ENCC.TO vs. SMH

Last updated Jun 14, 2026

ENCC.TO (Global X Canadian Oil and Gas Equity Covered Call ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - ENCC.TO is a Derivative Income fund actively managed by Global X, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. ENCC.TO is actively managed, while SMH is passively managed. Over the past 10 years, ENCC.TO returned 8.57%/yr vs 38.67%/yr for SMH. At a 0.27 correlation, their price movements are largely independent. ENCC.TO charges 0.76%/yr vs 0.35%/yr for SMH.

Performance

ENCC.TO vs. SMH - 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 VanEck Semiconductor ETF (SMH). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ENCC.TO is traded in CAD, while SMH is traded in USD. To make them comparable, the SMH 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 28.01% return, which is significantly lower than SMH's 75.64% return. Over the past 10 years, ENCC.TO has underperformed SMH with an annualized return of 8.57%, while SMH has yielded a comparatively higher 38.67% annualized return.

ENCC.TO

• 1D: -0.08%
• 1M: -1.20%
• YTD: 28.01%
• 6M: 26.82%
• 1Y: 36.55%
• 3Y*: 22.38%
• 5Y*: 24.54%
• 10Y*: 8.57%

SMH

• 1D: 1.91%
• 1M: 13.45%
• YTD: 75.64%
• 6M: 78.12%
• 1Y: 148.68%
• 3Y*: 62.45%
• 5Y*: 42.48%
• 10Y*: 38.67%

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

ENCC.TO vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ENCC.TO Global X Canadian Oil and Gas Equity Covered Call ETF	28.01%	13.13%	17.39%	5.72%	41.32%	80.54%	-27.98%	6.56%	-30.99%	-18.47%
SMH VanEck Semiconductor ETF	75.64%	42.36%	50.88%	69.25%	-29.32%	42.06%	51.84%	57.67%	-1.41%	29.10%

Correlation

The correlation between ENCC.TO and SMH is -0.04, 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	-0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (10Y) Calculated over the trailing 10-year period	0.21
Correlation (All Time) Calculated using the full available price history since Apr 15, 2011	0.27

The correlation between ENCC.TO and SMH shifts across timeframes, from -0.04 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.

ENCC.TO vs. SMH - Sectors Allocation Comparison

Sectors	ENCC.TO	SMH
Energy	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	100.0%
Utilities	-	-

Return for Risk

ENCC.TO vs. SMH — 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: 88
ENCC.TO Sharpe Ratio Rank: 90
ENCC.TO Sortino Ratio Rank: 87
ENCC.TO Omega Ratio Rank: 88
ENCC.TO Calmar Ratio Rank: 88
ENCC.TO Martin Ratio Rank: 86

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 97
SMH Sortino Ratio Rank: 94
SMH Omega Ratio Rank: 94
SMH Calmar Ratio Rank: 97
SMH 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. SMH - 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 VanEck Semiconductor ETF (SMH). 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	SMH	Difference
Sharpe ratio: Return per unit of total volatility	2.68	4.28	-1.60
Sortino ratio: Return per unit of downside risk	3.46	4.42	-0.96
Omega ratio: Gain probability vs. loss probability	1.48	1.62	-0.14
Calmar ratio: Return relative to maximum drawdown	4.53	10.40	-5.87
Martin ratio: Return relative to average drawdown	15.82	36.66	-20.85

ENCC.TO vs. SMH - Sharpe Ratio Comparison

The current ENCC.TO Sharpe Ratio is 2.68, which is lower than the SMH Sharpe Ratio of 4.28. The chart below compares the historical Sharpe Ratios of ENCC.TO and SMH, 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. SMH - Drawdown Comparison

The maximum ENCC.TO drawdown since its inception was -93.29%, which is greater than SMH's maximum drawdown of -65.72%. Use the drawdown chart below to compare losses from any high point for ENCC.TO and SMH.

Drawdown Indicators

	ENCC.TO	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-93.29%	-65.72%	-27.57%
Max Drawdown (1Y) Largest decline over 1 year	-8.48%	-13.69%	+5.21%
Max Drawdown (3Y) Largest decline over 3 years	-16.67%	-33.72%	+17.05%
Max Drawdown (5Y) Largest decline over 5 years	-25.58%	-41.26%	+15.68%
Max Drawdown (10Y) Largest decline over 10 years	-82.15%	-41.26%	-40.89%
Current Drawdown Current decline from peak	-26.30%	-1.91%	-24.39%
Average Drawdown Average peak-to-trough decline	-56.03%	-19.94%	-36.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.42%	3.88%	-1.46%

Volatility

ENCC.TO vs. SMH - Volatility Comparison

The current volatility for Global X Canadian Oil and Gas Equity Covered Call ETF (ENCC.TO) is 5.63%, while VanEck Semiconductor ETF (SMH) has a volatility of 16.35%. This indicates that ENCC.TO experiences smaller price fluctuations and is considered to be less risky than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ENCC.TO	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.63%	16.35%	-10.72%
Volatility (6M) Calculated over the trailing 6-month period	12.61%	27.94%	-15.33%
Volatility (1Y) Calculated over the trailing 1-year period	14.33%	33.30%	-18.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.10%	36.05%	-12.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.04%	33.59%	-4.55%

ENCC.TO vs. SMH - Expense Ratio Comparison

ENCC.TO has a 0.76% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

ENCC.TO vs. SMH - Dividend Comparison

ENCC.TO's dividend yield for the trailing twelve months is around 11.18%, more than SMH's 0.18% 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	11.18%	13.62%	14.58%	14.87%	12.55%	4.23%	5.10%	6.11%	8.37%	6.93%	4.34%	3.03%
SMH VanEck Semiconductor ETF	0.18%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%

Frequently Asked Questions

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

ENCC.TO and SMH have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ENCC.TO or SMH?

On fees, SMH is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ENCC.TO or SMH?

SMH is cheaper with a 0.35% expense ratio, compared with 0.76% for ENCC.TO.

What is the main difference between ENCC.TO and SMH?

ENCC.TO is categorized as Derivative Income, while SMH is Semiconductors. They also come from different issuers: Global X and VanEck. Their fees differ too: 0.76% for ENCC.TO and 0.35% for SMH.