UTES.TO vs. ZQQ.TO

Last updated Jun 4, 2026

UTES.TO (Evolve Canadian Utilities Enhanced Yield Index Fund ETF) and ZQQ.TO (BMO NASDAQ 100 Equity (CAD Hedged)) are both exchange-traded funds - UTES.TO is a Derivative Income fund actively managed by Evolve, while ZQQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index. UTES.TO is actively managed, while ZQQ.TO is passively managed. Over the past year, UTES.TO returned 23.90% vs 38.53% for ZQQ.TO. At a correlation of -0.11, they often move in opposite directions. UTES.TO charges 0.60%/yr vs 0.39%/yr for ZQQ.TO.

Performance

UTES.TO vs. ZQQ.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 NASDAQ 100 Equity (CAD Hedged) (ZQQ.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UTES.TO achieves a 12.58% return, which is significantly lower than ZQQ.TO's 19.82% return.

UTES.TO

• 1D: -0.26%
• 1M: 2.26%
• YTD: 12.58%
• 6M: 12.56%
• 1Y: 23.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZQQ.TO

• 1D: -0.28%
• 1M: 10.63%
• YTD: 19.82%
• 6M: 18.08%
• 1Y: 38.53%
• 3Y*: 26.42%
• 5Y*: 16.12%
• 10Y*: 20.08%

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

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

	2026 (YTD)	2025	2024
UTES.TO Evolve Canadian Utilities Enhanced Yield Index Fund ETF	12.58%	18.66%	-4.25%
ZQQ.TO BMO NASDAQ 100 Equity (CAD Hedged)	19.82%	18.38%	10.69%

Correlation

The correlation between UTES.TO and ZQQ.TO is -0.27, 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	-0.27
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024	-0.11

The correlation between UTES.TO and ZQQ.TO shifts across timeframes, from -0.27 (1 year) to -0.11 (all time), reflecting how their relationship changes across market environments.

Return for Risk

UTES.TO vs. ZQQ.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: 75
UTES.TO Sharpe Ratio Rank: 78
UTES.TO Sortino Ratio Rank: 83
UTES.TO Omega Ratio Rank: 76
UTES.TO Calmar Ratio Rank: 74
UTES.TO Martin Ratio Rank: 65

ZQQ.TO

ZQQ.TO Risk / Return Rank: 67
ZQQ.TO Sharpe Ratio Rank: 74
ZQQ.TO Sortino Ratio Rank: 69
ZQQ.TO Omega Ratio Rank: 69
ZQQ.TO Calmar Ratio Rank: 60
ZQQ.TO Martin Ratio Rank: 61

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. ZQQ.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 NASDAQ 100 Equity (CAD Hedged) (ZQQ.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	ZQQ.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.59	2.46	+0.13
Sortino ratio: Return per unit of downside risk	3.79	3.25	+0.54
Omega ratio: Gain probability vs. loss probability	1.46	1.43	+0.03
Calmar ratio: Return relative to maximum drawdown	3.75	3.01	+0.74
Martin ratio: Return relative to average drawdown	11.90	11.25	+0.65
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. ZQQ.TO - Sharpe Ratio Comparison

The current UTES.TO Sharpe Ratio is 2.59, which is comparable to the ZQQ.TO Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of UTES.TO and ZQQ.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.

Sharpe Ratios by Period

	UTES.TO	ZQQ.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.59	2.46	+0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.72	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.90	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.38	0.91	+0.48

Drawdowns

UTES.TO vs. ZQQ.TO - Drawdown Comparison

The maximum UTES.TO drawdown since its inception was -10.19%, smaller than the maximum ZQQ.TO drawdown of -36.39%. Use the drawdown chart below to compare losses from any high point for UTES.TO and ZQQ.TO.

Drawdown Indicators

	UTES.TO	ZQQ.TO	Difference
Max Drawdown Largest peak-to-trough decline	-10.19%	-36.39%	+26.20%
Max Drawdown (1Y) Largest decline over 1 year	-6.39%	-12.86%	+6.47%
Max Drawdown (3Y) Largest decline over 3 years	—	-22.79%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-36.39%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-36.39%	—
Current Drawdown Current decline from peak	-1.86%	-0.28%	-1.58%
Average Drawdown Average peak-to-trough decline	-2.62%	-5.37%	+2.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.03%	3.43%	-1.40%

Volatility

UTES.TO vs. ZQQ.TO - Volatility Comparison

The current volatility for Evolve Canadian Utilities Enhanced Yield Index Fund ETF (UTES.TO) is 2.96%, while BMO NASDAQ 100 Equity (CAD Hedged) (ZQQ.TO) has a volatility of 4.54%. This indicates that UTES.TO experiences smaller price fluctuations and is considered to be less risky than ZQQ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UTES.TO	ZQQ.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.96%	4.54%	-1.58%
Volatility (6M) Calculated over the trailing 6-month period	7.51%	12.02%	-4.51%
Volatility (1Y) Calculated over the trailing 1-year period	9.28%	15.73%	-6.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.01%	22.57%	-11.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.01%	22.41%	-11.40%

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

UTES.TO has a 0.60% expense ratio, which is higher than ZQQ.TO's 0.39% expense ratio.

Dividends

UTES.TO vs. ZQQ.TO - Dividend Comparison

UTES.TO's dividend yield for the trailing twelve months is around 17.48%, more than ZQQ.TO's 0.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UTES.TO Evolve Canadian Utilities Enhanced Yield Index Fund ETF	17.48%	18.30%	6.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZQQ.TO BMO NASDAQ 100 Equity (CAD Hedged)	0.22%	0.27%	0.37%	0.32%	0.45%	0.14%	0.41%	0.51%	0.64%	0.57%	1.60%	0.81%

Frequently Asked Questions

Can I hold both UTES.TO and ZQQ.TO in my portfolio?

UTES.TO and ZQQ.TO have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UTES.TO or ZQQ.TO?

On fees, ZQQ.TO is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UTES.TO or ZQQ.TO?

ZQQ.TO is cheaper with a 0.39% expense ratio, compared with 0.60% for UTES.TO.

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

UTES.TO is categorized as Derivative Income, while ZQQ.TO is Nasdaq-100. They also come from different issuers: Evolve and BMO. Their fees differ too: 0.60% for UTES.TO and 0.39% for ZQQ.TO.