ZWB.TO vs. UTES.TO

Last updated Jun 24, 2026

ZWB.TO (BMO Covered Call Canadian Banks ETF) and UTES.TO (Evolve Canadian Utilities Enhanced Yield Index Fund ETF) are both exchange-traded funds - ZWB.TO is a Financials Equities fund actively managed by BMO, while UTES.TO is a Derivative Income fund actively managed by Evolve. Both are actively managed. Over the past year, ZWB.TO returned 61.42% vs 27.78% for UTES.TO. At a 0.11 correlation, their price movements are largely independent. ZWB.TO charges 0.72%/yr vs 0.60%/yr for UTES.TO.

Performance

ZWB.TO vs. UTES.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Covered Call Canadian Banks ETF (ZWB.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, ZWB.TO achieves a 26.23% return, which is significantly higher than UTES.TO's 14.78% return.

ZWB.TO

• 1D: 0.39%
• 1M: 7.50%
• YTD: 26.23%
• 6M: 26.02%
• 1Y: 61.42%
• 3Y*: 30.29%
• 5Y*: 15.76%
• 10Y*: 13.33%

UTES.TO

• 1D: 1.58%
• 1M: 0.00%
• YTD: 14.78%
• 6M: 16.79%
• 1Y: 27.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024
ZWB.TO BMO Covered Call Canadian Banks ETF	26.23%	34.91%	8.90%
UTES.TO Evolve Canadian Utilities Enhanced Yield Index Fund ETF	14.78%	18.66%	-4.15%

Correlation

The correlation between ZWB.TO and UTES.TO is -0.05, 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	-0.05
Correlation (All Time) Calculated using the full available price history since Sep 4, 2024	0.11

The correlation between ZWB.TO and UTES.TO shifts across timeframes, from -0.05 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.

Return for Risk

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

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

ZWB.TO

ZWB.TO Risk / Return Rank: 97
ZWB.TO Sharpe Ratio Rank: 98
ZWB.TO Sortino Ratio Rank: 98
ZWB.TO Omega Ratio Rank: 98
ZWB.TO Calmar Ratio Rank: 95
ZWB.TO Martin Ratio Rank: 96

UTES.TO

UTES.TO Risk / Return Rank: 86
UTES.TO Sharpe Ratio Rank: 90
UTES.TO Sortino Ratio Rank: 92
UTES.TO Omega Ratio Rank: 88
UTES.TO Calmar Ratio Rank: 84
UTES.TO Martin Ratio Rank: 77

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.

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

This table presents a comparison of risk-adjusted performance metrics for BMO Covered Call Canadian Banks ETF (ZWB.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.

	ZWB.TO	UTES.TO	Difference
Sharpe ratio: Return per unit of total volatility	5.36	2.91	+2.45
Sortino ratio: Return per unit of downside risk	7.28	4.16	+3.11
Omega ratio: Gain probability vs. loss probability	2.02	1.52	+0.50
Calmar ratio: Return relative to maximum drawdown	7.89	4.37	+3.53
Martin ratio: Return relative to average drawdown	35.44	13.81	+21.63

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

The current ZWB.TO Sharpe Ratio is 5.36, which is higher than the UTES.TO Sharpe Ratio of 2.91. The chart below compares the historical Sharpe Ratios of ZWB.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.

Drawdowns

ZWB.TO vs. UTES.TO - Drawdown Comparison

The maximum ZWB.TO drawdown since its inception was -39.36%, 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 ZWB.TO and UTES.TO.

Drawdown Indicators

	ZWB.TO	UTES.TO	Difference
Max Drawdown Largest peak-to-trough decline	-39.36%	-10.19%	-29.17%
Max Drawdown (1Y) Largest decline over 1 year	-7.82%	-6.39%	-1.43%
Max Drawdown (3Y) Largest decline over 3 years	-14.05%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.26%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-39.36%	—	—
Current Drawdown Current decline from peak	0.00%	-0.72%	+0.72%
Average Drawdown Average peak-to-trough decline	-5.54%	-2.56%	-2.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.74%	2.02%	-0.28%

Volatility

ZWB.TO vs. UTES.TO - Volatility Comparison

The current volatility for BMO Covered Call Canadian Banks ETF (ZWB.TO) is 3.38%, while Evolve Canadian Utilities Enhanced Yield Index Fund ETF (UTES.TO) has a volatility of 3.58%. This indicates that ZWB.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.

Volatility by Period

	ZWB.TO	UTES.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.38%	3.58%	-0.20%
Volatility (6M) Calculated over the trailing 6-month period	9.95%	7.54%	+2.41%
Volatility (1Y) Calculated over the trailing 1-year period	11.51%	9.60%	+1.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.65%	11.08%	+1.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.67%	11.08%	+4.59%

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

ZWB.TO has a 0.72% expense ratio, which is higher than UTES.TO's 0.60% expense ratio.

Dividends

ZWB.TO vs. UTES.TO - Dividend Comparison

ZWB.TO's dividend yield for the trailing twelve months is around 4.62%, less than UTES.TO's 17.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UTES.TO Evolve Canadian Utilities Enhanced Yield Index Fund ETF	17.14%	18.30%	6.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZWB.TO BMO Covered Call Canadian Banks ETF	4.62%	5.38%	6.66%	7.62%	7.30%	5.46%	5.80%	5.53%	5.59%	4.80%	5.04%	5.64%

Frequently Asked Questions

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

ZWB.TO and UTES.TO have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

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.

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

UTES.TO is cheaper with a 0.60% expense ratio, compared with 0.72% for ZWB.TO.

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

ZWB.TO is categorized as Financials Equities, while UTES.TO is Derivative Income. They also come from different issuers: BMO and Evolve. Their fees differ too: 0.72% for ZWB.TO and 0.60% for UTES.TO.