HBIL.TO vs. EMCL.NEO
HBIL.TO (Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged)) and EMCL.NEO (Global X Enhanced MSCI Emerging Markets Covered Call ETF) are both Derivative Income funds. Both are actively managed. Over the past year, HBIL.TO returned 2.56% vs 47.60% for EMCL.NEO. At a 0.05 correlation, their price movements are largely independent.
Performance
HBIL.TO vs. EMCL.NEO - Performance Comparison
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Returns By Period
In the year-to-date period, HBIL.TO achieves a 0.93% return, which is significantly lower than EMCL.NEO's 26.93% return.
HBIL.TO
- 1D
- 0.14%
- 1M
- 0.44%
- YTD
- 0.93%
- 6M
- 0.87%
- 1Y
- 2.56%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
EMCL.NEO
- 1D
- 0.27%
- 1M
- 3.04%
- YTD
- 26.93%
- 6M
- 28.29%
- 1Y
- 47.60%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HBIL.TO vs. EMCL.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
HBIL.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) | 0.93% | 3.04% | -1.22% |
EMCL.NEO Global X Enhanced MSCI Emerging Markets Covered Call ETF | 26.93% | 20.46% | 2.56% |
Correlation
The correlation between HBIL.TO and EMCL.NEO is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Sep 16, 2024 | 0.05 |
The correlation between HBIL.TO and EMCL.NEO shifts across timeframes, from 0.05 (all time) to 0.15 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
HBIL.TO vs. EMCL.NEO — Risk / Return Rank
HBIL.TO
EMCL.NEO
HBIL.TO vs. EMCL.NEO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) (HBIL.TO) and Global X Enhanced MSCI Emerging Markets Covered Call ETF (EMCL.NEO). 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.
| HBIL.TO | EMCL.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.59 | ||
| Sortino ratioReturn per unit of downside risk | -0.24 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.45 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.71 | 3.74 | -1.03 |
| Martin ratioReturn relative to average drawdown | 8.59 | 13.41 | -4.82 |
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Drawdowns
HBIL.TO vs. EMCL.NEO - Drawdown Comparison
The maximum HBIL.TO drawdown since its inception was -1.66%, smaller than the maximum EMCL.NEO drawdown of -19.73%. Use the drawdown chart below to compare losses from any high point for HBIL.TO and EMCL.NEO.
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Drawdown Indicators
| HBIL.TO | EMCL.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.66% | -19.73% | +18.07% |
Max Drawdown (1Y)Largest decline over 1 year | -0.95% | -13.12% | +12.17% |
Current DrawdownCurrent decline from peak | 0.00% | -4.65% | +4.65% |
Average DrawdownAverage peak-to-trough decline | -0.47% | -2.57% | +2.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.30% | 3.61% | -3.31% |
Volatility
HBIL.TO vs. EMCL.NEO - Volatility Comparison
The current volatility for Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) (HBIL.TO) is 0.35%, while Global X Enhanced MSCI Emerging Markets Covered Call ETF (EMCL.NEO) has a volatility of 12.60%. This indicates that HBIL.TO experiences smaller price fluctuations and is considered to be less risky than EMCL.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HBIL.TO | EMCL.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.35% | 12.60% | -12.25% |
Volatility (6M)Calculated over the trailing 6-month period | 1.25% | 20.76% | -19.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.62% | 22.56% | -20.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.01% | 23.02% | -21.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.01% | 23.02% | -21.01% |
Dividends
HBIL.TO vs. EMCL.NEO - Dividend Comparison
HBIL.TO's dividend yield for the trailing twelve months is around 6.49%, less than EMCL.NEO's 10.20% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
EMCL.NEO Global X Enhanced MSCI Emerging Markets Covered Call ETF | 10.20% | 9.86% | 3.10% |
HBIL.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) | 6.49% | 7.48% | 2.58% |
Frequently Asked Questions
HBIL.TO and EMCL.NEO have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: Hamilton Capital and Global X.
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