ENCL.TO vs. HMAX.TO

Last updated Jun 4, 2026

ENCL.TO (Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD) and HMAX.TO (Hamilton Canadian Financials YIELD MAXIMIZER ETF) are both exchange-traded funds - ENCL.TO is a Oil & Gas fund actively managed by Global X, while HMAX.TO is a Derivative Income fund actively managed by Hamilton Capital. Both are actively managed. Over the past year, ENCL.TO returned 52.50% vs 35.28% for HMAX.TO. At a 0.21 correlation, their price movements are largely independent. ENCL.TO charges 1.86%/yr vs 0.65%/yr for HMAX.TO.

Performance

ENCL.TO vs. HMAX.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD (ENCL.TO) and Hamilton Canadian Financials YIELD MAXIMIZER ETF (HMAX.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ENCL.TO achieves a 36.58% return, which is significantly higher than HMAX.TO's 11.17% return.

ENCL.TO

• 1D: 0.43%
• 1M: 2.89%
• YTD: 36.58%
• 6M: 32.07%
• 1Y: 52.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HMAX.TO

• 1D: -0.55%
• 1M: 4.52%
• YTD: 11.17%
• 6M: 14.64%
• 1Y: 35.28%
• 3Y*: 21.76%
• 5Y*: —
• 10Y*: —

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

ENCL.TO vs. HMAX.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ENCL.TO Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD	36.58%	14.97%	20.32%	-3.43%
HMAX.TO Hamilton Canadian Financials YIELD MAXIMIZER ETF	11.17%	27.20%	20.65%	7.52%

Correlation

The correlation between ENCL.TO and HMAX.TO is -0.10, 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	-0.10
Correlation (All Time) Calculated using the full available price history since Oct 12, 2023	0.21

The correlation between ENCL.TO and HMAX.TO shifts across timeframes, from -0.10 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.

ENCL.TO vs. HMAX.TO - Sectors Allocation Comparison

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

Return for Risk

ENCL.TO vs. HMAX.TO — Risk / Return Rank

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

ENCL.TO

ENCL.TO Risk / Return Rank: 85
ENCL.TO Sharpe Ratio Rank: 88
ENCL.TO Sortino Ratio Rank: 81
ENCL.TO Omega Ratio Rank: 83
ENCL.TO Calmar Ratio Rank: 86
ENCL.TO Martin Ratio Rank: 84

HMAX.TO

HMAX.TO Risk / Return Rank: 91
HMAX.TO Sharpe Ratio Rank: 93
HMAX.TO Sortino Ratio Rank: 94
HMAX.TO Omega Ratio Rank: 93
HMAX.TO Calmar Ratio Rank: 86
HMAX.TO Martin Ratio Rank: 90

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.

ENCL.TO vs. HMAX.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD (ENCL.TO) and Hamilton Canadian Financials YIELD MAXIMIZER ETF (HMAX.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.

	ENCL.TO	HMAX.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.98	3.56	-0.58
Sortino ratio: Return per unit of downside risk	3.66	5.03	-1.37
Omega ratio: Gain probability vs. loss probability	1.51	1.67	-0.16
Calmar ratio: Return relative to maximum drawdown	4.91	4.86	+0.04
Martin ratio: Return relative to average drawdown	17.58	21.27	-3.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ENCL.TO vs. HMAX.TO - Sharpe Ratio Comparison

The current ENCL.TO Sharpe Ratio is 2.98, which is comparable to the HMAX.TO Sharpe Ratio of 3.56. The chart below compares the historical Sharpe Ratios of ENCL.TO and HMAX.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

	ENCL.TO	HMAX.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.98	3.56	-0.58
Sharpe Ratio (All Time) Calculated using the full available price history	1.27	1.54	-0.27

Drawdowns

ENCL.TO vs. HMAX.TO - Drawdown Comparison

The maximum ENCL.TO drawdown since its inception was -21.05%, which is greater than HMAX.TO's maximum drawdown of -15.34%. Use the drawdown chart below to compare losses from any high point for ENCL.TO and HMAX.TO.

Drawdown Indicators

	ENCL.TO	HMAX.TO	Difference
Max Drawdown Largest peak-to-trough decline	-21.05%	-15.34%	-5.71%
Max Drawdown (1Y) Largest decline over 1 year	-10.75%	-7.29%	-3.46%
Max Drawdown (3Y) Largest decline over 3 years	—	-12.48%	—
Current Drawdown Current decline from peak	-2.54%	-0.91%	-1.63%
Average Drawdown Average peak-to-trough decline	-3.95%	-2.94%	-1.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	1.66%	+1.34%

Volatility

ENCL.TO vs. HMAX.TO - Volatility Comparison

Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD (ENCL.TO) has a higher volatility of 7.30% compared to Hamilton Canadian Financials YIELD MAXIMIZER ETF (HMAX.TO) at 3.28%. This indicates that ENCL.TO's price experiences larger fluctuations and is considered to be riskier than HMAX.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ENCL.TO	HMAX.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.30%	3.28%	+4.02%
Volatility (6M) Calculated over the trailing 6-month period	15.75%	8.55%	+7.20%
Volatility (1Y) Calculated over the trailing 1-year period	17.75%	9.95%	+7.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.15%	11.42%	+8.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.15%	11.42%	+8.73%

ENCL.TO vs. HMAX.TO - Expense Ratio Comparison

ENCL.TO has a 1.86% expense ratio, which is higher than HMAX.TO's 0.65% expense ratio.

Dividends

ENCL.TO vs. HMAX.TO - Dividend Comparison

ENCL.TO's dividend yield for the trailing twelve months is around 13.35%, more than HMAX.TO's 11.59% yield.

Position	TTM	2025	2024	2023
ENCL.TO Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD	13.35%	17.14%	18.56%	4.68%
HMAX.TO Hamilton Canadian Financials YIELD MAXIMIZER ETF	11.59%	12.29%	14.08%	15.47%

Frequently Asked Questions

Can I hold both ENCL.TO and HMAX.TO in my portfolio?

ENCL.TO and HMAX.TO have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ENCL.TO or HMAX.TO?

On fees, HMAX.TO is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ENCL.TO or HMAX.TO?

HMAX.TO is cheaper with a 0.65% expense ratio, compared with 1.86% for ENCL.TO.

What is the main difference between ENCL.TO and HMAX.TO?

ENCL.TO is categorized as Oil & Gas, while HMAX.TO is Derivative Income. They also come from different issuers: Global X and Hamilton Capital. Their fees differ too: 1.86% for ENCL.TO and 0.65% for HMAX.TO.