EQCL.TO vs. UTES.TO
EQCL.TO (Global X Enhanced All-Equity Asset Allocation Covered Call ETF CAD) and UTES.TO (Evolve Canadian Utilities Enhanced Yield Index Fund ETF) are both Derivative Income funds. Both are actively managed. Over the past year, EQCL.TO returned 26.79% vs 22.59% for UTES.TO. At a 0.05 correlation, their price movements are largely independent. EQCL.TO charges 2.20%/yr vs 0.60%/yr for UTES.TO.
Performance
EQCL.TO vs. UTES.TO - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with EQCL.TO having a 13.63% return and UTES.TO slightly higher at 14.30%.
EQCL.TO
- 1D
- -0.75%
- 1M
- -0.68%
- 6M
- 8.99%
- YTD
- 13.63%
- 1Y
- 26.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
UTES.TO
- 1D
- -0.11%
- 1M
- 0.84%
- 6M
- 13.68%
- YTD
- 14.30%
- 1Y
- 22.59%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
EQCL.TO vs. UTES.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
EQCL.TO Global X Enhanced All-Equity Asset Allocation Covered Call ETF CAD | 13.63% | 16.95% | 9.94% |
UTES.TO Evolve Canadian Utilities Enhanced Yield Index Fund ETF | 14.30% | 18.66% | -4.15% |
Correlation
The correlation between EQCL.TO and UTES.TO is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.12 |
Correlation (All Time) Calculated using the full available price history since Sep 4, 2024 | 0.05 |
The correlation between EQCL.TO and UTES.TO shifts across timeframes, from -0.12 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EQCL.TO vs. UTES.TO — Risk / Return Rank
EQCL.TO
UTES.TO
EQCL.TO vs. UTES.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Enhanced All-Equity Asset Allocation Covered Call ETF CAD (EQCL.TO) and Evolve Canadian Utilities Enhanced Yield Index Fund ETF (UTES.TO). 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.
| EQCL.TO | UTES.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.26 | ||
| Sortino ratioReturn per unit of downside risk | -0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.39 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.20 | 3.55 | -0.35 |
| Martin ratioReturn relative to average drawdown | 13.20 | 10.38 | +2.82 |
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Drawdowns
EQCL.TO vs. UTES.TO - Drawdown Comparison
The maximum EQCL.TO drawdown since its inception was -18.97%, which is greater than UTES.TO's maximum drawdown of -10.19%. Use the drawdown chart below to compare losses from any high point for EQCL.TO and UTES.TO.
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Drawdown Indicators
| EQCL.TO | UTES.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.97% | -10.19% | -8.78% |
Max Drawdown (1Y)Largest decline over 1 year | -8.40% | -6.39% | -2.01% |
Current DrawdownCurrent decline from peak | -3.03% | -1.13% | -1.90% |
Average DrawdownAverage peak-to-trough decline | -1.62% | -2.57% | +0.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.04% | 2.18% | -0.14% |
Volatility
EQCL.TO vs. UTES.TO - Volatility Comparison
The current volatility for Global X Enhanced All-Equity Asset Allocation Covered Call ETF CAD (EQCL.TO) is 3.91%, while Evolve Canadian Utilities Enhanced Yield Index Fund ETF (UTES.TO) has a volatility of 4.76%. This indicates that EQCL.TO experiences smaller price fluctuations and is considered to be less risky than UTES.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EQCL.TO | UTES.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.91% | 4.76% | -0.85% |
Volatility (6M)Calculated over the trailing 6-month period | 11.96% | 8.31% | +3.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.87% | 10.32% | +3.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.11% | 11.32% | +3.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.11% | 11.32% | +3.79% |
EQCL.TO vs. UTES.TO - Expense Ratio Comparison
EQCL.TO has a 2.20% expense ratio, which is higher than UTES.TO's 0.60% expense ratio.
Dividends
EQCL.TO vs. UTES.TO - Dividend Comparison
EQCL.TO's dividend yield for the trailing twelve months is around 10.91%, less than UTES.TO's 17.47% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
EQCL.TO Global X Enhanced All-Equity Asset Allocation Covered Call ETF CAD | 10.91% | 11.51% | 10.96% | 2.87% |
UTES.TO Evolve Canadian Utilities Enhanced Yield Index Fund ETF | 17.47% | 18.30% | 6.05% | 0.00% |
Frequently Asked Questions
EQCL.TO and UTES.TO have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, UTES.TO is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.
UTES.TO is cheaper with a 0.60% expense ratio, compared with 2.20% for EQCL.TO.
They also come from different issuers: Global X and Evolve. Their fees differ too: 2.20% for EQCL.TO and 0.60% for UTES.TO.
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