EMCL.NEO vs. HGY.TO

Last updated Jun 4, 2026

EMCL.NEO (Global X Enhanced MSCI Emerging Markets Covered Call ETF) and HGY.TO (Global X Gold Yield ETF) are both exchange-traded funds - EMCL.NEO is a Derivative Income fund actively managed by Global X, while HGY.TO is a Gold fund actively managed by Global X. Both are actively managed. Over the past year, EMCL.NEO returned 56.02% vs 23.98% for HGY.TO. At a 0.19 correlation, their price movements are largely independent.

Performance

EMCL.NEO vs. HGY.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 Global X Gold Yield ETF (HGY.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMCL.NEO achieves a 27.22% return, which is significantly higher than HGY.TO's 1.16% return.

EMCL.NEO

• 1D: -0.68%
• 1M: 11.93%
• YTD: 27.22%
• 6M: 27.94%
• 1Y: 56.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HGY.TO

• 1D: -0.83%
• 1M: -1.36%
• YTD: 1.16%
• 6M: 3.23%
• 1Y: 23.98%
• 3Y*: 24.16%
• 5Y*: 13.84%
• 10Y*: 9.42%

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

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

	2026 (YTD)	2025	2024
EMCL.NEO Global X Enhanced MSCI Emerging Markets Covered Call ETF	27.22%	23.04%	7.65%
HGY.TO Global X Gold Yield ETF	1.16%	48.66%	10.52%

Correlation

The correlation between EMCL.NEO and HGY.TO is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (All Time) Calculated using the full available price history since May 30, 2024	0.19

EMCL.NEO vs. HGY.TO - Sectors Allocation Comparison

Sectors	EMCL.NEO	HGY.TO
Technology	36.1%	-
Financial Services	20.8%	100.0%
Basic Materials	8.0%	-
Industrials	7.6%	-
Consumer Cyclical	7.4%	-
Communication Services	7.3%	-
Energy	4.0%	-
Consumer Defensive	3.0%	-
Healthcare	2.6%	-
Utilities	2.0%	-
Real Estate	1.2%	-

Return for Risk

EMCL.NEO vs. HGY.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: 86
EMCL.NEO Sharpe Ratio Rank: 90
EMCL.NEO Sortino Ratio Rank: 84
EMCL.NEO Omega Ratio Rank: 93
EMCL.NEO Calmar Ratio Rank: 82
EMCL.NEO Martin Ratio Rank: 81

HGY.TO

HGY.TO Risk / Return Rank: 28
HGY.TO Sharpe Ratio Rank: 29
HGY.TO Sortino Ratio Rank: 26
HGY.TO Omega Ratio Rank: 31
HGY.TO Calmar Ratio Rank: 29
HGY.TO Martin Ratio Rank: 27

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. HGY.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 Global X Gold Yield ETF (HGY.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	HGY.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.04	1.03	+2.01
Sortino ratio: Return per unit of downside risk	3.77	1.42	+2.35
Omega ratio: Gain probability vs. loss probability	1.65	1.21	+0.44
Calmar ratio: Return relative to maximum drawdown	4.29	1.38	+2.91
Martin ratio: Return relative to average drawdown	15.90	3.70	+12.20
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. HGY.TO - Sharpe Ratio Comparison

The current EMCL.NEO Sharpe Ratio is 3.04, which is higher than the HGY.TO Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of EMCL.NEO and HGY.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.

Sharpe Ratios by Period

	EMCL.NEO	HGY.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.04	1.03	+2.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.89	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.57	0.07	+1.50

Drawdowns

EMCL.NEO vs. HGY.TO - Drawdown Comparison

The maximum EMCL.NEO drawdown since its inception was -19.19%, smaller than the maximum HGY.TO drawdown of -39.53%. Use the drawdown chart below to compare losses from any high point for EMCL.NEO and HGY.TO.

Drawdown Indicators

	EMCL.NEO	HGY.TO	Difference
Max Drawdown Largest peak-to-trough decline	-19.19%	-39.53%	+20.34%
Max Drawdown (1Y) Largest decline over 1 year	-13.12%	-17.47%	+4.35%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.47%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-18.32%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-20.31%	—
Current Drawdown Current decline from peak	-0.68%	-15.54%	+14.86%
Average Drawdown Average peak-to-trough decline	-2.47%	-17.79%	+15.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.53%	6.50%	-2.97%

Volatility

EMCL.NEO vs. HGY.TO - Volatility Comparison

Global X Enhanced MSCI Emerging Markets Covered Call ETF (EMCL.NEO) has a higher volatility of 7.86% compared to Global X Gold Yield ETF (HGY.TO) at 7.22%. This indicates that EMCL.NEO's price experiences larger fluctuations and is considered to be riskier than HGY.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMCL.NEO	HGY.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.86%	7.22%	+0.64%
Volatility (6M) Calculated over the trailing 6-month period	16.41%	20.71%	-4.30%
Volatility (1Y) Calculated over the trailing 1-year period	18.54%	23.45%	-4.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.00%	15.57%	+3.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.00%	15.45%	+3.55%

Dividends

EMCL.NEO vs. HGY.TO - Dividend Comparison

EMCL.NEO's dividend yield for the trailing twelve months is around 10.17%, more than HGY.TO's 6.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMCL.NEO Global X Enhanced MSCI Emerging Markets Covered Call ETF	10.17%	11.76%	7.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HGY.TO Global X Gold Yield ETF	6.13%	4.92%	5.32%	6.10%	6.42%	5.87%	5.72%	4.19%	4.66%	4.63%	5.37%	6.13%

Frequently Asked Questions

Can I hold both EMCL.NEO and HGY.TO in my portfolio?

EMCL.NEO and HGY.TO have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between EMCL.NEO and HGY.TO?

EMCL.NEO is categorized as Derivative Income, while HGY.TO is Gold.