PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
ZWU.TO vs. UTES.TO
Performance
Return for Risk
Dividends
Drawdowns
Volatility

ZWU.TO vs. UTES.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO Covered Call Utilities ETF (ZWU.TO) and Evolve Canadian Utilities Enhanced Yield Index Fund ETF (UTES.TO).

ZWU.TO and UTES.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZWU.TO is an actively managed fund by BMO. It was launched on Oct 20, 2011. UTES.TO is an actively managed fund by Evolve. It was launched on Sep 3, 2024.

Performance

ZWU.TO vs. UTES.TO - Performance Comparison

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

Loading graphics...

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

2026 (YTD)20252024
ZWU.TO
BMO Covered Call Utilities ETF		11.68%13.18%-0.98%
UTES.TO
Evolve Canadian Utilities Enhanced Yield Index Fund ETF		9.57%18.66%-4.25%

Returns By Period

In the year-to-date period, ZWU.TO achieves a 11.68% return, which is significantly higher than UTES.TO's 9.57% return.

ZWU.TO

1D
0.04%
1M
0.62%
YTD
11.68%
6M
9.62%
1Y
17.09%
3Y*
10.60%
5Y*
7.16%
10Y*
6.50%

UTES.TO

1D
-2.03%
1M
-0.62%
YTD
9.57%
6M
8.75%
1Y
21.21%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BMO Covered Call Utilities ETF

Evolve Canadian Utilities Enhanced Yield Index Fund ETF

Often compared with ZWU.TO:
ZWU.TO vs. ZUT.TOZWU.TO vs. UMAX.TOZWU.TO vs. ZWC.TOZWU.TO vs. PAYF.TOZWU.TO vs. SYLD.TOZWU.TO vs. VDY.TOZWU.TO vs. VGG.TO
Often compared with UTES.TO:
UTES.TO vs. ENCL.TOUTES.TO vs. XUT.TOUTES.TO vs. UMAX.TOUTES.TO vs. BANK.TOUTES.TO vs. UTIL.LUTES.TO vs. BMAX.TOUTES.TO vs. XEQT.TO

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

ZWU.TO has a 0.65% expense ratio, which is higher than UTES.TO's 0.60% expense ratio.

ZWU.TO
BMO Covered Call Utilities ETF
UTES.TO
Evolve Canadian Utilities Enhanced Yield Index Fund ETF

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZWU.TO
ZWU.TO Risk / Return Rank: 8888
Overall Rank
ZWU.TO Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
ZWU.TO Sortino Ratio Rank: 8989
Sortino Ratio Rank
ZWU.TO Omega Ratio Rank: 9090
Omega Ratio Rank
ZWU.TO Calmar Ratio Rank: 8787
Calmar Ratio Rank
ZWU.TO Martin Ratio Rank: 8787
Martin Ratio Rank
UTES.TO
UTES.TO Risk / Return Rank: 8989
Overall Rank
UTES.TO Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
UTES.TO Sortino Ratio Rank: 9090
Sortino Ratio Rank
UTES.TO Omega Ratio Rank: 8989
Omega Ratio Rank
UTES.TO Calmar Ratio Rank: 8686
Calmar Ratio Rank
UTES.TO Martin Ratio Rank: 8888
Martin Ratio Rank
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.

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

This table presents a comparison of risk-adjusted performance metrics for BMO Covered Call Utilities ETF (ZWU.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.

ZWU.TOUTES.TODifference

Sharpe ratio

Return per unit of total volatility

1.89

1.94

-0.05

Sortino ratio

Return per unit of downside risk

2.43

2.54

-0.11

Omega ratio

Gain probability vs. loss probability

1.37

1.36

+0.01

Calmar ratio

Return relative to maximum drawdown

2.66

2.59

+0.06

Martin ratio

Return relative to average drawdown

9.91

10.83

-0.92

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current ZWU.TO Sharpe Ratio is 1.89, which is comparable to the UTES.TO Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of ZWU.TO and UTES.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.

Loading graphics...

Sharpe Ratios by Period

ZWU.TOUTES.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.89

1.94

-0.05

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.70

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.46

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.43

1.36

-0.93

Correlation

The correlation between ZWU.TO and UTES.TO is 0.82, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

ZWU.TO vs. UTES.TO - Dividend Comparison

ZWU.TO's dividend yield for the trailing twelve months is around 6.92%, less than UTES.TO's 15.76% yield.

TTM20252024202320222021202020192018201720162015
ZWU.TO
BMO Covered Call Utilities ETF		6.92%7.59%7.96%8.54%8.35%7.43%7.94%6.29%6.84%6.46%6.77%7.57%
UTES.TO
Evolve Canadian Utilities Enhanced Yield Index Fund ETF		15.76%18.30%6.05%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Drawdowns

ZWU.TO vs. UTES.TO - Drawdown Comparison

The maximum ZWU.TO drawdown since its inception was -37.41%, 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 ZWU.TO and UTES.TO.

Loading graphics...

Drawdown Indicators

ZWU.TOUTES.TODifference

Max Drawdown

Largest peak-to-trough decline

-37.41%

-10.19%

-27.22%

Max Drawdown (1Y)

Largest decline over 1 year

-6.71%

-8.29%

+1.58%

Max Drawdown (5Y)

Largest decline over 5 years

-23.36%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-37.41%

—

—

Current Drawdown

Current decline from peak

-0.37%

-2.33%

+1.96%

Average Drawdown

Average peak-to-trough decline

-5.42%

-2.64%

-2.78%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.80%

2.01%

-0.21%

Volatility

ZWU.TO vs. UTES.TO - Volatility Comparison

The current volatility for BMO Covered Call Utilities ETF (ZWU.TO) is 2.41%, while Evolve Canadian Utilities Enhanced Yield Index Fund ETF (UTES.TO) has a volatility of 3.44%. This indicates that ZWU.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.

Loading graphics...

Volatility by Period

ZWU.TOUTES.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.41%

3.44%

-1.03%

Volatility (6M)

Calculated over the trailing 6-month period

5.28%

6.98%

-1.70%

Volatility (1Y)

Calculated over the trailing 1-year period

9.12%

11.00%

-1.88%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.34%

11.12%

-0.78%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.15%

11.12%

+3.03%