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Evolve Canadian Utilities Enhanced Yield Index Fund ETF (UTES.TO) Alternatives

ETF · Currency in CAD · Last updated Jun 4, 2026

The Evolve Fund aims to replicate up to a 1.25 times multiple of the Solactive Canada Utility Index's performance while mitigating downside risk, primarily investing in the Index's equity constituents and employing a covered call option writing strategy to enhance yield and reduce volatility.

Evolve Canadian Utilities Enhanced Yield Index Fund ETF (UTES.TO) belongs to the Derivative Income category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with UTES.TO. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.

Cheapest Alternatives to UTES.TO

UTES.TO charges 0.60% annually. There are 31 ETFs in the Derivative Income category with lower expense ratios, going as low as 0.04%.

SymbolNameExpense RatioAUMInception
USCL.TO
Global X Enhanced S&P 500 Covered Call ETF0.04%249.48MJul 2023UTES.TO vs USCL.TO
ECHI.TO
Ninepoint Enhanced Canadian HighShares ETF0.29%—Aug 2025UTES.TO vs ECHI.TO
EQLI.TO
Invesco S&P 500 Equal Weight Income Advantage ETF0.29%155.19MNov 2025UTES.TO vs EQLI.TO
HBIL.TO
Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedg...0.35%235.30MSep 2024UTES.TO vs HBIL.TO
JEPI.TO
JPMorgan US Equity Premium Income Active ETF0.35%—Sep 2024UTES.TO vs JEPI.TO

Best Risk-Adjusted Alternatives to UTES.TO

UTES.TO has a PortfoliosLab risk / return rank of 75. There are 28 ETFs in the Derivative Income category with higher risk-adjusted ranks, going as high as 98.

SymbolNameRisk / Return RankAUMInception
HLIF.TO
Harvest Canadian Equity Income Leaders ETF Class A
98
—Jun 2022UTES.TO vs HLIF.TO
CBNK.TO
Mulvihill Canadian Bank Enhanced Yield ETF
96
—Feb 2022UTES.TO vs CBNK.TO
BANK.TO
Evolve Canadian Banks and Lifecos Enhanced Yield I...
96
1.08BFeb 2022UTES.TO vs BANK.TO
BKCL.TO
Global X Enhanced Equal Weight Canadian Banks Cove...
95
187.53MJul 2023UTES.TO vs BKCL.TO
BKCC.TO
Global X Equal Weight Canadian Bank Covered Call E...
94
370.01MMay 2011UTES.TO vs BKCC.TO

Top Performing UTES.TO Alternatives (YTD)

UTES.TO is at 12.58% YTD. There are 36 ETFs in the Derivative Income category with higher YTD returns, going as high as 59.96%.

SymbolNameYTD ReturnAUMInception
YAVG.NEO
Broadcom (AVGO) Yield Shares Purpose ETF
59.96%
—Feb 2025UTES.TO vs YAVG.NEO
AVGY.TO
Harvest Broadcom Enhanced High Income Shares ETF -...
42.92%
—Mar 2025UTES.TO vs AVGY.TO
CNQE.TO
Harvest CNQ Enhanced High Income Shares ETF
39.35%
—Aug 2025UTES.TO vs CNQE.TO
ENCL.TO
Global X Enhanced Canadian Oil and Gas Equity Cove...
36.58%
286.32MOct 2023UTES.TO vs ENCL.TO
NXF.TO
CI Energy Giants Covered Call ETF Common Units (CA...
32.43%
116.31MFeb 2015UTES.TO vs NXF.TO

Lowest Volatility Alternatives to UTES.TO

UTES.TO has 9.28% 1-year volatility. There are 11 ETFs in the Derivative Income category with lower 1-year volatility, going as low as 1.66%.

SymbolNameVolatility 1YAUMInception
HBIL.TO
Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedg...1.66%235.30MSep 2024UTES.TO vs HBIL.TO
HPYM.TO
Harvest Premium Yield 7-10 Year Treasury ETF - Cla...4.53%226.83MJan 2024UTES.TO vs HPYM.TO
UMAX.TO
Hamilton Utilities YIELD MAXIMIZER ETF6.65%1.34BJun 2023UTES.TO vs UMAX.TO
HLIF.TO
Harvest Canadian Equity Income Leaders ETF Class A6.85%—Jun 2022UTES.TO vs HLIF.TO
ZWU.TO
BMO Covered Call Utilities ETF7.59%2.17BOct 2011UTES.TO vs ZWU.TO

Lowest Drawdown Alternatives to UTES.TO

UTES.TO has a 1-year max drawdown of -6.39%. There are 13 ETFs in the Derivative Income category with shallower 1-year drawdowns, going as shallow as -0.95%.

SymbolNameMax Drawdown 1YAUMInception
HBIL.TO
Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedg...
-0.95%
235.30MSep 2024UTES.TO vs HBIL.TO
HLIF.TO
Harvest Canadian Equity Income Leaders ETF Class A
-3.09%
—Jun 2022UTES.TO vs HLIF.TO
HPYM.TO
Harvest Premium Yield 7-10 Year Treasury ETF - Cla...
-3.85%
226.83MJan 2024UTES.TO vs HPYM.TO
HUTE.TO
Harvest Equal Weight Global Utilities Enhanced Inc...
-4.57%
97.17MOct 2022UTES.TO vs HUTE.TO
ZWU.TO
BMO Covered Call Utilities ETF
-4.86%
2.17BOct 2011UTES.TO vs ZWU.TO

Other ETFs from Evolve

The 10 most viewed Evolve ETFs shown here include QQQT.TO, QQQY.TO, CANY.TO and span 8 categories. AUM among these funds goes as high as $3B.

SymbolNameCategoryRisk / Return RankYTD ReturnAUMInception
QQQT.TO
Evolve NASDAQ Technology Index Fund CAD HedgedNasdaq-100, Technology Equities
82
31.74%
166.05MJul 2023UTES.TO vs QQQT.TO
QQQY.TO
Evolve NASDAQ Technology Enhanced Yield Index FundNasdaq-100, Derivative Income
77
20.66%
135.24MOct 2025UTES.TO vs QQQY.TO
CANY.TO
Evolve Canadian Equity UltraYield ETFDerivative Income, Canada Equities—
10.38%
—Sep 2025UTES.TO vs CANY.TO
BIGY.TO
Evolve US Equity UltraYield ETFLarge Cap Blend Equities—
-3.71%
—Sep 2025UTES.TO vs BIGY.TO
EBNK.TO
Evolve European Banks Enhanced Yield ETF Hedged CA...Financials Equities, Derivative Income
38
5.02%
140.46MJan 2022UTES.TO vs EBNK.TO
OILY.TO
Evolve Canadian Energy Enhanced Yield Index Fund E...Energy Equities
77
35.40%
—Mar 2025UTES.TO vs OILY.TO
TECH.TO
Evolve FANGMA Index ETF Hedged CADTechnology Equities
24
0.77%
156.54MMay 2021UTES.TO vs TECH.TO
SIXY.TO
Evolve Big Six Canadian Banks UltraYield Index ETFFinancials Equities—
17.44%
—Dec 2025UTES.TO vs SIXY.TO
ETSX.TO
Evolve S&P/TSX 60 Enhanced Yield Fund CAD UnhedgedLarge Cap Blend Equities
75
7.49%
204.58MJan 2023UTES.TO vs ETSX.TO
HISA.NEO
Evolve High Interest Savings Account ETFMoney Market
86
0.60%
2.74BNov 2019UTES.TO vs HISA.NEO

Often Compared With UTES.TO

Investors most often compare UTES.TO with XUT.TO, UTIL.L, BMAX.TO. These 20 comparison targets span 9 categories, based on PortfoliosLab usage data.

SymbolNameCategoryRisk / Return RankYTD ReturnAUMInception
XUT.TO
iShares S&P/TSX Capped Utilities Index ETFUtilities Equities
84
14.90%
525.38MApr 2011UTES.TO vs XUT.TO
UTIL.L
SPDR MSCI Europe Utilities UCITS ETFUtilities Equities
58
13.22%
742.76MDec 2014UTES.TO vs UTIL.L
BMAX.TO
Brompton Enhanced Multi-Asset Income ETFDiversified Portfolio
59
9.27%
65.40M—UTES.TO vs BMAX.TO
HDIV.TO
Hamilton Enhanced Canadian Covered Call ETFDerivative Income
92
16.21%
1.63BJul 2021UTES.TO vs HDIV.TO
ZUT.TO
BMO Equal Weight Utilities Index ETFUtilities Equities
65
20.31%
887.30MJan 2010UTES.TO vs ZUT.TO
XEQT.TO
iShares Core Equity ETF PortfolioGlobal Equities
75
12.29%
18.41BAug 2019UTES.TO vs XEQT.TO
HPYT.TO
Harvest Premium Yield Treasury ETF ADerivative Income
18
-0.30%
385.04MMay 2024UTES.TO vs HPYT.TO
HISU-U.TO
Evolve US High Interest Savings Account FundMoney Market
99
1.04%
704.06MAug 2022UTES.TO vs HISU-U.TO
VOO
Vanguard S&P 500 ETFS&P 500
70
10.91%
1.60TSep 2010UTES.TO vs VOO
HYLD-U.TO
Hamilton Enhanced U.S. Covered Call ETF (USD)Derivative Income
73
15.12%
937.07MFeb 2022UTES.TO vs HYLD-U.TO
QLD
ProShares Ultra QQQLeveraged Equities
69
42.06%
14.46BJun 2006UTES.TO vs QLD
HDIF.TO
Harvest Diversified Monthly Income ETF - Class A U...Derivative Income
68
11.54%
536.54MFeb 2022UTES.TO vs HDIF.TO
UTIL.TO
Global X Equal Weight Canadian Utilities Index ETFUtilities Equities
87
17.98%
—Aug 2022UTES.TO vs UTIL.TO
VDY.TO
Vanguard FTSE Canadian High Dividend Yield Index E...Dividend
98
20.59%
7.99BNov 2012UTES.TO vs VDY.TO
ENCC.TO
Global X Canadian Oil and Gas Equity Covered Call ...Derivative Income, Energy Equities
85
29.01%
759.08MApr 2011UTES.TO vs ENCC.TO
XLU
State Street Utilities Select Sector SPDR ETFUtilities Equities
19
3.11%
22.40BDec 1998UTES.TO vs XLU
EMAX.TO
Hamilton Energy YIELD MAXIMIZER ETFEnergy Equities, Derivative Income
70
30.76%
476.70MFeb 2024UTES.TO vs EMAX.TO
LFE.TO
Canadian Life Companies Split Corp.
87
11.53%
——UTES.TO vs LFE.TO
EASY.TO
Evolve All-in-One UltraYield ETFDerivative Income———Mar 2026UTES.TO vs EASY.TO
HHIS.TO
Harvest Diversified High Income Shares ETFDerivative Income
32
9.32%
1.82BJan 2025UTES.TO vs HHIS.TO

Compare UTES.TO with Any Fund or Stock

Compare UTES.TO with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.

 

Diversifiers

Pair UTES.TO with funds that move differently

Evolve Canadian Utilities Enhanced Yield Index Fund ETF alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to UTES.TO.

Explore UTES.TO Diversifiers