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

EMCL.NEO vs. ZWB.TO

Last updated Jun 24, 2026

EMCL.NEO (Global X Enhanced MSCI Emerging Markets Covered Call ETF) and ZWB.TO (BMO Covered Call Canadian Banks ETF) are both exchange-traded funds - EMCL.NEO is a Derivative Income fund actively managed by Global X, while ZWB.TO is a Financials Equities fund actively managed by BMO. Both are actively managed. Over the past year, EMCL.NEO returned 50.68% vs 61.42% for ZWB.TO. At a 0.37 correlation, their price movements are largely independent.

Performance

EMCL.NEO vs. ZWB.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 Covered Call Canadian Banks ETF (ZWB.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both stocks are quite close, with EMCL.NEO having a 26.59% return and ZWB.TO slightly lower at 26.23%.

EMCL.NEO

1D
-4.91%
1M
6.27%
YTD
26.59%
6M
27.83%
1Y
50.68%
3Y*
—
5Y*
—
10Y*
—

ZWB.TO

1D
0.39%
1M
7.50%
YTD
26.23%
6M
26.02%
1Y
61.42%
3Y*
30.29%
5Y*
15.76%
10Y*
13.33%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024
EMCL.NEO
Global X Enhanced MSCI Emerging Markets Covered Call ETF		26.59%20.46%3.66%
ZWB.TO
BMO Covered Call Canadian Banks ETF		26.23%34.91%15.08%

Correlation

The correlation between EMCL.NEO and ZWB.TO is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.44

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

0.37

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

Sectors
EMCL.NEO
ZWB.TO

Technology

40.3%

-

Financial Services

19.8%
100.0%

Industrials

7.8%

-

Basic Materials

7.0%

-

Communication Services

6.5%

-

Consumer Cyclical

6.3%

-

Energy

4.2%

-

Consumer Defensive

2.8%

-

Healthcare

2.2%

-

Utilities

2.1%

-

Real Estate

1.1%

-

Technology

EMCL.NEO
40.3%
ZWB.TO

-

Financial Services

EMCL.NEO
19.8%
ZWB.TO
100.0%

Industrials

EMCL.NEO
7.8%
ZWB.TO

-

Basic Materials

EMCL.NEO
7.0%
ZWB.TO

-

Communication Services

EMCL.NEO
6.5%
ZWB.TO

-

Consumer Cyclical

EMCL.NEO
6.3%
ZWB.TO

-

Energy

EMCL.NEO
4.2%
ZWB.TO

-

Consumer Defensive

EMCL.NEO
2.8%
ZWB.TO

-

Healthcare

EMCL.NEO
2.2%
ZWB.TO

-

Utilities

EMCL.NEO
2.1%
ZWB.TO

-

Real Estate

EMCL.NEO
1.1%
ZWB.TO

-

Compare stocks, funds, or ETFs

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Global X Enhanced MSCI Emerging Markets Covered Call ETF

BMO Covered Call Canadian Banks ETF

Often compared with EMCL.NEO:
EMCL.NEO vs. EQCC.TOEMCL.NEO vs. EQCL.TOEMCL.NEO vs. BKCL.TOEMCL.NEO vs. BKCC.TOEMCL.NEO vs. ZWC.TOEMCL.NEO vs. EACC.NEOEMCL.NEO vs. HEQT.TO
Often compared with ZWB.TO:
ZWB.TO vs. ZEB.TOZWB.TO vs. ZWC.TOZWB.TO vs. VDY.TOZWB.TO vs. VFV.TOZWB.TO vs. XDIV.TOZWB.TO vs. RBNK.TOZWB.TO vs. SRU-UN.TO

Return for Risk

EMCL.NEO vs. ZWB.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: 7979
Overall Rank
EMCL.NEO Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
EMCL.NEO Sortino Ratio Rank: 6868
Sortino Ratio Rank
EMCL.NEO Omega Ratio Rank: 8585
Omega Ratio Rank
EMCL.NEO Calmar Ratio Rank: 8282
Calmar Ratio Rank
EMCL.NEO Martin Ratio Rank: 8080
Martin Ratio Rank
ZWB.TO
ZWB.TO Risk / Return Rank: 9797
Overall Rank
ZWB.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
ZWB.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
ZWB.TO Omega Ratio Rank: 9898
Omega Ratio Rank
ZWB.TO Calmar Ratio Rank: 9595
Calmar Ratio Rank
ZWB.TO Martin Ratio Rank: 9696
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. ZWB.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 Covered Call Canadian Banks ETF (ZWB.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.NEOZWB.TODifference
Sharpe ratioReturn per unit of total volatility
2.31
5.36

-3.05

Sortino ratioReturn per unit of downside risk
2.81
7.28

-4.46

Omega ratioGain probability vs. loss probability

1.47

2.02

-0.55

Calmar ratioReturn relative to maximum drawdown

3.98

7.89

-3.91

Martin ratioReturn relative to average drawdown

14.33

35.44

-21.11

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

The current EMCL.NEO Sharpe Ratio is 2.31, which is lower than the ZWB.TO Sharpe Ratio of 5.36. The chart below compares the historical Sharpe Ratios of EMCL.NEO and ZWB.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. ZWB.TO - Drawdown Comparison

The maximum EMCL.NEO drawdown since its inception was -19.73%, smaller than the maximum ZWB.TO drawdown of -39.36%. Use the drawdown chart below to compare losses from any high point for EMCL.NEO and ZWB.TO.

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Drawdown Indicators

EMCL.NEOZWB.TODifference

Max Drawdown

Largest peak-to-trough decline

-19.73%

-39.36%

+19.63%

Max Drawdown (1Y)

Largest decline over 1 year

-13.12%

-7.82%

-5.30%

Max Drawdown (3Y)

Largest decline over 3 years

—

-14.05%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-25.26%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-39.36%

—

Current Drawdown

Current decline from peak

-4.91%

0.00%

-4.91%

Average Drawdown

Average peak-to-trough decline

-2.57%

-5.54%

+2.97%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.60%

1.74%

+1.86%

Volatility

EMCL.NEO vs. ZWB.TO - Volatility Comparison

Global X Enhanced MSCI Emerging Markets Covered Call ETF (EMCL.NEO) has a higher volatility of 12.60% compared to BMO Covered Call Canadian Banks ETF (ZWB.TO) at 3.38%. This indicates that EMCL.NEO's price experiences larger fluctuations and is considered to be riskier than ZWB.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.NEOZWB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

12.60%

3.38%

+9.22%

Volatility (6M)

Calculated over the trailing 6-month period

20.76%

9.95%

+10.81%

Volatility (1Y)

Calculated over the trailing 1-year period

22.64%

11.51%

+11.13%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

23.04%

12.65%

+10.39%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.04%

15.67%

+7.37%

Dividends

EMCL.NEO vs. ZWB.TO - Dividend Comparison

EMCL.NEO's dividend yield for the trailing twelve months is around 10.22%, more than ZWB.TO's 4.62% yield.

PositionTTM20252024202320222021202020192018201720162015
EMCL.NEO
Global X Enhanced MSCI Emerging Markets Covered Call ETF		10.22%9.86%3.10%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
ZWB.TO
BMO Covered Call Canadian Banks ETF		4.62%5.38%6.66%7.62%7.30%5.46%5.80%5.53%5.59%4.80%5.04%5.64%

Frequently Asked Questions

EMCL.NEO and ZWB.TO have a correlation of 0.44, 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 ZWB.TO is Financials Equities. They also come from different issuers: Global X and BMO.

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