HMAX.TO vs BANK.TO: Income Fund Comparison
Hamilton Canadian Financials YIELD MAXIMIZER™ ETF - Canada (HMAX.TO) and Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund - Canada (BANK.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: HMAX.TO individual review · BANK.TO individual review
HMAX.TO: https://hamiltonetfs.com/wp-content/uploads/2025/01/ETF-Facts-HMAX-EN-2025-01.pdf says: 0.80% MER BANK.TO: MER is approximately 1.92% as per the most recent management report including costs from 25% leverage. Management fee alone is 0.60%. HMAX.TO inception date was Jan 20th 2023 BANK.TO fund inception date was Feb 1st 2022 - approximately 4.1 years of history as of review date (rounded up to 5 years for scoring). Full Dependability and Return scores for both funds are available in the app.
| HMAX.TO | BANK.TO | |
|---|---|---|
| Fund Name | Hamilton Canadian Financials YIELD MAXIMIZER™ ETF - Canada | Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund - Canada |
| Fund Type | Sector Based Fund - Financials | Sector Based Fund - Financials |
| Exchange | TSX | TSX |
| Last Reviewed | 2025-12-09 | 2026-03-07 |
| Author | Adam Hyde, Income Investing Analyst | |
🔒 Full scores available — with Premium subscription
Compare Performance — Free →Fund Attributes: HMAX.TO vs BANK.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.
MER is approximately 1.92% as per the most recent management report including costs from 25% leverage. Management fee alone is 0.60%.
Has over $12 billion in assets under management.
Evolve ETFs has over $8 billion in assets under management as of 2026.
Inception date was Jan 20th 2023
Fund inception date was Feb 1st 2022 - approximately 4.1 years of history as of review date (rounded up to 5 years for scoring).
Just over 1.8 Billion in this fund.
$917.80 Million in assets under management as of recent data. Significantly grown from $344 Million in the previous review - approaching $1 Billion.
Risk: HMAX.TO vs BANK.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 is around 0.6 which is less volatile than the market.
Beta is 0.63 vs SPY (2022-02-11 to 2026-03-06) which is lower than the overall market.
See the full Risk analysis for both HMAX.TO and BANK.TO — volatility ratings, diversification scores, and analyst notes.
View Plans →Return: HMAX.TO vs BANK.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.
Monthly distributions.
See the full Return analysis for both HMAX.TO and BANK.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 HMAX.TO and BANK.TO are available in the Dependable Income Investing app.
See our full scoring methodology →
Frequently Asked Questions: HMAX.TO vs BANK.TO
Which has a lower expense ratio, HMAX.TO or BANK.TO?
HMAX.TO: https://hamiltonetfs.com/wp-content/uploads/2025/01/ETF-Facts-HMAX-EN-2025-01.pdf says: 0.80% MER
BANK.TO: MER is approximately 1.92% as per the most recent management report including costs from 25% leverage. Management fee alone is 0.60%.
Which fund has more assets under management, HMAX.TO or BANK.TO?
HMAX.TO: Just over 1.8 Billion in this fund.
BANK.TO: $917.80 Million in assets under management as of recent data. Significantly grown from $344 Million in the previous review - approaching $1 Billion.
Which fund has been trading longer, HMAX.TO or BANK.TO?
HMAX.TO: Inception date was Jan 20th 2023
BANK.TO: Fund inception date was Feb 1st 2022 - approximately 4.1 years of history as of review date (rounded up to 5 years for scoring).
Who manages HMAX.TO vs BANK.TO?
HMAX.TO: Has over $12 billion in assets under management.
BANK.TO: Evolve ETFs has over $8 billion in assets under management as of 2026.
Where can I see the full HMAX.TO vs BANK.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 HMAX.TO and BANK.TO?
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. Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund - Canada is a Sector Based Fund - Financials. MER is approximately 1.92% as per the most recent management report including costs from 25% leverage. Management fee alone is 0.60%. Full comparison including Dependability Score is available in the Dependable Income Investing app.
Which is better for income investors, HMAX.TO or BANK.TO?
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. BANK.TO: MER is approximately 1.92% as per the most recent management report including costs from 25% leverage. Management fee alone is 0.60%. Fund inception date was Feb 1st 2022 - approximately 4.1 years of history as of review date (rounded up to 5 years for scoring). Which scores higher on Dependability and Return is available in the Dependable Income Investing app.
Do HMAX.TO and BANK.TO pay monthly distributions?
HMAX.TO: Pays Monthly. BANK.TO: Monthly distributions. Full yield and distribution stability scores for both funds are available in the Dependable Income Investing app.
See the Full HMAX.TO vs BANK.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.
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