HEQT.TO vs. EMCL.NEO
HEQT.TO (Horizons All-Equity Asset Allocation ETF) and EMCL.NEO (Global X Enhanced MSCI Emerging Markets Covered Call ETF) are both exchange-traded funds - HEQT.TO is a Global Equities fund actively managed by Horizons, while EMCL.NEO is a Derivative Income fund actively managed by Global X. Both are actively managed. Over the past year, HEQT.TO returned 29.76% vs 47.60% for EMCL.NEO. A 0.64 correlation means they provide meaningful diversification when combined.
Performance
HEQT.TO vs. EMCL.NEO - Performance Comparison
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Returns By Period
In the year-to-date period, HEQT.TO achieves a 13.99% return, which is significantly lower than EMCL.NEO's 26.93% return.
HEQT.TO
- 1D
- -0.29%
- 1M
- 2.24%
- YTD
- 13.99%
- 6M
- 13.34%
- 1Y
- 29.76%
- 3Y*
- 22.14%
- 5Y*
- 12.53%
- 10Y*
- —
EMCL.NEO
- 1D
- 0.27%
- 1M
- 3.04%
- YTD
- 26.93%
- 6M
- 28.29%
- 1Y
- 47.60%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HEQT.TO vs. EMCL.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
HEQT.TO Horizons All-Equity Asset Allocation ETF | 13.99% | 19.82% | 10.97% |
EMCL.NEO Global X Enhanced MSCI Emerging Markets Covered Call ETF | 26.93% | 20.46% | 3.66% |
Correlation
The correlation between HEQT.TO and EMCL.NEO is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since May 29, 2024 | 0.64 |
The correlation between HEQT.TO and EMCL.NEO shifts across timeframes, from 0.64 (all time) to 0.80 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
HEQT.TO vs. EMCL.NEO — Risk / Return Rank
HEQT.TO
EMCL.NEO
HEQT.TO vs. EMCL.NEO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Horizons All-Equity Asset Allocation ETF (HEQT.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.
| HEQT.TO | EMCL.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.61 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.45 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 3.52 | 3.74 | -0.21 |
| Martin ratioReturn relative to average drawdown | 15.30 | 13.41 | +1.89 |
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Drawdowns
HEQT.TO vs. EMCL.NEO - Drawdown Comparison
The maximum HEQT.TO drawdown since its inception was -31.82%, 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 HEQT.TO and EMCL.NEO.
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Drawdown Indicators
| HEQT.TO | EMCL.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.82% | -19.73% | -12.09% |
Max Drawdown (1Y)Largest decline over 1 year | -8.49% | -13.12% | +4.63% |
Max Drawdown (3Y)Largest decline over 3 years | -15.33% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -24.89% | — | — |
Current DrawdownCurrent decline from peak | -1.72% | -4.65% | +2.93% |
Average DrawdownAverage peak-to-trough decline | -5.15% | -2.57% | -2.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.95% | 3.61% | -1.66% |
Volatility
HEQT.TO vs. EMCL.NEO - Volatility Comparison
The current volatility for Horizons All-Equity Asset Allocation ETF (HEQT.TO) is 4.95%, while Global X Enhanced MSCI Emerging Markets Covered Call ETF (EMCL.NEO) has a volatility of 12.60%. This indicates that HEQT.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
| HEQT.TO | EMCL.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.95% | 12.60% | -7.65% |
Volatility (6M)Calculated over the trailing 6-month period | 10.57% | 20.76% | -10.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.64% | 22.56% | -9.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.00% | 23.02% | -8.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.89% | 23.02% | -6.13% |
Dividends
HEQT.TO vs. EMCL.NEO - Dividend Comparison
HEQT.TO's dividend yield for the trailing twelve months is around 1.61%, less than EMCL.NEO's 10.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
EMCL.NEO Global X Enhanced MSCI Emerging Markets Covered Call ETF | 10.20% | 9.86% | 3.10% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HEQT.TO Horizons All-Equity Asset Allocation ETF | 1.61% | 1.70% | 1.67% | 0.84% | 0.03% | 0.02% | 1.40% | 0.22% |
Frequently Asked Questions
HEQT.TO and EMCL.NEO have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HEQT.TO is categorized as Global Equities, while EMCL.NEO is Derivative Income. They also come from different issuers: Horizons and Global X.
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