CNDU.TO vs. USCL.TO

Last updated Aug 2, 2026

CNDU.TO (BetaPro S&P/TSX 60 2x Daily Bull ETF) and USCL.TO (Global X Enhanced S&P 500 Covered Call ETF) are both exchange-traded funds - CNDU.TO is a Leveraged Equities fund tracking the S&P/TSX 60 Index, while USCL.TO is a Derivative Income fund actively managed by Global X. CNDU.TO is passively managed, while USCL.TO is actively managed. Over the past 3 years, CNDU.TO returned 39.29%/yr vs 20.61%/yr for USCL.TO. Their 0.51 correlation means they have sometimes moved together and sometimes differently. CNDU.TO charges 1.15%/yr vs 1.61%/yr for USCL.TO.

Performance

CNDU.TO vs. USCL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BetaPro S&P/TSX 60 2x Daily Bull ETF (CNDU.TO) and Global X Enhanced S&P 500 Covered Call ETF (USCL.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CNDU.TO achieves a 24.33% return, which is significantly higher than USCL.TO's 13.52% return.

CNDU.TO

• 1D: -1.14%
• 1M: 1.66%
• 6M: 25.71%
• YTD: 24.33%
• 1Y: 65.86%
• 3Y*: 39.29%
• 5Y*: 22.52%
• 10Y*: 19.01%
• ALL TIME*: 9.93%

USCL.TO

• 1D: 1.00%
• 1M: -1.00%
• 6M: 11.28%
• YTD: 13.52%
• 1Y: 25.69%
• 3Y*: 20.61%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 22.92%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CNDU.TO BetaPro S&P/TSX 60 2x Daily Bull ETF	CA$1.36M	CA$1.29M	CA$1.39M
USCL.TO Global X Enhanced S&P 500 Covered Call ETF	CA$343.51K	CA$425.87K	CA$508.08K

CNDU.TO vs. USCL.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CNDU.TO BetaPro S&P/TSX 60 2x Daily Bull ETF	24.33%	54.27%	34.82%	7.75%
USCL.TO Global X Enhanced S&P 500 Covered Call ETF	13.52%	10.03%	38.54%	8.88%

Correlation

The correlation between CNDU.TO and USCL.TO is 0.56, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.56
Correlation (3Y) Balances recent behavior with more history.	0.52
Correlation (All Time) Calculated using the full available price history since Jul 6, 2023	0.51

The correlation between CNDU.TO and USCL.TO has been stable across timeframes, ranging from 0.51 to 0.56 - a consistent structural relationship.

CNDU.TO vs. USCL.TO - Sectors Allocation Comparison

Sectors	CNDU.TO	USCL.TO
Financial Services	43.1%	11.1%
Energy	16.7%	3.1%
Basic Materials	11.9%	1.7%
Technology	8.4%	39.0%
Industrials	7.8%	7.8%
Consumer Cyclical	4.1%	9.9%
Consumer Defensive	3.3%	4.5%
Utilities	2.7%	2.1%
Communication Services	1.8%	10.6%
Real Estate	0.2%	1.8%
Healthcare	-	8.3%

Return for Risk

CNDU.TO vs. USCL.TO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CNDU.TO

CNDU.TO Risk / Return Rank: 92
CNDU.TO Sharpe Ratio Rank: 94
CNDU.TO Sortino Ratio Rank: 90
CNDU.TO Omega Ratio Rank: 90
CNDU.TO Calmar Ratio Rank: 91
CNDU.TO Martin Ratio Rank: 94

USCL.TO

USCL.TO Risk / Return Rank: 77
USCL.TO Sharpe Ratio Rank: 77
USCL.TO Sortino Ratio Rank: 74
USCL.TO Omega Ratio Rank: 79
USCL.TO Calmar Ratio Rank: 75
USCL.TO Martin Ratio Rank: 79

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CNDU.TO vs. USCL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BetaPro S&P/TSX 60 2x Daily Bull ETF (CNDU.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.

	CNDU.TO	USCL.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.59	1.81	+0.78
Sortino ratio: Return per unit of downside risk	3.15	2.46	+0.69
Omega ratio: Gain probability vs. loss probability	1.42	1.34	+0.09
Calmar ratio: Return relative to maximum drawdown	4.14	2.72	+1.43
Martin ratio: Return relative to average drawdown	18.09	10.58	+7.51

CNDU.TO vs. USCL.TO - Sharpe Ratio Comparison

The current CNDU.TO Sharpe Ratio is 2.59, which is higher than the USCL.TO Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of CNDU.TO and USCL.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.

Drawdowns

CNDU.TO vs. USCL.TO - Drawdown Comparison

The maximum CNDU.TO drawdown since its inception was -78.04%, 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 CNDU.TO and USCL.TO.

Drawdown Indicators

	CNDU.TO	USCL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-78.04%	-21.85%	-56.19%
Max Drawdown (1Y) Largest decline over 1 year	-15.26%	-8.56%	-6.70%
Max Drawdown (3Y) Largest decline over 3 years	-24.52%	-21.85%	-2.67%
Max Drawdown (5Y) Largest decline over 5 years	-32.60%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-61.48%	—	—
Current Drawdown Current decline from peak	-2.87%	-1.71%	-1.16%
Average Drawdown Average peak-to-trough decline	-23.16%	-2.48%	-20.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.49%	2.20%	+1.29%

Volatility

CNDU.TO vs. USCL.TO - Volatility Comparison

BetaPro S&P/TSX 60 2x Daily Bull ETF (CNDU.TO) has a higher volatility of 6.02% compared to Global X Enhanced S&P 500 Covered Call ETF (USCL.TO) at 4.20%. This indicates that CNDU.TO's price experiences larger fluctuations and is considered to be riskier than USCL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNDU.TO	USCL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.02%	4.20%	+1.82%
Volatility (6M) Calculated over the trailing 6-month period	18.46%	10.25%	+8.21%
Volatility (1Y) Calculated over the trailing 1-year period	24.45%	12.86%	+11.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.63%	15.60%	+10.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.05%	15.60%	+14.45%

CNDU.TO vs. USCL.TO - Expense Ratio Comparison

CNDU.TO has a 1.15% expense ratio, which is lower than USCL.TO's 1.61% expense ratio.

Dividends

CNDU.TO vs. USCL.TO - Dividend Comparison

CNDU.TO has not paid dividends to shareholders, while USCL.TO's dividend yield for the trailing twelve months is around 11.92%.

Position	TTM	2025	2024	2023
CNDU.TO BetaPro S&P/TSX 60 2x Daily Bull ETF	0.00%	0.00%	0.00%	0.00%
USCL.TO Global X Enhanced S&P 500 Covered Call ETF	11.92%	12.94%	11.57%	7.08%

Frequently Asked Questions

Can I hold both CNDU.TO and USCL.TO in my portfolio?

CNDU.TO and USCL.TO have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CNDU.TO or USCL.TO?

On fees, CNDU.TO is cheaper at 1.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CNDU.TO or USCL.TO?

CNDU.TO is cheaper with a 1.15% expense ratio, compared with 1.61% for USCL.TO.

What is the main difference between CNDU.TO and USCL.TO?

CNDU.TO is categorized as Leveraged Equities, while USCL.TO is Derivative Income. Their fees differ too: 1.15% for CNDU.TO and 1.61% for USCL.TO.