UTES.TO vs. UMAX.TO

Last updated Apr 1, 2026

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

UTES.TO and UMAX.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. UMAX.TO is an actively managed fund by Hamilton Capital. It was launched on Jun 14, 2023.

Performance

UTES.TO vs. UMAX.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 Utilities YIELD MAXIMIZER ETF (UMAX.TO). The values are adjusted to include any dividend payments, if applicable.

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

	2026 (YTD)	2025	2024
UTES.TO Evolve Canadian Utilities Enhanced Yield Index Fund ETF	9.57%	18.66%	-4.25%
UMAX.TO Hamilton Utilities YIELD MAXIMIZER ETF	4.87%	9.95%	-2.32%

Returns By Period

In the year-to-date period, UTES.TO achieves a 9.57% return, which is significantly higher than UMAX.TO's 4.87% return.

UTES.TO

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

UMAX.TO

• 1D: -0.84%
• 1M: -2.21%
• YTD: 4.87%
• 6M: 5.47%
• 1Y: 11.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

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

UMAX.TO

Hamilton Utilities YIELD MAXIMIZER ETF

UTES.TO

Evolve Canadian Utilities Enhanced Yield Index Fund ETF

Return for Risk

UTES.TO vs. UMAX.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

UMAX.TO

UMAX.TO Risk / Return Rank: 78
UMAX.TO Sharpe Ratio Rank: 79
UMAX.TO Sortino Ratio Rank: 79
UMAX.TO Omega Ratio Rank: 76
UMAX.TO Calmar Ratio Rank: 74
UMAX.TO Martin Ratio Rank: 81

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. UMAX.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 Utilities YIELD MAXIMIZER ETF (UMAX.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	UMAX.TO	Difference
Sharpe ratio Return per unit of total volatility	1.94	1.44	+0.49
Sortino ratio Return per unit of downside risk	2.54	2.00	+0.54
Omega ratio Gain probability vs. loss probability	1.36	1.28	+0.08
Calmar ratio Return relative to maximum drawdown	2.59	1.85	+0.74
Martin ratio Return relative to average drawdown	10.83	8.59	+2.24
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. UMAX.TO - Sharpe Ratio Comparison

The current UTES.TO Sharpe Ratio is 1.94, which is higher than the UMAX.TO Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of UTES.TO and UMAX.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	UMAX.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.94	1.44	+0.49
Sharpe Ratio (All Time) Calculated using the full available price history	1.36	0.90	+0.46

Correlation

The correlation between UTES.TO and UMAX.TO is 0.83, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

UTES.TO vs. UMAX.TO - Dividend Comparison

UTES.TO's dividend yield for the trailing twelve months is around 15.76%, more than UMAX.TO's 13.09% yield.

	TTM	2025	2024	2023
UTES.TO Evolve Canadian Utilities Enhanced Yield Index Fund ETF	15.76%	18.30%	6.05%	0.00%
UMAX.TO Hamilton Utilities YIELD MAXIMIZER ETF	13.09%	14.86%	14.81%	6.96%

Drawdowns

UTES.TO vs. UMAX.TO - Drawdown Comparison

The maximum UTES.TO drawdown since its inception was -10.19%, roughly equal to the maximum UMAX.TO drawdown of -10.09%. Use the drawdown chart below to compare losses from any high point for UTES.TO and UMAX.TO.

Drawdown Indicators

	UTES.TO	UMAX.TO	Difference
Max Drawdown Largest peak-to-trough decline	-10.19%	-10.09%	-0.10%
Max Drawdown (1Y) Largest decline over 1 year	-8.29%	-6.23%	-2.06%
Current Drawdown Current decline from peak	-2.33%	-2.84%	+0.51%
Average Drawdown Average peak-to-trough decline	-2.64%	-2.05%	-0.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	1.39%	+0.62%

Volatility

UTES.TO vs. UMAX.TO - Volatility Comparison

Evolve Canadian Utilities Enhanced Yield Index Fund ETF (UTES.TO) has a higher volatility of 3.44% compared to Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.TO) at 2.22%. This indicates that UTES.TO's price experiences larger fluctuations and is considered to be riskier than UMAX.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UTES.TO	UMAX.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.44%	2.22%	+1.22%
Volatility (6M) Calculated over the trailing 6-month period	6.98%	4.78%	+2.20%
Volatility (1Y) Calculated over the trailing 1-year period	11.00%	7.81%	+3.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.12%	8.68%	+2.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.12%	8.68%	+2.44%