ENCC.TO vs. ZWB.TO
ENCC.TO (Global X Canadian Oil and Gas Equity Covered Call ETF) and ZWB.TO (BMO Covered Call Canadian Banks ETF) are both exchange-traded funds - ENCC.TO 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 10 years, ENCC.TO returned 8.31%/yr vs 13.33%/yr for ZWB.TO. At a 0.40 correlation, their price movements are largely independent. ENCC.TO charges 0.76%/yr vs 0.72%/yr for ZWB.TO.
Performance
ENCC.TO vs. ZWB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ENCC.TO achieves a 24.43% return, which is significantly lower than ZWB.TO's 26.23% return. Over the past 10 years, ENCC.TO has underperformed ZWB.TO with an annualized return of 8.31%, while ZWB.TO has yielded a comparatively higher 13.33% annualized return.
ENCC.TO
- 1D
- 0.64%
- 1M
- -4.83%
- YTD
- 24.43%
- 6M
- 25.49%
- 1Y
- 34.49%
- 3Y*
- 22.40%
- 5Y*
- 23.41%
- 10Y*
- 8.31%
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%
ENCC.TO vs. ZWB.TO - 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 | 24.43% | 13.13% | 17.39% | 5.72% | 41.32% | 80.54% | -27.98% | 6.56% | -30.99% | -18.47% |
ZWB.TO BMO Covered Call Canadian Banks ETF | 26.23% | 34.91% | 19.41% | 6.67% | -11.00% | 30.81% | 1.68% | 14.32% | -8.08% | 11.52% |
Correlation
The correlation between ENCC.TO and ZWB.TO is -0.12, 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 | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Apr 15, 2011 | 0.40 |
The correlation between ENCC.TO and ZWB.TO shifts across timeframes, from -0.12 (1 year) to 0.40 (all time), reflecting how their relationship changes across market environments.
ENCC.TO vs. ZWB.TO - Sectors Allocation Comparison
Sectors
ENCC.TO
ZWB.TO
Energy
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Basic Materials
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Communication Services
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Consumer Cyclical
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Consumer Defensive
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Financial Services
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Healthcare
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Industrials
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Real Estate
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Technology
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Utilities
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Energy
ENCC.TO
ZWB.TO
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Basic Materials
ENCC.TO
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ZWB.TO
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Communication Services
ENCC.TO
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ZWB.TO
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Consumer Cyclical
ENCC.TO
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ZWB.TO
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Consumer Defensive
ENCC.TO
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ZWB.TO
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Financial Services
ENCC.TO
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ZWB.TO
Healthcare
ENCC.TO
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ZWB.TO
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Industrials
ENCC.TO
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ZWB.TO
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Real Estate
ENCC.TO
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ZWB.TO
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Technology
ENCC.TO
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ZWB.TO
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Utilities
ENCC.TO
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ZWB.TO
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Return for Risk
ENCC.TO vs. ZWB.TO — Risk / Return Rank
ENCC.TO
ZWB.TO
ENCC.TO vs. ZWB.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 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.
| ENCC.TO | ZWB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.97 | ||
| Sortino ratioReturn per unit of downside risk | -4.16 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 2.02 | -0.60 |
| Calmar ratioReturn relative to maximum drawdown | 4.09 | 7.89 | -3.80 |
| Martin ratioReturn relative to average drawdown | 13.56 | 35.44 | -21.87 |
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Drawdowns
ENCC.TO vs. ZWB.TO - Drawdown Comparison
The maximum ENCC.TO drawdown since its inception was -93.29%, which is greater than ZWB.TO's maximum drawdown of -39.36%. Use the drawdown chart below to compare losses from any high point for ENCC.TO and ZWB.TO.
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Drawdown Indicators
| ENCC.TO | ZWB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.29% | -39.36% | -53.93% |
Max Drawdown (1Y)Largest decline over 1 year | -8.48% | -7.82% | -0.66% |
Max Drawdown (3Y)Largest decline over 3 years | -16.67% | -14.05% | -2.62% |
Max Drawdown (5Y)Largest decline over 5 years | -25.58% | -25.26% | -0.32% |
Max Drawdown (10Y)Largest decline over 10 years | -82.15% | -39.36% | -42.79% |
Current DrawdownCurrent decline from peak | -28.36% | 0.00% | -28.36% |
Average DrawdownAverage peak-to-trough decline | -55.98% | -5.54% | -50.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.56% | 1.74% | +0.82% |
Volatility
ENCC.TO vs. ZWB.TO - Volatility Comparison
Global X Canadian Oil and Gas Equity Covered Call ETF (ENCC.TO) has a higher volatility of 5.30% compared to BMO Covered Call Canadian Banks ETF (ZWB.TO) at 3.38%. This indicates that ENCC.TO'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
| ENCC.TO | ZWB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.30% | 3.38% | +1.92% |
Volatility (6M)Calculated over the trailing 6-month period | 12.33% | 9.95% | +2.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.53% | 11.51% | +3.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.97% | 12.65% | +10.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.02% | 15.67% | +13.35% |
ENCC.TO vs. ZWB.TO - Expense Ratio Comparison
ENCC.TO has a 0.76% expense ratio, which is higher than ZWB.TO's 0.72% expense ratio.
Dividends
ENCC.TO vs. ZWB.TO - Dividend Comparison
ENCC.TO's dividend yield for the trailing twelve months is around 11.50%, more than ZWB.TO's 4.62% 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 | 11.50% | 13.62% | 14.58% | 14.87% | 12.55% | 4.23% | 5.10% | 6.11% | 8.37% | 6.93% | 4.34% | 3.03% |
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
ENCC.TO and ZWB.TO have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZWB.TO is cheaper at 0.72% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZWB.TO is cheaper with a 0.72% expense ratio, compared with 0.76% for ENCC.TO.
ENCC.TO is categorized as Derivative Income, while ZWB.TO is Financials Equities. They also come from different issuers: Global X and BMO. Their fees differ too: 0.76% for ENCC.TO and 0.72% for ZWB.TO.
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