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EMCL.NEO vs. ZPH.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EMCL.NEO vs. ZPH.TO

Last updated Jul 18, 2026
Documentation

EMCL.NEO (Global X Enhanced MSCI Emerging Markets Covered Call ETF) and ZPH.TO (BMO US Put Write Hedged to CAD ETF) are both Derivative Income funds. Both are actively managed. Over the past year, EMCL.NEO returned 32.79% vs 7.85% for ZPH.TO. At a 0.32 correlation, their price movements are largely independent.

Performance

EMCL.NEO vs. ZPH.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 BMO US Put Write Hedged to CAD ETF (ZPH.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EMCL.NEO achieves a 17.09% return, which is significantly higher than ZPH.TO's 1.91% return.

EMCL.NEO

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

ZPH.TO

1D
-0.72%
1M
1.55%
6M
2.41%
YTD
1.91%
1Y
7.85%
3Y*
7.75%
5Y*
5.69%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024
EMCL.NEO
Global X Enhanced MSCI Emerging Markets Covered Call ETF		17.09%20.46%3.66%
ZPH.TO
BMO US Put Write Hedged to CAD ETF		1.91%9.47%3.33%

Correlation

The correlation between EMCL.NEO and ZPH.TO is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.31

Correlation (All Time)
Calculated using the full available price history since May 29, 2024

0.32

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

Sectors
EMCL.NEO
ZPH.TO

Technology

40.3%
42.2%

Financial Services

19.8%
17.2%

Industrials

7.8%
6.8%

Basic Materials

7.0%

-

Communication Services

6.5%
5.7%

Consumer Cyclical

6.3%
2.7%

Energy

4.2%

-

Consumer Defensive

2.8%
8.3%

Healthcare

2.2%
17.1%

Utilities

2.1%

-

Real Estate

1.1%

-

Technology

EMCL.NEO
40.3%
ZPH.TO
42.2%

Financial Services

EMCL.NEO
19.8%
ZPH.TO
17.2%

Industrials

EMCL.NEO
7.8%
ZPH.TO
6.8%

Basic Materials

EMCL.NEO
7.0%
ZPH.TO

-

Communication Services

EMCL.NEO
6.5%
ZPH.TO
5.7%

Consumer Cyclical

EMCL.NEO
6.3%
ZPH.TO
2.7%

Energy

EMCL.NEO
4.2%
ZPH.TO

-

Consumer Defensive

EMCL.NEO
2.8%
ZPH.TO
8.3%

Healthcare

EMCL.NEO
2.2%
ZPH.TO
17.1%

Utilities

EMCL.NEO
2.1%
ZPH.TO

-

Real Estate

EMCL.NEO
1.1%
ZPH.TO

-

Compare stocks, funds, or ETFs

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Global X Enhanced MSCI Emerging Markets Covered Call ETF

BMO US Put Write Hedged to CAD ETF

Often compared with EMCL.NEO:
EMCL.NEO vs. EQCC.TOEMCL.NEO vs. EQCL.TOEMCL.NEO vs. BKCL.TOEMCL.NEO vs. ZWC.TOEMCL.NEO vs. EACC.NEOEMCL.NEO vs. BKCC.TOEMCL.NEO vs. HEQT.TO
Often compared with ZPH.TO:
ZPH.TO vs. ZPW.TOZPH.TO vs. BANK.TOZPH.TO vs. CRCY.TOZPH.TO vs. QDAY.NEOZPH.TO vs. ZWC.TOZPH.TO vs. ECHI.TOZPH.TO vs. UMAX.TO

Return for Risk

EMCL.NEO vs. ZPH.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: 5858
Overall Rank
EMCL.NEO Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
EMCL.NEO Sortino Ratio Rank: 4545
Sortino Ratio Rank
EMCL.NEO Omega Ratio Rank: 6262
Omega Ratio Rank
EMCL.NEO Calmar Ratio Rank: 6767
Calmar Ratio Rank
EMCL.NEO Martin Ratio Rank: 6262
Martin Ratio Rank
ZPH.TO
ZPH.TO Risk / Return Rank: 4141
Overall Rank
ZPH.TO Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
ZPH.TO Sortino Ratio Rank: 4444
Sortino Ratio Rank
ZPH.TO Omega Ratio Rank: 4444
Omega Ratio Rank
ZPH.TO Calmar Ratio Rank: 3333
Calmar Ratio Rank
ZPH.TO Martin Ratio Rank: 4141
Martin Ratio Rank
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. ZPH.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 BMO US Put Write Hedged to CAD ETF (ZPH.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.NEOZPH.TODifference
Sharpe ratioReturn per unit of total volatility
1.38
1.20

+0.19

Sortino ratioReturn per unit of downside risk
1.79
1.75

+0.04

Omega ratioGain probability vs. loss probability

1.29

1.22

+0.07

Calmar ratioReturn relative to maximum drawdown

2.55

1.30

+1.25

Martin ratioReturn relative to average drawdown

8.24

4.90

+3.33

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

The current EMCL.NEO Sharpe Ratio is 1.38, which is comparable to the ZPH.TO Sharpe Ratio of 1.20. The chart below compares the historical Sharpe Ratios of EMCL.NEO and ZPH.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.

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Drawdowns

EMCL.NEO vs. ZPH.TO - Drawdown Comparison

The maximum EMCL.NEO drawdown since its inception was -19.73%, smaller than the maximum ZPH.TO drawdown of -33.38%. Use the drawdown chart below to compare losses from any high point for EMCL.NEO and ZPH.TO.

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Drawdown Indicators

EMCL.NEOZPH.TODifference

Max Drawdown

Largest peak-to-trough decline

-19.73%

-33.38%

+13.65%

Max Drawdown (1Y)

Largest decline over 1 year

-13.12%

-6.07%

-7.05%

Max Drawdown (3Y)

Largest decline over 3 years

—

-11.83%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-18.38%

—

Current Drawdown

Current decline from peak

-12.04%

-0.72%

-11.32%

Average Drawdown

Average peak-to-trough decline

-2.71%

-4.22%

+1.51%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.02%

1.61%

+2.41%

Volatility

EMCL.NEO vs. ZPH.TO - Volatility Comparison

Global X Enhanced MSCI Emerging Markets Covered Call ETF (EMCL.NEO) has a higher volatility of 11.00% compared to BMO US Put Write Hedged to CAD ETF (ZPH.TO) at 2.40%. This indicates that EMCL.NEO's price experiences larger fluctuations and is considered to be riskier than ZPH.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.NEOZPH.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

11.00%

2.40%

+8.60%

Volatility (6M)

Calculated over the trailing 6-month period

22.65%

5.69%

+16.96%

Volatility (1Y)

Calculated over the trailing 1-year period

24.18%

6.59%

+17.59%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

23.65%

11.18%

+12.47%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.65%

12.59%

+11.06%

Dividends

EMCL.NEO vs. ZPH.TO - Dividend Comparison

EMCL.NEO's dividend yield for the trailing twelve months is around 11.28%, more than ZPH.TO's 10.40% yield.

PositionTTM202520242023202220212020201920182017
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%
ZPH.TO
BMO US Put Write Hedged to CAD ETF		10.40%10.06%9.95%8.18%8.83%7.27%7.67%7.26%6.98%5.94%

Frequently Asked Questions

EMCL.NEO and ZPH.TO have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: Global X and BMO.

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