SMH vs. ENCC.TO

Last updated Jun 13, 2026

SMH (VanEck Semiconductor ETF) and ENCC.TO (Global X Canadian Oil and Gas Equity Covered Call ETF) are both exchange-traded funds - SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index, while ENCC.TO is a Derivative Income fund actively managed by Global X. SMH is passively managed, while ENCC.TO is actively managed. Over the past 10 years, SMH returned 37.49%/yr vs 7.64%/yr for ENCC.TO. At a 0.27 correlation, their price movements are largely independent. SMH charges 0.35%/yr vs 0.76%/yr for ENCC.TO.

Performance

SMH vs. ENCC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Semiconductor ETF (SMH) and Global X Canadian Oil and Gas Equity Covered Call ETF (ENCC.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SMH is traded in USD, while ENCC.TO is traded in CAD. To make them comparable, the ENCC.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, SMH achieves a 72.15% return, which is significantly higher than ENCC.TO's 25.34% return. Over the past 10 years, SMH has outperformed ENCC.TO with an annualized return of 37.49%, while ENCC.TO has yielded a comparatively lower 7.64% annualized return.

SMH

• 1D: 1.72%
• 1M: 8.30%
• YTD: 72.15%
• 6M: 75.62%
• 1Y: 136.32%
• 3Y*: 60.05%
• 5Y*: 38.42%
• 10Y*: 37.49%

ENCC.TO

• 1D: -0.36%
• 1M: -0.83%
• YTD: 25.34%
• 6M: 24.91%
• 1Y: 35.05%
• 3Y*: 20.53%
• 5Y*: 20.97%
• 10Y*: 7.64%

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

SMH vs. ENCC.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMH VanEck Semiconductor ETF	72.15%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%
ENCC.TO Global X Canadian Oil and Gas Equity Covered Call ETF	25.34%	18.54%	8.23%	8.29%	32.90%	80.63%	-26.23%	11.14%	-36.34%	-12.54%

Correlation

The correlation between SMH and ENCC.TO is -0.03, 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	-0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (10Y) Calculated over the trailing 10-year period	0.21
Correlation (All Time) Calculated using the full available price history since Apr 19, 2011	0.27

The correlation between SMH and ENCC.TO shifts across timeframes, from -0.03 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.

SMH vs. ENCC.TO - Sectors Allocation Comparison

Sectors	SMH	ENCC.TO
Technology	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	100.0%
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

SMH vs. ENCC.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 97
SMH Sortino Ratio Rank: 94
SMH Omega Ratio Rank: 94
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 96

ENCC.TO

ENCC.TO Risk / Return Rank: 88
ENCC.TO Sharpe Ratio Rank: 90
ENCC.TO Sortino Ratio Rank: 87
ENCC.TO Omega Ratio Rank: 88
ENCC.TO Calmar Ratio Rank: 88
ENCC.TO Martin Ratio Rank: 86

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.

SMH vs. ENCC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor ETF (SMH) and Global X Canadian Oil and Gas Equity Covered Call ETF (ENCC.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.

	SMH	ENCC.TO	Difference
Sharpe ratio: Return per unit of total volatility	4.13	2.33	+1.80
Sortino ratio: Return per unit of downside risk	4.26	3.04	+1.22
Omega ratio: Gain probability vs. loss probability	1.60	1.39	+0.21
Calmar ratio: Return relative to maximum drawdown	9.18	4.72	+4.47
Martin ratio: Return relative to average drawdown	33.74	13.64	+20.09

SMH vs. ENCC.TO - Sharpe Ratio Comparison

The current SMH Sharpe Ratio is 4.13, which is higher than the ENCC.TO Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of SMH and ENCC.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

SMH vs. ENCC.TO - Drawdown Comparison

The maximum SMH drawdown since its inception was -84.96%, smaller than the maximum ENCC.TO drawdown of -95.55%. Use the drawdown chart below to compare losses from any high point for SMH and ENCC.TO.

Drawdown Indicators

	SMH	ENCC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-84.96%	-95.55%	+10.59%
Max Drawdown (1Y) Largest decline over 1 year	-14.93%	-7.46%	-7.47%
Max Drawdown (3Y) Largest decline over 3 years	-35.74%	-18.42%	-17.32%
Max Drawdown (5Y) Largest decline over 5 years	-45.30%	-31.30%	-14.00%
Max Drawdown (10Y) Largest decline over 10 years	-45.30%	-83.55%	+38.25%
Current Drawdown Current decline from peak	-2.81%	-50.19%	+47.38%
Average Drawdown Average peak-to-trough decline	-41.04%	-65.13%	+24.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.06%	2.58%	+1.48%

Volatility

SMH vs. ENCC.TO - Volatility Comparison

VanEck Semiconductor ETF (SMH) has a higher volatility of 16.25% compared to Global X Canadian Oil and Gas Equity Covered Call ETF (ENCC.TO) at 5.51%. This indicates that SMH's price experiences larger fluctuations and is considered to be riskier than ENCC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMH	ENCC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.25%	5.51%	+10.74%
Volatility (6M) Calculated over the trailing 6-month period	27.73%	12.88%	+14.85%
Volatility (1Y) Calculated over the trailing 1-year period	33.20%	15.09%	+18.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.47%	24.11%	+11.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.82%	30.15%	+2.67%

SMH vs. ENCC.TO - Expense Ratio Comparison

SMH has a 0.35% expense ratio, which is lower than ENCC.TO's 0.76% expense ratio.

Dividends

SMH vs. ENCC.TO - Dividend Comparison

SMH's dividend yield for the trailing twelve months is around 0.18%, less than ENCC.TO's 11.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ENCC.TO Global X Canadian Oil and Gas Equity Covered Call ETF	11.18%	13.62%	14.58%	14.87%	12.55%	4.23%	5.10%	6.11%	8.37%	6.93%	4.34%	3.03%
SMH VanEck Semiconductor ETF	0.18%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%

Frequently Asked Questions

Can I hold both SMH and ENCC.TO in my portfolio?

SMH and ENCC.TO have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMH or ENCC.TO?

On fees, SMH is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMH or ENCC.TO?

SMH is cheaper with a 0.35% expense ratio, compared with 0.76% for ENCC.TO.

What is the main difference between SMH and ENCC.TO?

SMH is categorized as Semiconductors, while ENCC.TO is Derivative Income. They also come from different issuers: VanEck and Global X. Their fees differ too: 0.35% for SMH and 0.76% for ENCC.TO.