UTES.TO vs. ZWU.TO

Last updated Apr 1, 2026

Compare and contrast key facts about Evolve Canadian Utilities Enhanced Yield Index Fund ETF (UTES.TO) and BMO Covered Call Utilities ETF (ZWU.TO).

UTES.TO and ZWU.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. ZWU.TO is an actively managed fund by BMO. It was launched on Oct 20, 2011.

Performance

UTES.TO vs. ZWU.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 Covered Call Utilities ETF (ZWU.TO). The values are adjusted to include any dividend payments, if applicable.

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

	2026 (YTD)	2025	2024
UTES.TO Evolve Canadian Utilities Enhanced Yield Index Fund ETF	9.57%	18.66%	-4.25%
ZWU.TO BMO Covered Call Utilities ETF	11.68%	13.18%	-0.98%

Returns By Period

In the year-to-date period, UTES.TO achieves a 9.57% return, which is significantly lower than ZWU.TO's 11.68% return.

UTES.TO

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

ZWU.TO

• 1D: 0.04%
• 1M: 0.62%
• YTD: 11.68%
• 6M: 9.62%
• 1Y: 17.09%
• 3Y*: 10.60%
• 5Y*: 7.16%
• 10Y*: 6.50%

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

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

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

ZWU.TO

BMO Covered Call Utilities ETF

UTES.TO

Evolve Canadian Utilities Enhanced Yield Index Fund ETF

Return for Risk

UTES.TO vs. ZWU.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

ZWU.TO

ZWU.TO Risk / Return Rank: 88
ZWU.TO Sharpe Ratio Rank: 89
ZWU.TO Sortino Ratio Rank: 89
ZWU.TO Omega Ratio Rank: 90
ZWU.TO Calmar Ratio Rank: 87
ZWU.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. ZWU.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 Covered Call Utilities ETF (ZWU.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	ZWU.TO	Difference
Sharpe ratio Return per unit of total volatility	1.94	1.89	+0.05
Sortino ratio Return per unit of downside risk	2.54	2.43	+0.11
Omega ratio Gain probability vs. loss probability	1.36	1.37	-0.01
Calmar ratio Return relative to maximum drawdown	2.59	2.66	-0.06
Martin ratio Return relative to average drawdown	10.83	9.91	+0.92
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. ZWU.TO - Sharpe Ratio Comparison

The current UTES.TO Sharpe Ratio is 1.94, which is comparable to the ZWU.TO Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of UTES.TO and ZWU.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	ZWU.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.94	1.89	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.70	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.46	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.36	0.43	+0.93

Correlation

The correlation between UTES.TO and ZWU.TO is 0.82, 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. ZWU.TO - Dividend Comparison

UTES.TO's dividend yield for the trailing twelve months is around 15.76%, more than ZWU.TO's 6.92% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UTES.TO Evolve Canadian Utilities Enhanced Yield Index Fund ETF	15.76%	18.30%	6.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZWU.TO BMO Covered Call Utilities ETF	6.92%	7.59%	7.96%	8.54%	8.35%	7.43%	7.94%	6.29%	6.84%	6.46%	6.77%	7.57%

Drawdowns

UTES.TO vs. ZWU.TO - Drawdown Comparison

The maximum UTES.TO drawdown since its inception was -10.19%, smaller than the maximum ZWU.TO drawdown of -37.41%. Use the drawdown chart below to compare losses from any high point for UTES.TO and ZWU.TO.

Drawdown Indicators

	UTES.TO	ZWU.TO	Difference
Max Drawdown Largest peak-to-trough decline	-10.19%	-37.41%	+27.22%
Max Drawdown (1Y) Largest decline over 1 year	-8.29%	-6.71%	-1.58%
Max Drawdown (5Y) Largest decline over 5 years	—	-23.36%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-37.41%	—
Current Drawdown Current decline from peak	-2.33%	-0.37%	-1.96%
Average Drawdown Average peak-to-trough decline	-2.64%	-5.42%	+2.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	1.80%	+0.21%

Volatility

UTES.TO vs. ZWU.TO - Volatility Comparison

Evolve Canadian Utilities Enhanced Yield Index Fund ETF (UTES.TO) has a higher volatility of 3.44% compared to BMO Covered Call Utilities ETF (ZWU.TO) at 2.41%. This indicates that UTES.TO's price experiences larger fluctuations and is considered to be riskier than ZWU.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UTES.TO	ZWU.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.44%	2.41%	+1.03%
Volatility (6M) Calculated over the trailing 6-month period	6.98%	5.28%	+1.70%
Volatility (1Y) Calculated over the trailing 1-year period	11.00%	9.12%	+1.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.12%	10.34%	+0.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.12%	14.15%	-3.03%