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UTES.TO vs. ZPH.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UTES.TO vs. ZPH.TO

Last updated Jul 15, 2026
Documentation

UTES.TO (Evolve Canadian Utilities Enhanced Yield Index Fund ETF) and ZPH.TO (BMO US Put Write Hedged to CAD ETF) are both Derivative Income funds. Both are actively managed. Over the past year, UTES.TO returned 20.00% vs 7.40% for ZPH.TO. At a correlation of -0.03, they often move in opposite directions. UTES.TO charges 0.60%/yr vs 0.65%/yr for ZPH.TO.

Performance

UTES.TO vs. ZPH.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 BMO US Put Write Hedged to CAD ETF (ZPH.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, UTES.TO achieves a 12.01% return, which is significantly higher than ZPH.TO's 1.76% return.

UTES.TO

1D
-0.32%
1M
-2.82%
6M
13.65%
YTD
12.01%
1Y
20.00%
3Y*
—
5Y*
—
10Y*
—

ZPH.TO

1D
-0.14%
1M
1.40%
6M
1.90%
YTD
1.76%
1Y
7.40%
3Y*
7.80%
5Y*
5.66%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024
UTES.TO
Evolve Canadian Utilities Enhanced Yield Index Fund ETF		12.01%18.66%-4.15%
ZPH.TO
BMO US Put Write Hedged to CAD ETF		1.76%9.47%1.66%

Correlation

The correlation between UTES.TO and ZPH.TO is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.14

Correlation (All Time)
Calculated using the full available price history since Sep 4, 2024

-0.03

The correlation between UTES.TO and ZPH.TO shifts across timeframes, from -0.14 (1 year) to -0.03 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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Evolve Canadian Utilities Enhanced Yield Index Fund ETF

BMO US Put Write Hedged to CAD ETF

Often compared with UTES.TO:
UTES.TO vs. ENCL.TOUTES.TO vs. UMAX.TOUTES.TO vs. XUT.TOUTES.TO vs. ZWU.TOUTES.TO vs. BANK.TOUTES.TO vs. HUTE.TOUTES.TO vs. UTIL.L
Often compared with ZPH.TO:
ZPH.TO vs. ZPW.TOZPH.TO vs. CRCY.TOZPH.TO vs. BANK.TOZPH.TO vs. ECHI.TOZPH.TO vs. QDAY.NEOZPH.TO vs. ZWC.TOZPH.TO vs. EMCL.NEO

Return for Risk

UTES.TO vs. ZPH.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: 7575
Overall Rank
UTES.TO Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
UTES.TO Sortino Ratio Rank: 8080
Sortino Ratio Rank
UTES.TO Omega Ratio Rank: 7474
Omega Ratio Rank
UTES.TO Calmar Ratio Rank: 7676
Calmar Ratio Rank
UTES.TO Martin Ratio Rank: 6565
Martin Ratio Rank
ZPH.TO
ZPH.TO Risk / Return Rank: 3737
Overall Rank
ZPH.TO Sharpe Ratio Rank: 3939
Sharpe Ratio Rank
ZPH.TO Sortino Ratio Rank: 3939
Sortino Ratio Rank
ZPH.TO Omega Ratio Rank: 3939
Omega Ratio Rank
ZPH.TO Calmar Ratio Rank: 3030
Calmar Ratio Rank
ZPH.TO Martin Ratio Rank: 3737
Martin Ratio Rank
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. ZPH.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 BMO US Put Write Hedged to CAD ETF (ZPH.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.TOZPH.TODifference
Sharpe ratioReturn per unit of total volatility
1.96
1.14

+0.83

Sortino ratioReturn per unit of downside risk
2.83
1.67

+1.15

Omega ratioGain probability vs. loss probability

1.35

1.21

+0.14

Calmar ratioReturn relative to maximum drawdown

3.14

1.22

+1.92

Martin ratioReturn relative to average drawdown

9.21

4.62

+4.60

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

The current UTES.TO Sharpe Ratio is 1.96, which is higher than the ZPH.TO Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of UTES.TO and ZPH.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.

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Drawdowns

UTES.TO vs. ZPH.TO - Drawdown Comparison

The maximum UTES.TO drawdown since its inception was -10.19%, smaller than the maximum ZPH.TO drawdown of -33.38%. Use the drawdown chart below to compare losses from any high point for UTES.TO and ZPH.TO.

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Drawdown Indicators

UTES.TOZPH.TODifference

Max Drawdown

Largest peak-to-trough decline

-10.19%

-33.38%

+23.19%

Max Drawdown (1Y)

Largest decline over 1 year

-6.39%

-6.07%

-0.32%

Max Drawdown (3Y)

Largest decline over 3 years

—

-11.83%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-18.38%

—

Current Drawdown

Current decline from peak

-3.11%

-0.40%

-2.71%

Average Drawdown

Average peak-to-trough decline

-2.57%

-4.23%

+1.66%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.18%

1.60%

+0.58%

Volatility

UTES.TO vs. ZPH.TO - Volatility Comparison

Evolve Canadian Utilities Enhanced Yield Index Fund ETF (UTES.TO) has a higher volatility of 4.69% compared to BMO US Put Write Hedged to CAD ETF (ZPH.TO) at 2.50%. This indicates that UTES.TO's price experiences larger fluctuations and is considered to be riskier than ZPH.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

UTES.TOZPH.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.69%

2.50%

+2.19%

Volatility (6M)

Calculated over the trailing 6-month period

8.28%

5.61%

+2.67%

Volatility (1Y)

Calculated over the trailing 1-year period

10.24%

6.53%

+3.71%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.30%

11.18%

+0.12%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

11.30%

12.60%

-1.30%

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

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

Dividends

UTES.TO vs. ZPH.TO - Dividend Comparison

UTES.TO's dividend yield for the trailing twelve months is around 17.83%, more than ZPH.TO's 10.41% yield.

PositionTTM202520242023202220212020201920182017
UTES.TO
Evolve Canadian Utilities Enhanced Yield Index Fund ETF		17.83%18.30%6.05%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
ZPH.TO
BMO US Put Write Hedged to CAD ETF		10.41%10.06%9.95%8.18%8.83%7.27%7.67%7.26%6.98%5.94%

Frequently Asked Questions

UTES.TO and ZPH.TO have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, UTES.TO is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

UTES.TO is cheaper with a 0.60% expense ratio, compared with 0.65% for ZPH.TO.

They also come from different issuers: Evolve and BMO. Their fees differ too: 0.60% for UTES.TO and 0.65% for ZPH.TO.

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