ZPH.TO vs. UTES.TO
ZPH.TO (BMO US Put Write Hedged to CAD ETF) and UTES.TO (Evolve Canadian Utilities Enhanced Yield Index Fund ETF) are both Derivative Income funds. Both are actively managed. Over the past year, ZPH.TO returned 8.71% vs 22.32% for UTES.TO. At a correlation of -0.02, they often move in opposite directions. ZPH.TO charges 0.65%/yr vs 0.60%/yr for UTES.TO.
Performance
ZPH.TO vs. UTES.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZPH.TO achieves a 2.64% return, which is significantly lower than UTES.TO's 14.43% return.
ZPH.TO
- 1D
- 0.29%
- 1M
- 1.47%
- 6M
- 3.15%
- YTD
- 2.64%
- 1Y
- 8.71%
- 3Y*
- 7.98%
- 5Y*
- 5.84%
- 10Y*
- —
UTES.TO
- 1D
- 1.17%
- 1M
- -0.10%
- 6M
- 14.81%
- YTD
- 14.43%
- 1Y
- 22.32%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZPH.TO vs. UTES.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ZPH.TO BMO US Put Write Hedged to CAD ETF | 2.64% | 9.47% | 1.66% |
UTES.TO Evolve Canadian Utilities Enhanced Yield Index Fund ETF | 14.43% | 18.66% | -4.15% |
Correlation
The correlation between ZPH.TO and UTES.TO is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.12 |
Correlation (All Time) Calculated using the full available price history since Sep 4, 2024 | -0.02 |
The correlation between ZPH.TO and UTES.TO shifts across timeframes, from -0.12 (1 year) to -0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ZPH.TO vs. UTES.TO — Risk / Return Rank
ZPH.TO
UTES.TO
ZPH.TO vs. UTES.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO US Put Write Hedged to CAD ETF (ZPH.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.
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.
| ZPH.TO | UTES.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.84 | ||
| Sortino ratioReturn per unit of downside risk | -1.16 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.38 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.44 | 3.51 | -2.07 |
| Martin ratioReturn relative to average drawdown | 5.44 | 10.26 | -4.82 |
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Drawdowns
ZPH.TO vs. UTES.TO - Drawdown Comparison
The maximum ZPH.TO drawdown since its inception was -33.38%, 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 ZPH.TO and UTES.TO.
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Drawdown Indicators
| ZPH.TO | UTES.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.38% | -10.19% | -23.19% |
Max Drawdown (1Y)Largest decline over 1 year | -6.07% | -6.39% | +0.32% |
Max Drawdown (3Y)Largest decline over 3 years | -11.83% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -18.38% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -1.03% | +1.03% |
Average DrawdownAverage peak-to-trough decline | -4.23% | -2.57% | -1.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.60% | 2.18% | -0.58% |
Volatility
ZPH.TO vs. UTES.TO - Volatility Comparison
The current volatility for BMO US Put Write Hedged to CAD ETF (ZPH.TO) is 2.42%, while Evolve Canadian Utilities Enhanced Yield Index Fund ETF (UTES.TO) has a volatility of 4.88%. This indicates that ZPH.TO experiences smaller price fluctuations and is considered to be less risky than UTES.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZPH.TO | UTES.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.42% | 4.88% | -2.46% |
Volatility (6M)Calculated over the trailing 6-month period | 5.64% | 8.34% | -2.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.55% | 10.32% | -3.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.18% | 11.33% | -0.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.59% | 11.33% | +1.26% |
ZPH.TO vs. UTES.TO - Expense Ratio Comparison
ZPH.TO has a 0.65% expense ratio, which is higher than UTES.TO's 0.60% expense ratio.
Dividends
ZPH.TO vs. UTES.TO - Dividend Comparison
ZPH.TO's dividend yield for the trailing twelve months is around 10.32%, less than UTES.TO's 17.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
UTES.TO Evolve Canadian Utilities Enhanced Yield Index Fund ETF | 17.45% | 18.30% | 6.05% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZPH.TO BMO US Put Write Hedged to CAD ETF | 10.32% | 10.06% | 9.95% | 8.18% | 8.83% | 7.27% | 7.67% | 7.26% | 6.98% | 5.94% |
Frequently Asked Questions
ZPH.TO and UTES.TO have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, UTES.TO is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.
UTES.TO is cheaper with a 0.60% expense ratio, compared with 0.65% for ZPH.TO.
They also come from different issuers: BMO and Evolve. Their fees differ too: 0.65% for ZPH.TO and 0.60% for UTES.TO.
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