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Global X Enhanced S&P 500 Covered Call ETF (USCL.TO) Diversifiers

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

USCL seeks to provide exposure to large-cap U.S. equities with a dynamic covered call writing strategy and employs approximately 125% leverage to enhance growth potential and generate high monthly income through dividends and option premiums.

Looking to diversify beyond USCL.TO? The ETFs below have the lowest correlation with USCL.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 USCL.TO.

Best Diversifiers for USCL.TO

28 ETFs have low correlation with USCL.TO (below 0.3), 10 of which are negatively correlated.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
UTES.TO
Evolve Canadian Utilities Enhanced Yield Index Fun...-0.16——
86
Derivative IncomeUSCL.TO vs UTES.TO
ENCC.TO
Global X Canadian Oil and Gas Equity Covered Call ...-0.13——
77
Derivative Income, Energy EquitiesUSCL.TO vs ENCC.TO
PPLN.TO
Global X Equal Weight Canadian Pipelines Index ETF-0.13——
84
Energy Equities, Equal WeightUSCL.TO vs PPLN.TO
ENCL.TO
Global X Enhanced Canadian Oil and Gas Equity Cove...-0.12——
76
Energy Equities, Derivative IncomeUSCL.TO vs ENCL.TO
NRGY.TO
Global X Equal Weight Canadian Oil & Gas Index ETF-0.12——
84
Energy Equities, Equal WeightUSCL.TO vs NRGY.TO
See all 104 diversifiers for USCL.TO

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from USCL.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to USCL.TO and solid risk/return profiles. The least correlated is Power Corporation of Canada (POW.TO) (Financial Services) with a 1Y correlation of 0.27, roughly unchanged from 0.19 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
POW.TO
Power Corporation of Canada0.270.190.19
95
Financial Services
BNS.TO
The Bank of Nova Scotia0.34——
98
Financial Services

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Diversification Analysis

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