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

ETF · Currency in CAD · Last updated Jun 24, 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 30 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%250.98MJul 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
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

Best Risk-Adjusted Alternatives to UTES.TO

UTES.TO has a PortfoliosLab risk / return rank of 86. There are 13 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
98
—Feb 2022UTES.TO vs CBNK.TO
BANK.TO
Evolve Canadian Banks and Lifecos Enhanced Yield I...
97
1.16BFeb 2022UTES.TO vs BANK.TO
ZWB.TO
BMO Covered Call Canadian Banks ETF
97
4.65BJan 2011UTES.TO vs ZWB.TO
BKCL.TO
Global X Enhanced Equal Weight Canadian Banks Cove...
97
197.22MJul 2023UTES.TO vs BKCL.TO

Top Performing UTES.TO Alternatives (YTD)

UTES.TO is at 14.78% YTD. There are 27 ETFs in the Derivative Income category with higher YTD returns, going as high as 41.95%.

SymbolNameYTD ReturnAUMInception
CBNK.TO
Mulvihill Canadian Bank Enhanced Yield ETF
41.95%
—Feb 2022UTES.TO vs CBNK.TO
ENCL.TO
Global X Enhanced Canadian Oil and Gas Equity Cove...
30.80%
267.19MOct 2023UTES.TO vs ENCL.TO
YAVG.NEO
Broadcom (AVGO) Yield Shares Purpose ETF
28.52%
—Feb 2025UTES.TO vs YAVG.NEO
BANK.TO
Evolve Canadian Banks and Lifecos Enhanced Yield I...
27.46%
1.16BFeb 2022UTES.TO vs BANK.TO
BKCL.TO
Global X Enhanced Equal Weight Canadian Banks Cove...
26.81%
197.22MJul 2023UTES.TO vs BKCL.TO

Lowest Volatility Alternatives to UTES.TO

UTES.TO has 9.60% 1-year volatility. There are 11 ETFs in the Derivative Income category with lower 1-year volatility, going as low as 1.62%.

SymbolNameVolatility 1YAUMInception
HBIL.TO
Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedg...1.62%227.30MSep 2024UTES.TO vs HBIL.TO
HPYM.TO
Harvest Premium Yield 7-10 Year Treasury ETF - Cla...4.66%230.93MJan 2024UTES.TO vs HPYM.TO
UMAX.TO
Hamilton Utilities YIELD MAXIMIZER ETF6.88%1.36BJun 2023UTES.TO vs UMAX.TO
HLIF.TO
Harvest Canadian Equity Income Leaders ETF Class A6.98%—Jun 2022UTES.TO vs HLIF.TO
ZWU.TO
BMO Covered Call Utilities ETF7.68%2.20BOct 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%
227.30MSep 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...
-3.87%
230.93MJan 2024UTES.TO vs HPYM.TO
ZWU.TO
BMO Covered Call Utilities ETF
-4.86%
2.20BOct 2011UTES.TO vs ZWU.TO
DXQ.TO
Dynamic Active Enhanced Yield Covered Options ETF
-5.11%
—Sep 2022UTES.TO vs DXQ.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 $698M.

SymbolNameCategoryRisk / Return RankYTD ReturnAUMInception
QQQT.TO
Evolve NASDAQ Technology Index Fund CAD HedgedNasdaq-100, Technology Equities
69
24.22%
171.18MJul 2023UTES.TO vs QQQT.TO
QQQY.TO
Evolve NASDAQ Technology Enhanced Yield Index FundNasdaq-100, Derivative Income
61
14.40%
133.42MOct 2025UTES.TO vs QQQY.TO
CANY.TO
Evolve Canadian Equity UltraYield ETFDerivative Income, Canada Equities—
12.78%
—Sep 2025UTES.TO vs CANY.TO
BIGY.TO
Evolve US Equity UltraYield ETFLarge Cap Blend Equities—
-12.81%
—Sep 2025UTES.TO vs BIGY.TO
EBNK.TO
Evolve European Banks Enhanced Yield ETF Hedged CA...Financials Equities, Derivative Income
58
11.40%
146.10MJan 2022UTES.TO vs EBNK.TO
OILY.TO
Evolve Canadian Energy Enhanced Yield Index Fund E...Energy Equities
62
26.92%
—Mar 2025UTES.TO vs OILY.TO
SIXY.TO
Evolve Big Six Canadian Banks UltraYield Index ETFFinancials Equities—
28.03%
—Dec 2025UTES.TO vs SIXY.TO
TECH.TO
Evolve FANGMA Index ETF Hedged CADTechnology Equities
12
-7.11%
150.16MMay 2021UTES.TO vs TECH.TO
ETSX.TO
Evolve S&P/TSX 60 Enhanced Yield Fund CAD UnhedgedLarge Cap Blend Equities
81
8.85%
211.72MJan 2023UTES.TO vs ETSX.TO
HISU-U.TO
Evolve US High Interest Savings Account FundMoney Market
100
1.61%
698.22MAug 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
74
17.16%
495.96MApr 2011UTES.TO vs XUT.TO
HUTE.TO
Harvest Equal Weight Global Utilities Enhanced Inc...Derivative Income, Utilities Equities
56
13.36%
101.38MOct 2022UTES.TO vs HUTE.TO
UTIL.L
SPDR MSCI Europe Utilities UCITS ETFUtilities Equities
60
15.83%
686.04MDec 2014UTES.TO vs UTIL.L
BMAX.TO
Brompton Enhanced Multi-Asset Income ETFDiversified Portfolio
65
10.60%
65.40M—UTES.TO vs BMAX.TO
HDIV.TO
Hamilton Enhanced Canadian Covered Call ETFDerivative Income
93
18.72%
1.70BJul 2021UTES.TO vs HDIV.TO
ZUT.TO
BMO Equal Weight Utilities Index ETFUtilities Equities, Equal Weight
74
21.48%
844.73MJan 2010UTES.TO vs ZUT.TO
XEQT.TO
iShares Core Equity ETF PortfolioGlobal Equities
80
12.92%
19.56BAug 2019UTES.TO vs XEQT.TO
HPYT.TO
Harvest Premium Yield Treasury ETF ADerivative Income
15
0.58%
377.33MMay 2024UTES.TO vs HPYT.TO
HYLD-U.TO
Hamilton Enhanced U.S. Covered Call ETF (USD)Derivative Income
73
14.21%
919.57MFeb 2022UTES.TO vs HYLD-U.TO
VOO
Vanguard S&P 500 ETFS&P 500
59
8.19%
1.70TSep 2010UTES.TO vs VOO
HDIF.TO
Harvest Diversified Monthly Income ETF - Class A U...Derivative Income
67
11.31%
532.64MFeb 2022UTES.TO vs HDIF.TO
QLD
ProShares Ultra QQQLeveraged Equities
53
29.58%
14.59BJun 2006UTES.TO vs QLD
UTIL.TO
Global X Equal Weight Canadian Utilities Index ETFUtilities Equities, Equal Weight
92
20.07%
—Aug 2022UTES.TO vs UTIL.TO
ENCC.TO
Global X Canadian Oil and Gas Equity Covered Call ...Derivative Income, Energy Equities
77
24.43%
708.27MApr 2011UTES.TO vs ENCC.TO
VDY.TO
Vanguard FTSE Canadian High Dividend Yield Index E...Dividend
98
24.99%
7.99BNov 2012UTES.TO vs VDY.TO
BASE.TO
Evolve Global Materials & Mining Enhanced Yield In...Materials
66
20.51%
109.53MJun 2019UTES.TO vs BASE.TO
XLU
State Street Utilities Select Sector SPDR ETFUtilities Equities
27
6.99%
22.62BDec 1998UTES.TO vs XLU
EASY.TO
Evolve All-in-One UltraYield ETFDerivative Income———Mar 2026UTES.TO vs EASY.TO
EMAX.TO
Hamilton Energy YIELD MAXIMIZER ETFEnergy Equities, Derivative Income
51
22.48%
467.50MFeb 2024UTES.TO vs EMAX.TO
HHIS.TO
Harvest Diversified High Income Shares ETFDerivative Income
23
4.33%
1.74BJan 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