EIT-UN.TO vs. ENCL.TO

Last updated Jun 13, 2026

EIT-UN.TO (Canoe EIT Income Fund) and ENCL.TO (Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD) are both funds - EIT-UN.TO is a Diversified Portfolio fund actively managed by Canoe, while ENCL.TO is a Energy Equities fund actively managed by Global X. Both are actively managed. Over the past year, EIT-UN.TO returned 20.74% vs 46.09% for ENCL.TO. At a 0.28 correlation, their price movements are largely independent. EIT-UN.TO charges 1.10%/yr vs 1.86%/yr for ENCL.TO.

Performance

EIT-UN.TO vs. ENCL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Canoe EIT Income Fund (EIT-UN.TO) and Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD (ENCL.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EIT-UN.TO achieves a 14.30% return, which is significantly lower than ENCL.TO's 35.36% return.

EIT-UN.TO

• 1D: 0.58%
• 1M: 1.74%
• YTD: 14.30%
• 6M: 14.60%
• 1Y: 20.74%
• 3Y*: 20.71%
• 5Y*: 16.85%
• 10Y*: 15.91%

ENCL.TO

• 1D: -0.30%
• 1M: 0.13%
• YTD: 35.36%
• 6M: 33.47%
• 1Y: 46.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EIT-UN.TO vs. ENCL.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EIT-UN.TO Canoe EIT Income Fund	14.30%	11.81%	27.99%	4.72%
ENCL.TO Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD	35.36%	14.97%	20.32%	-11.68%

Correlation

The correlation between EIT-UN.TO and ENCL.TO is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (All Time) Calculated using the full available price history since Oct 11, 2023	0.28

Over the past year, the correlation between EIT-UN.TO and ENCL.TO has dropped to 0.04 - well below their long-term average of 0.28, suggesting their price drivers have been diverging.

Return for Risk

EIT-UN.TO vs. ENCL.TO — Risk / Return Rank

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

EIT-UN.TO

EIT-UN.TO Risk / Return Rank: 84
EIT-UN.TO Sharpe Ratio Rank: 84
EIT-UN.TO Sortino Ratio Rank: 85
EIT-UN.TO Omega Ratio Rank: 80
EIT-UN.TO Calmar Ratio Rank: 86
EIT-UN.TO Martin Ratio Rank: 86

ENCL.TO

ENCL.TO Risk / Return Rank: 87
ENCL.TO Sharpe Ratio Rank: 90
ENCL.TO Sortino Ratio Rank: 85
ENCL.TO Omega Ratio Rank: 86
ENCL.TO Calmar Ratio Rank: 88
ENCL.TO Martin Ratio Rank: 86

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.

EIT-UN.TO vs. ENCL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Canoe EIT Income Fund (EIT-UN.TO) and Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD (ENCL.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.

	EIT-UN.TO	ENCL.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.34	2.67	-0.33
Sortino ratio: Return per unit of downside risk	3.53	3.33	+0.20
Omega ratio: Gain probability vs. loss probability	1.43	1.46	-0.03
Calmar ratio: Return relative to maximum drawdown	3.49	4.49	-1.00
Martin ratio: Return relative to average drawdown	13.34	15.78	-2.44

EIT-UN.TO vs. ENCL.TO - Sharpe Ratio Comparison

The current EIT-UN.TO Sharpe Ratio is 2.34, which is comparable to the ENCL.TO Sharpe Ratio of 2.67. The chart below compares the historical Sharpe Ratios of EIT-UN.TO and ENCL.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

EIT-UN.TO vs. ENCL.TO - Drawdown Comparison

The maximum EIT-UN.TO drawdown since its inception was -63.56%, which is greater than ENCL.TO's maximum drawdown of -21.05%. Use the drawdown chart below to compare losses from any high point for EIT-UN.TO and ENCL.TO.

Drawdown Indicators

	EIT-UN.TO	ENCL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-63.56%	-21.05%	-42.51%
Max Drawdown (1Y) Largest decline over 1 year	-5.93%	-10.75%	+4.82%
Max Drawdown (3Y) Largest decline over 3 years	-9.45%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.57%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-50.36%	—	—
Current Drawdown Current decline from peak	0.00%	-3.41%	+3.41%
Average Drawdown Average peak-to-trough decline	-8.81%	-4.78%	-4.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.55%	3.05%	-1.50%

Volatility

EIT-UN.TO vs. ENCL.TO - Volatility Comparison

The current volatility for Canoe EIT Income Fund (EIT-UN.TO) is 2.54%, while Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD (ENCL.TO) has a volatility of 7.14%. This indicates that EIT-UN.TO experiences smaller price fluctuations and is considered to be less risky than ENCL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EIT-UN.TO	ENCL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.54%	7.14%	-4.60%
Volatility (6M) Calculated over the trailing 6-month period	7.54%	16.02%	-8.48%
Volatility (1Y) Calculated over the trailing 1-year period	8.83%	18.05%	-9.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.21%	20.88%	-8.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.52%	20.88%	-3.36%

EIT-UN.TO vs. ENCL.TO - Expense Ratio Comparison

EIT-UN.TO has a 1.10% expense ratio, which is lower than ENCL.TO's 1.86% expense ratio.

Dividends

EIT-UN.TO vs. ENCL.TO - Dividend Comparison

EIT-UN.TO's dividend yield for the trailing twelve months is around 6.88%, less than ENCL.TO's 13.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EIT-UN.TO Canoe EIT Income Fund	6.88%	7.64%	7.90%	9.29%	8.97%	9.08%	12.20%	11.53%	11.65%	10.16%	10.06%	10.71%
ENCL.TO Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD	13.48%	17.14%	18.56%	4.68%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EIT-UN.TO and ENCL.TO in my portfolio?

EIT-UN.TO and ENCL.TO have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.