GDXU.TO vs. UTES.TO

Last updated Aug 4, 2026

GDXU.TO (BetaPro Canadian Gold Miners 2x Daily Bull ETF) and UTES.TO (Evolve Canadian Utilities Enhanced Yield Index Fund) are both exchange-traded funds - GDXU.TO is a Leveraged Equities fund tracking the Solactive Canadian Gold Miners Index, while UTES.TO is a Utilities Equities fund tracking the Solactive Canada Utility Index. Both are passively managed. Over the past year, GDXU.TO returned 75.88% vs 16.01% for UTES.TO. Their 0.06 correlation means their historical movements had little consistent relationship. GDXU.TO charges 1.31%/yr vs 0.84%/yr for UTES.TO.

Performance

GDXU.TO vs. UTES.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BetaPro Canadian Gold Miners 2x Daily Bull ETF (GDXU.TO) and Evolve Canadian Utilities Enhanced Yield Index Fund (UTES.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDXU.TO achieves a -36.40% return, which is significantly lower than UTES.TO's 10.38% return.

GDXU.TO

• 1D: -6.66%
• 1M: -21.37%
• 6M: -43.38%
• YTD: -36.40%
• 1Y: 75.88%
• 3Y*: 74.66%
• 5Y*: 29.52%
• 10Y*: 7.72%
• ALL TIME*: -1.71%

UTES.TO

• 1D: -2.40%
• 1M: 0.16%
• 6M: 7.90%
• YTD: 10.38%
• 1Y: 16.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.70%

*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)
GDXU.TO BetaPro Canadian Gold Miners 2x Daily Bull ETF	CA$8.76M	CA$7.65M	CA$7.55M
UTES.TO Evolve Canadian Utilities Enhanced Yield Index Fund	CA$2.69M	CA$2.73M	CA$2.60M

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

	2026 (YTD)	2025	2024
GDXU.TO BetaPro Canadian Gold Miners 2x Daily Bull ETF	-36.40%	432.04%	-2.66%
UTES.TO Evolve Canadian Utilities Enhanced Yield Index Fund	10.38%	18.66%	-4.15%

Correlation

The correlation between GDXU.TO and UTES.TO is -0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.07
Correlation (All Time) Calculated using the full available price history since Sep 4, 2024	0.06

The correlation between GDXU.TO and UTES.TO shifts across timeframes, from -0.07 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.

Return for Risk

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

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

GDXU.TO

GDXU.TO Risk / Return Rank: 34
GDXU.TO Sharpe Ratio Rank: 31
GDXU.TO Sortino Ratio Rank: 37
GDXU.TO Omega Ratio Rank: 39
GDXU.TO Calmar Ratio Rank: 33
GDXU.TO Martin Ratio Rank: 28

UTES.TO

UTES.TO Risk / Return Rank: 64
UTES.TO Sharpe Ratio Rank: 64
UTES.TO Sortino Ratio Rank: 64
UTES.TO Omega Ratio Rank: 61
UTES.TO Calmar Ratio Rank: 72
UTES.TO Martin Ratio Rank: 60

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.

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

This table presents a comparison of risk-adjusted performance metrics for BetaPro Canadian Gold Miners 2x Daily Bull ETF (GDXU.TO) and Evolve Canadian Utilities Enhanced Yield Index Fund (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.

	GDXU.TO	UTES.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.84	1.54	-0.70
Sortino ratio: Return per unit of downside risk	1.52	2.19	-0.67
Omega ratio: Gain probability vs. loss probability	1.20	1.27	-0.07
Calmar ratio: Return relative to maximum drawdown	1.20	2.59	-1.39
Martin ratio: Return relative to average drawdown	2.47	7.42	-4.95

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

The current GDXU.TO Sharpe Ratio is 0.84, which is lower than the UTES.TO Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of GDXU.TO and UTES.TO, 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

GDXU.TO vs. UTES.TO - Drawdown Comparison

The maximum GDXU.TO drawdown since its inception was -98.01%, 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 GDXU.TO and UTES.TO.

Drawdown Indicators

	GDXU.TO	UTES.TO	Difference
Max Drawdown Largest peak-to-trough decline	-98.01%	-10.19%	-87.82%
Max Drawdown (1Y) Largest decline over 1 year	-65.49%	-6.39%	-59.10%
Max Drawdown (3Y) Largest decline over 3 years	-65.49%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-65.49%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-78.87%	—	—
Current Drawdown Current decline from peak	-62.75%	-4.53%	-58.22%
Average Drawdown Average peak-to-trough decline	-78.25%	-2.56%	-75.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.71%	2.23%	+29.48%

Volatility

GDXU.TO vs. UTES.TO - Volatility Comparison

BetaPro Canadian Gold Miners 2x Daily Bull ETF (GDXU.TO) has a higher volatility of 25.06% compared to Evolve Canadian Utilities Enhanced Yield Index Fund (UTES.TO) at 4.78%. This indicates that GDXU.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

	GDXU.TO	UTES.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.06%	4.78%	+20.28%
Volatility (6M) Calculated over the trailing 6-month period	73.31%	8.93%	+64.38%
Volatility (1Y) Calculated over the trailing 1-year period	93.86%	10.78%	+83.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.96%	11.46%	+57.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	67.33%	11.46%	+55.87%

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

GDXU.TO has a 1.31% expense ratio, which is higher than UTES.TO's 0.84% expense ratio.

Dividends

GDXU.TO vs. UTES.TO - Dividend Comparison

GDXU.TO has not paid dividends to shareholders, while UTES.TO's dividend yield for the trailing twelve months is around 18.36%.

Position	TTM	2025	2024
GDXU.TO BetaPro Canadian Gold Miners 2x Daily Bull ETF	0.00%	0.00%	0.00%
UTES.TO Evolve Canadian Utilities Enhanced Yield Index Fund	18.36%	18.30%	6.05%

Frequently Asked Questions

Can I hold both GDXU.TO and UTES.TO in my portfolio?

GDXU.TO and UTES.TO have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GDXU.TO or UTES.TO?

On fees, UTES.TO is cheaper at 0.84% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GDXU.TO or UTES.TO?

UTES.TO is cheaper with a 0.84% expense ratio, compared with 1.31% for GDXU.TO.

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

GDXU.TO is categorized as Leveraged Equities, while UTES.TO is Utilities Equities. GDXU.TO tracks Solactive Canadian Gold Miners Index, while UTES.TO tracks Solactive Canada Utility Index. They also come from different issuers: Global X and Evolve. Their fees differ too: 1.31% for GDXU.TO and 0.84% for UTES.TO.