CBNK.TO vs. EMCL.NEO
CBNK.TO (Mulvihill Canadian Bank Enhanced Yield ETF) and EMCL.NEO (Global X Enhanced MSCI Emerging Markets Covered Call ETF) are both Derivative Income funds. Both are actively managed. Over the past year, CBNK.TO returned 100.05% vs 50.68% for EMCL.NEO. At a 0.35 correlation, their price movements are largely independent.
Performance
CBNK.TO vs. EMCL.NEO - Performance Comparison
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Returns By Period
In the year-to-date period, CBNK.TO achieves a 41.95% return, which is significantly higher than EMCL.NEO's 26.59% return.
CBNK.TO
- 1D
- 1.06%
- 1M
- 11.75%
- YTD
- 41.95%
- 6M
- 41.92%
- 1Y
- 100.05%
- 3Y*
- 45.19%
- 5Y*
- —
- 10Y*
- —
EMCL.NEO
- 1D
- -4.91%
- 1M
- 6.27%
- YTD
- 26.59%
- 6M
- 27.83%
- 1Y
- 50.68%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBNK.TO vs. EMCL.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CBNK.TO Mulvihill Canadian Bank Enhanced Yield ETF | 41.95% | 51.67% | 22.55% |
EMCL.NEO Global X Enhanced MSCI Emerging Markets Covered Call ETF | 26.59% | 20.46% | 3.66% |
Correlation
The correlation between CBNK.TO and EMCL.NEO is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since May 29, 2024 | 0.35 |
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Return for Risk
CBNK.TO vs. EMCL.NEO — Risk / Return Rank
CBNK.TO
EMCL.NEO
CBNK.TO vs. EMCL.NEO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.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.
| CBNK.TO | EMCL.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.09 | ||
| Sortino ratioReturn per unit of downside risk | +5.30 | ||
| Omega ratioGain probability vs. loss probability | 2.06 | 1.47 | +0.60 |
| Calmar ratioReturn relative to maximum drawdown | 10.03 | 3.98 | +6.05 |
| Martin ratioReturn relative to average drawdown | 43.39 | 14.33 | +29.06 |
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Drawdowns
CBNK.TO vs. EMCL.NEO - Drawdown Comparison
The maximum CBNK.TO drawdown since its inception was -32.12%, 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 CBNK.TO and EMCL.NEO.
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Drawdown Indicators
| CBNK.TO | EMCL.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.12% | -19.73% | -12.39% |
Max Drawdown (1Y)Largest decline over 1 year | -10.03% | -13.12% | +3.09% |
Max Drawdown (3Y)Largest decline over 3 years | -17.92% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -4.91% | +4.91% |
Average DrawdownAverage peak-to-trough decline | -10.77% | -2.57% | -8.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.31% | 3.60% | -1.29% |
Volatility
CBNK.TO vs. EMCL.NEO - Volatility Comparison
The current volatility for Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.TO) is 4.46%, while Global X Enhanced MSCI Emerging Markets Covered Call ETF (EMCL.NEO) has a volatility of 12.60%. This indicates that CBNK.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.
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Volatility by Period
| CBNK.TO | EMCL.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.46% | 12.60% | -8.14% |
Volatility (6M)Calculated over the trailing 6-month period | 13.41% | 20.76% | -7.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.72% | 22.64% | -6.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.53% | 23.04% | -5.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.53% | 23.04% | -5.51% |
Dividends
CBNK.TO vs. EMCL.NEO - Dividend Comparison
CBNK.TO's dividend yield for the trailing twelve months is around 5.26%, less than EMCL.NEO's 10.22% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CBNK.TO Mulvihill Canadian Bank Enhanced Yield ETF | 5.26% | 5.86% | 8.25% | 9.59% | 7.85% |
EMCL.NEO Global X Enhanced MSCI Emerging Markets Covered Call ETF | 10.22% | 9.86% | 3.10% | 0.00% | 0.00% |
Frequently Asked Questions
CBNK.TO and EMCL.NEO have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: Mulvihill and Global X.
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