import numpy as np
array1 = np.array((2,3,0))
array2 = np.array((1,5,0))

array3 = (insert magic)
>> array([2, 5, 0))

np.maximum(array1, array2)

np.max([array1,array2],axis=0)

In [271]: array1 = np.random.randint(0,9,(1000000))

In [272]: array2 = np.random.randint(0,9,(1000000))

In [274]: %timeit np.maximum(array1, array2)
1000 loops, best of 3: 1.25 ms per loop

In [275]: %timeit np.max([array1, array2],axis=0)
100 loops, best of 3: 3.31 ms per loop

# @Eric Duminil's soln1
In [276]: %timeit np.where( array1 > array2, array1, array2)
100 loops, best of 3: 5.15 ms per loop

# @Eric Duminil's soln2
In [277]: magic = lambda x,y : np.where(x > y , x, y)

In [278]: %timeit magic(array1, array2)
100 loops, best of 3: 5.13 ms per loop

np.minimum(array1, array2)

import numpy as np
array1 = np.array((2,3,0))
array2 = np.array((1,5,0))
array3 = np.where( array1 > array2, array1, array2)
# array([2, 5, 0])

magic = lambda x,y : np.where(x > y , x, y)
magic(array1, array2)
# array([2, 5, 0])