BKCL.TO vs. EMCL.NEO

Last updated Jun 4, 2026

BKCL.TO (Global X Enhanced Equal Weight Canadian Banks Covered Call ETF) and EMCL.NEO (Global X Enhanced MSCI Emerging Markets Covered Call ETF) are both exchange-traded funds - BKCL.TO is a Financials Equities fund actively managed by Global X, while EMCL.NEO is a Derivative Income fund actively managed by Global X. Both are actively managed. Over the past year, BKCL.TO returned 53.29% vs 56.02% for EMCL.NEO. At a 0.32 correlation, their price movements are largely independent.

Performance

BKCL.TO vs. EMCL.NEO - 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 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

In the year-to-date period, BKCL.TO achieves a 17.43% return, which is significantly lower than EMCL.NEO's 27.22% return.

BKCL.TO

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

EMCL.NEO

• 1D: -0.68%
• 1M: 11.93%
• YTD: 27.22%
• 6M: 27.94%
• 1Y: 56.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024
BKCL.TO Global X Enhanced Equal Weight Canadian Banks Covered Call ETF	17.43%	34.78%	19.34%
EMCL.NEO Global X Enhanced MSCI Emerging Markets Covered Call ETF	27.22%	23.04%	7.65%

Correlation

The correlation between BKCL.TO and EMCL.NEO is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (All Time) Calculated using the full available price history since May 30, 2024	0.32

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

Sectors	BKCL.TO	EMCL.NEO
Financial Services	100.0%	20.8%
Basic Materials	-	8.0%
Communication Services	-	7.3%
Consumer Cyclical	-	7.4%
Consumer Defensive	-	3.0%
Energy	-	4.0%
Healthcare	-	2.6%
Industrials	-	7.6%
Real Estate	-	1.2%
Technology	-	36.1%
Utilities	-	2.0%

Return for Risk

BKCL.TO vs. EMCL.NEO — 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

EMCL.NEO

EMCL.NEO Risk / Return Rank: 86
EMCL.NEO Sharpe Ratio Rank: 90
EMCL.NEO Sortino Ratio Rank: 84
EMCL.NEO Omega Ratio Rank: 93
EMCL.NEO Calmar Ratio Rank: 82
EMCL.NEO Martin Ratio Rank: 81

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. EMCL.NEO - 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 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.

	BKCL.TO	EMCL.NEO	Difference
Sharpe ratio Return per unit of total volatility	4.25	3.04	+1.22
Sortino ratio Return per unit of downside risk	5.84	3.77	+2.07
Omega ratio Gain probability vs. loss probability	1.82	1.65	+0.17
Calmar ratio Return relative to maximum drawdown	5.85	4.29	+1.56
Martin ratio Return relative to average drawdown	26.81	15.90	+10.92
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. EMCL.NEO - Sharpe Ratio Comparison

The current BKCL.TO Sharpe Ratio is 4.25, which is higher than the EMCL.NEO Sharpe Ratio of 3.04. The chart below compares the historical Sharpe Ratios of BKCL.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.

Sharpe Ratios by Period

	BKCL.TO	EMCL.NEO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.25	3.04	+1.22
Sharpe Ratio (All Time) Calculated using the full available price history	2.06	1.57	+0.49

Drawdowns

BKCL.TO vs. EMCL.NEO - Drawdown Comparison

The maximum BKCL.TO drawdown since its inception was -16.58%, smaller than the maximum EMCL.NEO drawdown of -19.19%. Use the drawdown chart below to compare losses from any high point for BKCL.TO and EMCL.NEO.

Drawdown Indicators

	BKCL.TO	EMCL.NEO	Difference
Max Drawdown Largest peak-to-trough decline	-16.58%	-19.19%	+2.61%
Max Drawdown (1Y) Largest decline over 1 year	-9.15%	-13.12%	+3.97%
Current Drawdown Current decline from peak	-1.81%	-0.68%	-1.13%
Average Drawdown Average peak-to-trough decline	-2.67%	-2.47%	-0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	3.53%	-1.54%

Volatility

BKCL.TO vs. EMCL.NEO - Volatility Comparison

The current volatility for Global X Enhanced Equal Weight Canadian Banks Covered Call ETF (BKCL.TO) is 4.39%, while Global X Enhanced MSCI Emerging Markets Covered Call ETF (EMCL.NEO) has a volatility of 7.86%. This indicates that BKCL.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

	BKCL.TO	EMCL.NEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.39%	7.86%	-3.47%
Volatility (6M) Calculated over the trailing 6-month period	11.34%	16.41%	-5.07%
Volatility (1Y) Calculated over the trailing 1-year period	12.59%	18.54%	-5.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.17%	19.00%	-5.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.17%	19.00%	-5.83%

Dividends

BKCL.TO vs. EMCL.NEO - Dividend Comparison

BKCL.TO's dividend yield for the trailing twelve months is around 11.48%, more than EMCL.NEO's 10.17% yield.

Position	TTM	2025	2024	2023
BKCL.TO Global X Enhanced Equal Weight Canadian Banks Covered Call ETF	11.48%	12.60%	15.02%	7.91%
EMCL.NEO Global X Enhanced MSCI Emerging Markets Covered Call ETF	10.17%	11.76%	7.24%	0.00%

Frequently Asked Questions

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

BKCL.TO and EMCL.NEO have a correlation of 0.37, 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 BKCL.TO and EMCL.NEO?

BKCL.TO is categorized as Financials Equities, while EMCL.NEO is Derivative Income.