UTES vs. O

Last updated Jun 4, 2026

UTES (Virtus Reaves Utilities ETF) is Utilities Equities fund actively managed by Virtus Investment Partners, while O (Realty Income Corporation) is a stock. Over the past 10 years, UTES returned 12.40%/yr vs 4.58%/yr for O. At a 0.44 correlation, their price movements are largely independent.

Performance

UTES vs. O - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Reaves Utilities ETF (UTES) and Realty Income Corporation (O). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UTES achieves a 0.08% return, which is significantly lower than O's 8.26% return. Over the past 10 years, UTES has outperformed O with an annualized return of 12.40%, while O has yielded a comparatively lower 4.58% annualized return.

UTES

• 1D: -0.98%
• 1M: -6.58%
• YTD: 0.08%
• 6M: -1.81%
• 1Y: 7.86%
• 3Y*: 22.78%
• 5Y*: 15.66%
• 10Y*: 12.40%

O

• 1D: -0.32%
• 1M: -5.46%
• YTD: 8.26%
• 6M: 5.55%
• 1Y: 12.57%
• 3Y*: 5.73%
• 5Y*: 2.47%
• 10Y*: 4.58%

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

UTES vs. O - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UTES Virtus Reaves Utilities ETF	0.08%	25.71%	45.35%	-2.46%	0.80%	20.74%	-0.30%	25.48%	5.14%	14.21%
O Realty Income Corporation	8.26%	12.20%	-2.11%	-4.55%	-7.38%	23.95%	-11.60%	21.27%	15.94%	3.67%

Correlation

The correlation between UTES and O is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.45
Correlation (All Time) Calculated using the full available price history since Sep 25, 2015	0.44

Over the past year, the correlation between UTES and O has dropped to 0.21 - well below their long-term average of 0.44, suggesting their price drivers have been diverging.

Return for Risk

UTES vs. O — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UTES

UTES Risk / Return Rank: 14
UTES Sharpe Ratio Rank: 14
UTES Sortino Ratio Rank: 14
UTES Omega Ratio Rank: 14
UTES Calmar Ratio Rank: 15
UTES Martin Ratio Rank: 15

O

O Risk / Return Rank: 61
O Sharpe Ratio Rank: 66
O Sortino Ratio Rank: 56
O Omega Ratio Rank: 55
O Calmar Ratio Rank: 63
O Martin Ratio Rank: 65

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 vs. O - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Reaves Utilities ETF (UTES) and Realty Income Corporation (O). 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	O	Difference
Sharpe ratio: Return per unit of total volatility	0.37	0.79	-0.42
Sortino ratio: Return per unit of downside risk	0.64	1.13	-0.49
Omega ratio: Gain probability vs. loss probability	1.08	1.14	-0.06
Calmar ratio: Return relative to maximum drawdown	0.57	1.14	-0.57
Martin ratio: Return relative to average drawdown	1.30	2.88	-1.59
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 vs. O - Sharpe Ratio Comparison

The current UTES Sharpe Ratio is 0.37, which is lower than the O Sharpe Ratio of 0.79. The chart below compares the historical Sharpe Ratios of UTES and O, 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	O	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.37	0.79	-0.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.13	+0.63
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.18	+0.44
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	0.48	+0.21

Drawdowns

UTES vs. O - Drawdown Comparison

The maximum UTES drawdown since its inception was -35.39%, smaller than the maximum O drawdown of -48.45%. Use the drawdown chart below to compare losses from any high point for UTES and O.

Drawdown Indicators

	UTES	O	Difference
Max Drawdown Largest peak-to-trough decline	-35.39%	-48.45%	+13.06%
Max Drawdown (1Y) Largest decline over 1 year	-13.88%	-11.10%	-2.78%
Max Drawdown (3Y) Largest decline over 3 years	-17.62%	-26.49%	+8.87%
Max Drawdown (5Y) Largest decline over 5 years	-20.40%	-34.48%	+14.08%
Max Drawdown (10Y) Largest decline over 10 years	-35.39%	-48.28%	+12.89%
Current Drawdown Current decline from peak	-9.26%	-10.44%	+1.18%
Average Drawdown Average peak-to-trough decline	-5.52%	-9.21%	+3.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.08%	4.37%	+1.71%

Volatility

UTES vs. O - Volatility Comparison

Virtus Reaves Utilities ETF (UTES) has a higher volatility of 7.40% compared to Realty Income Corporation (O) at 5.48%. This indicates that UTES's price experiences larger fluctuations and is considered to be riskier than O based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UTES	O	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.40%	5.48%	+1.92%
Volatility (6M) Calculated over the trailing 6-month period	16.95%	11.72%	+5.23%
Volatility (1Y) Calculated over the trailing 1-year period	21.27%	15.95%	+5.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.60%	18.87%	+1.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.16%	25.63%	-5.47%

Dividends

UTES vs. O - Dividend Comparison

UTES's dividend yield for the trailing twelve months is around 1.50%, less than O's 5.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
O Realty Income Corporation	5.42%	6.19%	5.37%	5.33%	4.68%	3.87%	4.51%	3.69%	4.19%	4.45%	4.18%	4.41%
UTES Virtus Reaves Utilities ETF	1.50%	1.42%	1.51%	2.44%	2.13%	1.94%	2.09%	1.84%	2.09%	3.44%	3.53%	0.61%

Frequently Asked Questions

Can I hold both UTES and O in my portfolio?

UTES and O have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UTES or O?

UTES has higher volatility (7.40%) compared to O (5.48%). In terms of maximum drawdown, UTES dropped -35.39% vs O's -48.45%.

Which has better risk-adjusted returns?

O currently has the higher Sharpe Ratio (0.79 vs 0.37), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.