VS
Hamilton Canadian Financials Yield Maximizer ETF (HMAX) and Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY) offer distinct profiles for Canadian ETF investors. A direct comparison shows that HMAX focuses its top 3 sector exposures on Finance, while VDY leans towards Finance, Energy, and Utilities. When evaluating costs, HMAX features a management fee (MER) of 0.65%, compared to 0.2% for VDY. Performance-wise, HMAX has returned 19.13% year-to-date with +$345 M in net flows, whereas VDY is at 29.42% with +$2 B. Use the comparison tool below to benchmark these funds across top 10 holdings, yield, sector weights and historical returns.
NAV Performance and Flows
Key Data
Compare
HMAX
VDY
| AuM | $2,556.64 M | $9,146.36 M |
| Management Fees | 0.65% | 0.20% |
| Exp. ratio | 0.80% | 0.22% |
| Tracking Difference | - | -0.05% |
Historical performance and flows
As of July 24, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | HMAX | +1.44% | +12.22% | +19.13% | +38.68% | +85.28% |
VDY | +4.30% | +14.59% | +29.42% | +54.23% | +117.53% | |
| Flows | HMAX | +$66 M | +$149 M | +$345 M | +$649 M | +$1,652 M |
VDY | +$307 M | +$901 M | +$1,831 M | +$2,564 M | +$3,779 M |
HMAX vs VDY exposure
Countries
HMAX
Canada
96.26%
VDY
Canada
96.84%
Sectors
HMAX
Finance
96.26%
VDY
Finance
60.97%
Energy
26.69%
Other
12.34%
As of July 24, 2026
Top 10 Holdings
HMAX
Royal Bank of Canada
25.38%
The Toronto-Dominion Bank
17.61%
Bank of Montreal
10.87%
The Bank of Nova Scotia
9.35%
Canadian Imperial Bank of Commerce
9.30%
Brookfield Corp.
9.16%
Manulife Financial Corp.
5.94%
National Bank of Canada
5.45%
Intact Financial Corp.
3.20%
VDY
Royal Bank of Canada
16.31%
The Toronto-Dominion Bank
11.45%
Bank of Montreal
7.03%
Enbridge, Inc.
6.66%
The Bank of Nova Scotia
6.03%
Canadian Imperial Bank of Commerce
5.96%
Canadian Natural Resources Ltd.
4.55%
TC Energy Corp.
3.88%
Manulife Financial Corp.
3.82%
Suncor Energy, Inc.
3.60%
Diversification
HMAX
Total weight of top 10 holdings out of 9 total
96.26%
VDY
Total weight of top 10 holdings out of 60 total
69.29%
Characteristics
Compare
HMAX
VDY
| Provider | Hamilton ETFs | Vanguard |
| Management | Actively managed | Passively managed |
| Benchmark | - | FTSE Canada High Dividend Yield Net Tax Index - CAD |
| Replication Method | Direct (Physical) | |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 10.93% | 3.18% |
| Meets ESG criteria | No | No |
| Inception Date | January 20, 2023 | November 2, 2012 |
Frequently asked questions about HMAX and VDY
Which ETF has performed better year to date: HMAX or VDY?
As of July 24, 2026, HMAX has returned 19.13% year to date, while VDY has returned 29.42%. VDY is ahead on YTD performance.
Which ETF is larger by assets under management: HMAX or VDY?
As of July 24, 2026, HMAX manages $2.56 B in assets, while VDY manages $9.15 B. VDY is the larger fund by AUM.
How are HMAX and VDY managed?
HMAX is actively managed by Hamilton ETFs. It does not track an index. VDY is passively managed by Vanguard. It tracks the FTSE Canada High Dividend Yield Net Tax Index - CAD benchmark.
What sectors do HMAX and VDY emphasize?
HMAX is most exposed to Finance. VDY is most exposed to Finance, Energy, and Utilities.
Which ETF is attracting more investor flows: HMAX or VDY?
Year to date, HMAX has seen +$344.96 M in net flows, compared with +$1,831.28 M for VDY. VDY has attracted more net investor money so far.
How do the fees of HMAX and VDY compare?
HMAX has an expense ratio of 0.80%, while VDY has an expense ratio of 0.22%.
What are the top holdings of HMAX and VDY?
HMAX's largest holdings include Royal Bank of Canada, The Toronto-Dominion Bank, and Bank of Montreal. VDY's top holdings include Royal Bank of Canada, The Toronto-Dominion Bank, and Bank of Montreal.
Which ETF is more diversified: HMAX or VDY?
HMAX holds 9 securities, while VDY holds 60. On holdings count, VDY is the more diversified portfolio.
Recent articles about HMAX and VDY
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All content on the ETF Market Canada is for your general information use only, Cboe is not responsible for any use of content by you outside this scope. In particular, the content does not constitute any form of advice, recommendation, representation, endorsement or arrangement by Cboe and is not intended to be relied upon by users in making (or refraining from making) any specific investment or other decisions.