FRU.TO vs. ENCC.TO

Last updated Jun 4, 2026

FRU.TO (Freehold Royalties Ltd.) is a stock, while ENCC.TO (Global X Canadian Oil and Gas Equity Covered Call ETF) is Derivative Income fund actively managed by Global X. Over the past 10 years, FRU.TO returned 11.21%/yr vs 8.49%/yr for ENCC.TO. A 0.68 correlation means they provide meaningful diversification when combined.

Performance

FRU.TO vs. ENCC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Freehold Royalties Ltd. (FRU.TO) and Global X Canadian Oil and Gas Equity Covered Call ETF (ENCC.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FRU.TO achieves a 18.31% return, which is significantly lower than ENCC.TO's 29.01% return. Over the past 10 years, FRU.TO has outperformed ENCC.TO with an annualized return of 11.21%, while ENCC.TO has yielded a comparatively lower 8.49% annualized return.

FRU.TO

• 1D: 0.57%
• 1M: -1.00%
• YTD: 18.31%
• 6M: 19.71%
• 1Y: 50.63%
• 3Y*: 15.21%
• 5Y*: 21.74%
• 10Y*: 11.21%

ENCC.TO

• 1D: 0.93%
• 1M: 2.37%
• YTD: 29.01%
• 6M: 25.71%
• 1Y: 41.57%
• 3Y*: 22.89%
• 5Y*: 25.31%
• 10Y*: 8.49%

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

FRU.TO vs. ENCC.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FRU.TO Freehold Royalties Ltd.	18.31%	28.81%	0.98%	-6.86%	45.15%	135.56%	-23.25%	-4.51%	-37.74%	3.37%
ENCC.TO Global X Canadian Oil and Gas Equity Covered Call ETF	29.01%	13.13%	17.39%	5.72%	41.33%	80.55%	-27.98%	6.54%	-31.00%	-18.47%

Correlation

The correlation between FRU.TO and ENCC.TO is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Apr 18, 2011	0.68

The correlation between FRU.TO and ENCC.TO has been stable across timeframes, ranging from 0.68 to 0.76 - a consistent structural relationship.

Return for Risk

FRU.TO vs. ENCC.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FRU.TO

FRU.TO Risk / Return Rank: 93
FRU.TO Sharpe Ratio Rank: 93
FRU.TO Sortino Ratio Rank: 90
FRU.TO Omega Ratio Rank: 90
FRU.TO Calmar Ratio Rank: 95
FRU.TO Martin Ratio Rank: 96

ENCC.TO

ENCC.TO Risk / Return Rank: 85
ENCC.TO Sharpe Ratio Rank: 88
ENCC.TO Sortino Ratio Rank: 84
ENCC.TO Omega Ratio Rank: 85
ENCC.TO Calmar Ratio Rank: 86
ENCC.TO Martin Ratio Rank: 84

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.

FRU.TO vs. ENCC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Freehold Royalties Ltd. (FRU.TO) and Global X Canadian Oil and Gas Equity Covered Call ETF (ENCC.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.

	FRU.TO	ENCC.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.68	2.98	-0.29
Sortino ratio: Return per unit of downside risk	3.24	3.81	-0.58
Omega ratio: Gain probability vs. loss probability	1.45	1.53	-0.08
Calmar ratio: Return relative to maximum drawdown	7.24	4.93	+2.31
Martin ratio: Return relative to average drawdown	22.15	17.54	+4.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FRU.TO vs. ENCC.TO - Sharpe Ratio Comparison

The current FRU.TO Sharpe Ratio is 2.68, which is comparable to the ENCC.TO Sharpe Ratio of 2.98. The chart below compares the historical Sharpe Ratios of FRU.TO and ENCC.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.

Sharpe Ratios by Period

	FRU.TO	ENCC.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.68	2.98	-0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	1.11	-0.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	0.29	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.00	+0.40

Drawdowns

FRU.TO vs. ENCC.TO - Drawdown Comparison

The maximum FRU.TO drawdown since its inception was -86.93%, roughly equal to the maximum ENCC.TO drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for FRU.TO and ENCC.TO.

Drawdown Indicators

	FRU.TO	ENCC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-86.93%	-89.91%	+2.98%
Max Drawdown (1Y) Largest decline over 1 year	-7.03%	-8.48%	+1.45%
Max Drawdown (3Y) Largest decline over 3 years	-22.21%	-16.67%	-5.54%
Max Drawdown (5Y) Largest decline over 5 years	-28.41%	-25.57%	-2.84%
Max Drawdown (10Y) Largest decline over 10 years	-81.39%	-82.16%	+0.77%
Current Drawdown Current decline from peak	-2.15%	-1.99%	-0.16%
Average Drawdown Average peak-to-trough decline	-22.68%	-39.82%	+17.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.30%	2.38%	-0.08%

Volatility

FRU.TO vs. ENCC.TO - Volatility Comparison

Freehold Royalties Ltd. (FRU.TO) and Global X Canadian Oil and Gas Equity Covered Call ETF (ENCC.TO) have volatilities of 5.79% and 5.66%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRU.TO	ENCC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.79%	5.66%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	15.38%	12.36%	+3.02%
Volatility (1Y) Calculated over the trailing 1-year period	19.00%	14.08%	+4.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.31%	23.03%	+6.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.32%	29.05%	+6.27%

Dividends

FRU.TO vs. ENCC.TO - Dividend Comparison

FRU.TO's dividend yield for the trailing twelve months is around 6.17%, less than ENCC.TO's 11.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ENCC.TO Global X Canadian Oil and Gas Equity Covered Call ETF	11.09%	13.62%	14.58%	14.87%	12.55%	4.23%	5.10%	6.09%	8.35%	6.92%	4.77%	15.15%
FRU.TO Freehold Royalties Ltd.	6.17%	7.11%	8.44%	7.89%	6.13%	4.21%	5.74%	8.72%	7.62%	4.13%	3.81%	9.21%

Frequently Asked Questions

Can I hold both FRU.TO and ENCC.TO in my portfolio?

FRU.TO and ENCC.TO have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.