EMCL.NEO vs. HPF.TO

Last updated Jul 18, 2026

EMCL.NEO (Global X Enhanced MSCI Emerging Markets Covered Call ETF) and HPF.TO (Harvest Energy Leaders Income ETF Class A CAD Hedged) are both exchange-traded funds - EMCL.NEO is a Derivative Income fund actively managed by Global X, while HPF.TO is a Energy Equities fund actively managed by Harvest. Both are actively managed. Over the past year, EMCL.NEO returned 32.79% vs 41.27% for HPF.TO. At a correlation of -0.03, they often move in opposite directions.

Performance

EMCL.NEO vs. HPF.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 Harvest Energy Leaders Income ETF Class A CAD Hedged (HPF.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 17.09% return, which is significantly lower than HPF.TO's 31.82% return.

EMCL.NEO

• 1D: -1.57%
• 1M: -8.73%
• 6M: 10.34%
• YTD: 17.09%
• 1Y: 32.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HPF.TO

• 1D: 1.06%
• 1M: 6.87%
• 6M: 26.38%
• YTD: 31.82%
• 1Y: 41.27%
• 3Y*: 14.64%
• 5Y*: 17.23%
• 10Y*: 5.28%

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

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

	2026 (YTD)	2025	2024
EMCL.NEO Global X Enhanced MSCI Emerging Markets Covered Call ETF	17.09%	20.46%	3.66%
HPF.TO Harvest Energy Leaders Income ETF Class A CAD Hedged	31.82%	8.98%	-8.43%

Correlation

The correlation between EMCL.NEO and HPF.TO is -0.16, 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 (1Y) Calculated over the trailing 1-year period	-0.16
Correlation (All Time) Calculated using the full available price history since May 29, 2024	-0.03

The correlation between EMCL.NEO and HPF.TO shifts across timeframes, from -0.16 (1 year) to -0.03 (all time), reflecting how their relationship changes across market environments.

Return for Risk

EMCL.NEO vs. HPF.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: 58
EMCL.NEO Sharpe Ratio Rank: 52
EMCL.NEO Sortino Ratio Rank: 45
EMCL.NEO Omega Ratio Rank: 62
EMCL.NEO Calmar Ratio Rank: 67
EMCL.NEO Martin Ratio Rank: 62

HPF.TO

HPF.TO Risk / Return Rank: 81
HPF.TO Sharpe Ratio Rank: 85
HPF.TO Sortino Ratio Rank: 80
HPF.TO Omega Ratio Rank: 78
HPF.TO Calmar Ratio Rank: 85
HPF.TO Martin Ratio Rank: 75

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. HPF.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 Harvest Energy Leaders Income ETF Class A CAD Hedged (HPF.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.

	EMCL.NEO	HPF.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.38	2.10	-0.72
Sortino ratio: Return per unit of downside risk	1.79	2.73	-0.94
Omega ratio: Gain probability vs. loss probability	1.29	1.35	-0.06
Calmar ratio: Return relative to maximum drawdown	2.55	3.45	-0.91
Martin ratio: Return relative to average drawdown	8.24	10.17	-1.93

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

The current EMCL.NEO Sharpe Ratio is 1.38, which is lower than the HPF.TO Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of EMCL.NEO and HPF.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

EMCL.NEO vs. HPF.TO - Drawdown Comparison

The maximum EMCL.NEO drawdown since its inception was -19.73%, smaller than the maximum HPF.TO drawdown of -72.97%. Use the drawdown chart below to compare losses from any high point for EMCL.NEO and HPF.TO.

Drawdown Indicators

	EMCL.NEO	HPF.TO	Difference
Max Drawdown Largest peak-to-trough decline	-19.73%	-72.97%	+53.24%
Max Drawdown (1Y) Largest decline over 1 year	-13.12%	-12.01%	-1.11%
Max Drawdown (3Y) Largest decline over 3 years	—	-22.85%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-23.87%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-69.11%	—
Current Drawdown Current decline from peak	-12.04%	-3.42%	-8.62%
Average Drawdown Average peak-to-trough decline	-2.71%	-26.26%	+23.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.02%	4.07%	-0.05%

Volatility

EMCL.NEO vs. HPF.TO - Volatility Comparison

Global X Enhanced MSCI Emerging Markets Covered Call ETF (EMCL.NEO) has a higher volatility of 11.00% compared to Harvest Energy Leaders Income ETF Class A CAD Hedged (HPF.TO) at 6.39%. This indicates that EMCL.NEO's price experiences larger fluctuations and is considered to be riskier than HPF.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMCL.NEO	HPF.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.00%	6.39%	+4.61%
Volatility (6M) Calculated over the trailing 6-month period	22.65%	16.32%	+6.33%
Volatility (1Y) Calculated over the trailing 1-year period	24.18%	19.73%	+4.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.65%	23.63%	+0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.65%	28.03%	-4.38%

Dividends

EMCL.NEO vs. HPF.TO - Dividend Comparison

EMCL.NEO's dividend yield for the trailing twelve months is around 11.28%, more than HPF.TO's 7.85% 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	11.28%	9.86%	3.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HPF.TO Harvest Energy Leaders Income ETF Class A CAD Hedged	7.85%	9.93%	9.80%	8.75%	6.58%	4.61%	15.32%	8.74%	8.78%	12.87%	13.58%	13.31%

Frequently Asked Questions

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

EMCL.NEO and HPF.TO have a correlation of -0.16, 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 HPF.TO?

EMCL.NEO is categorized as Derivative Income, while HPF.TO is Energy Equities. They also come from different issuers: Global X and Harvest.