ENCL.TO vs. ZEO.TO

Last updated Jun 24, 2026

ENCL.TO (Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD) and ZEO.TO (BMO Equal Weight Oil & Gas Index ETF) are both Energy Equities funds. ENCL.TO is actively managed, while ZEO.TO is passively managed. Over the past year, ENCL.TO returned 43.18% vs 41.87% for ZEO.TO. With a 0.97 correlation, they move nearly in lockstep. ENCL.TO charges 1.86%/yr vs 0.60%/yr for ZEO.TO.

Performance

ENCL.TO vs. ZEO.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 BMO Equal Weight Oil & Gas Index ETF (ZEO.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with ENCL.TO having a 30.80% return and ZEO.TO slightly higher at 31.93%.

ENCL.TO

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

ZEO.TO

• 1D: 0.93%
• 1M: -6.16%
• YTD: 31.93%
• 6M: 31.67%
• 1Y: 41.87%
• 3Y*: 26.54%
• 5Y*: 23.78%
• 10Y*: 9.88%

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

ENCL.TO vs. ZEO.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%
ZEO.TO BMO Equal Weight Oil & Gas Index ETF	31.93%	12.36%	21.51%	-2.22%

Correlation

The correlation between ENCL.TO and ZEO.TO is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (All Time) Calculated using the full available price history since Oct 11, 2023	0.97

The correlation between ENCL.TO and ZEO.TO has been stable across timeframes, ranging from 0.97 to 0.97 - a consistent structural relationship.

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

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

Return for Risk

ENCL.TO vs. ZEO.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: 76
ENCL.TO Sharpe Ratio Rank: 79
ENCL.TO Sortino Ratio Rank: 70
ENCL.TO Omega Ratio Rank: 73
ENCL.TO Calmar Ratio Rank: 81
ENCL.TO Martin Ratio Rank: 75

ZEO.TO

ZEO.TO Risk / Return Rank: 78
ZEO.TO Sharpe Ratio Rank: 81
ZEO.TO Sortino Ratio Rank: 76
ZEO.TO Omega Ratio Rank: 76
ZEO.TO Calmar Ratio Rank: 85
ZEO.TO Martin Ratio Rank: 75

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. ZEO.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 BMO Equal Weight Oil & Gas Index ETF (ZEO.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	ZEO.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.38	2.44	-0.07
Sortino ratio: Return per unit of downside risk	3.00	3.19	-0.19
Omega ratio: Gain probability vs. loss probability	1.41	1.42	-0.01
Calmar ratio: Return relative to maximum drawdown	4.03	4.41	-0.38
Martin ratio: Return relative to average drawdown	13.52	13.40	+0.11

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

The current ENCL.TO Sharpe Ratio is 2.38, which is comparable to the ZEO.TO Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of ENCL.TO and ZEO.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.

Drawdowns

ENCL.TO vs. ZEO.TO - Drawdown Comparison

The maximum ENCL.TO drawdown since its inception was -21.05%, smaller than the maximum ZEO.TO drawdown of -80.09%. Use the drawdown chart below to compare losses from any high point for ENCL.TO and ZEO.TO.

Drawdown Indicators

	ENCL.TO	ZEO.TO	Difference
Max Drawdown Largest peak-to-trough decline	-21.05%	-80.09%	+59.04%
Max Drawdown (1Y) Largest decline over 1 year	-10.75%	-9.54%	-1.21%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.62%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-22.59%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-73.35%	—
Current Drawdown Current decline from peak	-6.66%	-7.02%	+0.36%
Average Drawdown Average peak-to-trough decline	-4.81%	-25.12%	+20.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.21%	3.14%	+0.07%

Volatility

ENCL.TO vs. ZEO.TO - Volatility Comparison

Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD (ENCL.TO) has a higher volatility of 6.80% compared to BMO Equal Weight Oil & Gas Index ETF (ZEO.TO) at 5.97%. This indicates that ENCL.TO's price experiences larger fluctuations and is considered to be riskier than ZEO.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ENCL.TO	ZEO.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.80%	5.97%	+0.83%
Volatility (6M) Calculated over the trailing 6-month period	15.64%	14.58%	+1.06%
Volatility (1Y) Calculated over the trailing 1-year period	18.36%	17.35%	+1.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.89%	21.18%	-0.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.89%	27.17%	-6.28%

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

ENCL.TO has a 1.86% expense ratio, which is higher than ZEO.TO's 0.60% expense ratio.

Dividends

ENCL.TO vs. ZEO.TO - Dividend Comparison

ENCL.TO's dividend yield for the trailing twelve months is around 13.94%, more than ZEO.TO's 2.71% 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%
ZEO.TO BMO Equal Weight Oil & Gas Index ETF	2.71%	3.43%	3.86%	4.82%	4.69%	3.27%	5.54%	3.55%	0.71%	0.49%	0.50%	0.82%

Frequently Asked Questions

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

With a correlation of 0.97, ENCL.TO and ZEO.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

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

On fees, ZEO.TO is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

ZEO.TO is cheaper with a 0.60% expense ratio, compared with 1.86% for ENCL.TO.

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

They also come from different issuers: Global X and BMO. Their fees differ too: 1.86% for ENCL.TO and 0.60% for ZEO.TO.