UTES vs. UMAX.TO

Last updated Apr 1, 2026

Compare and contrast key facts about Virtus Reaves Utilities ETF (UTES) and Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.TO).

UTES and UMAX.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. UTES is an actively managed fund by Virtus Investment Partners. It was launched on Sep 23, 2015. UMAX.TO is an actively managed fund by Hamilton Capital. It was launched on Jun 14, 2023.

Performance

UTES vs. UMAX.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Reaves Utilities ETF (UTES) and Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.TO). The values are adjusted to include any dividend payments, if applicable.

UTES vs. UMAX.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
UTES Virtus Reaves Utilities ETF	1.60%	25.71%	45.35%	-1.92%
UMAX.TO Hamilton Utilities YIELD MAXIMIZER ETF	3.53%	15.22%	-2.40%	0.64%

Different Trading Currencies

UTES is traded in USD, while UMAX.TO is traded in CAD. To make them comparable, the UMAX.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, UTES achieves a 1.60% return, which is significantly lower than UMAX.TO's 3.53% return.

UTES

• 1D: 0.11%
• 1M: -6.27%
• YTD: 1.60%
• 6M: -3.38%
• 1Y: 25.54%
• 3Y*: 22.73%
• 5Y*: 16.38%
• 10Y*: 12.83%

UMAX.TO

• 1D: -0.74%
• 1M: -4.03%
• YTD: 3.53%
• 6M: 5.60%
• 1Y: 15.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UTES vs. UMAX.TO - Expense Ratio Comparison

UTES has a 0.49% expense ratio, which is lower than UMAX.TO's 0.65% expense ratio.

UMAX.TO

Hamilton Utilities YIELD MAXIMIZER ETF

UTES

Virtus Reaves Utilities ETF

Return for Risk

UTES vs. UMAX.TO — Risk / Return Rank

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

UTES

UTES Risk / Return Rank: 64
UTES Sharpe Ratio Rank: 67
UTES Sortino Ratio Rank: 65
UTES Omega Ratio Rank: 61
UTES Calmar Ratio Rank: 76
UTES Martin Ratio Rank: 52

UMAX.TO

UMAX.TO Risk / Return Rank: 78
UMAX.TO Sharpe Ratio Rank: 79
UMAX.TO Sortino Ratio Rank: 79
UMAX.TO Omega Ratio Rank: 76
UMAX.TO Calmar Ratio Rank: 74
UMAX.TO Martin Ratio Rank: 81

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. UMAX.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Reaves Utilities ETF (UTES) and Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.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	UMAX.TO	Difference
Sharpe ratio Return per unit of total volatility	1.13	1.54	-0.41
Sortino ratio Return per unit of downside risk	1.56	2.24	-0.67
Omega ratio Gain probability vs. loss probability	1.21	1.30	-0.09
Calmar ratio Return relative to maximum drawdown	1.88	2.13	-0.25
Martin ratio Return relative to average drawdown	4.68	11.23	-6.55
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. UMAX.TO - Sharpe Ratio Comparison

The current UTES Sharpe Ratio is 1.13, which is comparable to the UMAX.TO Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of UTES and UMAX.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	UMAX.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.13	1.54	-0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	0.53	+0.19

Correlation

The correlation between UTES and UMAX.TO is 0.36, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

UTES vs. UMAX.TO - Dividend Comparison

UTES's dividend yield for the trailing twelve months is around 1.47%, less than UMAX.TO's 13.09% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UTES Virtus Reaves Utilities ETF	1.47%	1.42%	1.51%	2.44%	2.13%	1.94%	2.09%	1.84%	2.09%	3.44%	3.53%	0.61%
UMAX.TO Hamilton Utilities YIELD MAXIMIZER ETF	13.09%	14.86%	14.81%	6.96%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

UTES vs. UMAX.TO - Drawdown Comparison

The maximum UTES drawdown since its inception was -35.39%, which is greater than UMAX.TO's maximum drawdown of -13.19%. Use the drawdown chart below to compare losses from any high point for UTES and UMAX.TO.

Drawdown Indicators

	UTES	UMAX.TO	Difference
Max Drawdown Largest peak-to-trough decline	-35.39%	-10.09%	-25.30%
Max Drawdown (1Y) Largest decline over 1 year	-13.88%	-6.23%	-7.65%
Max Drawdown (5Y) Largest decline over 5 years	-20.40%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.39%	—	—
Current Drawdown Current decline from peak	-7.89%	-2.84%	-5.05%
Average Drawdown Average peak-to-trough decline	-5.51%	-2.05%	-3.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.59%	1.39%	+4.20%

Volatility

UTES vs. UMAX.TO - Volatility Comparison

Virtus Reaves Utilities ETF (UTES) has a higher volatility of 8.04% compared to Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.TO) at 2.03%. This indicates that UTES's price experiences larger fluctuations and is considered to be riskier than UMAX.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UTES	UMAX.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.04%	2.03%	+6.01%
Volatility (6M) Calculated over the trailing 6-month period	16.26%	5.72%	+10.54%
Volatility (1Y) Calculated over the trailing 1-year period	22.79%	9.84%	+12.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.28%	11.04%	+9.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.03%	11.04%	+8.99%