HMAX.TO vs CALL.TO: Income Fund Comparison
Hamilton Canadian Financials YIELD MAXIMIZER™ ETF - Canada (HMAX.TO) and Evolve US Banks Enhanced Yield Fund - Canada (CALL.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 · CALL.TO individual review
HMAX.TO: https://hamiltonetfs.com/wp-content/uploads/2025/01/ETF-Facts-HMAX-EN-2025-01.pdf says: 0.80% MER CALL.TO: MER 0.66% per ETF Facts (CALL hedged units). ETF Facts Aug 2025; as of Dec 31 2024 expenses 0.86% including TER 0.20%. HMAX.TO inception date was Jan 20th 2023 CALL.TO inception October 12 2017 - over 8 years. Full Dependability and Return scores for both funds are available in the app.
| HMAX.TO | CALL.TO | |
|---|---|---|
| Fund Name | Hamilton Canadian Financials YIELD MAXIMIZER™ ETF - Canada | Evolve US Banks Enhanced Yield Fund - Canada |
| Fund Type | Sector Based Fund - Financials | Sector Based Fund - Financials |
| Exchange | TSX | TSX |
| Last Reviewed | 2025-12-09 | 2026-02-26 |
| Author | Adam Hyde, Income Investing Analyst | |
🔒 Full scores available — with Premium subscription
Compare Performance — Free →Fund Attributes: HMAX.TO vs CALL.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 0.66% per ETF Facts (CALL hedged units). ETF Facts Aug 2025; as of Dec 31 2024 expenses 0.86% including TER 0.20%.
Has over $12 billion in assets under management.
Evolve over $8 billion in assets under management per About page (Oct 2025 milestone).
Inception date was Jan 20th 2023
Inception October 12 2017 - over 8 years.
Just over 1.8 Billion in this fund.
Fund Total Net Assets $145.00 M (all classes) as at Feb 24 2026 per Evolve product page.
Risk: HMAX.TO vs CALL.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 1.04 vs SPY (weekly; 2018-01 to 2026-02).
See the full Risk analysis for both HMAX.TO and CALL.TO — volatility ratings, diversification scores, and analyst notes.
View Plans →Return: HMAX.TO vs CALL.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 CALL.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 CALL.TO are available in the Dependable Income Investing app.
See our full scoring methodology →
Frequently Asked Questions: HMAX.TO vs CALL.TO
Which has a lower expense ratio, HMAX.TO or CALL.TO?
HMAX.TO: https://hamiltonetfs.com/wp-content/uploads/2025/01/ETF-Facts-HMAX-EN-2025-01.pdf says: 0.80% MER
CALL.TO: MER 0.66% per ETF Facts (CALL hedged units). ETF Facts Aug 2025; as of Dec 31 2024 expenses 0.86% including TER 0.20%.
Which fund has more assets under management, HMAX.TO or CALL.TO?
HMAX.TO: Just over 1.8 Billion in this fund.
CALL.TO: Fund Total Net Assets $145.00 M (all classes) as at Feb 24 2026 per Evolve product page.
Which fund has been trading longer, HMAX.TO or CALL.TO?
HMAX.TO: Inception date was Jan 20th 2023
CALL.TO: Inception October 12 2017 - over 8 years.
Who manages HMAX.TO vs CALL.TO?
HMAX.TO: Has over $12 billion in assets under management.
CALL.TO: Evolve over $8 billion in assets under management per About page (Oct 2025 milestone).
Where can I see the full HMAX.TO vs CALL.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 CALL.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 US Banks Enhanced Yield Fund - Canada is a Sector Based Fund - Financials. MER 0.66% per ETF Facts (CALL hedged units). ETF Facts Aug 2025; as of Dec 31 2024 expenses 0.86% including TER 0.20%. Full comparison including Dependability Score is available in the Dependable Income Investing app.
Which is better for income investors, HMAX.TO or CALL.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. CALL.TO: MER 0.66% per ETF Facts (CALL hedged units). ETF Facts Aug 2025; as of Dec 31 2024 expenses 0.86% including TER 0.20%. Inception October 12 2017 - over 8 years. Which scores higher on Dependability and Return is available in the Dependable Income Investing app.
Do HMAX.TO and CALL.TO pay monthly distributions?
HMAX.TO: Pays Monthly. CALL.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 CALL.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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