EMCL.NEO vs. HEQT.TO

Last updated Apr 1, 2026

Compare and contrast key facts about Global X Enhanced MSCI Emerging Markets Covered Call ETF (EMCL.NEO) and Horizons All-Equity Asset Allocation ETF (HEQT.TO).

EMCL.NEO and HEQT.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EMCL.NEO is an actively managed fund by Global X. It was launched on May 28, 2024. HEQT.TO is an actively managed fund by Horizons. It was launched on Sep 13, 2019.

Performance

EMCL.NEO vs. HEQT.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X Enhanced MSCI Emerging Markets Covered Call ETF (EMCL.NEO) and Horizons All-Equity Asset Allocation ETF (HEQT.TO). The values are adjusted to include any dividend payments, if applicable.

EMCL.NEO vs. HEQT.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EMCL.NEO Global X Enhanced MSCI Emerging Markets Covered Call ETF	-2.51%	8.42%	0.25%
HEQT.TO Horizons All-Equity Asset Allocation ETF	0.13%	19.82%	12.86%

Returns By Period

In the year-to-date period, EMCL.NEO achieves a -2.51% return, which is significantly lower than HEQT.TO's 0.13% return.

EMCL.NEO

• 1D: -0.47%
• 1M: -10.88%
• YTD: -2.51%
• 6M: -3.05%
• 1Y: 5.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HEQT.TO

• 1D: 2.77%
• 1M: -4.43%
• YTD: 0.13%
• 6M: 2.69%
• 1Y: 19.92%
• 3Y*: 21.94%
• 5Y*: 14.91%
• 10Y*: —

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

EMCL.NEO vs. HEQT.TO - Expense Ratio Comparison

HEQT.TO

Horizons All-Equity Asset Allocation ETF

Return for Risk

EMCL.NEO vs. HEQT.TO — Risk / Return Rank

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

EMCL.NEO

EMCL.NEO Risk / Return Rank: 17
EMCL.NEO Sharpe Ratio Rank: 18
EMCL.NEO Sortino Ratio Rank: 18
EMCL.NEO Omega Ratio Rank: 20
EMCL.NEO Calmar Ratio Rank: 15
EMCL.NEO Martin Ratio Rank: 16

HEQT.TO

HEQT.TO Risk / Return Rank: 73
HEQT.TO Sharpe Ratio Rank: 72
HEQT.TO Sortino Ratio Rank: 72
HEQT.TO Omega Ratio Rank: 74
HEQT.TO Calmar Ratio Rank: 72
HEQT.TO Martin Ratio Rank: 77

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.

EMCL.NEO vs. HEQT.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Enhanced MSCI Emerging Markets Covered Call ETF (EMCL.NEO) and Horizons All-Equity Asset Allocation ETF (HEQT.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.

	EMCL.NEO	HEQT.TO	Difference
Sharpe ratio Return per unit of total volatility	0.23	1.23	-1.00
Sortino ratio Return per unit of downside risk	0.46	1.75	-1.29
Omega ratio Gain probability vs. loss probability	1.07	1.26	-0.19
Calmar ratio Return relative to maximum drawdown	0.16	1.77	-1.61
Martin ratio Return relative to average drawdown	0.55	7.82	-7.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMCL.NEO vs. HEQT.TO - Sharpe Ratio Comparison

The current EMCL.NEO Sharpe Ratio is 0.23, which is lower than the HEQT.TO Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of EMCL.NEO and HEQT.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

	EMCL.NEO	HEQT.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.23	1.23	-1.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.98	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.95	-0.78

Correlation

The correlation between EMCL.NEO and HEQT.TO is 0.46, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

EMCL.NEO vs. HEQT.TO - Dividend Comparison

EMCL.NEO has not paid dividends to shareholders, while HEQT.TO's dividend yield for the trailing twelve months is around 1.61%.

	TTM	2025	2024	2023	2022	2021	2020	2019
EMCL.NEO Global X Enhanced MSCI Emerging Markets Covered Call ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HEQT.TO Horizons All-Equity Asset Allocation ETF	1.61%	1.70%	3.22%	7.85%	7.31%	0.48%	1.40%	0.22%

Drawdowns

EMCL.NEO vs. HEQT.TO - Drawdown Comparison

The maximum EMCL.NEO drawdown since its inception was -20.61%, smaller than the maximum HEQT.TO drawdown of -31.82%. Use the drawdown chart below to compare losses from any high point for EMCL.NEO and HEQT.TO.

Drawdown Indicators

	EMCL.NEO	HEQT.TO	Difference
Max Drawdown Largest peak-to-trough decline	-20.61%	-31.82%	+11.21%
Max Drawdown (1Y) Largest decline over 1 year	-16.83%	-11.47%	-5.36%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.25%	—
Current Drawdown Current decline from peak	-13.53%	-5.35%	-8.18%
Average Drawdown Average peak-to-trough decline	-3.78%	-4.38%	+0.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.82%	2.59%	+2.23%

Volatility

EMCL.NEO vs. HEQT.TO - Volatility Comparison

Global X Enhanced MSCI Emerging Markets Covered Call ETF (EMCL.NEO) has a higher volatility of 12.47% compared to Horizons All-Equity Asset Allocation ETF (HEQT.TO) at 6.37%. This indicates that EMCL.NEO's price experiences larger fluctuations and is considered to be riskier than HEQT.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMCL.NEO	HEQT.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.47%	6.37%	+6.10%
Volatility (6M) Calculated over the trailing 6-month period	16.21%	9.68%	+6.53%
Volatility (1Y) Calculated over the trailing 1-year period	21.70%	16.21%	+5.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.32%	15.30%	+4.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.32%	17.27%	+2.05%