CNDI.TO vs. USCL.TO
CNDI.TO (BetaPro S&P/TSX 60 Daily Inverse ETF) and USCL.TO (Global X Enhanced S&P 500 Covered Call ETF) are both exchange-traded funds - CNDI.TO is a Inverse Equities fund actively managed by Global X, while USCL.TO is a Derivative Income fund actively managed by Global X. Both are actively managed. Over the past year, CNDI.TO returned -23.26% vs 29.45% for USCL.TO. At a correlation of -0.47, they often move in opposite directions.
Performance
CNDI.TO vs. USCL.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CNDI.TO achieves a -10.01% return, which is significantly lower than USCL.TO's 14.39% return.
CNDI.TO
- 1D
- -0.17%
- 1M
- -1.89%
- YTD
- -10.01%
- 6M
- -9.78%
- 1Y
- -23.26%
- 3Y*
- -15.69%
- 5Y*
- -10.71%
- 10Y*
- -17.66%
USCL.TO
- 1D
- 0.75%
- 1M
- 3.16%
- YTD
- 14.39%
- 6M
- 13.87%
- 1Y
- 29.45%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CNDI.TO vs. USCL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CNDI.TO BetaPro S&P/TSX 60 Daily Inverse ETF | -10.01% | -21.77% | -12.57% | -2.75% |
USCL.TO Global X Enhanced S&P 500 Covered Call ETF | 14.39% | 10.03% | 38.54% | 8.88% |
Correlation
The correlation between CNDI.TO and USCL.TO is -0.52, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.52 |
Correlation (All Time) Calculated using the full available price history since Jul 6, 2023 | -0.47 |
The correlation between CNDI.TO and USCL.TO has been stable across timeframes, ranging from -0.52 to -0.47 - a consistent structural relationship.
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Return for Risk
CNDI.TO vs. USCL.TO — Risk / Return Rank
CNDI.TO
USCL.TO
CNDI.TO vs. USCL.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BetaPro S&P/TSX 60 Daily Inverse ETF (CNDI.TO) and Global X Enhanced S&P 500 Covered Call ETF (USCL.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.
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.
| CNDI.TO | USCL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.35 | ||
| Sortino ratioReturn per unit of downside risk | -6.06 | ||
| Omega ratioGain probability vs. loss probability | 0.70 | 1.46 | -0.76 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | 3.45 | -4.43 |
| Martin ratioReturn relative to average drawdown | -1.56 | 13.86 | -15.43 |
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Drawdowns
CNDI.TO vs. USCL.TO - Drawdown Comparison
The maximum CNDI.TO drawdown since its inception was -91.95%, which is greater than USCL.TO's maximum drawdown of -21.85%. Use the drawdown chart below to compare losses from any high point for CNDI.TO and USCL.TO.
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Drawdown Indicators
| CNDI.TO | USCL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.95% | -21.85% | -70.10% |
Max Drawdown (1Y)Largest decline over 1 year | -23.95% | -8.56% | -15.39% |
Max Drawdown (3Y)Largest decline over 3 years | -45.47% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -45.51% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -85.81% | — | — |
Current DrawdownCurrent decline from peak | -91.87% | 0.00% | -91.87% |
Average DrawdownAverage peak-to-trough decline | -54.35% | -2.51% | -51.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.99% | 2.13% | +12.86% |
Volatility
CNDI.TO vs. USCL.TO - Volatility Comparison
The current volatility for BetaPro S&P/TSX 60 Daily Inverse ETF (CNDI.TO) is 3.45%, while Global X Enhanced S&P 500 Covered Call ETF (USCL.TO) has a volatility of 4.57%. This indicates that CNDI.TO experiences smaller price fluctuations and is considered to be less risky than USCL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CNDI.TO | USCL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.45% | 4.57% | -1.12% |
Volatility (6M)Calculated over the trailing 6-month period | 9.34% | 10.09% | -0.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.00% | 12.32% | -0.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.07% | 15.64% | -2.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.93% | 15.64% | +6.29% |
Dividends
CNDI.TO vs. USCL.TO - Dividend Comparison
CNDI.TO has not paid dividends to shareholders, while USCL.TO's dividend yield for the trailing twelve months is around 11.69%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
CNDI.TO BetaPro S&P/TSX 60 Daily Inverse ETF | 0.00% | 0.00% | 0.00% | 0.00% |
USCL.TO Global X Enhanced S&P 500 Covered Call ETF | 11.69% | 12.94% | 11.57% | 7.08% |
Frequently Asked Questions
CNDI.TO and USCL.TO have a correlation of -0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CNDI.TO is categorized as Inverse Equities, while USCL.TO is Derivative Income.
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