Comparisons
HMAX vs ZWB vs HDIV: Canadian financials income ETFs
Compare Hamilton HMAX, BMO ZWB, and Hamilton HDIV — strategy focus, issuer approach, and 2025 distribution coverage where mapped on CoverCall Ledger.
Why compare these three?
Canadian investors often shop for financials income through covered-call ETFs. HMAX, ZWB, and HDIV appear in the same conversations — but they are not interchangeable. This page compares strategy focus and points you to filing-backed coverage on CoverCall Ledger.
Not investment advice. Confirm all figures against issuer documents.
At a glance
| Ticker | Issuer | Focus | Strategy label |
|---|---|---|---|
| HMAX | Hamilton | Canadian financials | Yield maximizer |
| ZWB | BMO | Canadian banks | Covered call |
| HDIV | Hamilton | Canadian equity (broad) | Enhanced covered call |
HMAX — Hamilton Canadian Financials Yield Maximizer ETF
Hamilton's yield maximizer line typically targets a sector (here, Canadian financials) with an options overlay designed for enhanced income. HMAX is often compared with bank-focused products, but its mandate is financials broadly, not banks alone.
2025 coverage on CoverCall Ledger: Covered (100%+) — earned $385.4 million vs distributed $198.1 million (from mapped MRFP / annual financial statements).
ZWB — BMO Covered Call Canadian Banks ETF
ZWB is one of the longest-running Canadian bank covered-call ETFs. Holdings centre on large Canadian banks with call options written against the portfolio. It is a core name for investors who want bank sector exposure plus an income overlay.
2025 coverage on CoverCall Ledger: Covered (100%+) — earned $1.01 billion vs distributed $207.6 million (mapped filing data).
HDIV — Hamilton Enhanced Canadian Covered Call ETF
HDIV takes a broader Canadian equity approach than HMAX or ZWB, with Hamilton's enhanced covered-call methodology. It suits investors who want Canadian stock exposure rather than a single-sector tilt.
2025 coverage on CoverCall Ledger: Covered (100%+) — earned $247.0 million vs distributed $91.1 million (mapped filing data).
Related bank income funds
If you are comparing bank overlays specifically, also see:
- BKCC — Global X Equal Weight Canadian Banks Covered Call ETF
- CALL — Evolve US Banks Enhanced Yield Fund
How to use this comparison
Yield and sector fit are only the first filter. Open the coverage table to sort by Dist. coverage, filing-period return, and 2026 YTD tape fields. Each fund page links to the issuer and source filing where mapped.
For issuer context across more products, read Hamilton vs BMO vs Harvest.
Related funds
Open the live coverage table · Browse all fund pages
Figures come from public MRFP / annual financial statements where mapped. Confirm against issuer documents. Not investment advice.