ENCL.TO vs. USOY

Last updated Jun 4, 2026

ENCL.TO (Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - ENCL.TO is a Oil & Gas fund actively managed by Global X, while USOY is a Derivative Income fund actively managed by Defiance. Both are actively managed. Over the past year, ENCL.TO returned 52.50% vs 59.32% for USOY. A 0.52 correlation means they provide meaningful diversification when combined. ENCL.TO charges 1.86%/yr vs 1.22%/yr for USOY.

Performance

ENCL.TO vs. USOY - 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 Defiance Oil Enhanced Options Income ETF (USOY). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ENCL.TO is traded in CAD, while USOY is traded in USD. To make them comparable, the USOY values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ENCL.TO achieves a 36.58% return, which is significantly lower than USOY's 64.24% return.

ENCL.TO

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

USOY

• 1D: 1.87%
• 1M: -1.50%
• YTD: 64.24%
• 6M: 58.73%
• 1Y: 59.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ENCL.TO vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ENCL.TO Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD	36.58%	14.97%	0.66%
USOY Defiance Oil Enhanced Options Income ETF	64.24%	-12.15%	12.85%

Correlation

The correlation between ENCL.TO and USOY is 0.55, 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	0.55
Correlation (All Time) Calculated using the full available price history since May 13, 2024	0.52

The correlation between ENCL.TO and USOY has been stable across timeframes, ranging from 0.52 to 0.55 - a consistent structural relationship.

Return for Risk

ENCL.TO vs. USOY — 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

USOY

USOY Risk / Return Rank: 56
USOY Sharpe Ratio Rank: 55
USOY Sortino Ratio Rank: 46
USOY Omega Ratio Rank: 55
USOY Calmar Ratio Rank: 78
USOY Martin Ratio Rank: 46

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. USOY - 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 Defiance Oil Enhanced Options Income ETF (USOY). 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	USOY	Difference
Sharpe ratio: Return per unit of total volatility	2.98	1.92	+1.06
Sortino ratio: Return per unit of downside risk	3.66	2.34	+1.33
Omega ratio: Gain probability vs. loss probability	1.51	1.35	+0.16
Calmar ratio: Return relative to maximum drawdown	4.91	3.91	+0.99
Martin ratio: Return relative to average drawdown	17.58	8.58	+9.00
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. USOY - Sharpe Ratio Comparison

The current ENCL.TO Sharpe Ratio is 2.98, which is higher than the USOY Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of ENCL.TO and USOY, 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	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.98	1.92	+1.06
Sharpe Ratio (All Time) Calculated using the full available price history	1.27	1.02	+0.26

Drawdowns

ENCL.TO vs. USOY - Drawdown Comparison

The maximum ENCL.TO drawdown since its inception was -21.05%, which is greater than USOY's maximum drawdown of -19.85%. Use the drawdown chart below to compare losses from any high point for ENCL.TO and USOY.

Drawdown Indicators

	ENCL.TO	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-21.05%	-19.85%	-1.20%
Max Drawdown (1Y) Largest decline over 1 year	-10.75%	-15.23%	+4.48%
Current Drawdown Current decline from peak	-2.54%	-4.06%	+1.52%
Average Drawdown Average peak-to-trough decline	-3.95%	-8.17%	+4.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	6.94%	-3.94%

Volatility

ENCL.TO vs. USOY - Volatility Comparison

The current volatility for Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD (ENCL.TO) is 7.30%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 11.87%. This indicates that ENCL.TO experiences smaller price fluctuations and is considered to be less risky than USOY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ENCL.TO	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.30%	11.87%	-4.57%
Volatility (6M) Calculated over the trailing 6-month period	15.75%	27.48%	-11.73%
Volatility (1Y) Calculated over the trailing 1-year period	17.75%	31.02%	-13.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.15%	26.51%	-6.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.15%	26.51%	-6.36%

ENCL.TO vs. USOY - Expense Ratio Comparison

ENCL.TO has a 1.86% expense ratio, which is higher than USOY's 1.22% expense ratio.

Dividends

ENCL.TO vs. USOY - Dividend Comparison

ENCL.TO's dividend yield for the trailing twelve months is around 13.35%, less than USOY's 54.16% 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%
USOY Defiance Oil Enhanced Options Income ETF	54.16%	104.32%	48.60%	0.00%

Frequently Asked Questions

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

ENCL.TO and USOY have a correlation of 0.55, 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 USOY?

On fees, USOY is cheaper at 1.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ENCL.TO or USOY?

USOY is cheaper with a 1.22% expense ratio, compared with 1.86% for ENCL.TO.

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

ENCL.TO is categorized as Oil & Gas, while USOY is Derivative Income. They also come from different issuers: Global X and Defiance. Their fees differ too: 1.86% for ENCL.TO and 1.22% for USOY.