HMAX.TO vs. ENCL.TO

Last updated Jun 4, 2026

HMAX.TO (Hamilton Canadian Financials YIELD MAXIMIZER ETF) and ENCL.TO (Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD) are both exchange-traded funds - HMAX.TO is a Derivative Income fund actively managed by Hamilton Capital, while ENCL.TO is a Oil & Gas fund actively managed by Global X. Both are actively managed. Over the past year, HMAX.TO returned 35.28% vs 52.50% for ENCL.TO. At a 0.21 correlation, their price movements are largely independent. HMAX.TO charges 0.65%/yr vs 1.86%/yr for ENCL.TO.

Performance

HMAX.TO vs. ENCL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Hamilton Canadian Financials YIELD MAXIMIZER ETF (HMAX.TO) and Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD (ENCL.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HMAX.TO achieves a 11.17% return, which is significantly lower than ENCL.TO's 36.58% return.

HMAX.TO

• 1D: -0.55%
• 1M: 4.52%
• YTD: 11.17%
• 6M: 14.64%
• 1Y: 35.28%
• 3Y*: 21.76%
• 5Y*: —
• 10Y*: —

ENCL.TO

• 1D: 0.43%
• 1M: 2.89%
• YTD: 36.58%
• 6M: 32.07%
• 1Y: 52.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

HMAX.TO vs. ENCL.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HMAX.TO Hamilton Canadian Financials YIELD MAXIMIZER ETF	11.17%	27.20%	20.65%	7.52%
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 HMAX.TO and ENCL.TO is -0.10, 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	-0.10
Correlation (All Time) Calculated using the full available price history since Oct 12, 2023	0.21

The correlation between HMAX.TO and ENCL.TO shifts across timeframes, from -0.10 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.

HMAX.TO vs. ENCL.TO - Sectors Allocation Comparison

Sectors	HMAX.TO	ENCL.TO
Financial Services	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	100.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

HMAX.TO vs. ENCL.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HMAX.TO

HMAX.TO Risk / Return Rank: 91
HMAX.TO Sharpe Ratio Rank: 93
HMAX.TO Sortino Ratio Rank: 94
HMAX.TO Omega Ratio Rank: 93
HMAX.TO Calmar Ratio Rank: 86
HMAX.TO Martin Ratio Rank: 90

ENCL.TO

ENCL.TO Risk / Return Rank: 85
ENCL.TO Sharpe Ratio Rank: 88
ENCL.TO Sortino Ratio Rank: 81
ENCL.TO Omega Ratio Rank: 83
ENCL.TO Calmar Ratio Rank: 86
ENCL.TO Martin Ratio Rank: 84

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.

HMAX.TO vs. ENCL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton Canadian Financials YIELD MAXIMIZER ETF (HMAX.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.

	HMAX.TO	ENCL.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.56	2.98	+0.58
Sortino ratio: Return per unit of downside risk	5.03	3.66	+1.37
Omega ratio: Gain probability vs. loss probability	1.67	1.51	+0.16
Calmar ratio: Return relative to maximum drawdown	4.86	4.91	-0.04
Martin ratio: Return relative to average drawdown	21.27	17.58	+3.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HMAX.TO vs. ENCL.TO - Sharpe Ratio Comparison

The current HMAX.TO Sharpe Ratio is 3.56, which is comparable to the ENCL.TO Sharpe Ratio of 2.98. The chart below compares the historical Sharpe Ratios of HMAX.TO and ENCL.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HMAX.TO	ENCL.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.56	2.98	+0.58
Sharpe Ratio (All Time) Calculated using the full available price history	1.54	1.27	+0.27

Drawdowns

HMAX.TO vs. ENCL.TO - Drawdown Comparison

The maximum HMAX.TO drawdown since its inception was -15.34%, smaller than the maximum ENCL.TO drawdown of -21.05%. Use the drawdown chart below to compare losses from any high point for HMAX.TO and ENCL.TO.

Drawdown Indicators

	HMAX.TO	ENCL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-15.34%	-21.05%	+5.71%
Max Drawdown (1Y) Largest decline over 1 year	-7.29%	-10.75%	+3.46%
Max Drawdown (3Y) Largest decline over 3 years	-12.48%	—	—
Current Drawdown Current decline from peak	-0.91%	-2.54%	+1.63%
Average Drawdown Average peak-to-trough decline	-2.94%	-3.95%	+1.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.66%	3.00%	-1.34%

Volatility

HMAX.TO vs. ENCL.TO - Volatility Comparison

The current volatility for Hamilton Canadian Financials YIELD MAXIMIZER ETF (HMAX.TO) is 3.28%, while Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD (ENCL.TO) has a volatility of 7.30%. This indicates that HMAX.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.

Volatility by Period

	HMAX.TO	ENCL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.28%	7.30%	-4.02%
Volatility (6M) Calculated over the trailing 6-month period	8.55%	15.75%	-7.20%
Volatility (1Y) Calculated over the trailing 1-year period	9.95%	17.75%	-7.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.42%	20.15%	-8.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.42%	20.15%	-8.73%

HMAX.TO vs. ENCL.TO - Expense Ratio Comparison

HMAX.TO has a 0.65% expense ratio, which is lower than ENCL.TO's 1.86% expense ratio.

Dividends

HMAX.TO vs. ENCL.TO - Dividend Comparison

HMAX.TO's dividend yield for the trailing twelve months is around 11.59%, 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%
HMAX.TO Hamilton Canadian Financials YIELD MAXIMIZER ETF	11.59%	12.29%	14.08%	15.47%

Frequently Asked Questions

Can I hold both HMAX.TO and ENCL.TO in my portfolio?

HMAX.TO and ENCL.TO have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HMAX.TO or ENCL.TO?

On fees, HMAX.TO is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HMAX.TO or ENCL.TO?

HMAX.TO is cheaper with a 0.65% expense ratio, compared with 1.86% for ENCL.TO.

What is the main difference between HMAX.TO and ENCL.TO?

HMAX.TO is categorized as Derivative Income, while ENCL.TO is Oil & Gas. They also come from different issuers: Hamilton Capital and Global X. Their fees differ too: 0.65% for HMAX.TO and 1.86% for ENCL.TO.