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

ETF · Currency in CAD · Last updated Jul 15, 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 0.29%.

SymbolNameExpense RatioAUMInception
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%169.56MNov 2025UTES.TO vs EQLI.TO
JEPQ.TO
JPMorgan Nasdaq Equity Premium Income Active ETF0.35%136.22MSep 2024UTES.TO vs JEPQ.TO
JEPI.TO
JPMorgan US Equity Premium Income Active ETF0.35%—Sep 2024UTES.TO vs JEPI.TO
HBIL.TO
Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedg...0.35%224.00MSep 2024UTES.TO vs HBIL.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
180.28MJun 2022UTES.TO vs HLIF.TO
CBNK.TO
Mulvihill Canadian Bank Enhanced Yield ETF
98
—Feb 2022UTES.TO vs CBNK.TO
BANK.TO
Evolve Canadian Banks and Lifecos Enhanced Yield I...
98
1.26BFeb 2022UTES.TO vs BANK.TO
ZWB.TO
BMO Covered Call Canadian Banks ETF
98
4.84BJan 2011UTES.TO vs ZWB.TO
BKCL.TO
Global X Enhanced Equal Weight Canadian Banks Cove...
97
198.10MJul 2023UTES.TO vs BKCL.TO

Top Performing UTES.TO Alternatives (YTD)

UTES.TO is at 12.01% YTD. There are 49 ETFs in the Derivative Income category with higher YTD returns, going as high as 47.03%.

SymbolNameYTD ReturnAUMInception
CBNK.TO
Mulvihill Canadian Bank Enhanced Yield ETF
47.03%
—Feb 2022UTES.TO vs CBNK.TO
ENCL.TO
Global X Enhanced Canadian Oil and Gas Equity Cove...
35.01%
271.10MOct 2023UTES.TO vs ENCL.TO
YAVG.NEO
Broadcom (AVGO) Yield Shares Purpose ETF
32.14%
—Feb 2025UTES.TO vs YAVG.NEO
BANK.TO
Evolve Canadian Banks and Lifecos Enhanced Yield I...
31.92%
1.26BFeb 2022UTES.TO vs BANK.TO
BKCL.TO
Global X Enhanced Equal Weight Canadian Banks Cove...
30.90%
198.10MJul 2023UTES.TO vs BKCL.TO

Lowest Volatility Alternatives to UTES.TO

UTES.TO has 10.24% 1-year volatility. There are 18 ETFs in the Derivative Income category with lower 1-year volatility, going as low as 1.76%.

SymbolNameVolatility 1YAUMInception
HBIL.TO
Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedg...1.76%224.00MSep 2024UTES.TO vs HBIL.TO
HPYM.TO
Harvest Premium Yield 7-10 Year Treasury ETF - Cla...4.74%259.21MJan 2024UTES.TO vs HPYM.TO
ZPH.TO
BMO US Put Write Hedged to CAD ETF6.53%35.29MFeb 2017UTES.TO vs ZPH.TO
HLIF.TO
Harvest Canadian Equity Income Leaders ETF Class A7.05%180.28MJun 2022UTES.TO vs HLIF.TO
ZPW.TO
BMO US Put Write ETF7.32%105.45MSep 2015UTES.TO vs ZPW.TO

Lowest Drawdown Alternatives to UTES.TO

UTES.TO has a 1-year max drawdown of -6.39%. There are 14 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%
224.00MSep 2024UTES.TO vs HBIL.TO
HLIF.TO
Harvest Canadian Equity Income Leaders ETF Class A
-3.09%
180.28MJun 2022UTES.TO vs HLIF.TO
HPYM.TO
Harvest Premium Yield 7-10 Year Treasury ETF - Cla...
-3.87%
259.21MJan 2024UTES.TO vs HPYM.TO
ZWU.TO
BMO Covered Call Utilities ETF
-4.86%
2.21BOct 2011UTES.TO vs ZWU.TO
UMAX.TO
Hamilton Utilities YIELD MAXIMIZER ETF
-5.11%
1.41BJun 2023UTES.TO vs UMAX.TO

Other ETFs from Evolve

The 10 most viewed Evolve ETFs shown here include QQQT.TO, QQQY.TO, CANY.TO and span 7 categories. AUM among these funds goes as high as $618M.

SymbolNameCategoryRisk / Return RankYTD ReturnAUMInception
QQQT.TO
Evolve NASDAQ Technology Index Fund CAD HedgedNasdaq-100, Technology Equities
70
26.41%
175.95MJul 2023UTES.TO vs QQQT.TO
QQQY.TO
Evolve NASDAQ Technology Enhanced Yield Index FundNasdaq-100, Derivative Income
61
16.53%
135.03MOct 2025UTES.TO vs QQQY.TO
CANY.TO
Evolve Canadian Equity UltraYield ETFDerivative Income, Canada Equities—
14.73%
—Sep 2025UTES.TO vs CANY.TO
BIGY.TO
Evolve US Equity UltraYield ETFDerivative Income—
-11.40%
—Sep 2025UTES.TO vs BIGY.TO
EBNK.TO
Evolve European Banks Enhanced Yield ETF Hedged CA...Financials Equities, Derivative Income
64
14.12%
147.56MJan 2022UTES.TO vs EBNK.TO
SIXY.TO
Evolve Big Six Canadian Banks UltraYield Index ETFFinancials Equities—
33.36%
—Dec 2025UTES.TO vs SIXY.TO
OILY.TO
Evolve Canadian Energy Enhanced Yield Index Fund E...Energy Equities
72
31.00%
—Mar 2025UTES.TO vs OILY.TO
TECH.TO
Evolve FANGMA Index ETF Hedged CADTechnology Equities
15
-1.40%
151.35MMay 2021UTES.TO vs TECH.TO
ETSX.TO
Evolve S&P/TSX 60 Enhanced Yield Fund CAD UnhedgedDerivative Income, Canada Equities
88
10.48%
216.50MJan 2023UTES.TO vs ETSX.TO
HISU-U.TO
Evolve US High Interest Savings Account FundMoney Market—
1.82%
618.14MAug 2022UTES.TO vs HISU-U.TO

Often Compared With UTES.TO

Investors most often compare UTES.TO with XUT.TO, HUTE.TO, UTIL.L. These 20 comparison targets span 10 categories, based on PortfoliosLab usage data.

SymbolNameCategoryRisk / Return RankYTD ReturnAUMInception
XUT.TO
iShares S&P/TSX Capped Utilities Index ETFUtilities Equities
82
18.04%
647.15MApr 2011UTES.TO vs XUT.TO
HUTE.TO
Harvest Equal Weight Global Utilities Enhanced Inc...Derivative Income, Utilities Equities
60
13.61%
103.07MOct 2022UTES.TO vs HUTE.TO
UTIL.L
SPDR MSCI Europe Utilities UCITS ETFUtilities Equities
84
19.84%
701.07MDec 2014UTES.TO vs UTIL.L
BMAX.TO
Brompton Enhanced Multi-Asset Income ETFDiversified Portfolio
68
11.35%
65.40M—UTES.TO vs BMAX.TO
HDIV.TO
Hamilton Enhanced Canadian Covered Call ETFDerivative Income
95
19.65%
1.74BJul 2021UTES.TO vs HDIV.TO
ZUT.TO
BMO Equal Weight Utilities Index ETFUtilities Equities, Equal Weight
79
22.07%
850.11MJan 2010UTES.TO vs ZUT.TO
XEQT.TO
iShares Core Equity ETF PortfolioGlobal Equities
85
13.88%
20.34BAug 2019UTES.TO vs XEQT.TO
HYLD-U.TO
Hamilton Enhanced U.S. Covered Call ETF (USD)Derivative Income
79
17.05%
931.81MFeb 2022UTES.TO vs HYLD-U.TO
HPYT.TO
Harvest Premium Yield Treasury ETF ADerivative Income
13
-1.59%
360.54MMay 2024UTES.TO vs HPYT.TO
VOO
Vanguard S&P 500 ETFS&P 500
67
10.87%
1.70TSep 2010UTES.TO vs VOO
HDIF.TO
Harvest Diversified Monthly Income ETF - Class A U...Derivative Income
73
13.08%
555.21MFeb 2022UTES.TO vs HDIF.TO
UTIL.TO
Global X Equal Weight Canadian Utilities Index ETFUtilities Equities, Equal Weight
95
19.94%
—Aug 2022UTES.TO vs UTIL.TO
ENCC.TO
Global X Canadian Oil and Gas Equity Covered Call ...Derivative Income, Energy Equities
89
27.97%
714.60MApr 2011UTES.TO vs ENCC.TO
QLD
ProShares Ultra QQQLeveraged Equities
52
30.96%
14.15BJun 2006UTES.TO vs QLD
EMAX.TO
Hamilton Energy YIELD MAXIMIZER ETFEnergy Equities, Derivative Income
64
27.45%
494.30MFeb 2024UTES.TO vs EMAX.TO
VDY.TO
Vanguard FTSE Canadian High Dividend Yield Index E...Dividend
99
28.26%
8.59BNov 2012UTES.TO vs VDY.TO
XLU
State Street Utilities Select Sector SPDR ETFUtilities Equities
30
8.46%
23.51BDec 1998UTES.TO vs XLU
BASE.TO
Evolve Global Materials & Mining Enhanced Yield In...Materials
56
17.22%
100.24MJun 2019UTES.TO vs BASE.TO
HHIS.TO
Harvest Diversified High Income Shares ETFDerivative Income
22
8.76%
1.87BJan 2025UTES.TO vs HHIS.TO
EASY.TO
Evolve All-in-One UltraYield ETFDerivative Income———Mar 2026UTES.TO vs EASY.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