ENCC.TO vs. ZWEN.TO

Last updated Jun 4, 2026

ENCC.TO (Global X Canadian Oil and Gas Equity Covered Call ETF) and ZWEN.TO (BMO Covered Call Energy ETF) are both exchange-traded funds - ENCC.TO is a Derivative Income fund actively managed by Global X, while ZWEN.TO is a Energy Equities fund actively managed by BMO. Both are actively managed. Over the past 3 years, ENCC.TO returned 22.89%/yr vs 19.60%/yr for ZWEN.TO. A 0.78 correlation means they provide meaningful diversification when combined. ENCC.TO charges 0.76%/yr vs 0.88%/yr for ZWEN.TO.

Performance

ENCC.TO vs. ZWEN.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 BMO Covered Call Energy ETF (ZWEN.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with ENCC.TO having a 29.01% return and ZWEN.TO slightly higher at 30.35%.

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%

ZWEN.TO

• 1D: 1.16%
• 1M: 0.91%
• YTD: 30.35%
• 6M: 25.89%
• 1Y: 41.26%
• 3Y*: 19.60%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023
ENCC.TO Global X Canadian Oil and Gas Equity Covered Call ETF	29.01%	13.13%	17.39%	3.11%
ZWEN.TO BMO Covered Call Energy ETF	30.35%	6.74%	10.43%	2.68%

Correlation

The correlation between ENCC.TO and ZWEN.TO is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jan 27, 2023	0.78

The correlation between ENCC.TO and ZWEN.TO has been stable across timeframes, ranging from 0.78 to 0.80 - a consistent structural relationship.

ENCC.TO vs. ZWEN.TO - Sectors Allocation Comparison

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

Return for Risk

ENCC.TO vs. ZWEN.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

ZWEN.TO

ZWEN.TO Risk / Return Rank: 74
ZWEN.TO Sharpe Ratio Rank: 76
ZWEN.TO Sortino Ratio Rank: 69
ZWEN.TO Omega Ratio Rank: 68
ZWEN.TO Calmar Ratio Rank: 82
ZWEN.TO Martin Ratio Rank: 75

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. ZWEN.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 Energy ETF (ZWEN.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	ZWEN.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.98	2.49	+0.49
Sortino ratio: Return per unit of downside risk	3.81	3.18	+0.63
Omega ratio: Gain probability vs. loss probability	1.53	1.41	+0.11
Calmar ratio: Return relative to maximum drawdown	4.93	4.37	+0.56
Martin ratio: Return relative to average drawdown	17.54	14.22	+3.32
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. ZWEN.TO - Sharpe Ratio Comparison

The current ENCC.TO Sharpe Ratio is 2.98, which is comparable to the ZWEN.TO Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of ENCC.TO and ZWEN.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	ZWEN.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.98	2.49	+0.49
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	0.81	-0.81

Drawdowns

ENCC.TO vs. ZWEN.TO - Drawdown Comparison

The maximum ENCC.TO drawdown since its inception was -89.91%, which is greater than ZWEN.TO's maximum drawdown of -18.75%. Use the drawdown chart below to compare losses from any high point for ENCC.TO and ZWEN.TO.

Drawdown Indicators

	ENCC.TO	ZWEN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-89.91%	-18.75%	-71.16%
Max Drawdown (1Y) Largest decline over 1 year	-8.48%	-9.50%	+1.02%
Max Drawdown (3Y) Largest decline over 3 years	-16.67%	-18.75%	+2.08%
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%	-2.09%	+0.10%
Average Drawdown Average peak-to-trough decline	-39.82%	-4.38%	-35.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.38%	2.91%	-0.53%

Volatility

ENCC.TO vs. ZWEN.TO - Volatility Comparison

The current volatility for Global X Canadian Oil and Gas Equity Covered Call ETF (ENCC.TO) is 5.66%, while BMO Covered Call Energy ETF (ZWEN.TO) has a volatility of 7.08%. This indicates that ENCC.TO experiences smaller price fluctuations and is considered to be less risky than ZWEN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ENCC.TO	ZWEN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.66%	7.08%	-1.42%
Volatility (6M) Calculated over the trailing 6-month period	12.36%	13.73%	-1.37%
Volatility (1Y) Calculated over the trailing 1-year period	14.08%	16.69%	-2.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.03%	18.11%	+4.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.05%	18.11%	+10.94%

ENCC.TO vs. ZWEN.TO - Expense Ratio Comparison

ENCC.TO has a 0.76% expense ratio, which is lower than ZWEN.TO's 0.88% expense ratio.

Dividends

ENCC.TO vs. ZWEN.TO - Dividend Comparison

ENCC.TO's dividend yield for the trailing twelve months is around 11.09%, more than ZWEN.TO's 7.56% 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	11.09%	13.62%	14.58%	14.87%	12.55%	4.23%	5.10%	6.09%	8.35%	6.92%	4.77%	15.15%
ZWEN.TO BMO Covered Call Energy ETF	7.56%	9.53%	9.09%	8.27%	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 ZWEN.TO in my portfolio?

ENCC.TO and ZWEN.TO have a correlation of 0.80, 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 ZWEN.TO?

On fees, ENCC.TO is cheaper at 0.76% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ENCC.TO or ZWEN.TO?

ENCC.TO is cheaper with a 0.76% expense ratio, compared with 0.88% for ZWEN.TO.

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

ENCC.TO is categorized as Derivative Income, while ZWEN.TO is Energy Equities. They also come from different issuers: Global X and BMO. Their fees differ too: 0.76% for ENCC.TO and 0.88% for ZWEN.TO.