USCL.TO vs. CBNK.TO
USCL.TO (Global X Enhanced S&P 500 Covered Call ETF) and CBNK.TO (Mulvihill Canadian Bank Enhanced Yield ETF) are both Derivative Income funds. Both are actively managed. Over the past year, USCL.TO returned 29.89% vs 79.20% for CBNK.TO. At a 0.41 correlation, their price movements are largely independent.
Performance
USCL.TO vs. CBNK.TO - Performance Comparison
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Returns By Period
In the year-to-date period, USCL.TO achieves a 11.57% return, which is significantly lower than CBNK.TO's 25.56% return.
USCL.TO
- 1D
- -0.08%
- 1M
- 7.59%
- YTD
- 11.57%
- 6M
- 9.93%
- 1Y
- 29.89%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBNK.TO
- 1D
- 0.42%
- 1M
- 7.74%
- YTD
- 25.56%
- 6M
- 32.17%
- 1Y
- 79.20%
- 3Y*
- 38.97%
- 5Y*
- —
- 10Y*
- —
USCL.TO vs. CBNK.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
USCL.TO Global X Enhanced S&P 500 Covered Call ETF | 11.57% | 10.03% | 38.54% | 4.33% |
CBNK.TO Mulvihill Canadian Bank Enhanced Yield ETF | 25.56% | 51.67% | 27.42% | 8.00% |
Correlation
The correlation between USCL.TO and CBNK.TO is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Jul 7, 2023 | 0.41 |
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Return for Risk
USCL.TO vs. CBNK.TO — Risk / Return Rank
USCL.TO
CBNK.TO
USCL.TO vs. CBNK.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Enhanced S&P 500 Covered Call ETF (USCL.TO) and Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.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.
| USCL.TO | CBNK.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.57 | ||
| Sortino ratioReturn per unit of downside risk | -3.33 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.87 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | 3.51 | 7.94 | -4.43 |
| Martin ratioReturn relative to average drawdown | 14.29 | 34.25 | -19.96 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| USCL.TO | CBNK.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.55 | 5.12 | -2.57 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.42 | 1.10 | +0.32 |
Drawdowns
USCL.TO vs. CBNK.TO - Drawdown Comparison
The maximum USCL.TO drawdown since its inception was -21.85%, smaller than the maximum CBNK.TO drawdown of -32.12%. Use the drawdown chart below to compare losses from any high point for USCL.TO and CBNK.TO.
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Drawdown Indicators
| USCL.TO | CBNK.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.85% | -32.12% | +10.27% |
Max Drawdown (1Y)Largest decline over 1 year | -8.56% | -10.03% | +1.47% |
Max Drawdown (3Y)Largest decline over 3 years | — | -17.92% | — |
Current DrawdownCurrent decline from peak | -0.08% | -2.29% | +2.21% |
Average DrawdownAverage peak-to-trough decline | -2.55% | -10.92% | +8.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.10% | 2.32% | -0.22% |
Volatility
USCL.TO vs. CBNK.TO - Volatility Comparison
The current volatility for Global X Enhanced S&P 500 Covered Call ETF (USCL.TO) is 2.86%, while Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.TO) has a volatility of 5.67%. This indicates that USCL.TO experiences smaller price fluctuations and is considered to be less risky than CBNK.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USCL.TO | CBNK.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.86% | 5.67% | -2.81% |
Volatility (6M)Calculated over the trailing 6-month period | 9.31% | 13.29% | -3.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.79% | 15.55% | -3.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.44% | 17.55% | -2.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.44% | 17.55% | -2.11% |
Dividends
USCL.TO vs. CBNK.TO - Dividend Comparison
USCL.TO's dividend yield for the trailing twelve months is around 11.95%, more than CBNK.TO's 5.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CBNK.TO Mulvihill Canadian Bank Enhanced Yield ETF | 5.94% | 5.86% | 8.25% | 9.59% | 7.85% |
USCL.TO Global X Enhanced S&P 500 Covered Call ETF | 11.95% | 12.94% | 11.57% | 7.08% | 0.00% |
Frequently Asked Questions
USCL.TO and CBNK.TO have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: Global X and Mulvihill.
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