BKCL.TO vs. DXQ.TO

Last updated Jun 4, 2026

BKCL.TO (Global X Enhanced Equal Weight Canadian Banks Covered Call ETF) and DXQ.TO (Dynamic Active Enhanced Yield Covered Options ETF) are both exchange-traded funds - BKCL.TO is a Financials Equities fund actively managed by Global X, while DXQ.TO is a Derivative Income fund actively managed by Dynamic. Both are actively managed. Over the past year, BKCL.TO returned 53.29% vs 19.04% for DXQ.TO. At a 0.37 correlation, their price movements are largely independent. BKCL.TO charges 1.68%/yr vs 0.72%/yr for DXQ.TO.

Performance

BKCL.TO vs. DXQ.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X Enhanced Equal Weight Canadian Banks Covered Call ETF (BKCL.TO) and Dynamic Active Enhanced Yield Covered Options ETF (DXQ.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BKCL.TO achieves a 17.43% return, which is significantly higher than DXQ.TO's 6.80% return.

BKCL.TO

• 1D: -0.41%
• 1M: 4.79%
• YTD: 17.43%
• 6M: 22.33%
• 1Y: 53.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DXQ.TO

• 1D: -0.70%
• 1M: 2.65%
• YTD: 6.80%
• 6M: 5.77%
• 1Y: 19.04%
• 3Y*: 17.27%
• 5Y*: —
• 10Y*: —

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

BKCL.TO vs. DXQ.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BKCL.TO Global X Enhanced Equal Weight Canadian Banks Covered Call ETF	17.43%	34.78%	20.06%	5.22%
DXQ.TO Dynamic Active Enhanced Yield Covered Options ETF	6.80%	12.99%	21.07%	8.86%

Correlation

The correlation between BKCL.TO and DXQ.TO is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (All Time) Calculated using the full available price history since Jul 7, 2023	0.37

Return for Risk

BKCL.TO vs. DXQ.TO — Risk / Return Rank

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

BKCL.TO

BKCL.TO Risk / Return Rank: 95
BKCL.TO Sharpe Ratio Rank: 96
BKCL.TO Sortino Ratio Rank: 96
BKCL.TO Omega Ratio Rank: 96
BKCL.TO Calmar Ratio Rank: 91
BKCL.TO Martin Ratio Rank: 94

DXQ.TO

DXQ.TO Risk / Return Rank: 65
DXQ.TO Sharpe Ratio Rank: 62
DXQ.TO Sortino Ratio Rank: 64
DXQ.TO Omega Ratio Rank: 66
DXQ.TO Calmar Ratio Rank: 75
DXQ.TO Martin Ratio Rank: 60

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.

BKCL.TO vs. DXQ.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Enhanced Equal Weight Canadian Banks Covered Call ETF (BKCL.TO) and Dynamic Active Enhanced Yield Covered Options ETF (DXQ.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.

	BKCL.TO	DXQ.TO	Difference
Sharpe ratio Return per unit of total volatility	4.25	2.08	+2.18
Sortino ratio Return per unit of downside risk	5.84	2.95	+2.89
Omega ratio Gain probability vs. loss probability	1.82	1.40	+0.42
Calmar ratio Return relative to maximum drawdown	5.85	3.74	+2.11
Martin ratio Return relative to average drawdown	26.81	10.46	+16.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BKCL.TO vs. DXQ.TO - Sharpe Ratio Comparison

The current BKCL.TO Sharpe Ratio is 4.25, which is higher than the DXQ.TO Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of BKCL.TO and DXQ.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

	BKCL.TO	DXQ.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.25	2.08	+2.18
Sharpe Ratio (All Time) Calculated using the full available price history	2.06	1.61	+0.45

Drawdowns

BKCL.TO vs. DXQ.TO - Drawdown Comparison

The maximum BKCL.TO drawdown since its inception was -16.58%, which is greater than DXQ.TO's maximum drawdown of -15.54%. Use the drawdown chart below to compare losses from any high point for BKCL.TO and DXQ.TO.

Drawdown Indicators

	BKCL.TO	DXQ.TO	Difference
Max Drawdown Largest peak-to-trough decline	-16.58%	-15.54%	-1.04%
Max Drawdown (1Y) Largest decline over 1 year	-9.15%	-5.11%	-4.04%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.54%	—
Current Drawdown Current decline from peak	-1.81%	-0.70%	-1.11%
Average Drawdown Average peak-to-trough decline	-2.67%	-1.27%	-1.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	1.82%	+0.17%

Volatility

BKCL.TO vs. DXQ.TO - Volatility Comparison

Global X Enhanced Equal Weight Canadian Banks Covered Call ETF (BKCL.TO) has a higher volatility of 4.39% compared to Dynamic Active Enhanced Yield Covered Options ETF (DXQ.TO) at 2.38%. This indicates that BKCL.TO's price experiences larger fluctuations and is considered to be riskier than DXQ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BKCL.TO	DXQ.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.39%	2.38%	+2.01%
Volatility (6M) Calculated over the trailing 6-month period	11.34%	7.14%	+4.20%
Volatility (1Y) Calculated over the trailing 1-year period	12.59%	9.21%	+3.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.17%	10.92%	+2.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.17%	10.92%	+2.25%

BKCL.TO vs. DXQ.TO - Expense Ratio Comparison

BKCL.TO has a 1.68% expense ratio, which is higher than DXQ.TO's 0.72% expense ratio.

Dividends

BKCL.TO vs. DXQ.TO - Dividend Comparison

BKCL.TO's dividend yield for the trailing twelve months is around 11.48%, more than DXQ.TO's 7.77% yield.

Position	TTM	2025	2024	2023	2022
BKCL.TO Global X Enhanced Equal Weight Canadian Banks Covered Call ETF	11.48%	12.60%	15.02%	7.91%	0.00%
DXQ.TO Dynamic Active Enhanced Yield Covered Options ETF	7.77%	7.45%	5.74%	6.54%	1.83%

Frequently Asked Questions

Can I hold both BKCL.TO and DXQ.TO in my portfolio?

BKCL.TO and DXQ.TO have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BKCL.TO or DXQ.TO?

On fees, DXQ.TO is cheaper at 0.72% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BKCL.TO or DXQ.TO?

DXQ.TO is cheaper with a 0.72% expense ratio, compared with 1.68% for BKCL.TO.

What is the main difference between BKCL.TO and DXQ.TO?

BKCL.TO is categorized as Financials Equities, while DXQ.TO is Derivative Income. They also come from different issuers: Global X and Dynamic. Their fees differ too: 1.68% for BKCL.TO and 0.72% for DXQ.TO.