UTES.TO vs. HBIL-U.TO

Last updated Jul 17, 2026

UTES.TO (Evolve Canadian Utilities Enhanced Yield Index Fund ETF) and HBIL-U.TO (Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units) are both exchange-traded funds - UTES.TO is a Derivative Income fund actively managed by Evolve, while HBIL-U.TO is a Government Bonds fund actively managed by Hamilton. Both are actively managed. Over the past year, UTES.TO returned 22.32% vs 6.47% for HBIL-U.TO. At a correlation of -0.02, they often move in opposite directions.

Performance

UTES.TO vs. HBIL-U.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 U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, UTES.TO achieves a 14.43% return, which is significantly higher than HBIL-U.TO's 3.86% return.

UTES.TO

• 1D: 1.17%
• 1M: -0.10%
• 6M: 14.81%
• YTD: 14.43%
• 1Y: 22.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HBIL-U.TO

• 1D: -0.10%
• 1M: 0.03%
• 6M: 2.17%
• YTD: 3.86%
• 1Y: 6.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024
UTES.TO Evolve Canadian Utilities Enhanced Yield Index Fund ETF	14.43%	18.66%	-6.29%
HBIL-U.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units	3.86%	0.03%	4.69%

Correlation

The correlation between UTES.TO and HBIL-U.TO is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.06
Correlation (All Time) Calculated using the full available price history since Sep 16, 2024	-0.02

Return for Risk

UTES.TO vs. HBIL-U.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: 81
UTES.TO Sharpe Ratio Rank: 85
UTES.TO Sortino Ratio Rank: 86
UTES.TO Omega Ratio Rank: 82
UTES.TO Calmar Ratio Rank: 82
UTES.TO Martin Ratio Rank: 71

HBIL-U.TO

HBIL-U.TO Risk / Return Rank: 86
HBIL-U.TO Sharpe Ratio Rank: 82
HBIL-U.TO Sortino Ratio Rank: 82
HBIL-U.TO Omega Ratio Rank: 91
HBIL-U.TO Calmar Ratio Rank: 85
HBIL-U.TO Martin Ratio Rank: 87

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. HBIL-U.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 U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.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.

	UTES.TO	HBIL-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.17	1.39	+0.79
Sortino ratio: Return per unit of downside risk	3.12	1.99	+1.13
Omega ratio: Gain probability vs. loss probability	1.38	1.25	+0.14
Calmar ratio: Return relative to maximum drawdown	3.51	1.62	+1.89
Martin ratio: Return relative to average drawdown	10.26	4.12	+6.14

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

The current UTES.TO Sharpe Ratio is 2.17, which is higher than the HBIL-U.TO Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of UTES.TO and HBIL-U.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

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

The maximum UTES.TO drawdown since its inception was -10.19%, which is greater than HBIL-U.TO's maximum drawdown of -6.68%. Use the drawdown chart below to compare losses from any high point for UTES.TO and HBIL-U.TO.

Drawdown Indicators

	UTES.TO	HBIL-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-10.19%	-6.68%	-3.51%
Max Drawdown (1Y) Largest decline over 1 year	-6.39%	-4.01%	-2.38%
Current Drawdown Current decline from peak	-1.03%	-2.20%	+1.17%
Average Drawdown Average peak-to-trough decline	-2.57%	-2.26%	-0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.18%	1.57%	+0.61%

Volatility

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

Evolve Canadian Utilities Enhanced Yield Index Fund ETF (UTES.TO) has a higher volatility of 4.88% compared to Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.TO) at 1.82%. This indicates that UTES.TO's price experiences larger fluctuations and is considered to be riskier than HBIL-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UTES.TO	HBIL-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.88%	1.82%	+3.06%
Volatility (6M) Calculated over the trailing 6-month period	8.34%	3.60%	+4.74%
Volatility (1Y) Calculated over the trailing 1-year period	10.32%	4.68%	+5.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.33%	5.85%	+5.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.33%	5.85%	+5.48%

Dividends

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

UTES.TO's dividend yield for the trailing twelve months is around 17.45%, more than HBIL-U.TO's 6.75% yield.

Position	TTM	2025	2024
HBIL-U.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units	6.75%	7.37%	2.40%
UTES.TO Evolve Canadian Utilities Enhanced Yield Index Fund ETF	17.45%	18.30%	6.05%

Frequently Asked Questions

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

UTES.TO and HBIL-U.TO have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

UTES.TO is categorized as Derivative Income, while HBIL-U.TO is Government Bonds. They also come from different issuers: Evolve and Hamilton.