ENCL.TO vs. USCL.TO

Last updated Apr 2, 2026

Compare and contrast key facts about Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD (ENCL.TO) and Global X Enhanced S&P 500 Covered Call ETF (USCL.TO).

ENCL.TO and USCL.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ENCL.TO is an actively managed fund by Global X. It was launched on Oct 10, 2023. USCL.TO is an actively managed fund by Global X. It was launched on Jul 5, 2023.

Performance

ENCL.TO vs. USCL.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 Global X Enhanced S&P 500 Covered Call ETF (USCL.TO). The values are adjusted to include any dividend payments, if applicable.

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

	2026 (YTD)	2025	2024	2023
ENCL.TO Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD	25.17%	14.97%	20.32%	-3.43%
USCL.TO Global X Enhanced S&P 500 Covered Call ETF	-1.75%	10.03%	38.54%	3.48%

Returns By Period

In the year-to-date period, ENCL.TO achieves a 25.17% return, which is significantly higher than USCL.TO's -1.75% return.

ENCL.TO

• 1D: -3.35%
• 1M: 5.16%
• YTD: 25.17%
• 6M: 26.59%
• 1Y: 33.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USCL.TO

• 1D: 0.55%
• 1M: -3.02%
• YTD: -1.75%
• 6M: -0.25%
• 1Y: 13.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

ENCL.TO has a 1.86% expense ratio, which is higher than USCL.TO's 0.04% expense ratio.

ENCL.TO

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

USCL.TO

Global X Enhanced S&P 500 Covered Call ETF

Return for Risk

ENCL.TO vs. USCL.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: 72
ENCL.TO Sharpe Ratio Rank: 80
ENCL.TO Sortino Ratio Rank: 73
ENCL.TO Omega Ratio Rank: 81
ENCL.TO Calmar Ratio Rank: 62
ENCL.TO Martin Ratio Rank: 62

USCL.TO

USCL.TO Risk / Return Rank: 36
USCL.TO Sharpe Ratio Rank: 34
USCL.TO Sortino Ratio Rank: 35
USCL.TO Omega Ratio Rank: 42
USCL.TO Calmar Ratio Rank: 34
USCL.TO Martin Ratio Rank: 38

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. USCL.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 Global X Enhanced S&P 500 Covered Call ETF (USCL.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	USCL.TO	Difference
Sharpe ratio Return per unit of total volatility	1.56	0.67	+0.89
Sortino ratio Return per unit of downside risk	1.92	1.05	+0.87
Omega ratio Gain probability vs. loss probability	1.33	1.17	+0.15
Calmar ratio Return relative to maximum drawdown	1.68	0.88	+0.79
Martin ratio Return relative to average drawdown	6.51	3.65	+2.86
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. USCL.TO - Sharpe Ratio Comparison

The current ENCL.TO Sharpe Ratio is 1.56, which is higher than the USCL.TO Sharpe Ratio of 0.67. The chart below compares the historical Sharpe Ratios of ENCL.TO and USCL.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ENCL.TO	USCL.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.56	0.67	+0.89
Sharpe Ratio (All Time) Calculated using the full available price history	1.18	1.13	+0.05

Correlation

The correlation between ENCL.TO and USCL.TO is 0.10, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

ENCL.TO vs. USCL.TO - Dividend Comparison

ENCL.TO's dividend yield for the trailing twelve months is around 14.15%, more than USCL.TO's 13.40% yield.

	TTM	2025	2024	2023
ENCL.TO Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD	14.15%	17.14%	18.56%	4.68%
USCL.TO Global X Enhanced S&P 500 Covered Call ETF	13.40%	12.94%	11.57%	7.08%

Drawdowns

ENCL.TO vs. USCL.TO - Drawdown Comparison

The maximum ENCL.TO drawdown since its inception was -21.05%, roughly equal to the maximum USCL.TO drawdown of -21.85%. Use the drawdown chart below to compare losses from any high point for ENCL.TO and USCL.TO.

Drawdown Indicators

	ENCL.TO	USCL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-21.05%	-21.85%	+0.80%
Max Drawdown (1Y) Largest decline over 1 year	-20.51%	-14.94%	-5.57%
Current Drawdown Current decline from peak	-4.44%	-5.01%	+0.57%
Average Drawdown Average peak-to-trough decline	-3.96%	-2.66%	-1.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.28%	3.62%	+1.66%

Volatility

ENCL.TO vs. USCL.TO - Volatility Comparison

The current volatility for Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD (ENCL.TO) is 5.30%, while Global X Enhanced S&P 500 Covered Call ETF (USCL.TO) has a volatility of 6.20%. This indicates that ENCL.TO experiences smaller price fluctuations and is considered to be less risky than USCL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ENCL.TO	USCL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.30%	6.20%	-0.90%
Volatility (6M) Calculated over the trailing 6-month period	12.57%	10.04%	+2.53%
Volatility (1Y) Calculated over the trailing 1-year period	21.80%	20.30%	+1.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.64%	15.74%	+3.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.64%	15.74%	+3.90%