VCE.TO vs. UTES.TO

Last updated Jun 5, 2026

VCE.TO (Vanguard FTSE Canada Index ETF) and UTES.TO (Evolve Canadian Utilities Enhanced Yield Index Fund ETF) are both exchange-traded funds - VCE.TO is a Canada Equities fund tracking the FTSE Canada Domestic Index, while UTES.TO is a Derivative Income fund actively managed by Evolve. VCE.TO is passively managed, while UTES.TO is actively managed. Over the past year, VCE.TO returned 31.35% vs 25.90% for UTES.TO. At a 0.19 correlation, their price movements are largely independent. VCE.TO charges 0.06%/yr vs 0.60%/yr for UTES.TO.

Performance

VCE.TO vs. UTES.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard FTSE Canada Index ETF (VCE.TO) and Evolve Canadian Utilities Enhanced Yield Index Fund ETF (UTES.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VCE.TO achieves a 11.48% return, which is significantly lower than UTES.TO's 13.71% return.

VCE.TO

• 1D: 1.31%
• 1M: 5.01%
• YTD: 11.48%
• 6M: 10.47%
• 1Y: 31.35%
• 3Y*: 22.98%
• 5Y*: 14.72%
• 10Y*: 12.70%

UTES.TO

• 1D: 1.00%
• 1M: 2.85%
• YTD: 13.71%
• 6M: 13.57%
• 1Y: 25.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024
VCE.TO Vanguard FTSE Canada Index ETF	11.48%	26.39%	8.00%
UTES.TO Evolve Canadian Utilities Enhanced Yield Index Fund ETF	13.71%	18.66%	-4.25%

Correlation

The correlation between VCE.TO and UTES.TO is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.01
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024	0.19

The correlation between VCE.TO and UTES.TO shifts across timeframes, from 0.01 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VCE.TO vs. UTES.TO — Risk / Return Rank

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

VCE.TO

VCE.TO Risk / Return Rank: 80
VCE.TO Sharpe Ratio Rank: 80
VCE.TO Sortino Ratio Rank: 76
VCE.TO Omega Ratio Rank: 78
VCE.TO Calmar Ratio Rank: 78
VCE.TO Martin Ratio Rank: 86

UTES.TO

UTES.TO Risk / Return Rank: 82
UTES.TO Sharpe Ratio Rank: 86
UTES.TO Sortino Ratio Rank: 89
UTES.TO Omega Ratio Rank: 83
UTES.TO Calmar Ratio Rank: 80
UTES.TO Martin Ratio Rank: 70

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.

VCE.TO vs. UTES.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Canada Index ETF (VCE.TO) and Evolve Canadian Utilities Enhanced Yield Index Fund ETF (UTES.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.

	VCE.TO	UTES.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.55	2.80	-0.25
Sortino ratio: Return per unit of downside risk	3.38	4.09	-0.70
Omega ratio: Gain probability vs. loss probability	1.46	1.50	-0.04
Calmar ratio: Return relative to maximum drawdown	3.89	4.07	-0.17
Martin ratio: Return relative to average drawdown	18.14	12.91	+5.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VCE.TO vs. UTES.TO - Sharpe Ratio Comparison

The current VCE.TO Sharpe Ratio is 2.55, which is comparable to the UTES.TO Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of VCE.TO and UTES.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

	VCE.TO	UTES.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.55	2.80	-0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.16	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.85	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	1.44	-0.66

Drawdowns

VCE.TO vs. UTES.TO - Drawdown Comparison

The maximum VCE.TO drawdown since its inception was -35.92%, which is greater than UTES.TO's maximum drawdown of -10.19%. Use the drawdown chart below to compare losses from any high point for VCE.TO and UTES.TO.

Drawdown Indicators

	VCE.TO	UTES.TO	Difference
Max Drawdown Largest peak-to-trough decline	-35.92%	-10.19%	-25.73%
Max Drawdown (1Y) Largest decline over 1 year	-8.09%	-6.39%	-1.70%
Max Drawdown (3Y) Largest decline over 3 years	-12.16%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.90%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.92%	—	—
Current Drawdown Current decline from peak	0.00%	-0.88%	+0.88%
Average Drawdown Average peak-to-trough decline	-3.73%	-2.62%	-1.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.73%	2.01%	-0.28%

Volatility

VCE.TO vs. UTES.TO - Volatility Comparison

Vanguard FTSE Canada Index ETF (VCE.TO) has a higher volatility of 3.62% compared to Evolve Canadian Utilities Enhanced Yield Index Fund ETF (UTES.TO) at 3.08%. This indicates that VCE.TO's price experiences larger fluctuations and is considered to be riskier than UTES.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VCE.TO	UTES.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.62%	3.08%	+0.54%
Volatility (6M) Calculated over the trailing 6-month period	10.07%	7.51%	+2.56%
Volatility (1Y) Calculated over the trailing 1-year period	12.36%	9.32%	+3.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.79%	11.02%	+1.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.99%	11.02%	+3.97%

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

VCE.TO has a 0.06% expense ratio, which is lower than UTES.TO's 0.60% expense ratio.

Dividends

VCE.TO vs. UTES.TO - Dividend Comparison

VCE.TO's dividend yield for the trailing twelve months is around 2.14%, less than UTES.TO's 17.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UTES.TO Evolve Canadian Utilities Enhanced Yield Index Fund ETF	17.30%	18.30%	6.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VCE.TO Vanguard FTSE Canada Index ETF	2.14%	2.42%	2.84%	3.16%	3.21%	2.61%	2.93%	3.01%	3.21%	2.57%	2.64%	2.98%

Frequently Asked Questions

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

VCE.TO and UTES.TO have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

On fees, VCE.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

VCE.TO is cheaper with a 0.06% expense ratio, compared with 0.60% for UTES.TO.

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

VCE.TO is categorized as Canada Equities, while UTES.TO is Derivative Income. They also come from different issuers: Vanguard and Evolve. Their fees differ too: 0.06% for VCE.TO and 0.60% for UTES.TO.