PPLN.TO vs. ENCL.TO
PPLN.TO (Global X Equal Weight Canadian Pipelines Index ETF) and ENCL.TO (Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD) are both Energy Equities funds from Global X. PPLN.TO is passively managed, while ENCL.TO is actively managed. Over the past year, PPLN.TO returned 43.61% vs 41.54% for ENCL.TO. A 0.50 correlation means they provide meaningful diversification when combined. PPLN.TO charges 0.31%/yr vs 1.86%/yr for ENCL.TO.
Performance
PPLN.TO vs. ENCL.TO - Performance Comparison
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Returns By Period
In the year-to-date period, PPLN.TO achieves a 30.67% return, which is significantly higher than ENCL.TO's 27.83% return.
PPLN.TO
- 1D
- -0.73%
- 1M
- -0.52%
- YTD
- 30.67%
- 6M
- 30.99%
- 1Y
- 43.61%
- 3Y*
- 20.46%
- 5Y*
- 14.23%
- 10Y*
- 10.93%
ENCL.TO
- 1D
- -2.28%
- 1M
- -5.72%
- YTD
- 27.83%
- 6M
- 29.64%
- 1Y
- 41.54%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PPLN.TO vs. ENCL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PPLN.TO Global X Equal Weight Canadian Pipelines Index ETF | 30.67% | 4.14% | 17.18% | 6.63% |
ENCL.TO Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD | 27.83% | 14.97% | 20.32% | -11.68% |
Correlation
The correlation between PPLN.TO and ENCL.TO is 0.63, 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 | 0.63 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2023 | 0.50 |
The correlation between PPLN.TO and ENCL.TO shifts across timeframes, from 0.50 (all time) to 0.63 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PPLN.TO vs. ENCL.TO — Risk / Return Rank
PPLN.TO
ENCL.TO
PPLN.TO vs. ENCL.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Equal Weight Canadian Pipelines Index ETF (PPLN.TO) 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.
| PPLN.TO | ENCL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.71 | ||
| Sortino ratioReturn per unit of downside risk | +1.29 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.39 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 4.29 | 3.88 | +0.40 |
| Martin ratioReturn relative to average drawdown | 11.37 | 12.82 | -1.45 |
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Drawdowns
PPLN.TO vs. ENCL.TO - Drawdown Comparison
The maximum PPLN.TO drawdown since its inception was -59.05%, 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 PPLN.TO and ENCL.TO.
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Drawdown Indicators
| PPLN.TO | ENCL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.05% | -21.05% | -38.00% |
Max Drawdown (1Y)Largest decline over 1 year | -10.22% | -10.75% | +0.53% |
Max Drawdown (3Y)Largest decline over 3 years | -15.31% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -18.54% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -59.05% | — | — |
Current DrawdownCurrent decline from peak | -1.70% | -8.78% | +7.08% |
Average DrawdownAverage peak-to-trough decline | -9.43% | -4.82% | -4.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.85% | 3.25% | +0.60% |
Volatility
PPLN.TO vs. ENCL.TO - Volatility Comparison
The current volatility for Global X Equal Weight Canadian Pipelines Index ETF (PPLN.TO) is 5.19%, while Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD (ENCL.TO) has a volatility of 7.13%. This indicates that PPLN.TO experiences smaller price fluctuations and is considered to be less risky 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
| PPLN.TO | ENCL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.19% | 7.13% | -1.94% |
Volatility (6M)Calculated over the trailing 6-month period | 11.56% | 15.83% | -4.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.77% | 18.42% | -3.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.43% | 20.92% | -3.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.20% | 20.92% | +2.28% |
PPLN.TO vs. ENCL.TO - Expense Ratio Comparison
PPLN.TO has a 0.31% expense ratio, which is lower than ENCL.TO's 1.86% expense ratio.
Dividends
PPLN.TO vs. ENCL.TO - Dividend Comparison
PPLN.TO's dividend yield for the trailing twelve months is around 4.21%, less than ENCL.TO's 14.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ENCL.TO Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD | 14.27% | 17.14% | 18.56% | 4.68% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PPLN.TO Global X Equal Weight Canadian Pipelines Index ETF | 4.21% | 4.35% | 2.94% | 3.77% | 3.23% | 3.47% | 5.76% | 4.40% | 5.21% | 4.31% | 3.99% | 4.41% |
Frequently Asked Questions
PPLN.TO and ENCL.TO have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PPLN.TO is cheaper at 0.31% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PPLN.TO is cheaper with a 0.31% expense ratio, compared with 1.86% for ENCL.TO.
Their fees differ too: 0.31% for PPLN.TO and 1.86% for ENCL.TO.
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