UTES.TO vs. EMAX.TO

Last updated Apr 1, 2026

Compare and contrast key facts about Evolve Canadian Utilities Enhanced Yield Index Fund ETF (UTES.TO) and Hamilton Energy YIELD MAXIMIZER ETF (EMAX.TO).

UTES.TO and EMAX.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. UTES.TO is an actively managed fund by Evolve. It was launched on Sep 3, 2024. EMAX.TO is an actively managed fund by Hamilton Capital. It was launched on Feb 6, 2024.

Performance

UTES.TO vs. EMAX.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Evolve Canadian Utilities Enhanced Yield Index Fund ETF (UTES.TO) and Hamilton Energy YIELD MAXIMIZER ETF (EMAX.TO). The values are adjusted to include any dividend payments, if applicable.

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

	2026 (YTD)	2025	2024
UTES.TO Evolve Canadian Utilities Enhanced Yield Index Fund ETF	9.57%	18.66%	-4.25%
EMAX.TO Hamilton Energy YIELD MAXIMIZER ETF	31.32%	4.63%	-0.31%

Returns By Period

In the year-to-date period, UTES.TO achieves a 9.57% return, which is significantly lower than EMAX.TO's 31.32% return.

UTES.TO

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

EMAX.TO

• 1D: -1.98%
• 1M: 11.00%
• YTD: 31.32%
• 6M: 31.82%
• 1Y: 30.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

UTES.TO has a 0.60% expense ratio, which is lower than EMAX.TO's 0.65% expense ratio.

EMAX.TO

Hamilton Energy YIELD MAXIMIZER ETF

UTES.TO

Evolve Canadian Utilities Enhanced Yield Index Fund ETF

Return for Risk

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

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

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

EMAX.TO

EMAX.TO Risk / Return Rank: 59
EMAX.TO Sharpe Ratio Rank: 66
EMAX.TO Sortino Ratio Rank: 60
EMAX.TO Omega Ratio Rank: 65
EMAX.TO Calmar Ratio Rank: 60
EMAX.TO Martin Ratio Rank: 42

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.

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

This table presents a comparison of risk-adjusted performance metrics for Evolve Canadian Utilities Enhanced Yield Index Fund ETF (UTES.TO) and Hamilton Energy YIELD MAXIMIZER ETF (EMAX.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.

	UTES.TO	EMAX.TO	Difference
Sharpe ratio Return per unit of total volatility	1.94	1.16	+0.78
Sortino ratio Return per unit of downside risk	2.54	1.55	+1.00
Omega ratio Gain probability vs. loss probability	1.36	1.24	+0.12
Calmar ratio Return relative to maximum drawdown	2.59	1.54	+1.06
Martin ratio Return relative to average drawdown	10.83	4.01	+6.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current UTES.TO Sharpe Ratio is 1.94, which is higher than the EMAX.TO Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of UTES.TO and EMAX.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

	UTES.TO	EMAX.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.94	1.16	+0.78
Sharpe Ratio (All Time) Calculated using the full available price history	1.36	0.81	+0.54

Correlation

The correlation between UTES.TO and EMAX.TO is 0.11, 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

UTES.TO vs. EMAX.TO - Dividend Comparison

UTES.TO's dividend yield for the trailing twelve months is around 15.76%, more than EMAX.TO's 9.29% yield.

	TTM	2025	2024
UTES.TO Evolve Canadian Utilities Enhanced Yield Index Fund ETF	15.76%	18.30%	6.05%
EMAX.TO Hamilton Energy YIELD MAXIMIZER ETF	9.29%	13.44%	12.31%

Drawdowns

UTES.TO vs. EMAX.TO - Drawdown Comparison

The maximum UTES.TO drawdown since its inception was -10.19%, smaller than the maximum EMAX.TO drawdown of -27.55%. Use the drawdown chart below to compare losses from any high point for UTES.TO and EMAX.TO.

Drawdown Indicators

	UTES.TO	EMAX.TO	Difference
Max Drawdown Largest peak-to-trough decline	-10.19%	-27.55%	+17.36%
Max Drawdown (1Y) Largest decline over 1 year	-8.29%	-20.97%	+12.68%
Current Drawdown Current decline from peak	-2.33%	-3.30%	+0.97%
Average Drawdown Average peak-to-trough decline	-2.64%	-9.52%	+6.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	8.03%	-6.02%

Volatility

UTES.TO vs. EMAX.TO - Volatility Comparison

The current volatility for Evolve Canadian Utilities Enhanced Yield Index Fund ETF (UTES.TO) is 3.44%, while Hamilton Energy YIELD MAXIMIZER ETF (EMAX.TO) has a volatility of 5.45%. This indicates that UTES.TO experiences smaller price fluctuations and is considered to be less risky than EMAX.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UTES.TO	EMAX.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.44%	5.45%	-2.01%
Volatility (6M) Calculated over the trailing 6-month period	6.98%	13.03%	-6.05%
Volatility (1Y) Calculated over the trailing 1-year period	11.00%	26.34%	-15.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.12%	22.14%	-11.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.12%	22.14%	-11.02%