CNCL.TO vs. TULV.TO

Last updated Apr 2, 2026

Compare and contrast key facts about Global X Enhanced S&P/TSX 60 Covered Call ETF (CNCL.TO) and TD Q U.S. Low Volatility ETF (TULV.TO).

CNCL.TO and TULV.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CNCL.TO is a passively managed fund by Global X that tracks the performance of the S&P/TSX 60. It was launched on Jul 5, 2023. TULV.TO is an actively managed fund by TD. It was launched on May 26, 2020.

Performance

CNCL.TO vs. TULV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X Enhanced S&P/TSX 60 Covered Call ETF (CNCL.TO) and TD Q U.S. Low Volatility ETF (TULV.TO). The values are adjusted to include any dividend payments, if applicable.

CNCL.TO vs. TULV.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CNCL.TO Global X Enhanced S&P/TSX 60 Covered Call ETF	3.59%	22.73%	17.93%	4.66%
TULV.TO TD Q U.S. Low Volatility ETF	3.08%	3.62%	23.74%	-0.01%

Returns By Period

In the year-to-date period, CNCL.TO achieves a 3.59% return, which is significantly higher than TULV.TO's 3.08% return.

CNCL.TO

• 1D: 2.48%
• 1M: -0.75%
• YTD: 3.59%
• 6M: 9.68%
• 1Y: 25.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TULV.TO

• 1D: -0.17%
• 1M: -4.19%
• YTD: 3.08%
• 6M: 2.75%
• 1Y: -0.32%
• 3Y*: 9.22%
• 5Y*: 10.45%
• 10Y*: —

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

CNCL.TO vs. TULV.TO - Expense Ratio Comparison

CNCL.TO has a 0.65% expense ratio, which is higher than TULV.TO's 0.35% expense ratio.

CNCL.TO

Global X Enhanced S&P/TSX 60 Covered Call ETF

TULV.TO

TD Q U.S. Low Volatility ETF

Return for Risk

CNCL.TO vs. TULV.TO — Risk / Return Rank

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

CNCL.TO

CNCL.TO Risk / Return Rank: 83
CNCL.TO Sharpe Ratio Rank: 85
CNCL.TO Sortino Ratio Rank: 84
CNCL.TO Omega Ratio Rank: 88
CNCL.TO Calmar Ratio Rank: 72
CNCL.TO Martin Ratio Rank: 86

TULV.TO

TULV.TO Risk / Return Rank: 10
TULV.TO Sharpe Ratio Rank: 11
TULV.TO Sortino Ratio Rank: 10
TULV.TO Omega Ratio Rank: 10
TULV.TO Calmar Ratio Rank: 10
TULV.TO Martin Ratio Rank: 10

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.

CNCL.TO vs. TULV.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Enhanced S&P/TSX 60 Covered Call ETF (CNCL.TO) and TD Q U.S. Low Volatility ETF (TULV.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.

	CNCL.TO	TULV.TO	Difference
Sharpe ratio Return per unit of total volatility	1.81	-0.03	+1.84
Sortino ratio Return per unit of downside risk	2.33	0.04	+2.29
Omega ratio Gain probability vs. loss probability	1.38	1.01	+0.38
Calmar ratio Return relative to maximum drawdown	2.19	-0.12	+2.31
Martin ratio Return relative to average drawdown	11.42	-0.23	+11.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CNCL.TO vs. TULV.TO - Sharpe Ratio Comparison

The current CNCL.TO Sharpe Ratio is 1.81, which is higher than the TULV.TO Sharpe Ratio of -0.03. The chart below compares the historical Sharpe Ratios of CNCL.TO and TULV.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CNCL.TO	TULV.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.81	-0.03	+1.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.88	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.42	0.76	+0.66

Correlation

The correlation between CNCL.TO and TULV.TO is 0.20, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

CNCL.TO vs. TULV.TO - Dividend Comparison

CNCL.TO's dividend yield for the trailing twelve months is around 8.90%, more than TULV.TO's 1.77% yield.

	TTM	2025	2024	2023	2022	2021	2020
CNCL.TO Global X Enhanced S&P/TSX 60 Covered Call ETF	8.90%	9.15%	11.88%	6.29%	0.00%	0.00%	0.00%
TULV.TO TD Q U.S. Low Volatility ETF	1.77%	1.80%	1.48%	1.96%	1.57%	1.37%	0.83%

Drawdowns

CNCL.TO vs. TULV.TO - Drawdown Comparison

The maximum CNCL.TO drawdown since its inception was -13.75%, which is greater than TULV.TO's maximum drawdown of -11.78%. Use the drawdown chart below to compare losses from any high point for CNCL.TO and TULV.TO.

Drawdown Indicators

	CNCL.TO	TULV.TO	Difference
Max Drawdown Largest peak-to-trough decline	-13.75%	-11.78%	-1.97%
Max Drawdown (1Y) Largest decline over 1 year	-12.35%	-9.79%	-2.56%
Max Drawdown (5Y) Largest decline over 5 years	—	-11.78%	—
Current Drawdown Current decline from peak	-2.31%	-4.19%	+1.88%
Average Drawdown Average peak-to-trough decline	-1.57%	-3.58%	+2.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.37%	5.04%	-2.67%

Volatility

CNCL.TO vs. TULV.TO - Volatility Comparison

Global X Enhanced S&P/TSX 60 Covered Call ETF (CNCL.TO) has a higher volatility of 5.85% compared to TD Q U.S. Low Volatility ETF (TULV.TO) at 3.14%. This indicates that CNCL.TO's price experiences larger fluctuations and is considered to be riskier than TULV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNCL.TO	TULV.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.85%	3.14%	+2.71%
Volatility (6M) Calculated over the trailing 6-month period	10.29%	7.12%	+3.17%
Volatility (1Y) Calculated over the trailing 1-year period	14.42%	11.92%	+2.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.65%	12.01%	+0.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.65%	11.57%	+1.08%