FTN.TO vs HMAX.TO: Income Fund Comparison
Quadravest Financial 15 Split Corp. - Canada (FTN.TO) and Hamilton Canadian Financials YIELD MAXIMIZER™ ETF - Canada (HMAX.TO) are both income-focused funds. Below is our independent side-by-side review using the Dependable Income Investing 13-factor scoring system — designed specifically for income investors seeking reliable, sustainable distributions.
Also see: FTN.TO individual review · HMAX.TO individual review
FTN.TO: Management expense ratio including one-time offering expenses 1.14% (2024 semi-annual report) - high. See fund documents PDF. HMAX.TO: https://hamiltonetfs.com/wp-content/uploads/2025/01/ETF-Facts-HMAX-EN-2025-01.pdf says: 0.80% MER FTN.TO iPO November and December 2003 - over 20 years of history. HMAX.TO inception date was Jan 20th 2023 Full Dependability and Return scores for both funds are available in the app.
| FTN.TO | HMAX.TO | |
|---|---|---|
| Fund Name | Quadravest Financial 15 Split Corp. - Canada | Hamilton Canadian Financials YIELD MAXIMIZER™ ETF - Canada |
| Fund Type | Sector Based Fund - Financials | Sector Based Fund - Financials |
| Exchange | TSX | TSX |
| Last Reviewed | 2026-02-24 | 2025-12-09 |
| Author | Adam Hyde, Income Investing Analyst | |
🔒 Full scores available — with Premium subscription
Compare Performance — Free →Fund Attributes: FTN.TO vs HMAX.TO 20% of overall score
Fund Attributes cover the foundational characteristics of each fund: cost, company backing, track record, and size. These factors reflect stability and cost-efficiency for long-term income investors.
Management expense ratio including one-time offering expenses 1.14% (2024 semi-annual report) - high. See fund documents PDF.
Quadravest manages about $5 Billion.
Has over $12 billion in assets under management.
IPO November and December 2003 - over 20 years of history.
Inception date was Jan 20th 2023
Net assets $992.9M as at May 2024; just over a billion invested in FTN.
Just over 1.8 Billion in this fund.
Risk: FTN.TO vs HMAX.TO 35% of overall score
Risk factors evaluate how each fund manages volatility, diversification, and the nature of its underlying assets — critical considerations for income investors who prioritise capital preservation.
Beta 1.27 vs SPY (weekly; 2016-03 to 2026-02).
Beta is around 0.6 which is less volatile than the market.
See the full Risk analysis for both FTN.TO and HMAX.TO — volatility ratings, diversification scores, and analyst notes.
View Plans →Return: FTN.TO vs HMAX.TO 45% of overall score
Return factors assess income generation quality: current yield, distribution consistency, price history, and payment frequency. This is the most heavily weighted category for income investors.
Pays monthly.
Pays Monthly.
See the full Return analysis for both FTN.TO and HMAX.TO — yield ratings, distribution consistency scores, and capital history.
View Plans →Our Review Methodology
Every fund reviewed on Dependable Income Investing is scored using our 13-factor Fund Report Card, organised into three weighted categories: Fund Attributes (20%), Risk (35%), and Return (45%). Each criterion is rated 1–5 by our analysts based on publicly available fund data.
We also calculate a Dependability Score — a weighted composite of six income-specific factors ranked by importance for retirement income investors: Yield Stability, Yield, Volatility, Capital History, Fund Risk, and Underlying Assets. This score answers the question income investors care about most: can I depend on this fund to pay me reliably?
Full scores, ratings, and analyst notes for both FTN.TO and HMAX.TO are available in the Dependable Income Investing app.
See our full scoring methodology →
Frequently Asked Questions: FTN.TO vs HMAX.TO
Which has a lower expense ratio, FTN.TO or HMAX.TO?
FTN.TO: Management expense ratio including one-time offering expenses 1.14% (2024 semi-annual report) - high. See fund documents PDF.
HMAX.TO: https://hamiltonetfs.com/wp-content/uploads/2025/01/ETF-Facts-HMAX-EN-2025-01.pdf says: 0.80% MER
Which fund has more assets under management, FTN.TO or HMAX.TO?
FTN.TO: Net assets $992.9M as at May 2024; just over a billion invested in FTN.
HMAX.TO: Just over 1.8 Billion in this fund.
Which fund has been trading longer, FTN.TO or HMAX.TO?
FTN.TO: IPO November and December 2003 - over 20 years of history.
HMAX.TO: Inception date was Jan 20th 2023
Who manages FTN.TO vs HMAX.TO?
FTN.TO: Quadravest manages about $5 Billion.
HMAX.TO: Has over $12 billion in assets under management.
Where can I see the full FTN.TO vs HMAX.TO comparison with scores?
The complete side-by-side comparison — including all Risk and Return scores, analyst notes, Overall Score, and Dependability Score for both funds — is available in the Dependable Income Investing app.
What is the difference between FTN.TO and HMAX.TO?
Quadravest Financial 15 Split Corp. - Canada is a Sector Based Fund - Financials. Management expense ratio including one-time offering expenses 1.14% (2024 semi-annual report) - high. See fund documents PDF. Hamilton Canadian Financials YIELD MAXIMIZER™ ETF - Canada is a Sector Based Fund - Financials. https://hamiltonetfs.com/wp-content/uploads/2025/01/ETF-Facts-HMAX-EN-2025-01.pdf says: 0.80% MER. Full comparison including Dependability Score is available in the Dependable Income Investing app.
Which is better for income investors, FTN.TO or HMAX.TO?
FTN.TO: Management expense ratio including one-time offering expenses 1.14% (2024 semi-annual report) - high. See fund documents PDF. IPO November and December 2003 - over 20 years of history. HMAX.TO: https://hamiltonetfs.com/wp-content/uploads/2025/01/ETF-Facts-HMAX-EN-2025-01.pdf says: 0.80% MER. Inception date was Jan 20th 2023. Which scores higher on Dependability and Return is available in the Dependable Income Investing app.
Do FTN.TO and HMAX.TO pay monthly distributions?
FTN.TO: Pays monthly. HMAX.TO: Pays Monthly. Full yield and distribution stability scores for both funds are available in the Dependable Income Investing app.
See the Full FTN.TO vs HMAX.TO Comparison
The Dependable Income Investing app gives you the complete picture: all 13 scoring factors for both funds, Risk and Return analyst notes, Dependability Scores, and tools to compare any income fund side by side.
Open Free Comparison Tool →Free. No credit card required.