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NNRG.NEO vs. ENCL.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

NNRG.NEO vs. ENCL.TO

Last updated Jun 26, 2026

NNRG.NEO (Ninepoint Energy ETF) and ENCL.TO (Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD) are both Energy Equities funds. NNRG.NEO is passively managed, while ENCL.TO is actively managed. Over the past year, NNRG.NEO returned 47.06% vs 42.93% for ENCL.TO. Their correlation of 0.84 suggests significant overlap in exposure. NNRG.NEO charges 1.79%/yr vs 1.86%/yr for ENCL.TO.

Performance

NNRG.NEO vs. ENCL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Ninepoint Energy ETF (NNRG.NEO) and Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD (ENCL.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, NNRG.NEO achieves a 32.05% return, which is significantly higher than ENCL.TO's 28.59% return.

NNRG.NEO

1D
0.48%
1M
-6.85%
YTD
32.05%
6M
33.04%
1Y
47.06%
3Y*
25.31%
5Y*
26.77%
10Y*
—

ENCL.TO

1D
0.59%
1M
-5.08%
YTD
28.59%
6M
30.41%
1Y
42.93%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

NNRG.NEO vs. ENCL.TO - Yearly Performance Comparison

2026 (YTD)202520242023
NNRG.NEO
Ninepoint Energy ETF		32.05%19.14%13.26%-13.14%
ENCL.TO
Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD		28.59%14.97%20.32%-11.68%

Correlation

The correlation between NNRG.NEO and ENCL.TO is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.80

Correlation (All Time)
Calculated using the full available price history since Oct 11, 2023

0.84

The correlation between NNRG.NEO and ENCL.TO has been stable across timeframes, ranging from 0.80 to 0.84 - a consistent structural relationship.

NNRG.NEO vs. ENCL.TO - Sectors Allocation Comparison

Sectors
NNRG.NEO
ENCL.TO

Energy

100.0%
100.0%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Financial Services

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Energy

NNRG.NEO
100.0%
ENCL.TO
100.0%

Basic Materials

NNRG.NEO

-

ENCL.TO

-

Communication Services

NNRG.NEO

-

ENCL.TO

-

Consumer Cyclical

NNRG.NEO

-

ENCL.TO

-

Consumer Defensive

NNRG.NEO

-

ENCL.TO

-

Financial Services

NNRG.NEO

-

ENCL.TO

-

Healthcare

NNRG.NEO

-

ENCL.TO

-

Industrials

NNRG.NEO

-

ENCL.TO

-

Real Estate

NNRG.NEO

-

ENCL.TO

-

Technology

NNRG.NEO

-

ENCL.TO

-

Utilities

NNRG.NEO

-

ENCL.TO

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Ninepoint Energy ETF

Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD

Often compared with NNRG.NEO:
NNRG.NEO vs. XEG.TONNRG.NEO vs. DXMO.TONNRG.NEO vs. EFX.TONNRG.NEO vs. IXCNNRG.NEO vs. ENCC.TONNRG.NEO vs. CIF.TONNRG.NEO vs. ZWEN.TO
Often compared with ENCL.TO:
ENCL.TO vs. ENCC.TOENCL.TO vs. UTES.TOENCL.TO vs. XEG.TOENCL.TO vs. UMAX.TOENCL.TO vs. OILY.TOENCL.TO vs. BANK.TOENCL.TO vs. HHIS.TO

Return for Risk

NNRG.NEO vs. ENCL.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
NNRG.NEO
NNRG.NEO Risk / Return Rank: 6464
Overall Rank
NNRG.NEO Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
NNRG.NEO Sortino Ratio Rank: 5757
Sortino Ratio Rank
NNRG.NEO Omega Ratio Rank: 5959
Omega Ratio Rank
NNRG.NEO Calmar Ratio Rank: 7575
Calmar Ratio Rank
NNRG.NEO Martin Ratio Rank: 6565
Martin Ratio Rank
ENCL.TO
ENCL.TO Risk / Return Rank: 8080
Overall Rank
ENCL.TO Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
ENCL.TO Sortino Ratio Rank: 7676
Sortino Ratio Rank
ENCL.TO Omega Ratio Rank: 7878
Omega Ratio Rank
ENCL.TO Calmar Ratio Rank: 8484
Calmar Ratio Rank
ENCL.TO Martin Ratio Rank: 7878
Martin Ratio Rank
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.

NNRG.NEO vs. ENCL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ninepoint Energy ETF (NNRG.NEO) and Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD (ENCL.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.

NNRG.NEOENCL.TODifference
Sharpe ratioReturn per unit of total volatility
1.88
2.35

-0.47

Sortino ratioReturn per unit of downside risk
2.40
2.95

-0.56

Omega ratioGain probability vs. loss probability

1.32

1.40

-0.09

Calmar ratioReturn relative to maximum drawdown

3.40

4.01

-0.61

Martin ratioReturn relative to average drawdown

10.48

13.08

-2.60

NNRG.NEO vs. ENCL.TO - Sharpe Ratio Comparison

The current NNRG.NEO Sharpe Ratio is 1.88, which is comparable to the ENCL.TO Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of NNRG.NEO and ENCL.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.

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Drawdowns

NNRG.NEO vs. ENCL.TO - Drawdown Comparison

The maximum NNRG.NEO drawdown since its inception was -35.78%, which is greater than ENCL.TO's maximum drawdown of -21.05%. Use the drawdown chart below to compare losses from any high point for NNRG.NEO and ENCL.TO.

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Drawdown Indicators

NNRG.NEOENCL.TODifference

Max Drawdown

Largest peak-to-trough decline

-35.78%

-21.05%

-14.73%

Max Drawdown (1Y)

Largest decline over 1 year

-13.98%

-10.75%

-3.23%

Max Drawdown (3Y)

Largest decline over 3 years

-23.52%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-35.78%

—

—

Current Drawdown

Current decline from peak

-13.57%

-8.24%

-5.33%

Average Drawdown

Average peak-to-trough decline

-11.88%

-4.82%

-7.06%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.78%

3.29%

+1.49%

Volatility

NNRG.NEO vs. ENCL.TO - Volatility Comparison

Ninepoint Energy ETF (NNRG.NEO) has a higher volatility of 8.51% compared to Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD (ENCL.TO) at 7.04%. This indicates that NNRG.NEO's price experiences larger fluctuations and is considered to be riskier than ENCL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

NNRG.NEOENCL.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

8.51%

7.04%

+1.47%

Volatility (6M)

Calculated over the trailing 6-month period

21.25%

15.80%

+5.45%

Volatility (1Y)

Calculated over the trailing 1-year period

25.34%

18.38%

+6.96%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

34.13%

20.91%

+13.22%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

34.17%

20.91%

+13.26%

NNRG.NEO vs. ENCL.TO - Expense Ratio Comparison

NNRG.NEO has a 1.79% expense ratio, which is lower than ENCL.TO's 1.86% expense ratio.

Dividends

NNRG.NEO vs. ENCL.TO - Dividend Comparison

NNRG.NEO's dividend yield for the trailing twelve months is around 0.57%, less than ENCL.TO's 14.19% yield.

PositionTTM202520242023
ENCL.TO
Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD		14.19%17.14%18.56%4.68%
NNRG.NEO
Ninepoint Energy ETF		0.57%0.37%0.39%0.38%

Frequently Asked Questions

NNRG.NEO and ENCL.TO have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, NNRG.NEO is cheaper at 1.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.

NNRG.NEO is cheaper with a 1.79% expense ratio, compared with 1.86% for ENCL.TO.

They also come from different issuers: Ninepoint and Global X. Their fees differ too: 1.79% for NNRG.NEO and 1.86% for ENCL.TO.

Portfolio Optimizer

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