VS
When evaluating costs, HMAX features a management fee (MER) of 0.65%, compared to 0.25% for ZEB. Performance-wise, HMAX has returned 17.89% year-to-date with +$470 M in net flows, whereas ZEB is at 30.26% with +$315 M. 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
ZEB
| AuM | $2,583.03 M | $7,172.10 M |
| Management Fees | 0.65% | 0.25% |
| Exp. ratio | 0.76% | 0.28% |
| Tracking Difference | - | -0.51% |
Historical performance and flows
As of October 23, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | HMAX | +0.90% | -0.38% | +17.89% | +26.97% | +104.23% |
ZEB | +0.70% | -1.15% | +30.26% | +44.74% | +180.06% | |
| Flows | HMAX | +$50 M | +$127 M | +$470 M | +$610 M | +$1,621 M |
ZEB | -$401 M | +$56 M | +$315 M | +$1,023 M | -$686 M |
HMAX vs ZEB exposure
Countries
HMAX
Exposure data will be available soon
ZEB
Canada
100.00%
Sectors
HMAX
Exposure data will be available soon
ZEB
Finance
100.00%
As of October 23, 2026
Top 10 Holdings
HMAX
Exposure data will be available soon
ZEB
The Bank of Nova Scotia
17.59%
The Toronto-Dominion Bank
17.41%
Royal Bank of Canada
17.16%
Bank of Montreal
16.64%
Canadian Imperial Bank of Commerce
15.79%
National Bank of Canada
15.42%
Diversification
HMAX
Exposure data will be available soon
ZEB
Total weight of top 10 holdings out of 6 total
100.00%
Characteristics
Compare
HMAX
ZEB
| Provider | Hamilton ETFs | BMO |
| Management | Actively managed | Passively managed |
| Benchmark | - | Solactive Equal Weight Canada Banks GTR Index - CAD |
| Replication Method | - | Direct (Physical) |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 11.44% | 2.36% |
| Meets ESG criteria | No | No |
| Inception Date | January 20, 2023 | October 20, 2009 |
Frequently asked questions about HMAX and ZEB
Which ETF has performed better year to date: HMAX or ZEB?
As of October 23, 2026, HMAX has returned 17.89% year to date, while ZEB has returned 30.26%. ZEB is ahead on YTD performance.
Which ETF is larger by assets under management: HMAX or ZEB?
As of October 23, 2026, HMAX manages $2.58 B in assets, while ZEB manages $7.17 B. ZEB is the larger fund by AUM.
How are HMAX and ZEB managed?
HMAX is actively managed by Hamilton ETFs. It does not track an index. ZEB is passively managed by BMO. It tracks the Solactive Equal Weight Canada Banks GTR Index - CAD benchmark.
Which ETF is attracting more investor flows: HMAX or ZEB?
Year to date, HMAX has seen +$470.37 M in net flows, compared with +$315.37 M for ZEB. HMAX has attracted more net investor money so far.
How do the fees of HMAX and ZEB compare?
HMAX has an expense ratio of 0.76%, while ZEB has an expense ratio of 0.28%.
Recent articles about HMAX and ZEB
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