BASE.TO vs. ENCC.TO

Last updated Jun 4, 2026

BASE.TO (Evolve Global Materials & Mining Enhanced Yield Index ETF) and ENCC.TO (Global X Canadian Oil and Gas Equity Covered Call ETF) are both exchange-traded funds - BASE.TO is a Materials fund tracking the Solactive Materials & Mining, while ENCC.TO is a Derivative Income fund actively managed by Global X. BASE.TO is passively managed, while ENCC.TO is actively managed. Over the past 5 years, BASE.TO returned 8.92%/yr vs 25.31%/yr for ENCC.TO. At a 0.32 correlation, their price movements are largely independent. BASE.TO charges 0.00%/yr vs 0.76%/yr for ENCC.TO.

Performance

BASE.TO vs. ENCC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Evolve Global Materials & Mining Enhanced Yield Index ETF (BASE.TO) and Global X Canadian Oil and Gas Equity Covered Call ETF (ENCC.TO). 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 BASE.TO having a 29.75% return and ENCC.TO slightly lower at 29.01%.

BASE.TO

• 1D: -0.88%
• 1M: 6.77%
• YTD: 29.75%
• 6M: 33.42%
• 1Y: 59.98%
• 3Y*: 18.08%
• 5Y*: 8.92%
• 10Y*: —

ENCC.TO

• 1D: 0.93%
• 1M: 2.37%
• YTD: 29.01%
• 6M: 25.71%
• 1Y: 41.57%
• 3Y*: 22.89%
• 5Y*: 25.31%
• 10Y*: 8.49%

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

BASE.TO vs. ENCC.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BASE.TO Evolve Global Materials & Mining Enhanced Yield Index ETF	29.75%	30.33%	-13.56%	17.50%	-4.63%	20.04%	31.07%	5.87%
ENCC.TO Global X Canadian Oil and Gas Equity Covered Call ETF	29.01%	13.13%	17.39%	5.72%	41.33%	80.55%	-27.98%	8.15%

Correlation

The correlation between BASE.TO and ENCC.TO is -0.01, 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	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (All Time) Calculated using the full available price history since Jun 14, 2019	0.32

The correlation between BASE.TO and ENCC.TO shifts across timeframes, from -0.01 (1 year) to 0.39 (5 years), reflecting how their relationship changes across market environments.

BASE.TO vs. ENCC.TO - Sectors Allocation Comparison

Sectors	BASE.TO	ENCC.TO
Basic Materials	90.4%	-
Industrials	9.6%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	100.0%
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

BASE.TO vs. ENCC.TO — Risk / Return Rank

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

BASE.TO

BASE.TO Risk / Return Rank: 79
BASE.TO Sharpe Ratio Rank: 83
BASE.TO Sortino Ratio Rank: 75
BASE.TO Omega Ratio Rank: 75
BASE.TO Calmar Ratio Rank: 77
BASE.TO Martin Ratio Rank: 82

ENCC.TO

ENCC.TO Risk / Return Rank: 85
ENCC.TO Sharpe Ratio Rank: 88
ENCC.TO Sortino Ratio Rank: 84
ENCC.TO Omega Ratio Rank: 85
ENCC.TO Calmar Ratio Rank: 86
ENCC.TO Martin Ratio Rank: 84

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.

BASE.TO vs. ENCC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Evolve Global Materials & Mining Enhanced Yield Index ETF (BASE.TO) and Global X Canadian Oil and Gas Equity Covered Call ETF (ENCC.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.

	BASE.TO	ENCC.TO	Difference
Sharpe ratio Return per unit of total volatility	2.71	2.98	-0.27
Sortino ratio Return per unit of downside risk	3.38	3.81	-0.43
Omega ratio Gain probability vs. loss probability	1.45	1.53	-0.08
Calmar ratio Return relative to maximum drawdown	3.85	4.93	-1.08
Martin ratio Return relative to average drawdown	16.44	17.54	-1.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BASE.TO vs. ENCC.TO - Sharpe Ratio Comparison

The current BASE.TO Sharpe Ratio is 2.71, which is comparable to the ENCC.TO Sharpe Ratio of 2.98. The chart below compares the historical Sharpe Ratios of BASE.TO and ENCC.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.

Sharpe Ratios by Period

	BASE.TO	ENCC.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.71	2.98	-0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	1.11	-0.72
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.29	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.00	+0.59

Drawdowns

BASE.TO vs. ENCC.TO - Drawdown Comparison

The maximum BASE.TO drawdown since its inception was -33.43%, smaller than the maximum ENCC.TO drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for BASE.TO and ENCC.TO.

Drawdown Indicators

	BASE.TO	ENCC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-33.43%	-89.91%	+56.48%
Max Drawdown (1Y) Largest decline over 1 year	-15.68%	-8.48%	-7.20%
Max Drawdown (3Y) Largest decline over 3 years	-24.11%	-16.67%	-7.44%
Max Drawdown (5Y) Largest decline over 5 years	-33.43%	-25.57%	-7.86%
Max Drawdown (10Y) Largest decline over 10 years	—	-82.16%	—
Current Drawdown Current decline from peak	-0.99%	-1.99%	+1.00%
Average Drawdown Average peak-to-trough decline	-9.31%	-39.82%	+30.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.66%	2.38%	+1.28%

Volatility

BASE.TO vs. ENCC.TO - Volatility Comparison

Evolve Global Materials & Mining Enhanced Yield Index ETF (BASE.TO) has a higher volatility of 7.55% compared to Global X Canadian Oil and Gas Equity Covered Call ETF (ENCC.TO) at 5.66%. This indicates that BASE.TO's price experiences larger fluctuations and is considered to be riskier than ENCC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BASE.TO	ENCC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.55%	5.66%	+1.89%
Volatility (6M) Calculated over the trailing 6-month period	17.54%	12.36%	+5.18%
Volatility (1Y) Calculated over the trailing 1-year period	22.27%	14.08%	+8.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.01%	23.03%	-0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.37%	29.05%	-2.68%

BASE.TO vs. ENCC.TO - Expense Ratio Comparison

BASE.TO has a 0.00% expense ratio, which is lower than ENCC.TO's 0.76% expense ratio.

Dividends

BASE.TO vs. ENCC.TO - Dividend Comparison

BASE.TO's dividend yield for the trailing twelve months is around 7.85%, less than ENCC.TO's 11.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BASE.TO Evolve Global Materials & Mining Enhanced Yield Index ETF	7.85%	9.55%	11.20%	8.80%	8.96%	5.95%	4.67%	2.88%	0.00%	0.00%	0.00%	0.00%
ENCC.TO Global X Canadian Oil and Gas Equity Covered Call ETF	11.09%	13.62%	14.58%	14.87%	12.55%	4.23%	5.10%	6.09%	8.35%	6.92%	4.77%	15.15%

Frequently Asked Questions

Can I hold both BASE.TO and ENCC.TO in my portfolio?

BASE.TO and ENCC.TO have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BASE.TO or ENCC.TO?

On fees, BASE.TO is cheaper at 0.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BASE.TO or ENCC.TO?

BASE.TO is cheaper with a 0.00% expense ratio, compared with 0.76% for ENCC.TO.

What is the main difference between BASE.TO and ENCC.TO?

BASE.TO is categorized as Materials, while ENCC.TO is Derivative Income. They also come from different issuers: Evolve and Global X. Their fees differ too: 0.00% for BASE.TO and 0.76% for ENCC.TO.