UCSH-U.TO vs. ENCC.TO

Last updated Jul 16, 2026

UCSH-U.TO (Global X USD High Interest Savings ETF) and ENCC.TO (Global X Canadian Oil and Gas Equity Covered Call ETF) are both exchange-traded funds - UCSH-U.TO is a Money Market fund actively managed by Global X, while ENCC.TO is a Derivative Income fund actively managed by Global X. Both are actively managed. Over the past year, UCSH-U.TO returned 3.66% vs 34.67% for ENCC.TO. At a correlation of -0.08, they often move in opposite directions.

Performance

UCSH-U.TO vs. ENCC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X USD High Interest Savings ETF (UCSH-U.TO) 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

UCSH-U.TO 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, UCSH-U.TO achieves a 1.76% return, which is significantly lower than ENCC.TO's 24.52% return.

UCSH-U.TO

• 1D: 0.00%
• 1M: 0.27%
• 6M: 1.68%
• YTD: 1.76%
• 1Y: 3.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ENCC.TO

• 1D: 0.54%
• 1M: 1.07%
• 6M: 24.50%
• YTD: 24.52%
• 1Y: 34.67%
• 3Y*: 19.28%
• 5Y*: 24.15%
• 10Y*: 7.18%

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

UCSH-U.TO vs. ENCC.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UCSH-U.TO Global X USD High Interest Savings ETF	1.76%	4.16%	4.73%
ENCC.TO Global X Canadian Oil and Gas Equity Covered Call ETF	24.52%	18.54%	10.58%

Correlation

The correlation between UCSH-U.TO and ENCC.TO is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.11
Correlation (All Time) Calculated using the full available price history since Jan 24, 2024	-0.08

Return for Risk

UCSH-U.TO vs. ENCC.TO — Risk / Return Rank

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

UCSH-U.TO

UCSH-U.TO Risk / Return Rank: 100
UCSH-U.TO Sharpe Ratio Rank: 100
UCSH-U.TO Sortino Ratio Rank: 100
UCSH-U.TO Omega Ratio Rank: 100
UCSH-U.TO Calmar Ratio Rank: 100
UCSH-U.TO Martin Ratio Rank: 100

ENCC.TO

ENCC.TO Risk / Return Rank: 89
ENCC.TO Sharpe Ratio Rank: 92
ENCC.TO Sortino Ratio Rank: 89
ENCC.TO Omega Ratio Rank: 89
ENCC.TO Calmar Ratio Rank: 91
ENCC.TO Martin Ratio Rank: 83

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.

UCSH-U.TO vs. ENCC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X USD High Interest Savings ETF (UCSH-U.TO) 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.

	UCSH-U.TO	ENCC.TO	Difference
Sharpe ratio: Return per unit of total volatility	12.37	2.20	+10.17
Sortino ratio: Return per unit of downside risk	42.46	2.91	+39.55
Omega ratio: Gain probability vs. loss probability	12.24	1.37	+10.87
Calmar ratio: Return relative to maximum drawdown	91.84	3.13	+88.72
Martin ratio: Return relative to average drawdown	635.32	9.90	+625.41

UCSH-U.TO vs. ENCC.TO - Sharpe Ratio Comparison

The current UCSH-U.TO Sharpe Ratio is 12.37, which is higher than the ENCC.TO Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of UCSH-U.TO 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

UCSH-U.TO vs. ENCC.TO - Drawdown Comparison

The maximum UCSH-U.TO drawdown since its inception was -0.04%, smaller than the maximum ENCC.TO drawdown of -95.55%. Use the drawdown chart below to compare losses from any high point for UCSH-U.TO and ENCC.TO.

Drawdown Indicators

	UCSH-U.TO	ENCC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-0.04%	-95.55%	+95.51%
Max Drawdown (1Y) Largest decline over 1 year	-0.04%	-11.14%	+11.10%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.42%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-31.30%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-83.55%	—
Current Drawdown Current decline from peak	0.00%	-50.51%	+50.51%
Average Drawdown Average peak-to-trough decline	-0.00%	-65.05%	+65.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	3.51%	-3.50%

Volatility

UCSH-U.TO vs. ENCC.TO - Volatility Comparison

The current volatility for Global X USD High Interest Savings ETF (UCSH-U.TO) is 0.08%, while Global X Canadian Oil and Gas Equity Covered Call ETF (ENCC.TO) has a volatility of 5.77%. This indicates that UCSH-U.TO experiences smaller price fluctuations and is considered to be less risky than ENCC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UCSH-U.TO	ENCC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.08%	5.77%	-5.69%
Volatility (6M) Calculated over the trailing 6-month period	0.20%	12.71%	-12.51%
Volatility (1Y) Calculated over the trailing 1-year period	0.30%	15.84%	-15.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.31%	23.79%	-23.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.31%	30.11%	-29.80%

Dividends

UCSH-U.TO vs. ENCC.TO - Dividend Comparison

UCSH-U.TO's dividend yield for the trailing twelve months is around 3.65%, less than ENCC.TO's 11.31% 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	11.31%	13.62%	14.58%	14.87%	12.55%	4.23%	5.10%	6.11%	8.37%	6.93%	4.34%	3.03%
UCSH-U.TO Global X USD High Interest Savings ETF	3.65%	4.04%	4.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UCSH-U.TO and ENCC.TO in my portfolio?

UCSH-U.TO and ENCC.TO have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between UCSH-U.TO and ENCC.TO?

UCSH-U.TO is categorized as Money Market, while ENCC.TO is Derivative Income.