ASA vs. UTES

Last updated Apr 1, 2026

Compare and contrast key facts about ASA Gold and Precious Metals Limited (ASA) and Virtus Reaves Utilities ETF (UTES).

UTES is an actively managed fund by Virtus Investment Partners. It was launched on Sep 23, 2015.

Performance

ASA vs. UTES - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ASA Gold and Precious Metals Limited (ASA) and Virtus Reaves Utilities ETF (UTES). The values are adjusted to include any dividend payments, if applicable.

ASA vs. UTES - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ASA ASA Gold and Precious Metals Limited	3.96%	195.60%	34.55%	5.38%	-32.06%	-3.48%	60.65%	44.35%	-16.18%	2.89%
UTES Virtus Reaves Utilities ETF	1.60%	25.71%	45.35%	-2.46%	0.80%	20.74%	-0.30%	25.48%	5.14%	14.21%

Returns By Period

In the year-to-date period, ASA achieves a 3.96% return, which is significantly higher than UTES's 1.60% return. Over the past 10 years, ASA has outperformed UTES with an annualized return of 19.92%, while UTES has yielded a comparatively lower 12.83% annualized return.

ASA

• 1D: 7.37%
• 1M: -23.69%
• YTD: 3.96%
• 6M: 35.52%
• 1Y: 106.15%
• 3Y*: 57.27%
• 5Y*: 24.98%
• 10Y*: 19.92%

UTES

• 1D: 0.11%
• 1M: -6.27%
• YTD: 1.60%
• 6M: -3.38%
• 1Y: 25.54%
• 3Y*: 22.73%
• 5Y*: 16.38%
• 10Y*: 12.83%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

ASA vs. UTES — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ASA

ASA Risk / Return Rank: 89
ASA Sharpe Ratio Rank: 92
ASA Sortino Ratio Rank: 86
ASA Omega Ratio Rank: 86
ASA Calmar Ratio Rank: 88
ASA Martin Ratio Rank: 92

UTES

UTES Risk / Return Rank: 64
UTES Sharpe Ratio Rank: 67
UTES Sortino Ratio Rank: 65
UTES Omega Ratio Rank: 61
UTES Calmar Ratio Rank: 76
UTES Martin Ratio Rank: 52

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ASA vs. UTES - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ASA Gold and Precious Metals Limited (ASA) and Virtus Reaves Utilities ETF (UTES). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	ASA	UTES	Difference
Sharpe ratio Return per unit of total volatility	2.19	1.13	+1.07
Sortino ratio Return per unit of downside risk	2.46	1.56	+0.90
Omega ratio Gain probability vs. loss probability	1.33	1.21	+0.12
Calmar ratio Return relative to maximum drawdown	3.29	1.88	+1.41
Martin ratio Return relative to average drawdown	11.90	4.68	+7.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ASA vs. UTES - Sharpe Ratio Comparison

The current ASA Sharpe Ratio is 2.19, which is higher than the UTES Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of ASA and UTES, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ASA	UTES	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.19	1.13	+1.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	0.81	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.64	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.72	-0.55

Correlation

The correlation between ASA and UTES is 0.18, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

ASA vs. UTES - Dividend Comparison

ASA's dividend yield for the trailing twelve months is around 0.10%, less than UTES's 1.47% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASA ASA Gold and Precious Metals Limited	0.10%	0.10%	0.20%	0.13%	0.14%	0.09%	0.09%	0.15%	0.32%	0.35%	0.36%	0.56%
UTES Virtus Reaves Utilities ETF	1.47%	1.42%	1.51%	2.44%	2.13%	1.94%	2.09%	1.84%	2.09%	3.44%	3.53%	0.61%

Drawdowns

ASA vs. UTES - Drawdown Comparison

The maximum ASA drawdown since its inception was -80.36%, which is greater than UTES's maximum drawdown of -35.39%. Use the drawdown chart below to compare losses from any high point for ASA and UTES.

Drawdown Indicators

	ASA	UTES	Difference
Max Drawdown Largest peak-to-trough decline	-80.36%	-35.39%	-44.97%
Max Drawdown (1Y) Largest decline over 1 year	-32.51%	-13.88%	-18.63%
Max Drawdown (5Y) Largest decline over 5 years	-51.33%	-20.40%	-30.93%
Max Drawdown (10Y) Largest decline over 10 years	-51.66%	-35.39%	-16.27%
Current Drawdown Current decline from peak	-23.69%	-7.89%	-15.80%
Average Drawdown Average peak-to-trough decline	-42.62%	-5.51%	-37.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.00%	5.59%	+3.41%

Volatility

ASA vs. UTES - Volatility Comparison

ASA Gold and Precious Metals Limited (ASA) has a higher volatility of 21.35% compared to Virtus Reaves Utilities ETF (UTES) at 8.04%. This indicates that ASA's price experiences larger fluctuations and is considered to be riskier than UTES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ASA	UTES	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.35%	8.04%	+13.31%
Volatility (6M) Calculated over the trailing 6-month period	40.57%	16.26%	+24.31%
Volatility (1Y) Calculated over the trailing 1-year period	48.68%	22.79%	+25.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.41%	20.28%	+14.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.56%	20.03%	+15.53%