ENCC.TO vs. HBIL-U.TO

Last updated Jul 17, 2026

ENCC.TO (Global X Canadian Oil and Gas Equity Covered Call ETF) and HBIL-U.TO (Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units) are both exchange-traded funds - ENCC.TO is a Derivative Income fund actively managed by Global X, while HBIL-U.TO is a Government Bonds fund actively managed by Hamilton. Both are actively managed. Over the past year, ENCC.TO returned 39.90% vs 6.47% for HBIL-U.TO. At a correlation of -0.07, they often move in opposite directions.

Performance

ENCC.TO vs. HBIL-U.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 Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ENCC.TO is traded in CAD, while HBIL-U.TO is traded in USD. To make them comparable, the HBIL-U.TO values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ENCC.TO achieves a 28.47% return, which is significantly higher than HBIL-U.TO's 3.86% return.

ENCC.TO

• 1D: 0.55%
• 1M: 2.91%
• 6M: 27.03%
• YTD: 28.47%
• 1Y: 39.90%
• 3Y*: 22.56%
• 5Y*: 27.05%
• 10Y*: 8.17%

HBIL-U.TO

• 1D: -0.10%
• 1M: 0.03%
• 6M: 2.17%
• YTD: 3.86%
• 1Y: 6.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ENCC.TO vs. HBIL-U.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ENCC.TO Global X Canadian Oil and Gas Equity Covered Call ETF	28.47%	13.13%	4.76%
HBIL-U.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units	3.86%	0.03%	4.69%

Correlation

The correlation between ENCC.TO and HBIL-U.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 Sep 16, 2024	-0.07

Return for Risk

ENCC.TO vs. HBIL-U.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: 90
ENCC.TO Sharpe Ratio Rank: 93
ENCC.TO Sortino Ratio Rank: 91
ENCC.TO Omega Ratio Rank: 91
ENCC.TO Calmar Ratio Rank: 92
ENCC.TO Martin Ratio Rank: 85

HBIL-U.TO

HBIL-U.TO Risk / Return Rank: 86
HBIL-U.TO Sharpe Ratio Rank: 82
HBIL-U.TO Sortino Ratio Rank: 82
HBIL-U.TO Omega Ratio Rank: 91
HBIL-U.TO Calmar Ratio Rank: 85
HBIL-U.TO Martin Ratio Rank: 87

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. HBIL-U.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 Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.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.

	ENCC.TO	HBIL-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.66	1.39	+1.27
Sortino ratio: Return per unit of downside risk	3.46	1.99	+1.47
Omega ratio: Gain probability vs. loss probability	1.47	1.25	+0.22
Calmar ratio: Return relative to maximum drawdown	4.73	1.62	+3.11
Martin ratio: Return relative to average drawdown	13.60	4.12	+9.48

ENCC.TO vs. HBIL-U.TO - Sharpe Ratio Comparison

The current ENCC.TO Sharpe Ratio is 2.66, which is higher than the HBIL-U.TO Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of ENCC.TO and HBIL-U.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

ENCC.TO vs. HBIL-U.TO - Drawdown Comparison

The maximum ENCC.TO drawdown since its inception was -93.29%, which is greater than HBIL-U.TO's maximum drawdown of -6.68%. Use the drawdown chart below to compare losses from any high point for ENCC.TO and HBIL-U.TO.

Drawdown Indicators

	ENCC.TO	HBIL-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-93.29%	-6.68%	-86.61%
Max Drawdown (1Y) Largest decline over 1 year	-8.48%	-4.01%	-4.47%
Max Drawdown (3Y) Largest decline over 3 years	-16.67%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.58%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-82.15%	—	—
Current Drawdown Current decline from peak	-26.04%	-2.20%	-23.84%
Average Drawdown Average peak-to-trough decline	-55.87%	-2.26%	-53.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.94%	1.57%	+1.37%

Volatility

ENCC.TO vs. HBIL-U.TO - Volatility Comparison

Global X Canadian Oil and Gas Equity Covered Call ETF (ENCC.TO) has a higher volatility of 5.40% compared to Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.TO) at 1.82%. This indicates that ENCC.TO's price experiences larger fluctuations and is considered to be riskier than HBIL-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ENCC.TO	HBIL-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.40%	1.82%	+3.58%
Volatility (6M) Calculated over the trailing 6-month period	12.45%	3.60%	+8.85%
Volatility (1Y) Calculated over the trailing 1-year period	15.12%	4.68%	+10.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.71%	5.85%	+16.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.01%	5.85%	+23.16%

Dividends

ENCC.TO vs. HBIL-U.TO - Dividend Comparison

ENCC.TO's dividend yield for the trailing twelve months is around 11.25%, more than HBIL-U.TO's 6.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ENCC.TO Global X Canadian Oil and Gas Equity Covered Call ETF	11.25%	13.62%	14.58%	14.87%	12.55%	4.23%	5.10%	6.11%	8.37%	6.93%	4.34%	3.03%
HBIL-U.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units	6.75%	7.37%	2.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ENCC.TO and HBIL-U.TO in my portfolio?

ENCC.TO and HBIL-U.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 ENCC.TO and HBIL-U.TO?

ENCC.TO is categorized as Derivative Income, while HBIL-U.TO is Government Bonds. They also come from different issuers: Global X and Hamilton.