HSH.TO vs. USCC-U.TO

Last updated Jul 16, 2026

HSH.TO (Global X S&P 500 CAD Hedged Index Corporate Class ETF) and USCC-U.TO (Global X S&P 500 Covered Call ETF) are both S&P 500 funds from Global X. Both are actively managed. Over the past 5 years, HSH.TO returned 11.71%/yr vs 12.20%/yr for USCC-U.TO. At a 0.30 correlation, their price movements are largely independent.

Performance

HSH.TO vs. USCC-U.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 S&P 500 Covered Call ETF (USCC-U.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HSH.TO is traded in CAD, while USCC-U.TO is traded in USD. To make them comparable, the USCC-U.TO values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, HSH.TO achieves a 9.63% return, which is significantly lower than USCC-U.TO's 10.38% 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*: —

USCC-U.TO

• 1D: -0.56%
• 1M: 2.62%
• 6M: 8.86%
• YTD: 10.38%
• 1Y: 22.03%
• 3Y*: 18.72%
• 5Y*: 12.20%
• 10Y*: 12.77%

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

HSH.TO vs. USCC-U.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%
USCC-U.TO Global X S&P 500 Covered Call ETF	10.38%	9.23%	32.70%	17.66%	-9.19%	24.09%	10.14%	10.61%

Correlation

The correlation between HSH.TO and USCC-U.TO is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (All Time) Calculated using the full available price history since Feb 21, 2019	0.30

The correlation between HSH.TO and USCC-U.TO shifts across timeframes, from 0.30 (all time) to 0.47 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

HSH.TO vs. USCC-U.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

USCC-U.TO

USCC-U.TO Risk / Return Rank: 71
USCC-U.TO Sharpe Ratio Rank: 72
USCC-U.TO Sortino Ratio Rank: 70
USCC-U.TO Omega Ratio Rank: 79
USCC-U.TO Calmar Ratio Rank: 61
USCC-U.TO Martin Ratio Rank: 74

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. USCC-U.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 S&P 500 Covered Call ETF (USCC-U.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	USCC-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.54	2.16	-0.62
Sortino ratio: Return per unit of downside risk	2.19	3.02	-0.83
Omega ratio: Gain probability vs. loss probability	1.27	1.40	-0.13
Calmar ratio: Return relative to maximum drawdown	2.06	3.26	-1.20
Martin ratio: Return relative to average drawdown	8.81	12.68	-3.86

HSH.TO vs. USCC-U.TO - Sharpe Ratio Comparison

The current HSH.TO Sharpe Ratio is 1.54, which is comparable to the USCC-U.TO Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of HSH.TO and USCC-U.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. USCC-U.TO - Drawdown Comparison

The maximum HSH.TO drawdown since its inception was -34.19%, smaller than the maximum USCC-U.TO drawdown of -36.21%. Use the drawdown chart below to compare losses from any high point for HSH.TO and USCC-U.TO.

Drawdown Indicators

	HSH.TO	USCC-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-34.19%	-36.21%	+2.02%
Max Drawdown (1Y) Largest decline over 1 year	-9.56%	-6.80%	-2.76%
Max Drawdown (3Y) Largest decline over 3 years	-20.04%	-18.22%	-1.82%
Max Drawdown (5Y) Largest decline over 5 years	-25.26%	-18.22%	-7.04%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.21%	—
Current Drawdown Current decline from peak	-0.80%	-0.92%	+0.12%
Average Drawdown Average peak-to-trough decline	-5.44%	-4.87%	-0.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	1.74%	+0.49%

Volatility

HSH.TO vs. USCC-U.TO - Volatility Comparison

Global X S&P 500 CAD Hedged Index Corporate Class ETF (HSH.TO) has a higher volatility of 3.77% compared to Global X S&P 500 Covered Call ETF (USCC-U.TO) at 2.98%. This indicates that HSH.TO's price experiences larger fluctuations and is considered to be riskier than USCC-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HSH.TO	USCC-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.77%	2.98%	+0.79%
Volatility (6M) Calculated over the trailing 6-month period	10.21%	8.11%	+2.10%
Volatility (1Y) Calculated over the trailing 1-year period	12.78%	10.27%	+2.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.78%	14.20%	+3.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.11%	24.71%	-4.60%

Dividends

HSH.TO vs. USCC-U.TO - Dividend Comparison

HSH.TO has not paid dividends to shareholders, while USCC-U.TO's dividend yield for the trailing twelve months is around 9.66%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
USCC-U.TO Global X S&P 500 Covered Call ETF	9.66%	9.88%	10.20%	11.22%	10.76%	5.11%	4.95%	5.09%	6.49%	5.36%	5.62%	6.13%

Frequently Asked Questions

Can I hold both HSH.TO and USCC-U.TO in my portfolio?

HSH.TO and USCC-U.TO have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.