BANK.TO vs. EMCL.NEO

Last updated Jun 24, 2026

BANK.TO (Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund) and EMCL.NEO (Global X Enhanced MSCI Emerging Markets Covered Call ETF) are both Derivative Income funds. BANK.TO is passively managed, while EMCL.NEO is actively managed. Over the past year, BANK.TO returned 67.45% vs 50.68% for EMCL.NEO. At a 0.36 correlation, their price movements are largely independent.

Performance

BANK.TO vs. EMCL.NEO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund (BANK.TO) and Global X Enhanced MSCI Emerging Markets Covered Call ETF (EMCL.NEO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with BANK.TO having a 27.46% return and EMCL.NEO slightly lower at 26.59%.

BANK.TO

• 1D: -0.09%
• 1M: 8.13%
• YTD: 27.46%
• 6M: 27.32%
• 1Y: 67.45%
• 3Y*: 37.31%
• 5Y*: —
• 10Y*: —

EMCL.NEO

• 1D: -4.91%
• 1M: 6.27%
• YTD: 26.59%
• 6M: 27.83%
• 1Y: 50.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BANK.TO vs. EMCL.NEO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BANK.TO Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund	27.46%	41.00%	22.10%
EMCL.NEO Global X Enhanced MSCI Emerging Markets Covered Call ETF	26.59%	20.46%	3.66%

Correlation

The correlation between BANK.TO and EMCL.NEO is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (All Time) Calculated using the full available price history since May 29, 2024	0.36

BANK.TO vs. EMCL.NEO - Sectors Allocation Comparison

Sectors	BANK.TO	EMCL.NEO
Financial Services	100.0%	19.8%
Basic Materials	-	7.0%
Communication Services	-	6.5%
Consumer Cyclical	-	6.3%
Consumer Defensive	-	2.8%
Energy	-	4.2%
Healthcare	-	2.2%
Industrials	-	7.8%
Real Estate	-	1.1%
Technology	-	40.3%
Utilities	-	2.1%

Return for Risk

BANK.TO vs. EMCL.NEO — Risk / Return Rank

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

BANK.TO

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

EMCL.NEO

EMCL.NEO Risk / Return Rank: 79
EMCL.NEO Sharpe Ratio Rank: 79
EMCL.NEO Sortino Ratio Rank: 68
EMCL.NEO Omega Ratio Rank: 85
EMCL.NEO Calmar Ratio Rank: 82
EMCL.NEO Martin Ratio Rank: 80

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.

BANK.TO vs. EMCL.NEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund (BANK.TO) and Global X Enhanced MSCI Emerging Markets Covered Call ETF (EMCL.NEO). 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.

	BANK.TO	EMCL.NEO	Difference
Sharpe ratio: Return per unit of total volatility	5.53	2.31	+3.22
Sortino ratio: Return per unit of downside risk	7.42	2.81	+4.61
Omega ratio: Gain probability vs. loss probability	2.03	1.47	+0.56
Calmar ratio: Return relative to maximum drawdown	8.19	3.98	+4.21
Martin ratio: Return relative to average drawdown	36.30	14.33	+21.97

BANK.TO vs. EMCL.NEO - Sharpe Ratio Comparison

The current BANK.TO Sharpe Ratio is 5.53, which is higher than the EMCL.NEO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of BANK.TO and EMCL.NEO, 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

BANK.TO vs. EMCL.NEO - Drawdown Comparison

The maximum BANK.TO drawdown since its inception was -29.03%, which is greater than EMCL.NEO's maximum drawdown of -19.73%. Use the drawdown chart below to compare losses from any high point for BANK.TO and EMCL.NEO.

Drawdown Indicators

	BANK.TO	EMCL.NEO	Difference
Max Drawdown Largest peak-to-trough decline	-29.03%	-19.73%	-9.30%
Max Drawdown (1Y) Largest decline over 1 year	-8.27%	-13.12%	+4.85%
Max Drawdown (3Y) Largest decline over 3 years	-15.49%	—	—
Current Drawdown Current decline from peak	-0.34%	-4.91%	+4.57%
Average Drawdown Average peak-to-trough decline	-8.69%	-2.57%	-6.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.86%	3.60%	-1.74%

Volatility

BANK.TO vs. EMCL.NEO - Volatility Comparison

The current volatility for Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund (BANK.TO) is 3.77%, while Global X Enhanced MSCI Emerging Markets Covered Call ETF (EMCL.NEO) has a volatility of 12.60%. This indicates that BANK.TO experiences smaller price fluctuations and is considered to be less risky than EMCL.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BANK.TO	EMCL.NEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.77%	12.60%	-8.83%
Volatility (6M) Calculated over the trailing 6-month period	10.54%	20.76%	-10.22%
Volatility (1Y) Calculated over the trailing 1-year period	12.26%	22.64%	-10.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.63%	23.04%	-7.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.63%	23.04%	-7.41%

Dividends

BANK.TO vs. EMCL.NEO - Dividend Comparison

BANK.TO's dividend yield for the trailing twelve months is around 11.99%, more than EMCL.NEO's 10.22% yield.

Position	TTM	2025	2024	2023	2022
BANK.TO Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund	11.99%	13.73%	15.28%	13.60%	10.52%
EMCL.NEO Global X Enhanced MSCI Emerging Markets Covered Call ETF	10.22%	9.86%	3.10%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BANK.TO and EMCL.NEO in my portfolio?

BANK.TO and EMCL.NEO have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between BANK.TO and EMCL.NEO?

They also come from different issuers: Evolve and Global X.