HBNK.TO vs. ENCL.TO
HBNK.TO (Global X Equal Weight Banks Index ETF) and ENCL.TO (Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD) are both exchange-traded funds - HBNK.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index, while ENCL.TO is a Oil & Gas fund actively managed by Global X. HBNK.TO is passively managed, while ENCL.TO is actively managed. Over the past year, HBNK.TO returned 60.09% vs 52.50% for ENCL.TO. At a 0.18 correlation, their price movements are largely independent. HBNK.TO charges 0.09%/yr vs 1.86%/yr for ENCL.TO.
Performance
HBNK.TO vs. ENCL.TO - Performance Comparison
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Returns By Period
In the year-to-date period, HBNK.TO achieves a 18.85% return, which is significantly lower than ENCL.TO's 36.58% return.
HBNK.TO
- 1D
- -0.88%
- 1M
- 5.21%
- YTD
- 18.85%
- 6M
- 24.41%
- 1Y
- 60.09%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ENCL.TO
- 1D
- 0.43%
- 1M
- 2.89%
- YTD
- 36.58%
- 6M
- 32.07%
- 1Y
- 52.50%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HBNK.TO vs. ENCL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
HBNK.TO Global X Equal Weight Banks Index ETF | 18.85% | 43.71% | 24.77% | 14.42% |
ENCL.TO Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD | 36.58% | 14.97% | 20.32% | -3.43% |
Correlation
The correlation between HBNK.TO and ENCL.TO is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.11 |
Correlation (All Time) Calculated using the full available price history since Oct 12, 2023 | 0.18 |
The correlation between HBNK.TO and ENCL.TO shifts across timeframes, from -0.11 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HBNK.TO vs. ENCL.TO — Risk / Return Rank
HBNK.TO
ENCL.TO
HBNK.TO vs. ENCL.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Equal Weight Banks Index ETF (HBNK.TO) and Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD (ENCL.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.
| HBNK.TO | ENCL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.79 | ||
| Sortino ratioReturn per unit of downside risk | +2.84 | ||
| Omega ratioGain probability vs. loss probability | 1.88 | 1.51 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | 7.13 | 4.91 | +2.22 |
| Martin ratioReturn relative to average drawdown | 30.99 | 17.58 | +13.41 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HBNK.TO | ENCL.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.77 | 2.98 | +1.79 |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.66 | 1.27 | +1.39 |
Drawdowns
HBNK.TO vs. ENCL.TO - Drawdown Comparison
The maximum HBNK.TO drawdown since its inception was -14.78%, smaller than the maximum ENCL.TO drawdown of -21.05%. Use the drawdown chart below to compare losses from any high point for HBNK.TO and ENCL.TO.
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Drawdown Indicators
| HBNK.TO | ENCL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.78% | -21.05% | +6.27% |
Max Drawdown (1Y)Largest decline over 1 year | -8.48% | -10.75% | +2.27% |
Current DrawdownCurrent decline from peak | -2.30% | -2.54% | +0.24% |
Average DrawdownAverage peak-to-trough decline | -2.33% | -3.95% | +1.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.95% | 3.00% | -1.05% |
Volatility
HBNK.TO vs. ENCL.TO - Volatility Comparison
The current volatility for Global X Equal Weight Banks Index ETF (HBNK.TO) is 5.00%, while Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD (ENCL.TO) has a volatility of 7.30%. This indicates that HBNK.TO experiences smaller price fluctuations and is considered to be less risky than ENCL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HBNK.TO | ENCL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.00% | 7.30% | -2.30% |
Volatility (6M)Calculated over the trailing 6-month period | 11.26% | 15.75% | -4.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.67% | 17.75% | -5.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.70% | 20.15% | -7.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.70% | 20.15% | -7.45% |
HBNK.TO vs. ENCL.TO - Expense Ratio Comparison
HBNK.TO has a 0.09% expense ratio, which is lower than ENCL.TO's 1.86% expense ratio.
Dividends
HBNK.TO vs. ENCL.TO - Dividend Comparison
HBNK.TO's dividend yield for the trailing twelve months is around 2.82%, less than ENCL.TO's 13.35% 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% |
HBNK.TO Global X Equal Weight Banks Index ETF | 2.82% | 3.24% | 4.15% | 2.45% |
Frequently Asked Questions
HBNK.TO and ENCL.TO have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HBNK.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HBNK.TO is cheaper with a 0.09% expense ratio, compared with 1.86% for ENCL.TO.
HBNK.TO is categorized as Financials Equities, while ENCL.TO is Oil & Gas. Their fees differ too: 0.09% for HBNK.TO and 1.86% for ENCL.TO.
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