ZUT.TO vs. VPU

Last updated Apr 2, 2026

Compare and contrast key facts about BMO Equal Weight Utilities Index ETF (ZUT.TO) and Vanguard Utilities ETF (VPU).

ZUT.TO and VPU are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZUT.TO is a passively managed fund by BMO that tracks the performance of the Solactive Equal Weight Canada Utilities Index. It was launched on Jan 19, 2010. VPU is a passively managed fund by Vanguard that tracks the performance of the MSCI US Investable Market Utilities 25/50 Index. It was launched on Jan 26, 2004. Both ZUT.TO and VPU are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

ZUT.TO vs. VPU - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Equal Weight Utilities Index ETF (ZUT.TO) and Vanguard Utilities ETF (VPU). The values are adjusted to include any dividend payments, if applicable.

ZUT.TO vs. VPU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZUT.TO BMO Equal Weight Utilities Index ETF	16.20%	15.25%	14.13%	-5.37%	-8.69%	5.45%	28.15%	35.59%	-8.02%	8.46%
VPU Vanguard Utilities ETF	9.61%	11.12%	33.61%	-9.48%	8.26%	16.34%	-2.41%	18.76%	13.23%	5.28%

Different Trading Currencies

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

Returns By Period

In the year-to-date period, ZUT.TO achieves a 16.20% return, which is significantly higher than VPU's 9.61% return. Both investments have delivered pretty close results over the past 10 years, with ZUT.TO having a 10.46% annualized return and VPU not far behind at 10.39%.

ZUT.TO

• 1D: 0.48%
• 1M: 3.92%
• YTD: 16.20%
• 6M: 13.42%
• 1Y: 28.59%
• 3Y*: 11.64%
• 5Y*: 6.49%
• 10Y*: 10.46%

VPU

• 1D: 0.28%
• 1M: -0.45%
• YTD: 9.61%
• 6M: 5.39%
• 1Y: 15.97%
• 3Y*: 15.02%
• 5Y*: 12.87%
• 10Y*: 10.39%

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

ZUT.TO vs. VPU - Expense Ratio Comparison

ZUT.TO has a 0.61% expense ratio, which is higher than VPU's 0.10% expense ratio.

ZUT.TO

BMO Equal Weight Utilities Index ETF

VPU

Vanguard Utilities ETF

Return for Risk

ZUT.TO vs. VPU — Risk / Return Rank

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

ZUT.TO

ZUT.TO Risk / Return Rank: 90
ZUT.TO Sharpe Ratio Rank: 95
ZUT.TO Sortino Ratio Rank: 95
ZUT.TO Omega Ratio Rank: 95
ZUT.TO Calmar Ratio Rank: 91
ZUT.TO Martin Ratio Rank: 74

VPU

VPU Risk / Return Rank: 65
VPU Sharpe Ratio Rank: 69
VPU Sortino Ratio Rank: 65
VPU Omega Ratio Rank: 60
VPU Calmar Ratio Rank: 79
VPU Martin Ratio Rank: 52

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.

ZUT.TO vs. VPU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Equal Weight Utilities Index ETF (ZUT.TO) and Vanguard Utilities ETF (VPU). 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.

	ZUT.TO	VPU	Difference
Sharpe ratio Return per unit of total volatility	2.43	1.05	+1.38
Sortino ratio Return per unit of downside risk	3.13	1.44	+1.69
Omega ratio Gain probability vs. loss probability	1.49	1.19	+0.30
Calmar ratio Return relative to maximum drawdown	3.26	1.56	+1.71
Martin ratio Return relative to average drawdown	8.20	3.36	+4.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZUT.TO vs. VPU - Sharpe Ratio Comparison

The current ZUT.TO Sharpe Ratio is 2.43, which is higher than the VPU Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of ZUT.TO and VPU, 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

	ZUT.TO	VPU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.43	1.05	+1.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.82	-0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.57	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.76	-0.20

Correlation

The correlation between ZUT.TO and VPU is 0.37, 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

ZUT.TO vs. VPU - Dividend Comparison

ZUT.TO's dividend yield for the trailing twelve months is around 2.91%, more than VPU's 2.56% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ZUT.TO BMO Equal Weight Utilities Index ETF	2.91%	3.44%	3.98%	4.35%	3.95%	3.25%	3.31%	4.00%	4.59%	3.71%	3.98%	4.63%
VPU Vanguard Utilities ETF	2.56%	2.73%	3.02%	3.49%	2.98%	2.70%	3.17%	2.83%	3.23%	3.18%	3.19%	3.63%

Drawdowns

ZUT.TO vs. VPU - Drawdown Comparison

The maximum ZUT.TO drawdown since its inception was -37.08%, which is greater than VPU's maximum drawdown of -30.51%. Use the drawdown chart below to compare losses from any high point for ZUT.TO and VPU.

Drawdown Indicators

	ZUT.TO	VPU	Difference
Max Drawdown Largest peak-to-trough decline	-37.08%	-46.31%	+9.23%
Max Drawdown (1Y) Largest decline over 1 year	-8.96%	-8.90%	-0.06%
Max Drawdown (5Y) Largest decline over 5 years	-32.42%	-25.15%	-7.27%
Max Drawdown (10Y) Largest decline over 10 years	-37.08%	-36.42%	-0.66%
Current Drawdown Current decline from peak	0.00%	-2.71%	+2.71%
Average Drawdown Average peak-to-trough decline	-6.37%	-7.82%	+1.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.56%	3.74%	-0.18%

Volatility

ZUT.TO vs. VPU - Volatility Comparison

The current volatility for BMO Equal Weight Utilities Index ETF (ZUT.TO) is 4.72%, while Vanguard Utilities ETF (VPU) has a volatility of 5.54%. This indicates that ZUT.TO experiences smaller price fluctuations and is considered to be less risky than VPU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZUT.TO	VPU	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.72%	5.54%	-0.82%
Volatility (6M) Calculated over the trailing 6-month period	8.48%	10.43%	-1.95%
Volatility (1Y) Calculated over the trailing 1-year period	11.84%	15.35%	-3.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.90%	15.82%	-1.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.48%	18.33%	-1.85%