HBIL-U.TO vs. UTES.TO

Last updated Aug 5, 2026

HBIL-U.TO (Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units) and UTES.TO (Evolve Canadian Utilities Enhanced Yield Index Fund) are both exchange-traded funds - HBIL-U.TO is a Government Bonds fund actively managed by Hamilton, while UTES.TO is a Utilities Equities fund tracking the Solactive Canada Utility Index. HBIL-U.TO is actively managed, while UTES.TO is passively managed. Over the past year, HBIL-U.TO returned 3.20% vs 13.56% for UTES.TO. Their 0.13 correlation means their historical movements had little consistent relationship. HBIL-U.TO charges 0.51%/yr vs 0.84%/yr for UTES.TO.

Performance

HBIL-U.TO vs. UTES.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.TO) and Evolve Canadian Utilities Enhanced Yield Index Fund (UTES.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, HBIL-U.TO achieves a 1.22% return, which is significantly lower than UTES.TO's 6.78% return.

HBIL-U.TO

• 1D: 0.20%
• 1M: -0.38%
• 6M: 0.94%
• YTD: 1.22%
• 1Y: 3.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 2.67%

UTES.TO

• 1D: -1.02%
• 1M: 0.40%
• 6M: 3.10%
• YTD: 6.78%
• 1Y: 13.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.05%

*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)
HBIL-U.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units	$14.55K	$25.17K	$45.60K
UTES.TO Evolve Canadian Utilities Enhanced Yield Index Fund	$2.51M	$2.05M	$1.96M

HBIL-U.TO vs. UTES.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HBIL-U.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units	1.22%	4.81%	-0.94%
UTES.TO Evolve Canadian Utilities Enhanced Yield Index Fund	6.78%	24.34%	-11.35%

Correlation

The correlation between HBIL-U.TO and UTES.TO is -0.03, 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.	-0.03
Correlation (All Time) Calculated using the full available price history since Sep 16, 2024	0.13

The correlation between HBIL-U.TO and UTES.TO shifts across timeframes, from -0.03 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HBIL-U.TO vs. UTES.TO — Risk / Return Rank

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

HBIL-U.TO

HBIL-U.TO Risk / Return Rank: 64
HBIL-U.TO Sharpe Ratio Rank: 60
HBIL-U.TO Sortino Ratio Rank: 57
HBIL-U.TO Omega Ratio Rank: 77
HBIL-U.TO Calmar Ratio Rank: 61
HBIL-U.TO Martin Ratio Rank: 65

UTES.TO

UTES.TO Risk / Return Rank: 52
UTES.TO Sharpe Ratio Rank: 51
UTES.TO Sortino Ratio Rank: 51
UTES.TO Omega Ratio Rank: 48
UTES.TO Calmar Ratio Rank: 60
UTES.TO Martin Ratio Rank: 52

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.

HBIL-U.TO vs. UTES.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.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.

	HBIL-U.TO	UTES.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.63	1.16	+0.47
Sortino ratio: Return per unit of downside risk	2.23	1.66	+0.57
Omega ratio: Gain probability vs. loss probability	1.36	1.20	+0.16
Calmar ratio: Return relative to maximum drawdown	2.44	1.75	+0.70
Martin ratio: Return relative to average drawdown	8.86	5.43	+3.43

HBIL-U.TO vs. UTES.TO - Sharpe Ratio Comparison

The current HBIL-U.TO Sharpe Ratio is 1.63, which is higher than the UTES.TO Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of HBIL-U.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

HBIL-U.TO vs. UTES.TO - Drawdown Comparison

The maximum HBIL-U.TO drawdown since its inception was -1.48%, smaller than the maximum UTES.TO drawdown of -14.19%. Use the drawdown chart below to compare losses from any high point for HBIL-U.TO and UTES.TO.

Drawdown Indicators

	HBIL-U.TO	UTES.TO	Difference
Max Drawdown Largest peak-to-trough decline	-1.48%	-14.19%	+12.71%
Max Drawdown (1Y) Largest decline over 1 year	-1.32%	-7.80%	+6.48%
Current Drawdown Current decline from peak	-1.11%	-6.42%	+5.31%
Average Drawdown Average peak-to-trough decline	-0.34%	-3.36%	+3.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.36%	2.50%	-2.14%

Volatility

HBIL-U.TO vs. UTES.TO - Volatility Comparison

The current volatility for Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.TO) is 0.72%, while Evolve Canadian Utilities Enhanced Yield Index Fund (UTES.TO) has a volatility of 4.98%. This indicates that HBIL-U.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.

Volatility by Period

	HBIL-U.TO	UTES.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.72%	4.98%	-4.26%
Volatility (6M) Calculated over the trailing 6-month period	1.73%	9.48%	-7.75%
Volatility (1Y) Calculated over the trailing 1-year period	1.98%	11.77%	-9.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.14%	12.97%	-10.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.14%	12.97%	-10.83%

HBIL-U.TO vs. UTES.TO - Expense Ratio Comparison

HBIL-U.TO has a 0.51% expense ratio, which is lower than UTES.TO's 0.84% expense ratio.

Dividends

HBIL-U.TO vs. UTES.TO - Dividend Comparison

HBIL-U.TO's dividend yield for the trailing twelve months is around 6.64%, less than UTES.TO's 18.50% yield.

Position	TTM	2025	2024
HBIL-U.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units	6.64%	7.37%	2.40%
UTES.TO Evolve Canadian Utilities Enhanced Yield Index Fund	18.50%	18.30%	6.05%

Frequently Asked Questions

Can I hold both HBIL-U.TO and UTES.TO in my portfolio?

HBIL-U.TO and UTES.TO have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HBIL-U.TO or UTES.TO?

On fees, HBIL-U.TO is cheaper at 0.51% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HBIL-U.TO or UTES.TO?

HBIL-U.TO is cheaper with a 0.51% expense ratio, compared with 0.84% for UTES.TO.

What is the main difference between HBIL-U.TO and UTES.TO?

HBIL-U.TO is categorized as Government Bonds, while UTES.TO is Utilities Equities. They also come from different issuers: Hamilton and Evolve. Their fees differ too: 0.51% for HBIL-U.TO and 0.84% for UTES.TO.