HDIV.TO vs. UTES

Last updated Jun 14, 2026

HDIV.TO (Hamilton Enhanced Canadian Covered Call ETF) and UTES (Virtus Reaves Utilities ETF) are both exchange-traded funds - HDIV.TO is a Derivative Income fund actively managed by Hamilton ETFs, while UTES is a Utilities Equities fund actively managed by Virtus Investment Partners. Both are actively managed. Over the past 3 years, HDIV.TO returned 27.78%/yr vs 23.83%/yr for UTES. At a 0.44 correlation, their price movements are largely independent. HDIV.TO charges 0.00%/yr vs 0.49%/yr for UTES.

Performance

HDIV.TO vs. UTES - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Hamilton Enhanced Canadian Covered Call ETF (HDIV.TO) and Virtus Reaves Utilities ETF (UTES). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HDIV.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, HDIV.TO achieves a 17.07% return, which is significantly higher than UTES's 2.29% return.

HDIV.TO

• 1D: 1.08%
• 1M: 2.27%
• YTD: 17.07%
• 6M: 17.58%
• 1Y: 45.74%
• 3Y*: 27.78%
• 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)

HDIV.TO vs. UTES - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
HDIV.TO Hamilton Enhanced Canadian Covered Call ETF	17.07%	33.87%	23.15%	13.91%	-2.53%	9.13%
UTES Virtus Reaves Utilities ETF	2.29%	19.97%	57.66%	-4.78%	7.19%	13.45%

Correlation

The correlation between HDIV.TO and UTES is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (All Time) Calculated using the full available price history since Jul 21, 2021	0.44

HDIV.TO vs. UTES - Sectors Allocation Comparison

Sectors	HDIV.TO	UTES
Financial Services	39.8%	-
Energy	18.4%	-
Basic Materials	13.4%	-
Technology	9.5%	-
Communication Services	6.3%	-
Utilities	4.7%	100.0%
Industrials	3.0%	-
Consumer Cyclical	2.5%	-
Real Estate	2.1%	-
Consumer Defensive	0.3%	-
Healthcare	0.2%	-

Return for Risk

HDIV.TO vs. UTES — Risk / Return Rank

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

HDIV.TO

HDIV.TO Risk / Return Rank: 94
HDIV.TO Sharpe Ratio Rank: 96
HDIV.TO Sortino Ratio Rank: 95
HDIV.TO Omega Ratio Rank: 95
HDIV.TO Calmar Ratio Rank: 91
HDIV.TO Martin Ratio Rank: 95

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.

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

This table presents a comparison of risk-adjusted performance metrics for Hamilton Enhanced Canadian Covered Call ETF (HDIV.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.

	HDIV.TO	UTES	Difference
Sharpe ratio: Return per unit of total volatility	3.55	0.50	+3.05
Sortino ratio: Return per unit of downside risk	4.51	0.82	+3.69
Omega ratio: Gain probability vs. loss probability	1.65	1.10	+0.55
Calmar ratio: Return relative to maximum drawdown	5.23	0.66	+4.57
Martin ratio: Return relative to average drawdown	25.02	1.43	+23.59

HDIV.TO vs. UTES - Sharpe Ratio Comparison

The current HDIV.TO Sharpe Ratio is 3.55, which is higher than the UTES Sharpe Ratio of 0.50. The chart below compares the historical Sharpe Ratios of HDIV.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

HDIV.TO vs. UTES - Drawdown Comparison

The maximum HDIV.TO drawdown since its inception was -22.32%, smaller than the maximum UTES drawdown of -29.41%. Use the drawdown chart below to compare losses from any high point for HDIV.TO and UTES.

Drawdown Indicators

	HDIV.TO	UTES	Difference
Max Drawdown Largest peak-to-trough decline	-22.32%	-29.41%	+7.09%
Max Drawdown (1Y) Largest decline over 1 year	-8.73%	-16.37%	+7.64%
Max Drawdown (3Y) Largest decline over 3 years	-14.58%	-19.32%	+4.74%
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	-0.13%	-9.57%	+9.44%
Average Drawdown Average peak-to-trough decline	-4.21%	-5.70%	+1.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	7.53%	-5.71%

Volatility

HDIV.TO vs. UTES - Volatility Comparison

The current volatility for Hamilton Enhanced Canadian Covered Call ETF (HDIV.TO) is 4.51%, while Virtus Reaves Utilities ETF (UTES) has a volatility of 7.30%. This indicates that HDIV.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

	HDIV.TO	UTES	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.51%	7.30%	-2.79%
Volatility (6M) Calculated over the trailing 6-month period	10.74%	17.23%	-6.49%
Volatility (1Y) Calculated over the trailing 1-year period	12.86%	21.70%	-8.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.64%	21.51%	-5.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.64%	21.15%	-5.51%

HDIV.TO vs. UTES - Expense Ratio Comparison

HDIV.TO has a 0.00% expense ratio, which is lower than UTES's 0.49% expense ratio.

Dividends

HDIV.TO vs. UTES - Dividend Comparison

HDIV.TO's dividend yield for the trailing twelve months is around 9.27%, more than UTES's 1.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDIV.TO Hamilton Enhanced Canadian Covered Call ETF	9.27%	10.09%	11.38%	10.41%	9.64%	3.37%	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 HDIV.TO and UTES in my portfolio?

HDIV.TO and UTES have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HDIV.TO or UTES?

On fees, HDIV.TO is cheaper at 0.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HDIV.TO or UTES?

HDIV.TO is cheaper with a 0.00% expense ratio, compared with 0.49% for UTES.

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

HDIV.TO is categorized as Derivative Income, while UTES is Utilities Equities. They also come from different issuers: Hamilton ETFs and Virtus Investment Partners. Their fees differ too: 0.00% for HDIV.TO and 0.49% for UTES.