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

ETF · Currency in CAD · Last updated Aug 5, 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 (UTES.TO) belongs to the Utilities Equities 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 0.84% annually. There are 8 ETFs in the Utilities Equities category with lower expense ratios, going as low as 0.10%.

SymbolNameExpense RatioAUMInception
UTIL.TO
Global X Equal Weight Canadian Utilities Index ETF0.10%—Aug 2022UTES.TO vs UTIL.TO
UMVP.TO
Hamilton Champions Utilities Index ETF0.19%314.00MJan 2026UTES.TO vs UMVP.TO
HUTE.TO
Harvest Equal Weight Global Utilities Enhanced Inc...0.50%104.38MOct 2022UTES.TO vs HUTE.TO
XUT.TO
iShares S&P/TSX Capped Utilities Index ETF0.61%708.57MApr 2011UTES.TO vs XUT.TO
ZUT.TO
BMO Equal Weight Utilities Index ETF0.61%852.96MJan 2010UTES.TO vs ZUT.TO

Best Risk-Adjusted Alternatives to UTES.TO

UTES.TO has a PortfoliosLab risk / return rank of 52. There are 7 ETFs in the Utilities Equities category with higher risk-adjusted ranks, going as high as 92.

SymbolNameRisk / Return RankAUMInception
UTIL.TO
Global X Equal Weight Canadian Utilities Index ETF
92
—Aug 2022UTES.TO vs UTIL.TO
HUTS.TO
Hamilton Enhanced Utilities ETF
86
247.40MSep 2022UTES.TO vs HUTS.TO
CINF.TO
CI Global Infrastructure Private Pool
79
457.10MMay 2020UTES.TO vs CINF.TO
XUT.TO
iShares S&P/TSX Capped Utilities Index ETF
75
708.57MApr 2011UTES.TO vs XUT.TO
ZUT.TO
BMO Equal Weight Utilities Index ETF
75
852.96MJan 2010UTES.TO vs ZUT.TO

Top Performing UTES.TO Alternatives (YTD)

UTES.TO is at 9.53% YTD. There are 8 ETFs in the Utilities Equities category with higher YTD returns, going as high as 21.32%.

SymbolNameYTD ReturnAUMInception
ZUT.TO
BMO Equal Weight Utilities Index ETF
21.32%
852.96MJan 2010UTES.TO vs ZUT.TO
UTIL.TO
Global X Equal Weight Canadian Utilities Index ETF
18.89%
—Aug 2022UTES.TO vs UTIL.TO
XUT.TO
iShares S&P/TSX Capped Utilities Index ETF
17.46%
708.57MApr 2011UTES.TO vs XUT.TO
CINF.TO
CI Global Infrastructure Private Pool
16.87%
457.10MMay 2020UTES.TO vs CINF.TO
HUTS.TO
Hamilton Enhanced Utilities ETF
15.96%
247.40MSep 2022UTES.TO vs HUTS.TO

Lowest Volatility Alternatives to UTES.TO

UTES.TO has 10.83% 1-year volatility. There are 9 ETFs in the Utilities Equities category with lower 1-year volatility, going as low as 7.74%.

SymbolNameVolatility 1YAUMInception
UMAX.TO
Hamilton Utilities YIELD MAXIMIZER ETF7.74%1.45BJun 2023UTES.TO vs UMAX.TO
ZWU.TO
BMO Covered Call Utilities ETF8.38%2.20BOct 2011UTES.TO vs ZWU.TO
XUT.TO
iShares S&P/TSX Capped Utilities Index ETF9.22%708.57MApr 2011UTES.TO vs XUT.TO
CINF.TO
CI Global Infrastructure Private Pool9.71%457.10MMay 2020UTES.TO vs CINF.TO
UTIL.TO
Global X Equal Weight Canadian Utilities Index ETF9.96%—Aug 2022UTES.TO vs UTIL.TO

Lowest Drawdown Alternatives to UTES.TO

UTES.TO has a 1-year max drawdown of -6.39%. There are 6 ETFs in the Utilities Equities category with shallower 1-year drawdowns, going as shallow as -4.54%.

SymbolNameMax Drawdown 1YAUMInception
HUTL.TO
Harvest Equal Weight Global Utilities Income ETF
-4.54%
548.36MJan 2019UTES.TO vs HUTL.TO
UTIL.TO
Global X Equal Weight Canadian Utilities Index ETF
-4.62%
—Aug 2022UTES.TO vs UTIL.TO
ZWU.TO
BMO Covered Call Utilities ETF
-4.86%
2.20BOct 2011UTES.TO vs ZWU.TO
UMAX.TO
Hamilton Utilities YIELD MAXIMIZER ETF
-5.11%
1.45BJun 2023UTES.TO vs UMAX.TO
CINF.TO
CI Global Infrastructure Private Pool
-5.31%
457.10MMay 2020UTES.TO vs CINF.TO

Other ETFs from Evolve

The 10 most viewed Evolve ETFs shown here include BANK.TO, QQQT.TO, QQQY.TO and span 8 categories. AUM among these funds goes as high as $1B.

SymbolNameCategoryRisk / Return RankYTD ReturnAUMInception
BANK.TO
Evolve Canadian Banks and Lifecos Enhanced Yield I...Derivative Income
98
33.40%
1.33BFeb 2022UTES.TO vs BANK.TO
QQQT.TO
Evolve NASDAQ Technology Index Fund CAD HedgedNasdaq-100, Technology Equities
68
28.20%
167.02MJul 2023UTES.TO vs QQQT.TO
QQQY.TO
Evolve NASDAQ Technology Enhanced Yield Index FundNasdaq-100, Derivative Income
59
17.98%
128.60MOct 2025UTES.TO vs QQQY.TO
CANY.TO
Evolve Canadian Equity UltraYield ETFDerivative Income, Canada Equities—
15.18%
—Sep 2025UTES.TO vs CANY.TO
BIGY.TO
Evolve US Equity UltraYield ETFDerivative Income—
-10.69%
—Sep 2025UTES.TO vs BIGY.TO
EBNK.TO
Evolve European Banks Enhanced Yield ETF Hedged CA...Financials Equities, Derivative Income
74
19.67%
160.28MJan 2022UTES.TO vs EBNK.TO
SIXY.TO
Evolve Big Six Canadian Banks UltraYield Index ETFFinancials Equities—
31.70%
—Dec 2025UTES.TO vs SIXY.TO
CYBR.TO
Evolve Cyber Security Index Fund - Hedged UnitsCybersecurity, Technology Equities, Global Equities
33
39.73%
203.08MSep 2017UTES.TO vs CYBR.TO
OILY.TO
Evolve Canadian Energy Enhanced Yield Index Fund E...Energy Equities
76
33.48%
—Mar 2025UTES.TO vs OILY.TO
EDGE.TO
Evolve Innovation Index FundTechnology Equities, Global Equities
37
19.17%
37.43MApr 2018UTES.TO vs EDGE.TO

Often Compared With UTES.TO

Investors most often compare UTES.TO with ENCL.TO, UTIL.L, BMAX.TO. These 20 comparison targets span 13 categories, based on PortfoliosLab usage data.

SymbolNameCategoryRisk / Return RankYTD ReturnAUMInception
ENCL.TO
Global X Enhanced Canadian Oil and Gas Equity Cove...Energy Equities, Derivative Income
89
36.74%
295.63MOct 2023UTES.TO vs ENCL.TO
UTIL.L
SPDR MSCI Europe Utilities UCITS ETFUtilities Equities
75
16.29%
732.41MDec 2014UTES.TO vs UTIL.L
BMAX.TO
Brompton Enhanced Multi-Asset Income ETFDiversified Portfolio, Derivative Income, Actively Managed
68
11.51%
65.40MOct 2022UTES.TO vs BMAX.TO
HDIV.TO
Hamilton Enhanced Canadian Covered Call ETFDerivative Income
95
20.75%
1.79BJul 2021UTES.TO vs HDIV.TO
HYLD-U.TO
Hamilton Enhanced U.S. Covered Call ETF (USD)Derivative Income, Options Trading, Actively Managed
81
18.82%
927.41MFeb 2022UTES.TO vs HYLD-U.TO
XEQT.TO
iShares Core Equity ETF PortfolioGlobal Equities
89
16.44%
20.80BAug 2019UTES.TO vs XEQT.TO
HISU-U.TO
Evolve US High Interest Savings Account FundMoney Market—
2.03%
631.19MAug 2022UTES.TO vs HISU-U.TO
HPYT.TO
Harvest Premium Yield Treasury ETF ADerivative Income
8
-2.60%
337.47MMay 2024UTES.TO vs HPYT.TO
HDIF.TO
Harvest Diversified Monthly Income ETF - Class A U...Derivative Income
85
16.20%
554.44MFeb 2022UTES.TO vs HDIF.TO
ENCC.TO
Global X Canadian Oil and Gas Equity Covered Call ...Derivative Income, Energy Equities
89
29.35%
784.46MApr 2011UTES.TO vs ENCC.TO
ETSX.TO
Evolve S&P/TSX 60 Enhanced Yield Fund CAD UnhedgedDerivative Income, Canada Equities
90
11.31%
221.24MJan 2023UTES.TO vs ETSX.TO
VOO
Vanguard S&P 500 ETFS&P 500
72
13.74%
1.70TSep 2010UTES.TO vs VOO
EMAX.TO
Hamilton Energy YIELD MAXIMIZER ETFEnergy Equities, Derivative Income
77
31.26%
538.30MFeb 2024UTES.TO vs EMAX.TO
HHIS.TO
Harvest Diversified High Income Shares ETFDerivative Income
25
8.57%
1.82BJan 2025UTES.TO vs HHIS.TO
QLD
ProShares Ultra QQQLeveraged Equities
47
31.43%
12.76BJun 2006UTES.TO vs QLD
XLU
State Street Utilities Select Sector SPDR ETFUtilities Equities
15
4.71%
23.07BDec 1998UTES.TO vs XLU
BASE.TO
Evolve Global Materials & Mining Enhanced Yield In...Materials
80
22.70%
106.24MJun 2019UTES.TO vs BASE.TO
EASY.TO
Evolve All-in-One UltraYield ETFDerivative Income, Options Trading, Actively Managed———Mar 2026UTES.TO vs EASY.TO
VDY.TO
Vanguard FTSE Canadian High Dividend Yield Index E...Dividend
99
28.23%
8.59BNov 2012UTES.TO vs VDY.TO
ECHI.TO
Ninepoint Enhanced Canadian HighShares ETFDerivative Income—
16.82%
—Aug 2025UTES.TO vs ECHI.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 alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to UTES.TO.

Explore UTES.TO Diversifiers