HSH.TO vs. ENCC.TO

Last updated Jul 16, 2026

HSH.TO (Global X S&P 500 CAD Hedged Index Corporate Class ETF) and ENCC.TO (Global X Canadian Oil and Gas Equity Covered Call ETF) are both exchange-traded funds - HSH.TO is a S&P 500 fund actively managed by Global X, while ENCC.TO is a Derivative Income fund actively managed by Global X. Both are actively managed. Over the past 5 years, HSH.TO returned 11.71%/yr vs 26.91%/yr for ENCC.TO. At a 0.29 correlation, their price movements are largely independent.

Performance

HSH.TO vs. ENCC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X S&P 500 CAD Hedged Index Corporate Class ETF (HSH.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

In the year-to-date period, HSH.TO achieves a 9.63% return, which is significantly lower than ENCC.TO's 27.77% return.

HSH.TO

• 1D: 0.10%
• 1M: 0.05%
• 6M: 8.63%
• YTD: 9.63%
• 1Y: 19.57%
• 3Y*: 18.33%
• 5Y*: 11.71%
• 10Y*: —

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)

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
HSH.TO Global X S&P 500 CAD Hedged Index Corporate Class ETF	9.63%	15.34%	23.32%	25.56%	-19.90%	28.94%	16.14%	17.33%
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%	-5.03%

Correlation

The correlation between HSH.TO and ENCC.TO is -0.17, 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	-0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (5Y) Calculated over the trailing 5-year period	0.25
Correlation (All Time) Calculated using the full available price history since Feb 21, 2019	0.29

The correlation between HSH.TO and ENCC.TO shifts across timeframes, from -0.17 (1 year) to 0.29 (all time), reflecting how their relationship changes across market environments.

Return for Risk

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

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

HSH.TO

HSH.TO Risk / Return Rank: 55
HSH.TO Sharpe Ratio Rank: 55
HSH.TO Sortino Ratio Rank: 55
HSH.TO Omega Ratio Rank: 53
HSH.TO Calmar Ratio Rank: 49
HSH.TO Martin Ratio Rank: 62

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.

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

This table presents a comparison of risk-adjusted performance metrics for Global X S&P 500 CAD Hedged Index Corporate Class ETF (HSH.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.

	HSH.TO	ENCC.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.54	2.53	-0.99
Sortino ratio: Return per unit of downside risk	2.19	3.32	-1.13
Omega ratio: Gain probability vs. loss probability	1.27	1.44	-0.17
Calmar ratio: Return relative to maximum drawdown	2.06	4.51	-2.46
Martin ratio: Return relative to average drawdown	8.81	12.99	-4.18

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

The current HSH.TO Sharpe Ratio is 1.54, which is lower than the ENCC.TO Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of HSH.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

HSH.TO vs. ENCC.TO - Drawdown Comparison

The maximum HSH.TO drawdown since its inception was -34.19%, smaller than the maximum ENCC.TO drawdown of -93.29%. Use the drawdown chart below to compare losses from any high point for HSH.TO and ENCC.TO.

Drawdown Indicators

	HSH.TO	ENCC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-34.19%	-93.29%	+59.10%
Max Drawdown (1Y) Largest decline over 1 year	-9.56%	-8.48%	-1.08%
Max Drawdown (3Y) Largest decline over 3 years	-20.04%	-16.67%	-3.37%
Max Drawdown (5Y) Largest decline over 5 years	-25.26%	-25.58%	+0.32%
Max Drawdown (10Y) Largest decline over 10 years	—	-82.15%	—
Current Drawdown Current decline from peak	-0.80%	-26.44%	+25.64%
Average Drawdown Average peak-to-trough decline	-5.44%	-55.88%	+50.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	2.94%	-0.71%

Volatility

HSH.TO vs. ENCC.TO - Volatility Comparison

The current volatility for Global X S&P 500 CAD Hedged Index Corporate Class ETF (HSH.TO) is 3.77%, while Global X Canadian Oil and Gas Equity Covered Call ETF (ENCC.TO) has a volatility of 5.44%. This indicates that HSH.TO experiences smaller price fluctuations and is considered to be less risky than ENCC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HSH.TO	ENCC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.77%	5.44%	-1.67%
Volatility (6M) Calculated over the trailing 6-month period	10.21%	12.46%	-2.25%
Volatility (1Y) Calculated over the trailing 1-year period	12.78%	15.13%	-2.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.78%	22.79%	-5.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.11%	29.01%	-8.90%

Dividends

HSH.TO vs. ENCC.TO - Dividend Comparison

HSH.TO has not paid dividends to shareholders, while ENCC.TO's dividend yield for the trailing twelve months is around 11.31%.

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%
HSH.TO Global X S&P 500 CAD Hedged Index Corporate Class ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

HSH.TO and ENCC.TO have a correlation of -0.17, 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 HSH.TO and ENCC.TO?

HSH.TO is categorized as S&P 500, while ENCC.TO is Derivative Income.