HPF.TO vs. EQCL.TO

Last updated Jul 18, 2026

HPF.TO (Harvest Energy Leaders Income ETF Class A CAD Hedged) and EQCL.TO (Global X Enhanced All-Equity Asset Allocation Covered Call ETF CAD) are both exchange-traded funds - HPF.TO is a Energy Equities fund actively managed by Harvest, while EQCL.TO is a Derivative Income fund actively managed by Global X. Both are actively managed. Over the past year, HPF.TO returned 41.27% vs 26.79% for EQCL.TO. At a 0.11 correlation, their price movements are largely independent.

Performance

HPF.TO vs. EQCL.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 Enhanced All-Equity Asset Allocation Covered Call ETF CAD (EQCL.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HPF.TO achieves a 31.82% return, which is significantly higher than EQCL.TO's 13.63% return.

HPF.TO

• 1D: 1.06%
• 1M: 6.87%
• 6M: 26.38%
• YTD: 31.82%
• 1Y: 41.27%
• 3Y*: 14.64%
• 5Y*: 17.23%
• 10Y*: 5.28%

EQCL.TO

• 1D: -0.75%
• 1M: -0.68%
• 6M: 8.99%
• YTD: 13.63%
• 1Y: 26.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023
HPF.TO Harvest Energy Leaders Income ETF Class A CAD Hedged	31.82%	8.98%	-2.46%	-0.14%
EQCL.TO Global X Enhanced All-Equity Asset Allocation Covered Call ETF CAD	13.63%	16.95%	24.04%	4.98%

Correlation

The correlation between HPF.TO and EQCL.TO is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.08
Correlation (All Time) Calculated using the full available price history since Oct 11, 2023	0.11

The correlation between HPF.TO and EQCL.TO shifts across timeframes, from -0.08 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HPF.TO vs. EQCL.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: 81
HPF.TO Sharpe Ratio Rank: 85
HPF.TO Sortino Ratio Rank: 80
HPF.TO Omega Ratio Rank: 78
HPF.TO Calmar Ratio Rank: 85
HPF.TO Martin Ratio Rank: 75

EQCL.TO

EQCL.TO Risk / Return Rank: 79
EQCL.TO Sharpe Ratio Rank: 77
EQCL.TO Sortino Ratio Rank: 77
EQCL.TO Omega Ratio Rank: 78
EQCL.TO Calmar Ratio Rank: 78
EQCL.TO Martin Ratio Rank: 85

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. EQCL.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 Enhanced All-Equity Asset Allocation Covered Call ETF CAD (EQCL.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	EQCL.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.10	1.94	+0.16
Sortino ratio: Return per unit of downside risk	2.73	2.75	-0.03
Omega ratio: Gain probability vs. loss probability	1.35	1.37	-0.02
Calmar ratio: Return relative to maximum drawdown	3.45	3.20	+0.25
Martin ratio: Return relative to average drawdown	10.17	13.20	-3.03

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

The current HPF.TO Sharpe Ratio is 2.10, which is comparable to the EQCL.TO Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of HPF.TO and EQCL.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. EQCL.TO - Drawdown Comparison

The maximum HPF.TO drawdown since its inception was -72.97%, which is greater than EQCL.TO's maximum drawdown of -18.97%. Use the drawdown chart below to compare losses from any high point for HPF.TO and EQCL.TO.

Drawdown Indicators

	HPF.TO	EQCL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-72.97%	-18.97%	-54.00%
Max Drawdown (1Y) Largest decline over 1 year	-12.01%	-8.40%	-3.61%
Max Drawdown (3Y) Largest decline over 3 years	-22.85%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-23.87%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-69.11%	—	—
Current Drawdown Current decline from peak	-3.42%	-3.03%	-0.39%
Average Drawdown Average peak-to-trough decline	-26.26%	-1.62%	-24.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.07%	2.04%	+2.03%

Volatility

HPF.TO vs. EQCL.TO - Volatility Comparison

Harvest Energy Leaders Income ETF Class A CAD Hedged (HPF.TO) has a higher volatility of 6.39% compared to Global X Enhanced All-Equity Asset Allocation Covered Call ETF CAD (EQCL.TO) at 3.91%. This indicates that HPF.TO's price experiences larger fluctuations and is considered to be riskier than EQCL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HPF.TO	EQCL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.39%	3.91%	+2.48%
Volatility (6M) Calculated over the trailing 6-month period	16.32%	11.96%	+4.36%
Volatility (1Y) Calculated over the trailing 1-year period	19.73%	13.87%	+5.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.63%	15.11%	+8.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.03%	15.11%	+12.92%

Dividends

HPF.TO vs. EQCL.TO - Dividend Comparison

HPF.TO's dividend yield for the trailing twelve months is around 7.85%, less than EQCL.TO's 10.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EQCL.TO Global X Enhanced All-Equity Asset Allocation Covered Call ETF CAD	10.91%	11.51%	10.96%	2.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HPF.TO Harvest Energy Leaders Income ETF Class A CAD Hedged	7.85%	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 EQCL.TO in my portfolio?

HPF.TO and EQCL.TO have a correlation of -0.08, 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 EQCL.TO?

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