INOC.TO vs. USCL.TO
INOC.TO (Global X Inovestor Canadian Equity Index ETF) and USCL.TO (Global X Enhanced S&P 500 Covered Call ETF) are both exchange-traded funds - INOC.TO is a Canada Equities fund tracking the Nasdaq Inovestor Canada Index, while USCL.TO is a Derivative Income fund actively managed by Global X. INOC.TO is passively managed, while USCL.TO is actively managed. Over the past year, INOC.TO returned 23.25% vs 31.11% for USCL.TO. At a 0.25 correlation, their price movements are largely independent. INOC.TO charges 0.76%/yr vs 0.04%/yr for USCL.TO.
Performance
INOC.TO vs. USCL.TO - Performance Comparison
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Returns By Period
In the year-to-date period, INOC.TO achieves a 11.12% return, which is significantly lower than USCL.TO's 12.35% return.
INOC.TO
- 1D
- 0.16%
- 1M
- 4.50%
- YTD
- 11.12%
- 6M
- 13.11%
- 1Y
- 23.25%
- 3Y*
- 16.74%
- 5Y*
- 11.20%
- 10Y*
- —
USCL.TO
- 1D
- -0.41%
- 1M
- 4.02%
- YTD
- 12.35%
- 6M
- 13.29%
- 1Y
- 31.11%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
INOC.TO vs. USCL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
INOC.TO Global X Inovestor Canadian Equity Index ETF | 11.12% | 13.17% | 11.66% | 12.26% |
USCL.TO Global X Enhanced S&P 500 Covered Call ETF | 12.35% | 10.03% | 38.54% | 8.88% |
Correlation
The correlation between INOC.TO and USCL.TO is 0.09, 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 | 0.09 |
Correlation (All Time) Calculated using the full available price history since Jul 6, 2023 | 0.25 |
The correlation between INOC.TO and USCL.TO shifts across timeframes, from 0.09 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
INOC.TO vs. USCL.TO — Risk / Return Rank
INOC.TO
USCL.TO
INOC.TO vs. USCL.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Inovestor Canadian Equity Index ETF (INOC.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.
| INOC.TO | USCL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.59 | ||
| Sortino ratioReturn per unit of downside risk | -0.59 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.49 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.53 | 3.65 | -1.12 |
| Martin ratioReturn relative to average drawdown | 8.68 | 14.68 | -6.00 |
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Drawdowns
INOC.TO vs. USCL.TO - Drawdown Comparison
The maximum INOC.TO drawdown since its inception was -39.65%, 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 INOC.TO and USCL.TO.
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Drawdown Indicators
| INOC.TO | USCL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.65% | -21.85% | -17.80% |
Max Drawdown (1Y)Largest decline over 1 year | -9.22% | -8.56% | -0.66% |
Max Drawdown (3Y)Largest decline over 3 years | -14.07% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -18.53% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.41% | +0.41% |
Average DrawdownAverage peak-to-trough decline | -4.16% | -2.53% | -1.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.68% | 2.12% | +0.56% |
Volatility
INOC.TO vs. USCL.TO - Volatility Comparison
The current volatility for Global X Inovestor Canadian Equity Index ETF (INOC.TO) is 3.12%, while Global X Enhanced S&P 500 Covered Call ETF (USCL.TO) has a volatility of 4.63%. This indicates that INOC.TO experiences smaller price fluctuations and is considered to be less risky than USCL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| INOC.TO | USCL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.12% | 4.63% | -1.51% |
Volatility (6M)Calculated over the trailing 6-month period | 8.85% | 9.99% | -1.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.86% | 12.24% | -0.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.41% | 15.70% | -2.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.52% | 15.70% | -0.18% |
INOC.TO vs. USCL.TO - Expense Ratio Comparison
INOC.TO has a 0.76% expense ratio, which is higher than USCL.TO's 0.04% expense ratio.
Dividends
INOC.TO vs. USCL.TO - Dividend Comparison
INOC.TO's dividend yield for the trailing twelve months is around 1.16%, less than USCL.TO's 11.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
INOC.TO Global X Inovestor Canadian Equity Index ETF | 1.16% | 1.66% | 1.61% | 2.04% | 1.82% | 1.81% | 2.03% | 1.89% | 2.06% |
USCL.TO Global X Enhanced S&P 500 Covered Call ETF | 11.87% | 12.94% | 11.57% | 7.08% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
INOC.TO and USCL.TO have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, USCL.TO is cheaper at 0.04% per year. The better choice depends on whether you care most about return, fees, risk, or income.
USCL.TO is cheaper with a 0.04% expense ratio, compared with 0.76% for INOC.TO.
INOC.TO is categorized as Canada Equities, while USCL.TO is Derivative Income. Their fees differ too: 0.76% for INOC.TO and 0.04% for USCL.TO.
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