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Global X Canadian Oil and Gas Equity Covered Call ETF (ENCC.TO) Diversifiers

ETF · Currency in CAD · Last updated Jun 24, 2026

ENCC aims to provide exposure to an equal-weight index of large Canadian crude oil and natural gas companies while generating monthly income through a dynamic covered call writing strategy to mitigate downside risk and enhance yield.

Looking to diversify beyond ENCC.TO? The ETFs below have the lowest correlation with ENCC.TO — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from ENCC.TO.

Best Diversifiers for ENCC.TO

64 ETFs have low correlation with ENCC.TO (below 0.3), 48 of which are negatively correlated.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
HBIL.TO
Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedg...-0.24——
54
Derivative Income, Short-Term BondENCC.TO vs HBIL.TO
QQCC.TO
Global X NASDAQ-100 Covered Call ETF-0.200.020.12
77
Nasdaq-100, Derivative IncomeENCC.TO vs QQCC.TO
BANK.TO
Evolve Canadian Banks and Lifecos Enhanced Yield I...-0.190.15—
97
Derivative IncomeENCC.TO vs BANK.TO
TQQQ.TO
BetaPro 3x Nasdaq-100 Daily Leveraged Bull Alterna...-0.19——
51
Nasdaq-100, Leveraged EquitiesENCC.TO vs TQQQ.TO
QQU.TO
BetaPro NASDAQ-100 2x Daily Bull ETF-0.170.080.17
51
Nasdaq-100, Leveraged EquitiesENCC.TO vs QQU.TO
See all 78 diversifiers for ENCC.TO

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from ENCC.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to ENCC.TO and solid risk/return profiles. The least correlated is CT Real Estate Investment Trust (CRT-UN.TO) (Real Estate) with a 1Y correlation of -0.05, down from 0.19 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
CRT-UN.TO
CT Real Estate Investment Trust-0.050.140.19
83
Real Estate
PPL.TO
Pembina Pipeline Corporation0.670.670.69
86
Energy
FRU.TO
Freehold Royalties Ltd.0.740.710.76
88
Energy

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Diversification Analysis

Build a portfolio that complements ENCC.TO

Add ENCC.TO to the Diversification Analyzer to see how it overlaps with your other holdings and which assets balance it best.

Analyze a portfolio with ENCC.TO