ENCL.TO vs. XBM.TO
ENCL.TO (Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD) and XBM.TO (iShares S&P/TSX Global Base Metals Index ETF) are both Energy Equities funds. ENCL.TO is actively managed, while XBM.TO is passively managed. Over the past year, ENCL.TO returned 43.18% vs 88.34% for XBM.TO. At a 0.27 correlation, their price movements are largely independent. ENCL.TO charges 1.86%/yr vs 0.60%/yr for XBM.TO.
Performance
ENCL.TO vs. XBM.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ENCL.TO achieves a 30.80% return, which is significantly higher than XBM.TO's 22.09% return.
ENCL.TO
- 1D
- 1.40%
- 1M
- -5.96%
- YTD
- 30.80%
- 6M
- 32.16%
- 1Y
- 43.18%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
XBM.TO
- 1D
- -5.23%
- 1M
- -2.36%
- YTD
- 22.09%
- 6M
- 20.03%
- 1Y
- 88.34%
- 3Y*
- 25.21%
- 5Y*
- 17.05%
- 10Y*
- 18.31%
ENCL.TO vs. XBM.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ENCL.TO Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD | 30.80% | 14.97% | 20.32% | -11.68% |
XBM.TO iShares S&P/TSX Global Base Metals Index ETF | 22.09% | 50.69% | 5.96% | 2.60% |
Correlation
The correlation between ENCL.TO and XBM.TO is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2023 | 0.27 |
Over the past year, the correlation between ENCL.TO and XBM.TO has dropped to 0.04 - well below their long-term average of 0.27, suggesting their price drivers have been diverging.
ENCL.TO vs. XBM.TO - Sectors Allocation Comparison
Sectors
ENCL.TO
XBM.TO
Energy
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Basic Materials
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Communication Services
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Consumer Cyclical
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-
Consumer Defensive
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Financial Services
-
-
Healthcare
-
-
Industrials
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Real Estate
-
-
Technology
-
-
Utilities
-
-
Energy
ENCL.TO
XBM.TO
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Basic Materials
ENCL.TO
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XBM.TO
Communication Services
ENCL.TO
-
XBM.TO
-
Consumer Cyclical
ENCL.TO
-
XBM.TO
-
Consumer Defensive
ENCL.TO
-
XBM.TO
-
Financial Services
ENCL.TO
-
XBM.TO
-
Healthcare
ENCL.TO
-
XBM.TO
-
Industrials
ENCL.TO
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XBM.TO
Real Estate
ENCL.TO
-
XBM.TO
-
Technology
ENCL.TO
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XBM.TO
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Utilities
ENCL.TO
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XBM.TO
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Return for Risk
ENCL.TO vs. XBM.TO — Risk / Return Rank
ENCL.TO
XBM.TO
ENCL.TO vs. XBM.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 iShares S&P/TSX Global Base Metals Index ETF (XBM.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.
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.TO | XBM.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.37 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 4.03 | 3.72 | +0.32 |
| Martin ratioReturn relative to average drawdown | 13.52 | 13.34 | +0.18 |
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Drawdowns
ENCL.TO vs. XBM.TO - Drawdown Comparison
The maximum ENCL.TO drawdown since its inception was -21.05%, smaller than the maximum XBM.TO drawdown of -67.53%. Use the drawdown chart below to compare losses from any high point for ENCL.TO and XBM.TO.
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Drawdown Indicators
| ENCL.TO | XBM.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.05% | -67.53% | +46.48% |
Max Drawdown (1Y)Largest decline over 1 year | -10.75% | -23.88% | +13.13% |
Max Drawdown (3Y)Largest decline over 3 years | — | -37.45% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -40.57% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.25% | — |
Current DrawdownCurrent decline from peak | -6.66% | -14.64% | +7.98% |
Average DrawdownAverage peak-to-trough decline | -4.81% | -26.06% | +21.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.21% | 6.65% | -3.44% |
Volatility
ENCL.TO vs. XBM.TO - Volatility Comparison
The current volatility for Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD (ENCL.TO) is 6.80%, while iShares S&P/TSX Global Base Metals Index ETF (XBM.TO) has a volatility of 15.96%. This indicates that ENCL.TO experiences smaller price fluctuations and is considered to be less risky than XBM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ENCL.TO | XBM.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.80% | 15.96% | -9.16% |
Volatility (6M)Calculated over the trailing 6-month period | 15.64% | 32.60% | -16.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.36% | 38.06% | -19.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.89% | 33.59% | -12.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.89% | 32.80% | -11.91% |
ENCL.TO vs. XBM.TO - Expense Ratio Comparison
ENCL.TO has a 1.86% expense ratio, which is higher than XBM.TO's 0.60% expense ratio.
Dividends
ENCL.TO vs. XBM.TO - Dividend Comparison
ENCL.TO's dividend yield for the trailing twelve months is around 13.94%, more than XBM.TO's 0.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ENCL.TO Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD | 13.94% | 17.14% | 18.56% | 4.68% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XBM.TO iShares S&P/TSX Global Base Metals Index ETF | 0.70% | 0.86% | 1.25% | 2.09% | 4.78% | 3.05% | 1.81% | 3.73% | 3.38% | 1.65% | 2.41% | 5.75% |
Frequently Asked Questions
ENCL.TO and XBM.TO have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XBM.TO is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XBM.TO is cheaper with a 0.60% expense ratio, compared with 1.86% for ENCL.TO.
They also come from different issuers: Global X and iShares. Their fees differ too: 1.86% for ENCL.TO and 0.60% for XBM.TO.
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