UTES vs. PUI

Last updated Aug 2, 2026

UTES (Virtus Reaves Utilities ETF) and PUI (Invesco DWA Utilities Momentum ETF) are both exchange-traded funds - UTES is a Utilities Equities fund actively managed by Virtus, while PUI is a Momentum fund tracking the DWA Utilities Technical Leaders Index. UTES is actively managed, while PUI is passively managed. Over the past 10 years, UTES returned 11.78%/yr vs 7.81%/yr for PUI. Their correlation of 0.82 means they have usually moved in the same direction. UTES charges 0.49%/yr vs 0.60%/yr for PUI.

Performance

UTES vs. PUI - Performance Comparison

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

Returns By Period

In the year-to-date period, UTES achieves a -1.07% return, which is significantly lower than PUI's 5.60% return. Over the past 10 years, UTES has outperformed PUI with an annualized return of 11.78%, while PUI has yielded a comparatively lower 7.81% annualized return.

UTES

• 1D: -0.03%
• 1M: -4.28%
• 6M: 0.59%
• YTD: -1.07%
• 1Y: -3.98%
• 3Y*: 21.10%
• 5Y*: 14.97%
• 10Y*: 11.78%
• ALL TIME*: 13.50%

PUI

• 1D: -0.27%
• 1M: -4.01%
• 6M: 2.49%
• YTD: 5.60%
• 1Y: 4.90%
• 3Y*: 13.99%
• 5Y*: 8.49%
• 10Y*: 7.81%
• ALL TIME*: 8.18%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PUI Invesco DWA Utilities Momentum ETF	$210.08K	$1.19M	$591.02K
UTES Virtus Reaves Utilities ETF	$11.16M	$10.04M	$13.72M

UTES vs. PUI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UTES Virtus Reaves Utilities ETF	-1.07%	25.71%	45.35%	-2.46%	0.80%	20.74%	-0.30%	25.48%	5.14%	14.21%
PUI Invesco DWA Utilities Momentum ETF	5.60%	15.25%	23.91%	-4.47%	-2.17%	15.02%	-5.05%	20.95%	6.12%	11.85%

Correlation

The correlation between UTES and PUI is 0.88, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.88
Correlation (3Y) Balances recent behavior with more history.	0.85
Correlation (5Y) Shows whether the relationship held over a longer period.	0.88
Correlation (10Y) Provides a long-term view across more market conditions.	0.84
Correlation (All Time) Calculated using the full available price history since Sep 24, 2015	0.82

The correlation between UTES and PUI has been stable across timeframes, ranging from 0.82 to 0.88 - a consistent structural relationship.

UTES vs. PUI - Sectors Allocation Comparison

Sectors	UTES	PUI
Utilities	100.0%	88.7%
Basic Materials	-	-
Communication Services	-	1.7%
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	8.7%
Financial Services	-	0.1%
Healthcare	-	-
Industrials	-	2.4%
Real Estate	-	-
Technology	-	-

Return for Risk

UTES vs. PUI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UTES

UTES Risk / Return Rank: 7
UTES Sharpe Ratio Rank: 8
UTES Sortino Ratio Rank: 8
UTES Omega Ratio Rank: 8
UTES Calmar Ratio Rank: 7
UTES Martin Ratio Rank: 7

PUI

PUI Risk / Return Rank: 17
PUI Sharpe Ratio Rank: 18
PUI Sortino Ratio Rank: 17
PUI Omega Ratio Rank: 16
PUI Calmar Ratio Rank: 18
PUI Martin Ratio Rank: 18

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UTES vs. PUI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Reaves Utilities ETF (UTES) and Invesco DWA Utilities Momentum ETF (PUI). 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	PUI	Difference
Sharpe ratio: Return per unit of total volatility	-0.20	0.32	-0.52
Sortino ratio: Return per unit of downside risk	-0.14	0.53	-0.66
Omega ratio: Gain probability vs. loss probability	0.98	1.06	-0.08
Calmar ratio: Return relative to maximum drawdown	-0.31	0.43	-0.74
Martin ratio: Return relative to average drawdown	-0.65	0.95	-1.60

UTES vs. PUI - Sharpe Ratio Comparison

The current UTES Sharpe Ratio is -0.20, which is lower than the PUI Sharpe Ratio of 0.32. The chart below compares the historical Sharpe Ratios of UTES and PUI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UTES vs. PUI - Drawdown Comparison

The maximum UTES drawdown since its inception was -35.39%, smaller than the maximum PUI drawdown of -43.20%. Use the drawdown chart below to compare losses from any high point for UTES and PUI.

Drawdown Indicators

	UTES	PUI	Difference
Max Drawdown Largest peak-to-trough decline	-35.39%	-43.20%	+7.81%
Max Drawdown (1Y) Largest decline over 1 year	-13.88%	-11.07%	-2.81%
Max Drawdown (3Y) Largest decline over 3 years	-17.62%	-11.35%	-6.27%
Max Drawdown (5Y) Largest decline over 5 years	-20.40%	-23.47%	+3.07%
Max Drawdown (10Y) Largest decline over 10 years	-35.39%	-35.61%	+0.22%
Current Drawdown Current decline from peak	-10.30%	-5.95%	-4.35%
Average Drawdown Average peak-to-trough decline	-5.54%	-8.42%	+2.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.72%	4.98%	+1.74%

Volatility

UTES vs. PUI - Volatility Comparison

Virtus Reaves Utilities ETF (UTES) has a higher volatility of 5.50% compared to Invesco DWA Utilities Momentum ETF (PUI) at 4.20%. This indicates that UTES's price experiences larger fluctuations and is considered to be riskier than PUI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UTES	PUI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.50%	4.20%	+1.30%
Volatility (6M) Calculated over the trailing 6-month period	16.19%	11.24%	+4.95%
Volatility (1Y) Calculated over the trailing 1-year period	21.39%	15.10%	+6.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.74%	16.59%	+4.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.26%	19.09%	+1.17%

UTES vs. PUI - Expense Ratio Comparison

UTES has a 0.49% expense ratio, which is lower than PUI's 0.60% expense ratio.

Dividends

UTES vs. PUI - Dividend Comparison

UTES's dividend yield for the trailing twelve months is around 1.53%, less than PUI's 2.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PUI Invesco DWA Utilities Momentum ETF	2.05%	2.22%	2.06%	2.36%	2.16%	2.03%	2.42%	2.02%	1.87%	2.98%	3.35%	2.82%
UTES Virtus Reaves Utilities ETF	1.53%	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 PUI in my portfolio?

UTES and PUI have a correlation of 0.88, 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 PUI?

UTES has higher volatility (5.50%) compared to PUI (4.20%). In terms of maximum drawdown, UTES dropped -35.39% vs PUI's -43.20%.

Which ETF is better, UTES or PUI?

On 10-year performance, UTES leads with 11.78% vs 7.81% for PUI. On fees, UTES is cheaper at 0.49% per year. On volatility, PUI has been the lower-risk option at 4.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UTES or PUI?

Over the 10-year period, UTES has performed better with a 11.78% return vs 7.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UTES or PUI?

UTES is cheaper with a 0.49% expense ratio, compared with 0.60% for PUI.

Which ETF pays a higher dividend yield, UTES or PUI?

PUI has the higher dividend yield at 2.05%, compared with 1.53% for UTES.

What is the main difference between UTES and PUI?

UTES is categorized as Utilities Equities, while PUI is Momentum. They also come from different issuers: Virtus and Invesco. Their fees differ too: 0.49% for UTES and 0.60% for PUI.

Which has better risk-adjusted returns?

PUI currently has the higher Sharpe Ratio (0.32 vs -0.20), 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.