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HDIF.TO vs. EMCL.NEO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HDIF.TO vs. EMCL.NEO

Last updated Jun 30, 2026
See Documentation

HDIF.TO (Harvest Diversified Monthly Income ETF - Class A Units) 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, HDIF.TO returned 25.95% vs 48.05% for EMCL.NEO. At a 0.47 correlation, their price movements are largely independent.

Performance

HDIF.TO vs. EMCL.NEO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Harvest Diversified Monthly Income ETF - Class A Units (HDIF.TO) and Global X Enhanced MSCI Emerging Markets Covered Call ETF (EMCL.NEO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HDIF.TO achieves a 12.60% return, which is significantly lower than EMCL.NEO's 27.52% return.

HDIF.TO

1D
0.95%
1M
1.06%
YTD
12.60%
6M
11.65%
1Y
25.95%
3Y*
17.91%
5Y*
—
10Y*
—

EMCL.NEO

1D
0.50%
1M
2.99%
YTD
27.52%
6M
28.23%
1Y
48.05%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

HDIF.TO vs. EMCL.NEO - Yearly Performance Comparison

2026 (YTD)20252024
HDIF.TO
Harvest Diversified Monthly Income ETF - Class A Units		12.60%15.70%10.81%
EMCL.NEO
Global X Enhanced MSCI Emerging Markets Covered Call ETF		27.52%20.46%3.66%

Correlation

The correlation between HDIF.TO and EMCL.NEO is 0.62, 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

0.62

Correlation (All Time)
Calculated using the full available price history since May 29, 2024

0.47

The correlation between HDIF.TO and EMCL.NEO shifts across timeframes, from 0.47 (all time) to 0.62 (1 year), reflecting how their relationship changes across market environments.

HDIF.TO vs. EMCL.NEO - Sectors Allocation Comparison

Sectors
HDIF.TO
EMCL.NEO

Technology

29.6%
40.3%

Financial Services

15.6%
19.8%

Healthcare

10.7%
2.2%

Communication Services

10.3%
6.5%

Consumer Cyclical

9.6%
6.3%

Industrials

9.2%
7.8%

Energy

4.9%
4.2%

Utilities

4.8%
2.1%

Consumer Defensive

3.6%
2.8%

Basic Materials

1.0%
7.0%

Real Estate

0.7%
1.1%

Technology

HDIF.TO
29.6%
EMCL.NEO
40.3%

Financial Services

HDIF.TO
15.6%
EMCL.NEO
19.8%

Healthcare

HDIF.TO
10.7%
EMCL.NEO
2.2%

Communication Services

HDIF.TO
10.3%
EMCL.NEO
6.5%

Consumer Cyclical

HDIF.TO
9.6%
EMCL.NEO
6.3%

Industrials

HDIF.TO
9.2%
EMCL.NEO
7.8%

Energy

HDIF.TO
4.9%
EMCL.NEO
4.2%

Utilities

HDIF.TO
4.8%
EMCL.NEO
2.1%

Consumer Defensive

HDIF.TO
3.6%
EMCL.NEO
2.8%

Basic Materials

HDIF.TO
1.0%
EMCL.NEO
7.0%

Real Estate

HDIF.TO
0.7%
EMCL.NEO
1.1%

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Harvest Diversified Monthly Income ETF - Class A Units

Global X Enhanced MSCI Emerging Markets Covered Call ETF

Often compared with HDIF.TO:
HDIF.TO vs. HDIV.TOHDIF.TO vs. HYLD.TOHDIF.TO vs. XEQT.TOHDIF.TO vs. HTAE.TOHDIF.TO vs. MQQQHDIF.TO vs. ZMMK.TOHDIF.TO vs. VDY.TO
Often compared with EMCL.NEO:
EMCL.NEO vs. EQCC.TOEMCL.NEO vs. EQCL.TOEMCL.NEO vs. BKCL.TOEMCL.NEO vs. BKCC.TOEMCL.NEO vs. ZWC.TOEMCL.NEO vs. EACC.NEOEMCL.NEO vs. HEQT.TO

Return for Risk

HDIF.TO vs. EMCL.NEO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HDIF.TO
HDIF.TO Risk / Return Rank: 7272
Overall Rank
HDIF.TO Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
HDIF.TO Sortino Ratio Rank: 7171
Sortino Ratio Rank
HDIF.TO Omega Ratio Rank: 7272
Omega Ratio Rank
HDIF.TO Calmar Ratio Rank: 6969
Calmar Ratio Rank
HDIF.TO Martin Ratio Rank: 7676
Martin Ratio Rank
EMCL.NEO
EMCL.NEO Risk / Return Rank: 8080
Overall Rank
EMCL.NEO Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
EMCL.NEO Sortino Ratio Rank: 7070
Sortino Ratio Rank
EMCL.NEO Omega Ratio Rank: 8686
Omega Ratio Rank
EMCL.NEO Calmar Ratio Rank: 8383
Calmar Ratio Rank
EMCL.NEO Martin Ratio Rank: 8181
Martin Ratio Rank
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.

HDIF.TO vs. EMCL.NEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harvest Diversified Monthly Income ETF - Class A Units (HDIF.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.

HDIF.TOEMCL.NEODifference
Sharpe ratioReturn per unit of total volatility
2.01
2.20

-0.19

Sortino ratioReturn per unit of downside risk
2.76
2.70

+0.06

Omega ratioGain probability vs. loss probability

1.36

1.45

-0.08

Calmar ratioReturn relative to maximum drawdown

2.97

3.77

-0.81

Martin ratioReturn relative to average drawdown

12.16

13.44

-1.28

HDIF.TO vs. EMCL.NEO - Sharpe Ratio Comparison

The current HDIF.TO Sharpe Ratio is 2.01, which is comparable to the EMCL.NEO Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of HDIF.TO and EMCL.NEO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

HDIF.TO vs. EMCL.NEO - Drawdown Comparison

The maximum HDIF.TO drawdown since its inception was -24.08%, which is greater than EMCL.NEO's maximum drawdown of -19.73%. Use the drawdown chart below to compare losses from any high point for HDIF.TO and EMCL.NEO.

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Drawdown Indicators

HDIF.TOEMCL.NEODifference

Max Drawdown

Largest peak-to-trough decline

-24.08%

-19.73%

-4.35%

Max Drawdown (1Y)

Largest decline over 1 year

-8.79%

-13.12%

+4.33%

Max Drawdown (3Y)

Largest decline over 3 years

-19.59%

—

—

Current Drawdown

Current decline from peak

-0.21%

-4.21%

+4.00%

Average Drawdown

Average peak-to-trough decline

-6.57%

-2.58%

-3.99%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.14%

3.64%

-1.50%

Volatility

HDIF.TO vs. EMCL.NEO - Volatility Comparison

The current volatility for Harvest Diversified Monthly Income ETF - Class A Units (HDIF.TO) is 4.14%, while Global X Enhanced MSCI Emerging Markets Covered Call ETF (EMCL.NEO) has a volatility of 12.66%. This indicates that HDIF.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

HDIF.TOEMCL.NEODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.14%

12.66%

-8.52%

Volatility (6M)

Calculated over the trailing 6-month period

10.91%

20.79%

-9.88%

Volatility (1Y)

Calculated over the trailing 1-year period

13.01%

22.52%

-9.51%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.43%

22.96%

-5.53%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.43%

22.96%

-5.53%

Dividends

HDIF.TO vs. EMCL.NEO - Dividend Comparison

HDIF.TO's dividend yield for the trailing twelve months is around 10.12%, which matches EMCL.NEO's 10.15% yield.

PositionTTM2025202420232022
EMCL.NEO
Global X Enhanced MSCI Emerging Markets Covered Call ETF		10.15%9.86%3.10%0.00%0.00%
HDIF.TO
Harvest Diversified Monthly Income ETF - Class A Units		10.12%9.95%10.14%10.59%8.93%

Frequently Asked Questions

HDIF.TO and EMCL.NEO have a correlation of 0.62, 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: Harvest and Global X.

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