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

HDIV.TO vs. EMCL.NEO

Last updated Jun 26, 2026

HDIV.TO (Hamilton Enhanced Canadian Covered Call ETF) 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, HDIV.TO returned 45.31% vs 48.25% for EMCL.NEO. At a 0.47 correlation, their price movements are largely independent.

Performance

HDIV.TO vs. EMCL.NEO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Hamilton Enhanced Canadian Covered Call ETF (HDIV.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, HDIV.TO achieves a 17.77% return, which is significantly lower than EMCL.NEO's 28.01% return.

HDIV.TO

1D
0.73%
1M
1.04%
YTD
17.77%
6M
16.89%
1Y
45.31%
3Y*
28.92%
5Y*
—
10Y*
—

EMCL.NEO

1D
0.84%
1M
3.55%
YTD
28.01%
6M
29.37%
1Y
48.25%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024
HDIV.TO
Hamilton Enhanced Canadian Covered Call ETF		17.77%33.87%11.96%
EMCL.NEO
Global X Enhanced MSCI Emerging Markets Covered Call ETF		28.01%20.46%3.66%

Correlation

The correlation between HDIV.TO and EMCL.NEO is 0.60, 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

0.60

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

0.47

The correlation between HDIV.TO and EMCL.NEO shifts across timeframes, from 0.47 (all time) to 0.60 (1 year), reflecting how their relationship changes across market environments.

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

Sectors
HDIV.TO
EMCL.NEO

Financial Services

39.7%
19.8%

Energy

17.9%
4.2%

Basic Materials

12.3%
7.0%

Technology

11.3%
40.3%

Communication Services

6.2%
6.5%

Utilities

4.6%
2.1%

Industrials

3.0%
7.8%

Consumer Cyclical

2.6%
6.3%

Real Estate

2.0%
1.1%

Consumer Defensive

0.3%
2.8%

Healthcare

0.1%
2.2%

Financial Services

HDIV.TO
39.7%
EMCL.NEO
19.8%

Energy

HDIV.TO
17.9%
EMCL.NEO
4.2%

Basic Materials

HDIV.TO
12.3%
EMCL.NEO
7.0%

Technology

HDIV.TO
11.3%
EMCL.NEO
40.3%

Communication Services

HDIV.TO
6.2%
EMCL.NEO
6.5%

Utilities

HDIV.TO
4.6%
EMCL.NEO
2.1%

Industrials

HDIV.TO
3.0%
EMCL.NEO
7.8%

Consumer Cyclical

HDIV.TO
2.6%
EMCL.NEO
6.3%

Real Estate

HDIV.TO
2.0%
EMCL.NEO
1.1%

Consumer Defensive

HDIV.TO
0.3%
EMCL.NEO
2.8%

Healthcare

HDIV.TO
0.1%
EMCL.NEO
2.2%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Hamilton Enhanced Canadian Covered Call ETF

Global X Enhanced MSCI Emerging Markets Covered Call ETF

Often compared with HDIV.TO:
HDIV.TO vs. HYLD.TOHDIV.TO vs. HMAX.TOHDIV.TO vs. HDIF.TOHDIV.TO vs. XDIV.TOHDIV.TO vs. HHIS.TOHDIV.TO vs. VDY.TOHDIV.TO vs. ZWC.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

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HDIV.TO
HDIV.TO Risk / Return Rank: 9494
Overall Rank
HDIV.TO Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
HDIV.TO Sortino Ratio Rank: 9595
Sortino Ratio Rank
HDIV.TO Omega Ratio Rank: 9595
Omega Ratio Rank
HDIV.TO Calmar Ratio Rank: 9292
Calmar Ratio Rank
HDIV.TO Martin Ratio Rank: 9595
Martin Ratio Rank
EMCL.NEO
EMCL.NEO Risk / Return Rank: 7878
Overall Rank
EMCL.NEO Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
EMCL.NEO Sortino Ratio Rank: 6767
Sortino Ratio Rank
EMCL.NEO Omega Ratio Rank: 8585
Omega Ratio Rank
EMCL.NEO Calmar Ratio Rank: 8181
Calmar Ratio Rank
EMCL.NEO Martin Ratio Rank: 7979
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.

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

This table presents a comparison of risk-adjusted performance metrics for Hamilton Enhanced Canadian Covered Call ETF (HDIV.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.

HDIV.TOEMCL.NEODifference
Sharpe ratioReturn per unit of total volatility
3.49
2.21

+1.28

Sortino ratioReturn per unit of downside risk
4.43
2.71

+1.73

Omega ratioGain probability vs. loss probability

1.63

1.45

+0.18

Calmar ratioReturn relative to maximum drawdown

5.21

3.79

+1.43

Martin ratioReturn relative to average drawdown

24.88

13.57

+11.31

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

The current HDIV.TO Sharpe Ratio is 3.49, which is higher than the EMCL.NEO Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of HDIV.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

HDIV.TO vs. EMCL.NEO - Drawdown Comparison

The maximum HDIV.TO drawdown since its inception was -22.32%, 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 HDIV.TO and EMCL.NEO.

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Drawdown Indicators

HDIV.TOEMCL.NEODifference

Max Drawdown

Largest peak-to-trough decline

-22.32%

-19.73%

-2.59%

Max Drawdown (1Y)

Largest decline over 1 year

-8.73%

-13.12%

+4.39%

Max Drawdown (3Y)

Largest decline over 3 years

-14.58%

—

—

Current Drawdown

Current decline from peak

-1.22%

-3.84%

+2.62%

Average Drawdown

Average peak-to-trough decline

-4.18%

-2.57%

-1.61%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.83%

3.62%

-1.79%

Volatility

HDIV.TO vs. EMCL.NEO - Volatility Comparison

The current volatility for Hamilton Enhanced Canadian Covered Call ETF (HDIV.TO) is 4.43%, while Global X Enhanced MSCI Emerging Markets Covered Call ETF (EMCL.NEO) has a volatility of 12.62%. This indicates that HDIV.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

HDIV.TOEMCL.NEODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.43%

12.62%

-8.19%

Volatility (6M)

Calculated over the trailing 6-month period

10.86%

20.77%

-9.91%

Volatility (1Y)

Calculated over the trailing 1-year period

13.06%

22.46%

-9.40%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.62%

23.00%

-7.38%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.62%

23.00%

-7.38%

Dividends

HDIV.TO vs. EMCL.NEO - Dividend Comparison

HDIV.TO's dividend yield for the trailing twelve months is around 9.21%, less than EMCL.NEO's 10.11% yield.

PositionTTM20252024202320222021
EMCL.NEO
Global X Enhanced MSCI Emerging Markets Covered Call ETF		10.11%9.86%3.10%0.00%0.00%0.00%
HDIV.TO
Hamilton Enhanced Canadian Covered Call ETF		9.21%10.09%11.38%10.41%9.64%3.37%

Frequently Asked Questions

HDIV.TO and EMCL.NEO have a correlation of 0.60, 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 ETFs and Global X.

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