HXQ.TO vs. USCL.TO

Last updated Aug 2, 2026

HXQ.TO (Global X Nasdaq-100 Index Corporate Class ETF) and USCL.TO (Global X Enhanced S&P 500 Covered Call ETF) are both exchange-traded funds - HXQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while USCL.TO is a Derivative Income fund actively managed by Global X. HXQ.TO is passively managed, while USCL.TO is actively managed. Over the past 3 years, HXQ.TO returned 24.20%/yr vs 20.61%/yr for USCL.TO. Their correlation of 0.87 means they have usually moved in the same direction. HXQ.TO charges 0.25%/yr vs 1.61%/yr for USCL.TO.

Performance

HXQ.TO vs. USCL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X Nasdaq-100 Index Corporate Class ETF (HXQ.TO) and Global X Enhanced S&P 500 Covered Call ETF (USCL.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HXQ.TO achieves a 14.56% return, which is significantly higher than USCL.TO's 13.52% return.

HXQ.TO

• 1D: 0.69%
• 1M: -5.98%
• 6M: 14.12%
• YTD: 14.56%
• 1Y: 26.47%
• 3Y*: 24.20%
• 5Y*: 16.73%
• 10Y*: 21.14%
• ALL TIME*: 21.11%

USCL.TO

• 1D: 1.00%
• 1M: -1.00%
• 6M: 12.68%
• YTD: 13.52%
• 1Y: 25.69%
• 3Y*: 20.61%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 22.92%

*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)
HXQ.TO Global X Nasdaq-100 Index Corporate Class ETF	CA$2.97M	CA$3.02M	CA$3.91M
USCL.TO Global X Enhanced S&P 500 Covered Call ETF	CA$343.47K	CA$425.85K	CA$508.08K

HXQ.TO vs. USCL.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HXQ.TO Global X Nasdaq-100 Index Corporate Class ETF	14.56%	15.05%	35.98%	10.66%
USCL.TO Global X Enhanced S&P 500 Covered Call ETF	13.52%	10.03%	38.54%	8.88%

Correlation

The correlation between HXQ.TO and USCL.TO is 0.87, 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.	0.87
Correlation (3Y) Balances recent behavior with more history.	0.88
Correlation (All Time) Calculated using the full available price history since Jul 6, 2023	0.87

The correlation between HXQ.TO and USCL.TO has been stable across timeframes, ranging from 0.87 to 0.88 - a consistent structural relationship.

HXQ.TO vs. USCL.TO - Sectors Allocation Comparison

Sectors	HXQ.TO	USCL.TO
Technology	55.9%	39.0%
Communication Services	15.8%	10.6%
Consumer Cyclical	13.2%	9.9%
Healthcare	4.4%	8.3%
Consumer Defensive	4.4%	4.5%
Industrials	3.1%	7.8%
Utilities	1.4%	2.1%
Basic Materials	1.0%	1.7%
Energy	0.5%	3.1%
Financial Services	0.3%	11.1%
Real Estate	0.2%	1.8%

Return for Risk

HXQ.TO vs. USCL.TO — Risk / Return Rank

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

HXQ.TO

HXQ.TO Risk / Return Rank: 51
HXQ.TO Sharpe Ratio Rank: 52
HXQ.TO Sortino Ratio Rank: 50
HXQ.TO Omega Ratio Rank: 50
HXQ.TO Calmar Ratio Rank: 53
HXQ.TO Martin Ratio Rank: 48

USCL.TO

USCL.TO Risk / Return Rank: 79
USCL.TO Sharpe Ratio Rank: 79
USCL.TO Sortino Ratio Rank: 76
USCL.TO Omega Ratio Rank: 81
USCL.TO Calmar Ratio Rank: 77
USCL.TO Martin Ratio Rank: 81

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.

HXQ.TO vs. USCL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Nasdaq-100 Index Corporate Class ETF (HXQ.TO) and Global X Enhanced S&P 500 Covered Call ETF (USCL.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.

	HXQ.TO	USCL.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.25	1.81	-0.56
Sortino ratio: Return per unit of downside risk	1.75	2.46	-0.71
Omega ratio: Gain probability vs. loss probability	1.23	1.34	-0.11
Calmar ratio: Return relative to maximum drawdown	1.90	2.72	-0.81
Martin ratio: Return relative to average drawdown	5.49	10.58	-5.09

HXQ.TO vs. USCL.TO - Sharpe Ratio Comparison

The current HXQ.TO Sharpe Ratio is 1.25, which is lower than the USCL.TO Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of HXQ.TO and USCL.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

HXQ.TO vs. USCL.TO - Drawdown Comparison

The maximum HXQ.TO drawdown since its inception was -31.60%, which is greater than USCL.TO's maximum drawdown of -21.85%. Use the drawdown chart below to compare losses from any high point for HXQ.TO and USCL.TO.

Drawdown Indicators

	HXQ.TO	USCL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-31.60%	-21.85%	-9.75%
Max Drawdown (1Y) Largest decline over 1 year	-12.43%	-8.56%	-3.87%
Max Drawdown (3Y) Largest decline over 3 years	-22.58%	-21.85%	-0.73%
Max Drawdown (5Y) Largest decline over 5 years	-31.60%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-31.60%	—	—
Current Drawdown Current decline from peak	-7.80%	-1.71%	-6.09%
Average Drawdown Average peak-to-trough decline	-5.72%	-2.48%	-3.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.30%	2.20%	+2.10%

Volatility

HXQ.TO vs. USCL.TO - Volatility Comparison

Global X Nasdaq-100 Index Corporate Class ETF (HXQ.TO) has a higher volatility of 6.71% compared to Global X Enhanced S&P 500 Covered Call ETF (USCL.TO) at 4.20%. This indicates that HXQ.TO's price experiences larger fluctuations and is considered to be riskier than USCL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HXQ.TO	USCL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.71%	4.20%	+2.51%
Volatility (6M) Calculated over the trailing 6-month period	15.67%	10.25%	+5.42%
Volatility (1Y) Calculated over the trailing 1-year period	18.98%	12.86%	+6.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.29%	15.60%	+5.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.07%	15.60%	+5.47%

HXQ.TO vs. USCL.TO - Expense Ratio Comparison

HXQ.TO has a 0.25% expense ratio, which is lower than USCL.TO's 1.61% expense ratio.

Dividends

HXQ.TO vs. USCL.TO - Dividend Comparison

HXQ.TO has not paid dividends to shareholders, while USCL.TO's dividend yield for the trailing twelve months is around 11.92%.

Position	TTM	2025	2024	2023
HXQ.TO Global X Nasdaq-100 Index Corporate Class ETF	0.00%	0.00%	0.00%	0.00%
USCL.TO Global X Enhanced S&P 500 Covered Call ETF	11.92%	12.94%	11.57%	7.08%

Frequently Asked Questions

Can I hold both HXQ.TO and USCL.TO in my portfolio?

HXQ.TO and USCL.TO have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HXQ.TO or USCL.TO?

On fees, HXQ.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, HXQ.TO or USCL.TO?

HXQ.TO is cheaper with a 0.25% expense ratio, compared with 1.61% for USCL.TO.

What is the main difference between HXQ.TO and USCL.TO?

HXQ.TO is categorized as Nasdaq-100, while USCL.TO is Derivative Income. Their fees differ too: 0.25% for HXQ.TO and 1.61% for USCL.TO.