EMCL.NEO vs. XSH.TO
EMCL.NEO (Global X Enhanced MSCI Emerging Markets Covered Call ETF) and XSH.TO (iShares Core Canadian Short Term Corporate Bond Index ETF) are both exchange-traded funds - EMCL.NEO is a Derivative Income fund actively managed by Global X, while XSH.TO is a Canadian Government Bonds fund tracking the Morningstar Can 1-5Y Core Bd GR CAD. EMCL.NEO is actively managed, while XSH.TO is passively managed. Over the past year, EMCL.NEO returned 56.02% vs 3.85% for XSH.TO. At a 0.14 correlation, their price movements are largely independent.
Performance
EMCL.NEO vs. XSH.TO - Performance Comparison
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Returns By Period
In the year-to-date period, EMCL.NEO achieves a 27.22% return, which is significantly higher than XSH.TO's 1.33% return.
EMCL.NEO
- 1D
- -0.68%
- 1M
- 11.93%
- YTD
- 27.22%
- 6M
- 27.94%
- 1Y
- 56.02%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
XSH.TO
- 1D
- 0.00%
- 1M
- 1.13%
- YTD
- 1.33%
- 6M
- 1.34%
- 1Y
- 3.85%
- 3Y*
- 6.05%
- 5Y*
- 2.86%
- 10Y*
- 2.82%
EMCL.NEO vs. XSH.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% |
XSH.TO iShares Core Canadian Short Term Corporate Bond Index ETF | 1.33% | 4.61% | 6.30% |
Correlation
The correlation between EMCL.NEO and XSH.TO is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since May 30, 2024 | 0.14 |
The correlation between EMCL.NEO and XSH.TO shifts across timeframes, from 0.14 (all time) to 0.26 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EMCL.NEO vs. XSH.TO — Risk / Return Rank
EMCL.NEO
XSH.TO
EMCL.NEO vs. XSH.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 iShares Core Canadian Short Term Corporate Bond Index ETF (XSH.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 | XSH.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.24 | ||
| Sortino ratioReturn per unit of downside risk | +1.26 | ||
| Omega ratioGain probability vs. loss probability | 1.65 | 1.36 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 4.29 | 2.57 | +1.73 |
| Martin ratioReturn relative to average drawdown | 15.90 | 10.05 | +5.85 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EMCL.NEO | XSH.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.04 | 1.79 | +1.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 1.02 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.64 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.57 | 0.74 | +0.83 |
Drawdowns
EMCL.NEO vs. XSH.TO - Drawdown Comparison
The maximum EMCL.NEO drawdown since its inception was -19.19%, which is greater than XSH.TO's maximum drawdown of -14.24%. Use the drawdown chart below to compare losses from any high point for EMCL.NEO and XSH.TO.
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Drawdown Indicators
| EMCL.NEO | XSH.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.19% | -14.24% | -4.95% |
Max Drawdown (1Y)Largest decline over 1 year | -13.12% | -1.51% | -11.61% |
Max Drawdown (3Y)Largest decline over 3 years | — | -1.51% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -7.80% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.24% | — |
Current DrawdownCurrent decline from peak | -0.68% | 0.00% | -0.68% |
Average DrawdownAverage peak-to-trough decline | -2.47% | -0.93% | -1.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.53% | 0.38% | +3.15% |
Volatility
EMCL.NEO vs. XSH.TO - Volatility Comparison
Global X Enhanced MSCI Emerging Markets Covered Call ETF (EMCL.NEO) has a higher volatility of 7.86% compared to iShares Core Canadian Short Term Corporate Bond Index ETF (XSH.TO) at 0.80%. This indicates that EMCL.NEO's price experiences larger fluctuations and is considered to be riskier than XSH.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMCL.NEO | XSH.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.86% | 0.80% | +7.06% |
Volatility (6M)Calculated over the trailing 6-month period | 16.41% | 1.83% | +14.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.54% | 2.16% | +16.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.00% | 2.83% | +16.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.00% | 4.42% | +14.58% |
Dividends
EMCL.NEO vs. XSH.TO - Dividend Comparison
EMCL.NEO's dividend yield for the trailing twelve months is around 10.17%, more than XSH.TO's 3.89% 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% |
XSH.TO iShares Core Canadian Short Term Corporate Bond Index ETF | 3.89% | 3.82% | 3.64% | 3.24% | 2.97% | 2.65% | 2.61% | 2.80% | 2.86% | 2.93% | 3.08% | 3.18% |
Frequently Asked Questions
EMCL.NEO and XSH.TO have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMCL.NEO is categorized as Derivative Income, while XSH.TO is Canadian Government Bonds. They also come from different issuers: Global X and iShares.
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