HPF.TO vs. ENCC.TO

Last updated Jul 16, 2026

HPF.TO (Harvest Energy Leaders Income ETF Class A CAD Hedged) and ENCC.TO (Global X Canadian Oil and Gas Equity Covered Call ETF) are both exchange-traded funds - HPF.TO is a Energy Equities fund actively managed by Harvest, while ENCC.TO is a Derivative Income fund actively managed by Global X. Both are actively managed. Over the past 10 years, HPF.TO returned 5.03%/yr vs 8.09%/yr for ENCC.TO. A 0.68 correlation means they provide meaningful diversification when combined.

Performance

HPF.TO vs. ENCC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Harvest Energy Leaders Income ETF Class A CAD Hedged (HPF.TO) and Global X Canadian Oil and Gas Equity Covered Call ETF (ENCC.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with HPF.TO having a 28.72% return and ENCC.TO slightly lower at 27.77%. Over the past 10 years, HPF.TO has underperformed ENCC.TO with an annualized return of 5.03%, while ENCC.TO has yielded a comparatively higher 8.09% annualized return.

HPF.TO

• 1D: -0.80%
• 1M: 2.08%
• 6M: 22.63%
• YTD: 28.72%
• 1Y: 37.02%
• 3Y*: 14.19%
• 5Y*: 16.67%
• 10Y*: 5.03%

ENCC.TO

• 1D: -0.16%
• 1M: 1.70%
• 6M: 25.98%
• YTD: 27.77%
• 1Y: 38.07%
• 3Y*: 22.07%
• 5Y*: 26.91%
• 10Y*: 8.09%

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

HPF.TO vs. ENCC.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HPF.TO Harvest Energy Leaders Income ETF Class A CAD Hedged	28.72%	8.98%	-2.46%	2.51%	38.58%	33.23%	-37.56%	9.43%	-18.69%	-0.07%
ENCC.TO Global X Canadian Oil and Gas Equity Covered Call ETF	27.77%	13.13%	17.39%	5.72%	41.32%	80.54%	-27.98%	6.56%	-30.99%	-18.47%

Correlation

The correlation between HPF.TO and ENCC.TO is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Oct 21, 2014	0.68

The correlation between HPF.TO and ENCC.TO shifts across timeframes, from 0.68 (all time) to 0.81 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

HPF.TO vs. ENCC.TO — Risk / Return Rank

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

HPF.TO

HPF.TO Risk / Return Rank: 69
HPF.TO Sharpe Ratio Rank: 73
HPF.TO Sortino Ratio Rank: 67
HPF.TO Omega Ratio Rank: 64
HPF.TO Calmar Ratio Rank: 76
HPF.TO Martin Ratio Rank: 64

ENCC.TO

ENCC.TO Risk / Return Rank: 89
ENCC.TO Sharpe Ratio Rank: 92
ENCC.TO Sortino Ratio Rank: 89
ENCC.TO Omega Ratio Rank: 89
ENCC.TO Calmar Ratio Rank: 91
ENCC.TO Martin Ratio Rank: 83

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.

HPF.TO vs. ENCC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harvest Energy Leaders Income ETF Class A CAD Hedged (HPF.TO) and Global X Canadian Oil and Gas Equity Covered Call ETF (ENCC.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.

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.

	HPF.TO	ENCC.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.89	2.53	-0.64
Sortino ratio: Return per unit of downside risk	2.49	3.32	-0.83
Omega ratio: Gain probability vs. loss probability	1.31	1.44	-0.13
Calmar ratio: Return relative to maximum drawdown	3.10	4.51	-1.42
Martin ratio: Return relative to average drawdown	9.15	12.99	-3.83

HPF.TO vs. ENCC.TO - Sharpe Ratio Comparison

The current HPF.TO Sharpe Ratio is 1.89, which is comparable to the ENCC.TO Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of HPF.TO and ENCC.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.

Drawdowns

HPF.TO vs. ENCC.TO - Drawdown Comparison

The maximum HPF.TO drawdown since its inception was -72.97%, smaller than the maximum ENCC.TO drawdown of -93.29%. Use the drawdown chart below to compare losses from any high point for HPF.TO and ENCC.TO.

Drawdown Indicators

	HPF.TO	ENCC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-72.97%	-93.29%	+20.32%
Max Drawdown (1Y) Largest decline over 1 year	-12.01%	-8.48%	-3.53%
Max Drawdown (3Y) Largest decline over 3 years	-22.85%	-16.67%	-6.18%
Max Drawdown (5Y) Largest decline over 5 years	-23.87%	-25.58%	+1.71%
Max Drawdown (10Y) Largest decline over 10 years	-69.11%	-82.15%	+13.04%
Current Drawdown Current decline from peak	-5.69%	-26.44%	+20.75%
Average Drawdown Average peak-to-trough decline	-26.28%	-55.88%	+29.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.06%	2.94%	+1.12%

Volatility

HPF.TO vs. ENCC.TO - Volatility Comparison

Harvest Energy Leaders Income ETF Class A CAD Hedged (HPF.TO) has a higher volatility of 6.52% compared to Global X Canadian Oil and Gas Equity Covered Call ETF (ENCC.TO) at 5.44%. This indicates that HPF.TO's price experiences larger fluctuations and is considered to be riskier than ENCC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HPF.TO	ENCC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.52%	5.44%	+1.08%
Volatility (6M) Calculated over the trailing 6-month period	16.30%	12.46%	+3.84%
Volatility (1Y) Calculated over the trailing 1-year period	19.76%	15.13%	+4.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.66%	22.79%	+0.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.03%	29.01%	-0.98%

Dividends

HPF.TO vs. ENCC.TO - Dividend Comparison

HPF.TO's dividend yield for the trailing twelve months is around 8.04%, less than ENCC.TO's 11.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ENCC.TO Global X Canadian Oil and Gas Equity Covered Call ETF	11.31%	13.62%	14.58%	14.87%	12.55%	4.23%	5.10%	6.11%	8.37%	6.93%	4.34%	3.03%
HPF.TO Harvest Energy Leaders Income ETF Class A CAD Hedged	8.04%	9.93%	9.80%	8.75%	6.58%	4.61%	15.32%	8.74%	8.78%	12.87%	13.58%	13.31%

Frequently Asked Questions

Can I hold both HPF.TO and ENCC.TO in my portfolio?

HPF.TO and ENCC.TO have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between HPF.TO and ENCC.TO?

HPF.TO is categorized as Energy Equities, while ENCC.TO is Derivative Income. They also come from different issuers: Harvest and Global X.