A blade with given the same level of good quality heat treatment - Elmax would out perform D2 in most tasks, except D2 large primary carbides(MC) are beneficial for certain wearing tasks. Ease of sharpening also favor Elmax because of its smaller and more evenly distributed carbides. CPM-D2 equalized Elmax Pros attributes, except Elmax has slightly more carbon % (i.e. possibly traded in a bit of toughness for slight gain of carbide volume).
** rambling reasons behind IMHO above **
I've been tinker with ht-ing D2 (yes, ingot type) for over 2 yrs now. D2 is a bucking bronco in term of ht outcomes - where bad results are more or less guarantee. Bad = low toughness and huge carbides. I can get good & bad blades to dry shaving sharpness (at 8 dps) by using sharp diamond abrasive. However those edges don't support majority of cutting usages by normal user, thereby 'bad' in my eyes. D2 ingot rolled with large primary carbides (20-200um). It's very time and cost(electricity/power) intensive to break those large MC and distribute alloy elements. CPM-D2 done exactly that but also at a cost (expensive to buy), plus it's discontinued. I still have quite a few bars of D2 to tinker with, will still aim for besting cpm-d2 and other PM steels within shouting range.
In the other corner, introducing CTS-XHP contender to duke out with Elmax. Elmax hardness maxed-out at 63rc (by expert ht-er), whereas xhp can goes up to 66+rc. Recently, I made my first xhp 66rc test blade (paring design & acute edge geometry). Gut instinct tell me that my wanna be super D2 ht is already materialized in XHP without additional R&D. Cost of steel is still a concern. This concern is not the cost diff between D2 and XHP for a small blade - $5 vs $10/blade. It's more at bulk (tonnage) level, this where ingot win over cpm process, every time. A xhp blade at 66rc is no fun to sharpen (waterstone, SiC, ceramic, sand paper), except for diamond plate. Truth is, even a aebl blade at 64+rc is hard to sharpen. High matrix hardness will resist abrasive penetration, in affect abrasive will get dull faster because of increase carbide impact(also higher pressure) frequency.
I suspect, Elmax has higher(relatively) toughness and lower hardness by designed. It favors M23C6 over MC & M7C3. They figured that in normal usage, edge loss either in form of tear/deform and wear. aahh but the wear is mostly matrix wear, so why decorate with extra hard carbide when lower temp carbide and plenty of Si (for fine grain) are more beneficial for intended use. If one wants more MC, get M390/20V/204P instead.
A blade with ht-ed steel that serves you best, that steel is best for you -> no doubt :thumbup: ... until you have doubts