CNQE.TO vs. USCL.TO

Last updated Apr 14, 2026

CNQE.TO (Harvest CNQ Enhanced High Income Shares ETF) and USCL.TO (Global X Enhanced S&P 500 Covered Call ETF) are both Derivative Income funds. Both are actively managed. At -0.12, they often move in opposite directions. CNQE.TO charges 0.40%/yr vs 0.04%/yr for USCL.TO.

Performance

CNQE.TO vs. USCL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Harvest CNQ Enhanced High Income Shares ETF (CNQE.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, CNQE.TO achieves a 38.03% return, which is significantly higher than USCL.TO's 2.38% return.

CNQE.TO

• 1D: 2.32%
• 1M: -2.57%
• YTD: 38.03%
• 6M: 46.45%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

USCL.TO

• 1D: 0.57%
• 1M: 4.72%
• YTD: 2.38%
• 6M: 3.67%
• 1Y: 29.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025
CNQE.TO Harvest CNQ Enhanced High Income Shares ETF	38.03%	13.80%
USCL.TO Global X Enhanced S&P 500 Covered Call ETF	2.38%	7.05%

Correlation

The correlation between CNQE.TO and USCL.TO is -0.12, 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 (All Time) Calculated using the full available price history since Aug 22, 2025	-0.12

Return for Risk

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

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

USCL.TO

USCL.TO Risk / Return Rank: 59
USCL.TO Sharpe Ratio Rank: 55
USCL.TO Sortino Ratio Rank: 50
USCL.TO Omega Ratio Rank: 60
USCL.TO Calmar Ratio Rank: 65
USCL.TO Martin Ratio Rank: 66

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.

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

This table presents a comparison of risk-adjusted performance metrics for Harvest CNQ Enhanced High Income Shares ETF (CNQE.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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	CNQE.TO	USCL.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.14	—
Sharpe Ratio (All Time) Calculated using the full available price history	3.39	1.23	+2.16

Drawdowns

CNQE.TO vs. USCL.TO - Drawdown Comparison

The maximum CNQE.TO drawdown since its inception was -12.39%, smaller than the maximum USCL.TO drawdown of -21.85%. Use the drawdown chart below to compare losses from any high point for CNQE.TO and USCL.TO.

Drawdown Indicators

	CNQE.TO	USCL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-12.39%	-21.85%	+9.46%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.56%	—
Current Drawdown Current decline from peak	-6.97%	-1.02%	-5.95%
Average Drawdown Average peak-to-trough decline	-2.63%	-2.67%	+0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.24%	—

Volatility

Volatility by Period

	CNQE.TO	USCL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.71%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.87%	—
Volatility (1Y) Calculated over the trailing 1-year period	31.20%	13.97%	+17.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.20%	15.69%	+15.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.20%	15.69%	+15.51%

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

CNQE.TO has a 0.40% expense ratio, which is higher than USCL.TO's 0.04% expense ratio.

Dividends

CNQE.TO vs. USCL.TO - Dividend Comparison

CNQE.TO's dividend yield for the trailing twelve months is around 6.52%, less than USCL.TO's 12.86% yield.

	TTM	2025	2024	2023
CNQE.TO Harvest CNQ Enhanced High Income Shares ETF	6.52%	4.42%	0.00%	0.00%
USCL.TO Global X Enhanced S&P 500 Covered Call ETF	12.86%	12.94%	11.57%	7.08%