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ENCL.TO vs. NNRG.NEO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ENCL.TO vs. NNRG.NEO

Last updated Jun 24, 2026

ENCL.TO (Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD) and NNRG.NEO (Ninepoint Energy ETF) are both Energy Equities funds. ENCL.TO is actively managed, while NNRG.NEO is passively managed. Over the past year, ENCL.TO returned 43.18% vs 49.46% for NNRG.NEO. Their correlation of 0.84 suggests significant overlap in exposure. ENCL.TO charges 1.86%/yr vs 1.79%/yr for NNRG.NEO.

Performance

ENCL.TO vs. NNRG.NEO - 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 Ninepoint Energy ETF (NNRG.NEO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ENCL.TO achieves a 30.80% return, which is significantly lower than NNRG.NEO's 36.48% return.

ENCL.TO

1D
1.40%
1M
-5.96%
YTD
30.80%
6M
32.16%
1Y
43.18%
3Y*
—
5Y*
—
10Y*
—

NNRG.NEO

1D
0.90%
1M
-6.81%
YTD
36.48%
6M
36.66%
1Y
49.46%
3Y*
27.63%
5Y*
27.62%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ENCL.TO vs. NNRG.NEO - Yearly Performance Comparison

2026 (YTD)202520242023
ENCL.TO
Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD		30.80%14.97%20.32%-11.68%
NNRG.NEO
Ninepoint Energy ETF		36.48%19.14%13.26%-13.14%

Correlation

The correlation between ENCL.TO and NNRG.NEO is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.79

Correlation (All Time)
Calculated using the full available price history since Oct 11, 2023

0.84

The correlation between ENCL.TO and NNRG.NEO has been stable across timeframes, ranging from 0.79 to 0.84 - a consistent structural relationship.

ENCL.TO vs. NNRG.NEO - Sectors Allocation Comparison

Sectors
ENCL.TO
NNRG.NEO

Energy

100.0%
100.0%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Financial Services

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Energy

ENCL.TO
100.0%
NNRG.NEO
100.0%

Basic Materials

ENCL.TO

-

NNRG.NEO

-

Communication Services

ENCL.TO

-

NNRG.NEO

-

Consumer Cyclical

ENCL.TO

-

NNRG.NEO

-

Consumer Defensive

ENCL.TO

-

NNRG.NEO

-

Financial Services

ENCL.TO

-

NNRG.NEO

-

Healthcare

ENCL.TO

-

NNRG.NEO

-

Industrials

ENCL.TO

-

NNRG.NEO

-

Real Estate

ENCL.TO

-

NNRG.NEO

-

Technology

ENCL.TO

-

NNRG.NEO

-

Utilities

ENCL.TO

-

NNRG.NEO

-

Compare stocks, funds, or ETFs

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Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD

Ninepoint Energy ETF

Often compared with ENCL.TO:
ENCL.TO vs. ENCC.TOENCL.TO vs. UTES.TOENCL.TO vs. XEG.TOENCL.TO vs. UMAX.TOENCL.TO vs. OILY.TOENCL.TO vs. BANK.TOENCL.TO vs. HHIS.TO
Often compared with NNRG.NEO:
NNRG.NEO vs. XEG.TONNRG.NEO vs. DXMO.TONNRG.NEO vs. EFX.TONNRG.NEO vs. IXCNNRG.NEO vs. ENCC.TONNRG.NEO vs. CIF.TONNRG.NEO vs. ZWEN.TO

Return for Risk

ENCL.TO vs. NNRG.NEO — 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: 7676
Overall Rank
ENCL.TO Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
ENCL.TO Sortino Ratio Rank: 7070
Sortino Ratio Rank
ENCL.TO Omega Ratio Rank: 7373
Omega Ratio Rank
ENCL.TO Calmar Ratio Rank: 8181
Calmar Ratio Rank
ENCL.TO Martin Ratio Rank: 7575
Martin Ratio Rank
NNRG.NEO
NNRG.NEO Risk / Return Rank: 6565
Overall Rank
NNRG.NEO Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
NNRG.NEO Sortino Ratio Rank: 5858
Sortino Ratio Rank
NNRG.NEO Omega Ratio Rank: 5959
Omega Ratio Rank
NNRG.NEO Calmar Ratio Rank: 7777
Calmar Ratio Rank
NNRG.NEO Martin Ratio Rank: 6464
Martin Ratio Rank
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. NNRG.NEO - 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 Ninepoint Energy ETF (NNRG.NEO). 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.

ENCL.TONNRG.NEODifference
Sharpe ratioReturn per unit of total volatility
2.38
1.99

+0.38

Sortino ratioReturn per unit of downside risk
3.00
2.54

+0.46

Omega ratioGain probability vs. loss probability

1.41

1.33

+0.07

Calmar ratioReturn relative to maximum drawdown

4.03

3.71

+0.32

Martin ratioReturn relative to average drawdown

13.52

10.77

+2.74

ENCL.TO vs. NNRG.NEO - Sharpe Ratio Comparison

The current ENCL.TO Sharpe Ratio is 2.38, which is comparable to the NNRG.NEO Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of ENCL.TO and NNRG.NEO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

ENCL.TO vs. NNRG.NEO - Drawdown Comparison

The maximum ENCL.TO drawdown since its inception was -21.05%, smaller than the maximum NNRG.NEO drawdown of -35.78%. Use the drawdown chart below to compare losses from any high point for ENCL.TO and NNRG.NEO.

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Drawdown Indicators

ENCL.TONNRG.NEODifference

Max Drawdown

Largest peak-to-trough decline

-21.05%

-35.78%

+14.73%

Max Drawdown (1Y)

Largest decline over 1 year

-10.75%

-13.46%

+2.71%

Max Drawdown (3Y)

Largest decline over 3 years

—

-23.52%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-35.78%

—

Current Drawdown

Current decline from peak

-6.66%

-10.66%

+4.00%

Average Drawdown

Average peak-to-trough decline

-4.81%

-11.87%

+7.06%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.21%

5.57%

-2.36%

Volatility

ENCL.TO vs. NNRG.NEO - Volatility Comparison

The current volatility for Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD (ENCL.TO) is 6.80%, while Ninepoint Energy ETF (NNRG.NEO) has a volatility of 8.01%. This indicates that ENCL.TO experiences smaller price fluctuations and is considered to be less risky than NNRG.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ENCL.TONNRG.NEODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.80%

8.01%

-1.21%

Volatility (6M)

Calculated over the trailing 6-month period

15.64%

20.91%

-5.27%

Volatility (1Y)

Calculated over the trailing 1-year period

18.36%

25.25%

-6.89%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.89%

34.09%

-13.20%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.89%

34.15%

-13.26%

ENCL.TO vs. NNRG.NEO - Expense Ratio Comparison

ENCL.TO has a 1.86% expense ratio, which is higher than NNRG.NEO's 1.79% expense ratio.

Dividends

ENCL.TO vs. NNRG.NEO - Dividend Comparison

ENCL.TO's dividend yield for the trailing twelve months is around 13.94%, more than NNRG.NEO's 0.55% yield.

PositionTTM202520242023
ENCL.TO
Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD		13.94%17.14%18.56%4.68%
NNRG.NEO
Ninepoint Energy ETF		0.55%0.37%0.39%0.38%

Frequently Asked Questions

ENCL.TO and NNRG.NEO have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, NNRG.NEO is cheaper at 1.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.

NNRG.NEO is cheaper with a 1.79% expense ratio, compared with 1.86% for ENCL.TO.

They also come from different issuers: Global X and Ninepoint. Their fees differ too: 1.86% for ENCL.TO and 1.79% for NNRG.NEO.

Portfolio Optimizer

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