BANK.TO vs. UTES

Last updated Jun 14, 2026

BANK.TO (Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund) and UTES (Virtus Reaves Utilities ETF) are both exchange-traded funds - BANK.TO is a Derivative Income fund tracking the Solactive Canadian Core Financials Equal Weight Index, while UTES is a Utilities Equities fund actively managed by Virtus Investment Partners. BANK.TO is passively managed, while UTES is actively managed. Over the past 3 years, BANK.TO returned 34.20%/yr vs 23.83%/yr for UTES. At a 0.34 correlation, their price movements are largely independent. BANK.TO charges 0.60%/yr vs 0.49%/yr for UTES.

Performance

BANK.TO vs. UTES - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund (BANK.TO) and Virtus Reaves Utilities ETF (UTES). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

BANK.TO is traded in CAD, while UTES is traded in USD. To make them comparable, the UTES values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, BANK.TO achieves a 23.62% return, which is significantly higher than UTES's 2.29% return.

BANK.TO

• 1D: 1.08%
• 1M: 8.67%
• YTD: 23.62%
• 6M: 25.01%
• 1Y: 64.23%
• 3Y*: 34.20%
• 5Y*: —
• 10Y*: —

UTES

• 1D: 1.74%
• 1M: 1.12%
• YTD: 2.29%
• 6M: 1.93%
• 1Y: 11.96%
• 3Y*: 23.83%
• 5Y*: 18.70%
• 10Y*: 13.24%

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

BANK.TO vs. UTES - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BANK.TO Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund	23.62%	41.00%	27.90%	16.23%	-20.47%
UTES Virtus Reaves Utilities ETF	2.29%	19.97%	57.66%	-4.78%	13.50%

Correlation

The correlation between BANK.TO and UTES is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (All Time) Calculated using the full available price history since Feb 2, 2022	0.34

BANK.TO vs. UTES - Sectors Allocation Comparison

Sectors	BANK.TO	UTES
Financial Services	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	100.0%

Return for Risk

BANK.TO vs. UTES — Risk / Return Rank

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

BANK.TO

BANK.TO Risk / Return Rank: 97
BANK.TO Sharpe Ratio Rank: 98
BANK.TO Sortino Ratio Rank: 98
BANK.TO Omega Ratio Rank: 98
BANK.TO Calmar Ratio Rank: 96
BANK.TO Martin Ratio Rank: 97

UTES

UTES Risk / Return Rank: 16
UTES Sharpe Ratio Rank: 16
UTES Sortino Ratio Rank: 16
UTES Omega Ratio Rank: 15
UTES Calmar Ratio Rank: 18
UTES Martin Ratio Rank: 17

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.

BANK.TO vs. UTES - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund (BANK.TO) 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.

	BANK.TO	UTES	Difference
Sharpe ratio: Return per unit of total volatility	5.20	0.50	+4.70
Sortino ratio: Return per unit of downside risk	7.03	0.82	+6.21
Omega ratio: Gain probability vs. loss probability	1.97	1.10	+0.87
Calmar ratio: Return relative to maximum drawdown	7.70	0.66	+7.04
Martin ratio: Return relative to average drawdown	34.12	1.43	+32.69

BANK.TO vs. UTES - Sharpe Ratio Comparison

The current BANK.TO Sharpe Ratio is 5.20, which is higher than the UTES Sharpe Ratio of 0.50. The chart below compares the historical Sharpe Ratios of BANK.TO 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

BANK.TO vs. UTES - Drawdown Comparison

The maximum BANK.TO drawdown since its inception was -29.03%, roughly equal to the maximum UTES drawdown of -29.41%. Use the drawdown chart below to compare losses from any high point for BANK.TO and UTES.

Drawdown Indicators

	BANK.TO	UTES	Difference
Max Drawdown Largest peak-to-trough decline	-29.03%	-29.41%	+0.38%
Max Drawdown (1Y) Largest decline over 1 year	-8.27%	-16.37%	+8.10%
Max Drawdown (3Y) Largest decline over 3 years	-15.49%	-19.32%	+3.83%
Max Drawdown (5Y) Largest decline over 5 years	—	-19.32%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-29.41%	—
Current Drawdown Current decline from peak	0.00%	-9.57%	+9.57%
Average Drawdown Average peak-to-trough decline	-8.75%	-5.70%	-3.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.86%	7.53%	-5.67%

Volatility

BANK.TO vs. UTES - Volatility Comparison

The current volatility for Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund (BANK.TO) is 4.04%, while Virtus Reaves Utilities ETF (UTES) has a volatility of 7.30%. This indicates that BANK.TO experiences smaller price fluctuations and is considered to be less risky than UTES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BANK.TO	UTES	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.04%	7.30%	-3.26%
Volatility (6M) Calculated over the trailing 6-month period	10.58%	17.23%	-6.65%
Volatility (1Y) Calculated over the trailing 1-year period	12.25%	21.70%	-9.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.66%	21.51%	-5.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.66%	21.15%	-5.49%

BANK.TO vs. UTES - Expense Ratio Comparison

BANK.TO has a 0.60% expense ratio, which is higher than UTES's 0.49% expense ratio.

Dividends

BANK.TO vs. UTES - Dividend Comparison

BANK.TO's dividend yield for the trailing twelve months is around 12.36%, more than UTES's 1.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BANK.TO Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund	12.36%	13.73%	15.28%	13.60%	10.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UTES Virtus Reaves Utilities ETF	1.49%	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 BANK.TO and UTES in my portfolio?

BANK.TO and UTES have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BANK.TO or UTES?

On fees, UTES is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BANK.TO or UTES?

UTES is cheaper with a 0.49% expense ratio, compared with 0.60% for BANK.TO.

What is the main difference between BANK.TO and UTES?

BANK.TO is categorized as Derivative Income, while UTES is Utilities Equities. They also come from different issuers: Evolve and Virtus Investment Partners. Their fees differ too: 0.60% for BANK.TO and 0.49% for UTES.