ASA vs. UTES

Last updated Aug 1, 2026

ASA (ASA Gold and Precious Metals Limited) is a stock, while UTES (Virtus Reaves Utilities ETF) is Utilities Equities fund actively managed by Virtus. Over the past 10 years, ASA returned 11.69%/yr vs 11.78%/yr for UTES. Their 0.19 correlation means their historical movements had little consistent relationship.

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.

Returns By Period

In the year-to-date period, ASA achieves a -17.95% return, which is significantly lower than UTES's -1.07% return. Both investments have delivered pretty close results over the past 10 years, with ASA having a 11.69% annualized return and UTES not far ahead at 11.78%.

ASA

• 1D: -3.72%
• 1M: -10.19%
• 6M: -24.14%
• YTD: -17.95%
• 1Y: 57.88%
• 3Y*: 48.40%
• 5Y*: 17.39%
• 10Y*: 11.69%
• ALL TIME*: 5.46%

UTES

• 1D: -0.03%
• 1M: -4.28%
• 6M: 0.59%
• YTD: -1.07%
• 1Y: -3.98%
• 3Y*: 21.10%
• 5Y*: 14.97%
• 10Y*: 11.78%
• ALL TIME*: 13.50%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ASA ASA Gold and Precious Metals Limited	$2.82M	$3.11M	$5.38M
UTES Virtus Reaves Utilities ETF	$11.16M	$10.04M	$13.72M

ASA vs. UTES - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ASA ASA Gold and Precious Metals Limited	-17.95%	195.60%	34.55%	5.38%	-32.06%	-3.48%	60.65%	44.35%	-16.18%	2.89%
UTES Virtus Reaves Utilities ETF	-1.07%	25.71%	45.35%	-2.46%	0.80%	20.74%	-0.30%	25.48%	5.14%	14.21%

Correlation

The correlation between ASA and UTES is 0.27, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.27
Correlation (3Y) Balances recent behavior with more history.	0.26
Correlation (5Y) Shows whether the relationship held over a longer period.	0.26
Correlation (10Y) Provides a long-term view across more market conditions.	0.20
Correlation (All Time) Calculated using the full available price history since Sep 24, 2015	0.19

Return for Risk

ASA vs. UTES — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ASA

ASA Risk / Return Rank: 74
ASA Sharpe Ratio Rank: 79
ASA Sortino Ratio Rank: 73
ASA Omega Ratio Rank: 73
ASA Calmar Ratio Rank: 73
ASA Martin Ratio Rank: 72

UTES

UTES Risk / Return Rank: 7
UTES Sharpe Ratio Rank: 8
UTES Sortino Ratio Rank: 8
UTES Omega Ratio Rank: 8
UTES Calmar Ratio Rank: 7
UTES Martin Ratio Rank: 7

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ASA	UTES	Difference
Sharpe ratio: Return per unit of total volatility	1.17	-0.20	+1.37
Sortino ratio: Return per unit of downside risk	1.62	-0.14	+1.75
Omega ratio: Gain probability vs. loss probability	1.21	0.98	+0.23
Calmar ratio: Return relative to maximum drawdown	1.44	-0.31	+1.75
Martin ratio: Return relative to average drawdown	3.24	-0.65	+3.88

ASA vs. UTES - Sharpe Ratio Comparison

The current ASA Sharpe Ratio is 1.17, which is higher than the UTES Sharpe Ratio of -0.20. The chart below compares the historical Sharpe Ratios of ASA and UTES, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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	-40.80%	-13.88%	-26.92%
Max Drawdown (3Y) Largest decline over 3 years	-40.80%	-17.62%	-23.18%
Max Drawdown (5Y) Largest decline over 5 years	-48.43%	-20.40%	-28.03%
Max Drawdown (10Y) Largest decline over 10 years	-51.66%	-35.39%	-16.27%
Current Drawdown Current decline from peak	-39.77%	-10.30%	-29.47%
Average Drawdown Average peak-to-trough decline	-42.51%	-5.54%	-36.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.06%	6.72%	+11.34%

Volatility

ASA vs. UTES - Volatility Comparison

ASA Gold and Precious Metals Limited (ASA) has a higher volatility of 12.61% compared to Virtus Reaves Utilities ETF (UTES) at 5.50%. 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	12.61%	5.50%	+7.11%
Volatility (6M) Calculated over the trailing 6-month period	40.75%	16.19%	+24.56%
Volatility (1Y) Calculated over the trailing 1-year period	50.19%	21.39%	+28.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.93%	20.74%	+15.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.56%	20.26%	+15.30%

Dividends

ASA vs. UTES - Dividend Comparison

ASA's dividend yield for the trailing twelve months is around 0.14%, less than UTES's 1.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASA ASA Gold and Precious Metals Limited	0.14%	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	1.53%	1.42%	1.51%	2.44%	2.13%	1.94%	2.09%	1.84%	2.09%	3.44%	3.53%	0.61%

Frequently Asked Questions

Can I hold both ASA and UTES in my portfolio?

ASA and UTES have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ASA or UTES?

ASA has higher volatility (12.61%) compared to UTES (5.50%). In terms of maximum drawdown, ASA dropped -80.36% vs UTES's -35.39%.

Which has better risk-adjusted returns?

ASA currently has the higher Sharpe Ratio (1.17 vs -0.20), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.