ETSX.TO vs. UTES.TO

Last updated Apr 1, 2026

Compare and contrast key facts about Evolve S&P/TSX 60 Enhanced Yield Fund CAD Unhedged (ETSX.TO) and Evolve Canadian Utilities Enhanced Yield Index Fund ETF (UTES.TO).

ETSX.TO and UTES.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ETSX.TO is a passively managed fund by Evolve that tracks the performance of the S&P/TSX 60. It was launched on Jan 9, 2023. UTES.TO is an actively managed fund by Evolve. It was launched on Sep 3, 2024.

Performance

ETSX.TO vs. UTES.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Evolve S&P/TSX 60 Enhanced Yield Fund CAD Unhedged (ETSX.TO) and Evolve Canadian Utilities Enhanced Yield Index Fund ETF (UTES.TO). The values are adjusted to include any dividend payments, if applicable.

ETSX.TO vs. UTES.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETSX.TO Evolve S&P/TSX 60 Enhanced Yield Fund CAD Unhedged	0.82%	25.93%	6.98%
UTES.TO Evolve Canadian Utilities Enhanced Yield Index Fund ETF	9.57%	18.66%	-4.25%

Returns By Period

In the year-to-date period, ETSX.TO achieves a 0.82% return, which is significantly lower than UTES.TO's 9.57% return.

ETSX.TO

• 1D: 1.29%
• 1M: -4.15%
• YTD: 0.82%
• 6M: 7.20%
• 1Y: 27.15%
• 3Y*: 16.81%
• 5Y*: —
• 10Y*: —

UTES.TO

• 1D: -2.03%
• 1M: -0.62%
• YTD: 9.57%
• 6M: 8.75%
• 1Y: 21.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETSX.TO vs. UTES.TO - Expense Ratio Comparison

ETSX.TO has a 0.45% expense ratio, which is lower than UTES.TO's 0.60% expense ratio.

UTES.TO

Evolve Canadian Utilities Enhanced Yield Index Fund ETF

ETSX.TO

Evolve S&P/TSX 60 Enhanced Yield Fund CAD Unhedged

Return for Risk

ETSX.TO vs. UTES.TO — Risk / Return Rank

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

ETSX.TO

ETSX.TO Risk / Return Rank: 89
ETSX.TO Sharpe Ratio Rank: 90
ETSX.TO Sortino Ratio Rank: 92
ETSX.TO Omega Ratio Rank: 92
ETSX.TO Calmar Ratio Rank: 82
ETSX.TO Martin Ratio Rank: 90

UTES.TO

UTES.TO Risk / Return Rank: 89
UTES.TO Sharpe Ratio Rank: 90
UTES.TO Sortino Ratio Rank: 90
UTES.TO Omega Ratio Rank: 89
UTES.TO Calmar Ratio Rank: 86
UTES.TO Martin Ratio Rank: 88

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.

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

This table presents a comparison of risk-adjusted performance metrics for Evolve S&P/TSX 60 Enhanced Yield Fund CAD Unhedged (ETSX.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.

	ETSX.TO	UTES.TO	Difference
Sharpe ratio Return per unit of total volatility	2.01	1.94	+0.07
Sortino ratio Return per unit of downside risk	2.72	2.54	+0.18
Omega ratio Gain probability vs. loss probability	1.41	1.36	+0.04
Calmar ratio Return relative to maximum drawdown	2.41	2.59	-0.18
Martin ratio Return relative to average drawdown	11.88	10.83	+1.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ETSX.TO vs. UTES.TO - Sharpe Ratio Comparison

The current ETSX.TO Sharpe Ratio is 2.01, which is comparable to the UTES.TO Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of ETSX.TO and UTES.TO, 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

	ETSX.TO	UTES.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.01	1.94	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	1.34	1.36	-0.02

Correlation

The correlation between ETSX.TO and UTES.TO is 0.17, 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

ETSX.TO vs. UTES.TO - Dividend Comparison

ETSX.TO's dividend yield for the trailing twelve months is around 8.77%, less than UTES.TO's 15.76% yield.

	TTM	2025	2024	2023
ETSX.TO Evolve S&P/TSX 60 Enhanced Yield Fund CAD Unhedged	8.77%	9.39%	9.20%	9.92%
UTES.TO Evolve Canadian Utilities Enhanced Yield Index Fund ETF	15.76%	18.30%	6.05%	0.00%

Drawdowns

ETSX.TO vs. UTES.TO - Drawdown Comparison

The maximum ETSX.TO drawdown since its inception was -12.23%, 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 ETSX.TO and UTES.TO.

Drawdown Indicators

	ETSX.TO	UTES.TO	Difference
Max Drawdown Largest peak-to-trough decline	-12.23%	-10.19%	-2.04%
Max Drawdown (1Y) Largest decline over 1 year	-9.97%	-8.29%	-1.68%
Current Drawdown Current decline from peak	-4.81%	-2.33%	-2.48%
Average Drawdown Average peak-to-trough decline	-1.69%	-2.64%	+0.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.02%	2.01%	+0.01%

Volatility

ETSX.TO vs. UTES.TO - Volatility Comparison

Evolve S&P/TSX 60 Enhanced Yield Fund CAD Unhedged (ETSX.TO) has a higher volatility of 5.04% compared to Evolve Canadian Utilities Enhanced Yield Index Fund ETF (UTES.TO) at 3.44%. This indicates that ETSX.TO's price experiences larger fluctuations and is considered to be riskier than UTES.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETSX.TO	UTES.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.04%	3.44%	+1.60%
Volatility (6M) Calculated over the trailing 6-month period	9.12%	6.98%	+2.14%
Volatility (1Y) Calculated over the trailing 1-year period	13.83%	11.00%	+2.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.75%	11.12%	+0.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.75%	11.12%	+0.63%