UBIL-U.TO vs. QQCL.TO

Last updated Jun 4, 2026

UBIL-U.TO (Global X 0-3 Month U.S. T-Bill ETF USD) and QQCL.TO (Global X Enhanced NASDAQ-100 Covered Call ETF) are both exchange-traded funds - UBIL-U.TO is a Ultrashort Bond fund actively managed by Global X, while QQCL.TO is a Nasdaq-100 fund actively managed by Global X. Both are actively managed. Over the past year, UBIL-U.TO returned 2.84% vs 42.15% for QQCL.TO. At a 0.06 correlation, their price movements are largely independent. UBIL-U.TO charges 0.12%/yr vs 0.85%/yr for QQCL.TO.

Performance

UBIL-U.TO vs. QQCL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X 0-3 Month U.S. T-Bill ETF USD (UBIL-U.TO) and Global X Enhanced NASDAQ-100 Covered Call ETF (QQCL.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, UBIL-U.TO achieves a 1.08% return, which is significantly lower than QQCL.TO's 19.36% return.

UBIL-U.TO

• 1D: 0.02%
• 1M: 0.23%
• YTD: 1.08%
• 6M: 1.34%
• 1Y: 2.84%
• 3Y*: 3.35%
• 5Y*: —
• 10Y*: —

QQCL.TO

• 1D: 0.06%
• 1M: 10.16%
• YTD: 19.36%
• 6M: 18.40%
• 1Y: 42.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UBIL-U.TO vs. QQCL.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
UBIL-U.TO Global X 0-3 Month U.S. T-Bill ETF USD	1.08%	2.99%	3.74%	0.82%
QQCL.TO Global X Enhanced NASDAQ-100 Covered Call ETF	19.36%	18.52%	30.22%	8.23%

Correlation

The correlation between UBIL-U.TO and QQCL.TO is 0.04, 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	0.04
Correlation (All Time) Calculated using the full available price history since Oct 12, 2023	0.06

Return for Risk

UBIL-U.TO vs. QQCL.TO — Risk / Return Rank

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

UBIL-U.TO

UBIL-U.TO Risk / Return Rank: 99
UBIL-U.TO Sharpe Ratio Rank: 99
UBIL-U.TO Sortino Ratio Rank: 99
UBIL-U.TO Omega Ratio Rank: 99
UBIL-U.TO Calmar Ratio Rank: 99
UBIL-U.TO Martin Ratio Rank: 99

QQCL.TO

QQCL.TO Risk / Return Rank: 81
QQCL.TO Sharpe Ratio Rank: 84
QQCL.TO Sortino Ratio Rank: 80
QQCL.TO Omega Ratio Rank: 82
QQCL.TO Calmar Ratio Rank: 79
QQCL.TO Martin Ratio Rank: 78

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.

UBIL-U.TO vs. QQCL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X 0-3 Month U.S. T-Bill ETF USD (UBIL-U.TO) and Global X Enhanced NASDAQ-100 Covered Call ETF (QQCL.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.

	UBIL-U.TO	QQCL.TO	Difference
Sharpe ratio: Return per unit of total volatility	8.69	2.66	+6.02
Sortino ratio: Return per unit of downside risk	15.05	3.46	+11.59
Omega ratio: Gain probability vs. loss probability	4.16	1.48	+2.68
Calmar ratio: Return relative to maximum drawdown	36.27	3.75	+32.52
Martin ratio: Return relative to average drawdown	152.88	17.21	+135.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UBIL-U.TO vs. QQCL.TO - Sharpe Ratio Comparison

The current UBIL-U.TO Sharpe Ratio is 8.69, which is higher than the QQCL.TO Sharpe Ratio of 2.66. The chart below compares the historical Sharpe Ratios of UBIL-U.TO and QQCL.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.

Sharpe Ratios by Period

	UBIL-U.TO	QQCL.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	8.69	2.66	+6.02
Sharpe Ratio (All Time) Calculated using the full available price history	7.31	1.44	+5.88

Drawdowns

UBIL-U.TO vs. QQCL.TO - Drawdown Comparison

The maximum UBIL-U.TO drawdown since its inception was -0.20%, smaller than the maximum QQCL.TO drawdown of -25.79%. Use the drawdown chart below to compare losses from any high point for UBIL-U.TO and QQCL.TO.

Drawdown Indicators

	UBIL-U.TO	QQCL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-0.20%	-25.79%	+25.59%
Max Drawdown (1Y) Largest decline over 1 year	-0.08%	-11.29%	+11.21%
Max Drawdown (3Y) Largest decline over 3 years	-0.13%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.01%	-2.88%	+2.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.02%	2.46%	-2.44%

Volatility

UBIL-U.TO vs. QQCL.TO - Volatility Comparison

The current volatility for Global X 0-3 Month U.S. T-Bill ETF USD (UBIL-U.TO) is 0.12%, while Global X Enhanced NASDAQ-100 Covered Call ETF (QQCL.TO) has a volatility of 4.47%. This indicates that UBIL-U.TO experiences smaller price fluctuations and is considered to be less risky than QQCL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UBIL-U.TO	QQCL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.12%	4.47%	-4.35%
Volatility (6M) Calculated over the trailing 6-month period	0.23%	12.86%	-12.63%
Volatility (1Y) Calculated over the trailing 1-year period	0.33%	15.90%	-15.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.46%	20.85%	-20.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.46%	20.85%	-20.39%

UBIL-U.TO vs. QQCL.TO - Expense Ratio Comparison

UBIL-U.TO has a 0.12% expense ratio, which is lower than QQCL.TO's 0.85% expense ratio.

Dividends

UBIL-U.TO vs. QQCL.TO - Dividend Comparison

UBIL-U.TO's dividend yield for the trailing twelve months is around 2.72%, less than QQCL.TO's 13.15% yield.

Position	TTM	2025	2024	2023
QQCL.TO Global X Enhanced NASDAQ-100 Covered Call ETF	13.15%	14.54%	11.87%	3.68%
UBIL-U.TO Global X 0-3 Month U.S. T-Bill ETF USD	2.72%	2.97%	3.68%	2.73%

Frequently Asked Questions

Can I hold both UBIL-U.TO and QQCL.TO in my portfolio?

UBIL-U.TO and QQCL.TO have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UBIL-U.TO or QQCL.TO?

On fees, UBIL-U.TO is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UBIL-U.TO or QQCL.TO?

UBIL-U.TO is cheaper with a 0.12% expense ratio, compared with 0.85% for QQCL.TO.

What is the main difference between UBIL-U.TO and QQCL.TO?

UBIL-U.TO is categorized as Ultrashort Bond, while QQCL.TO is Nasdaq-100. Their fees differ too: 0.12% for UBIL-U.TO and 0.85% for QQCL.TO.