A side-by-side comparison of Hamilton Utilities YIELD MAXIMIZER ETF (UMAX) and BMO Covered Call Utilities ETF (ZWU) to help Canadian investors make an informed decision.
1-Year Performance
Normalised to 100 at the start — shows relative return over the trailing 12 months.
Head-to-Head Comparison
| Metric | UMAX | ZWU |
|---|---|---|
| YTD Return | -9.22% | -2.89%✓ |
| 1-Day Change | -0.58% | +0.19%✓ |
| 1-Week Change | -2.41% | -1.28%✓ |
| 1-Month Change | -5.86% | -5.19%✓ |
| Current Price | $11.96 | $10.77 |
| AUM | $1.42B | $2.10B✓ |
| MER (Expense Ratio) | — | 0.65% |
| Dividend Yield | 14.45%✓ | 7.39% |
| Distribution Frequency | Monthly | Monthly |
| Inception Date | 2023-06-14 | 2011-10-20 |
| Holdings Count | 10 | 10 |
| MorningStar Rating | — | — |
| Category | Sector Equity | Sector Equity |
| Beta | 0.36 | 0.23 |
| 52-Week High | $13.35 | $11.96 |
| 52-Week Low | $11.66 | $10.25 |
| 50-Day MA | $12.86 | $11.45 |
| 200-Day MA | $13.30 | $11.68 |
✓ marks the better value for return/yield/AUM metrics. Lower ✓ for MER.
Annualised Returns
| Period | UMAX | ZWU |
|---|---|---|
| YTD | -9.22% | -2.89%✓ |
| 1 Year | +2.81%✓ | +2.02% |
| 3 Year | +7.37% | +10.14%✓ |
| 5 Year | — | +4.42% |
| 10 Year | — | +4.86% |
| 1Y Volatility | 7.23% | 9.30% |
| Sharpe Ratio (3Y) | 0.64 | 0.82 |
Past performance is not a guarantee of future results.
Top 10 Holdings
| 1 | RCI-B | Rogers Communications Inc | 8.57% |
| 2 | BCE | BCE Inc | 8.40% |
| 3 | CP | Canadian Pacific Railway Ltd | 8.10% |
| 4 | WCN | Waste Connections Inc | 7.82% |
| 5 | PPL | Pembina Pipeline Corp | 7.72% |
| 6 | BIP-UN | Brookfield Infrastructure Partners L.P | 7.72% |
| 7 | CNR | Canadian National Railway Co | 7.70% |
| 8 | T | Telus Corp | 7.68% |
| 9 | FTS | Fortis Inc | 7.65% |
| 10 | ENB | Enbridge Inc | 7.49% |
| 1 | VZ | Verizon Communications Inc | 5.32% |
| 2 | ZUT | BMO Equal Weight Utilities Index ETF | 5.12% |
| 3 | FTS | Fortis Inc | 5.07% |
| 4 | TRP | TC Energy Corp | 4.92% |
| 5 | PPL | Pembina Pipeline Corp | 4.92% |
| 6 | T | AT&T Inc. | 4.89% |
| 7 | H | Hydro One Ltd | 4.86% |
| 8 | ENB | Enbridge Inc | 4.81% |
| 9 | WMB | Williams Companies Inc | 4.73% |
| 10 | BCE | BCE Inc | 4.33% |
Sector Weights
| Sector | UMAX | ZWU |
|---|---|---|
| Basic Materials | 0.00% | 0.00% |
| Communication Services | 24.40% | 22.31% |
| Consumer Cyclicals | 0.00% | 0.00% |
| Consumer Defensive | 0.00% | 0.00% |
| Energy | 22.45% | 26.70% |
| Financial Services | 0.00% | 0.00% |
| Healthcare | 0.00% | 0.00% |
| Industrials | 23.37% | 0.00% |
| Real Estate | 0.00% | 0.00% |
| Technology | 0.00% | 0.00% |
| Utilities | 29.78% | 50.98% |
About UMAX
UMAX is designed for attractive monthly income, while providing exposure to a portfolio of utility services equity securities, primarily domiciled/listed in Canada and the U.S. To reduce volatility and augment dividend income, UMAX will employ an active covered call strategy.
About ZWU
BMO Covered Call Utilities ETF (ZWU.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 UMAX and ZWU 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, ZWU 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 UMAX and ZWU?
UMAX (Hamilton Utilities YIELD MAXIMIZER ETF) and ZWU (BMO Covered Call Utilities ETF) are both Canadian-listed ETFs. Key differences include their AUM ($1.42B vs $2.10B), dividend yield (14.45% vs 7.39%), and year-to-date performance (-9.22% vs -2.89%).
Is UMAX better than ZWU?
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 UMAX and ZWU on Wealthsimple?
Most Canadian-listed ETFs are available on Wealthsimple Trade commission-free. Both UMAX and ZWU should be accessible. Check Wealthsimple's supported tickers list to confirm availability.
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