ENCC.TO vs. CBNK.TO

Last updated Jun 4, 2026

ENCC.TO (Global X Canadian Oil and Gas Equity Covered Call ETF) and CBNK.TO (Mulvihill Canadian Bank Enhanced Yield ETF) are both Derivative Income funds. Both are actively managed. Over the past 3 years, ENCC.TO returned 22.89%/yr vs 38.97%/yr for CBNK.TO. At a 0.28 correlation, their price movements are largely independent.

Performance

ENCC.TO vs. CBNK.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X Canadian Oil and Gas Equity Covered Call ETF (ENCC.TO) and Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ENCC.TO achieves a 29.01% return, which is significantly higher than CBNK.TO's 25.56% return.

ENCC.TO

• 1D: 0.93%
• 1M: 2.37%
• YTD: 29.01%
• 6M: 25.71%
• 1Y: 41.57%
• 3Y*: 22.89%
• 5Y*: 25.31%
• 10Y*: 8.49%

CBNK.TO

• 1D: 0.42%
• 1M: 7.74%
• YTD: 25.56%
• 6M: 32.17%
• 1Y: 79.20%
• 3Y*: 38.97%
• 5Y*: —
• 10Y*: —

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

ENCC.TO vs. CBNK.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ENCC.TO Global X Canadian Oil and Gas Equity Covered Call ETF	29.01%	13.13%	17.39%	5.72%	9.27%
CBNK.TO Mulvihill Canadian Bank Enhanced Yield ETF	25.56%	51.67%	27.42%	8.42%	-19.87%

Correlation

The correlation between ENCC.TO and CBNK.TO is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (All Time) Calculated using the full available price history since Mar 3, 2022	0.28

The correlation between ENCC.TO and CBNK.TO shifts across timeframes, from -0.08 (1 year) to 0.28 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ENCC.TO vs. CBNK.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ENCC.TO

ENCC.TO Risk / Return Rank: 85
ENCC.TO Sharpe Ratio Rank: 88
ENCC.TO Sortino Ratio Rank: 84
ENCC.TO Omega Ratio Rank: 85
ENCC.TO Calmar Ratio Rank: 86
ENCC.TO Martin Ratio Rank: 84

CBNK.TO

CBNK.TO Risk / Return Rank: 96
CBNK.TO Sharpe Ratio Rank: 98
CBNK.TO Sortino Ratio Rank: 98
CBNK.TO Omega Ratio Rank: 97
CBNK.TO Calmar Ratio Rank: 95
CBNK.TO Martin Ratio Rank: 96

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.

ENCC.TO vs. CBNK.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Canadian Oil and Gas Equity Covered Call ETF (ENCC.TO) and Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.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.

	ENCC.TO	CBNK.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.98	5.12	-2.15
Sortino ratio: Return per unit of downside risk	3.81	6.76	-2.95
Omega ratio: Gain probability vs. loss probability	1.53	1.87	-0.34
Calmar ratio: Return relative to maximum drawdown	4.93	7.94	-3.01
Martin ratio: Return relative to average drawdown	17.54	34.25	-16.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ENCC.TO vs. CBNK.TO - Sharpe Ratio Comparison

The current ENCC.TO Sharpe Ratio is 2.98, which is lower than the CBNK.TO Sharpe Ratio of 5.12. The chart below compares the historical Sharpe Ratios of ENCC.TO and CBNK.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

	ENCC.TO	CBNK.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.98	5.12	-2.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.11	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.00	1.10	-1.10

Drawdowns

ENCC.TO vs. CBNK.TO - Drawdown Comparison

The maximum ENCC.TO drawdown since its inception was -89.91%, which is greater than CBNK.TO's maximum drawdown of -32.12%. Use the drawdown chart below to compare losses from any high point for ENCC.TO and CBNK.TO.

Drawdown Indicators

	ENCC.TO	CBNK.TO	Difference
Max Drawdown Largest peak-to-trough decline	-89.91%	-32.12%	-57.79%
Max Drawdown (1Y) Largest decline over 1 year	-8.48%	-10.03%	+1.55%
Max Drawdown (3Y) Largest decline over 3 years	-16.67%	-17.92%	+1.25%
Max Drawdown (5Y) Largest decline over 5 years	-25.57%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-82.16%	—	—
Current Drawdown Current decline from peak	-1.99%	-2.29%	+0.30%
Average Drawdown Average peak-to-trough decline	-39.82%	-10.92%	-28.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.38%	2.32%	+0.06%

Volatility

ENCC.TO vs. CBNK.TO - Volatility Comparison

Global X Canadian Oil and Gas Equity Covered Call ETF (ENCC.TO) and Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.TO) have volatilities of 5.66% and 5.67%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ENCC.TO	CBNK.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.66%	5.67%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	12.36%	13.29%	-0.93%
Volatility (1Y) Calculated over the trailing 1-year period	14.08%	15.55%	-1.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.03%	17.55%	+5.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.05%	17.55%	+11.50%

Dividends

ENCC.TO vs. CBNK.TO - Dividend Comparison

ENCC.TO's dividend yield for the trailing twelve months is around 11.09%, more than CBNK.TO's 5.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CBNK.TO Mulvihill Canadian Bank Enhanced Yield ETF	5.94%	5.86%	8.25%	9.59%	7.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ENCC.TO Global X Canadian Oil and Gas Equity Covered Call ETF	11.09%	13.62%	14.58%	14.87%	12.55%	4.23%	5.10%	6.09%	8.35%	6.92%	4.77%	15.15%

Frequently Asked Questions

Can I hold both ENCC.TO and CBNK.TO in my portfolio?

ENCC.TO and CBNK.TO have a correlation of -0.08, 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 ENCC.TO and CBNK.TO?

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