HXEM.TO vs. EMCL.NEO

Last updated Aug 5, 2026

HXEM.TO (Global X Emerging Markets Equity Index Corporate Class ETF) and EMCL.NEO (Global X Enhanced MSCI Emerging Markets Covered Call ETF) are both Emerging Markets Equities funds from Global X. HXEM.TO is passively managed, while EMCL.NEO is actively managed. Over the past year, HXEM.TO returned 41.52% vs 43.02% for EMCL.NEO. Their 0.77 correlation means they have sometimes moved together and sometimes differently. HXEM.TO charges 0.25%/yr vs 1.83%/yr for EMCL.NEO.

Performance

HXEM.TO vs. EMCL.NEO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X Emerging Markets Equity Index Corporate Class ETF (HXEM.TO) and Global X Enhanced MSCI Emerging Markets Covered Call ETF (EMCL.NEO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with HXEM.TO having a 23.89% return and EMCL.NEO slightly higher at 24.18%.

HXEM.TO

• 1D: 3.14%
• 1M: -4.23%
• 6M: 14.62%
• YTD: 23.89%
• 1Y: 41.52%
• 3Y*: 21.64%
• 5Y*: 9.30%
• 10Y*: —
• ALL TIME*: 9.91%

EMCL.NEO

• 1D: 4.56%
• 1M: 0.01%
• 6M: 17.22%
• YTD: 24.18%
• 1Y: 43.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 22.27%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EMCL.NEO Global X Enhanced MSCI Emerging Markets Covered Call ETF	CA$76.62K	CA$60.32K	CA$48.53K
HXEM.TO Global X Emerging Markets Equity Index Corporate Class ETF	CA$477.01K	CA$596.88K	CA$520.28K

HXEM.TO vs. EMCL.NEO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HXEM.TO Global X Emerging Markets Equity Index Corporate Class ETF	23.89%	26.46%	4.31%
EMCL.NEO Global X Enhanced MSCI Emerging Markets Covered Call ETF	24.18%	20.46%	3.66%

Correlation

The correlation between HXEM.TO and EMCL.NEO is 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.92
Correlation (All Time) Calculated using the full available price history since May 29, 2024	0.77

The correlation between HXEM.TO and EMCL.NEO shifts across timeframes, from 0.77 (all time) to 0.92 (1 year), reflecting how their relationship changes across market environments.

HXEM.TO vs. EMCL.NEO - Sectors Allocation Comparison

Sectors	HXEM.TO	EMCL.NEO
Technology	45.9%	46.9%
Financial Services	18.2%	17.9%
Consumer Cyclical	7.4%	5.8%
Industrials	6.2%	6.8%
Communication Services	6.0%	5.7%
Basic Materials	5.4%	6.3%
Energy	3.2%	3.4%
Consumer Defensive	2.5%	2.5%
Healthcare	2.5%	1.9%
Utilities	1.8%	1.8%
Real Estate	0.9%	1.0%

Return for Risk

HXEM.TO vs. EMCL.NEO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HXEM.TO

HXEM.TO Risk / Return Rank: 65
HXEM.TO Sharpe Ratio Rank: 63
HXEM.TO Sortino Ratio Rank: 57
HXEM.TO Omega Ratio Rank: 66
HXEM.TO Calmar Ratio Rank: 71
HXEM.TO Martin Ratio Rank: 66

EMCL.NEO

EMCL.NEO Risk / Return Rank: 66
EMCL.NEO Sharpe Ratio Rank: 64
EMCL.NEO Sortino Ratio Rank: 55
EMCL.NEO Omega Ratio Rank: 72
EMCL.NEO Calmar Ratio Rank: 72
EMCL.NEO Martin Ratio Rank: 68

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HXEM.TO vs. EMCL.NEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Emerging Markets Equity Index Corporate Class ETF (HXEM.TO) and Global X Enhanced MSCI Emerging Markets Covered Call ETF (EMCL.NEO). 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.

	HXEM.TO	EMCL.NEO	Difference
Sharpe ratio: Return per unit of total volatility	1.69	1.71	-0.02
Sortino ratio: Return per unit of downside risk	2.24	2.19	+0.05
Omega ratio: Gain probability vs. loss probability	1.32	1.34	-0.03
Calmar ratio: Return relative to maximum drawdown	2.81	2.85	-0.04
Martin ratio: Return relative to average drawdown	9.04	9.43	-0.39

HXEM.TO vs. EMCL.NEO - Sharpe Ratio Comparison

The current HXEM.TO Sharpe Ratio is 1.69, which is comparable to the EMCL.NEO Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of HXEM.TO and EMCL.NEO, 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

HXEM.TO vs. EMCL.NEO - Drawdown Comparison

The maximum HXEM.TO drawdown since its inception was -35.00%, which is greater than EMCL.NEO's maximum drawdown of -19.73%. Use the drawdown chart below to compare losses from any high point for HXEM.TO and EMCL.NEO.

Drawdown Indicators

	HXEM.TO	EMCL.NEO	Difference
Max Drawdown Largest peak-to-trough decline	-35.00%	-19.73%	-15.27%
Max Drawdown (1Y) Largest decline over 1 year	-14.85%	-15.37%	+0.52%
Max Drawdown (3Y) Largest decline over 3 years	-15.40%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-29.64%	—	—
Current Drawdown Current decline from peak	-7.81%	-6.72%	-1.09%
Average Drawdown Average peak-to-trough decline	-13.54%	-2.90%	-10.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.61%	4.62%	-0.01%

Volatility

HXEM.TO vs. EMCL.NEO - Volatility Comparison

The current volatility for Global X Emerging Markets Equity Index Corporate Class ETF (HXEM.TO) is 9.30%, while Global X Enhanced MSCI Emerging Markets Covered Call ETF (EMCL.NEO) has a volatility of 11.76%. This indicates that HXEM.TO experiences smaller price fluctuations and is considered to be less risky than EMCL.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HXEM.TO	EMCL.NEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.30%	11.76%	-2.46%
Volatility (6M) Calculated over the trailing 6-month period	22.55%	24.11%	-1.56%
Volatility (1Y) Calculated over the trailing 1-year period	24.67%	25.67%	-1.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.28%	24.25%	-5.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.92%	24.25%	-6.33%

HXEM.TO vs. EMCL.NEO - Expense Ratio Comparison

HXEM.TO has a 0.25% expense ratio, which is lower than EMCL.NEO's 1.83% expense ratio.

Dividends

HXEM.TO vs. EMCL.NEO - Dividend Comparison

HXEM.TO has not paid dividends to shareholders, while EMCL.NEO's dividend yield for the trailing twelve months is around 10.84%.

Position	TTM	2025	2024
EMCL.NEO Global X Enhanced MSCI Emerging Markets Covered Call ETF	10.84%	9.86%	3.10%
HXEM.TO Global X Emerging Markets Equity Index Corporate Class ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HXEM.TO and EMCL.NEO in my portfolio?

With a correlation of 0.92, HXEM.TO and EMCL.NEO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, HXEM.TO or EMCL.NEO?

On fees, HXEM.TO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HXEM.TO or EMCL.NEO?

HXEM.TO is cheaper with a 0.25% expense ratio, compared with 1.83% for EMCL.NEO.

What is the main difference between HXEM.TO and EMCL.NEO?

Their fees differ too: 0.25% for HXEM.TO and 1.83% for EMCL.NEO.