamilton Canadian Financials YIELD MAXIMIZER ETF (HMAX) and BMO Covered Call Canadian Banks ETF (ZWB) to help Canadian investors make an informed decision.
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1-Year Performance
Normalised to 100 at the start — shows relative return over the trailing 12 months.
Head-to-Head Comparison
| Metric | HMAX | ZWB |
|---|---|---|
| YTD Return | +5.65% | +13.05%✓ |
| 1-Day Change | +1.39% | +1.49%✓ |
| 1-Week Change | -0.92%✓ | -1.58% |
| 1-Month Change | +3.18%✓ | +3.59% |
| Current Price | $17.20 | $28.59 |
| AUM | $2.35B | $4.34B✓ |
| MER (Expense Ratio) | 65% | 0%✓ |
| Dividend Yield | 11.89%✓ | 5.04% |
| Distribution Frequency | Monthly | Monthly |
| Inception Date | 2023-01-20 | 2011-01-28 |
| Holdings Count | 10 | 7 |
| MorningStar Rating | ★★ | ★★★ |
| Category | Financial Services Equity | Financial Services Equity |
| Beta | 0.88 | 0.95 |
| 52-Week High | $17.31 | $29.15 |
| 52-Week Low | $12.57 | $18.93 |
| 50-Day MA | $16.48 | $27.06 |
| 200-Day MA | $15.94 | $24.86 |
✓ marks the better value for return/yield/AUM metrics. Lower ✓ for MER.
Annualised Returns
| Period | HMAX | ZWB |
|---|---|---|
| YTD | +5.65% | +13.05%✓ |
| 1 Year | +35.82% | +49.50%✓ |
| 3 Year | +22.50% | +26.41%✓ |
| 5 Year | — | +13.90% |
| 10 Year | — | +12.28% |
| 1Y Volatility | 9.58% | 11.62% |
| Sharpe Ratio (3Y) | 1.54 | 1.54 |
Past performance is not a guarantee of future results.
Top 10 Holdings
| 1 | RY | Royal Bank of Canada | 24.19% |
| 2 | TD | Toronto Dominion Bank | 17.34% |
| 3 | BN | Brookfield Corporation | 10.66% |
| 4 | BMO | Bank of Montreal | 10.33% |
| 5 | CM | Canadian Imperial Bank Of Commerce | 9.86% |
| 6 | BNS | Bank of Nova Scotia | 9.22% |
| 7 | MFC | Manulife Financial Corp | 6.34% |
| 8 | NA | National Bank of Canada | 5.69% |
| 9 | GWO | Great-West Lifeco Inc. | 4.65% |
| 10 | IFC | Intact Financial Corporation | 3.29% |
| 1 | ZEB | BMO S&P/TSX Equal Weight Banks | 21.68% |
| 2 | NA | National Bank of Canada | 13.35% |
| 3 | CM | Canadian Imperial Bank Of Commerce | 13.25% |
| 4 | TD | Toronto Dominion Bank | 13.17% |
| 5 | BNS | Bank of Nova Scotia | 12.86% |
| 6 | BMO | Bank of Montreal | 12.85% |
| 7 | RY | Royal Bank of Canada | 12.76% |
Sector Weights
| Sector | HMAX | ZWB |
|---|---|---|
| Basic Materials | 0.00% | 0.00% |
| Communication Services | 0.00% | 0.00% |
| Consumer Cyclicals | 0.00% | 0.00% |
| Consumer Defensive | 0.00% | 0.00% |
| Energy | 0.00% | 0.00% |
| Financial Services | 100.00% | 100.00% |
| Healthcare | 0.00% | 0.00% |
| Industrials | 0.00% | 0.00% |
| Real Estate | 0.00% | 0.00% |
| Technology | 0.00% | 0.00% |
| Utilities | 0.00% | 0.00% |
About HMAX
HMAX is designed for attractive monthly income, while providing exposure to a market cap-weighted portfolio of Canadian financial services stocks. To reduce volatility and augment dividend income, HMAX will employ an active covered call strategy.
About ZWB
BMO Covered Call Canadian Banks ETF (ZWB.TO) is a Canadian-listed ETF traded on the Toronto Stock Exchange. More detailed information will be available soon.
Which ETF is Right for You?
Both HMAX and ZWB are listed on Canadian exchanges and accessible through most Canadian brokerages including Questrade, Wealthsimple Trade, TD Direct, and Interactive Brokers.
Based on the available data, ZWB scores higher across our tracked metrics including YTD performance, dividend yield, and AUM — though both ETFs warrant individual research before investing.
- Consider your account type (TFSA, RRSP, non-registered) as it can affect dividend taxation.
- Compare management expense ratios (MER) directly on each provider's website.
- Look at average daily trading volume to assess liquidity.
- Review the fund's underlying index and holdings to ensure the exposure matches your goals.
This is not financial advice. Always do your own research or consult a licensed financial advisor before investing.
Frequently Asked Questions
What is the difference between HMAX and ZWB?
HMAX (Hamilton Canadian Financials YIELD MAXIMIZER ETF) and ZWB (BMO Covered Call Canadian Banks ETF) are both Canadian-listed ETFs. Key differences include their AUM ($2.35B vs $4.34B), dividend yield (11.89% vs 5.04%), and year-to-date performance (+5.65% vs +13.05%).
Is HMAX better than ZWB?
There is no single "better" ETF — it depends on your investment goals. If you prioritise dividends, compare both yields and choose based on your income needs. Always review the fund's prospectus and consider your tax situation.
Can I buy HMAX and ZWB on Wealthsimple?
Most Canadian-listed ETFs are available on Wealthsimple Trade commission-free. Both HMAX and ZWB should be accessible. Check Wealthsimple's supported tickers list to confirm availability.
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