USCL.TO vs. DXQ.TO
USCL.TO (Global X Enhanced S&P 500 Covered Call ETF) and DXQ.TO (Dynamic Active Enhanced Yield Covered Options ETF) are both Derivative Income funds. Both are actively managed. Over the past year, USCL.TO returned 27.85% vs 17.05% for DXQ.TO. A 0.72 correlation means they provide meaningful diversification when combined. USCL.TO charges 0.04%/yr vs 0.72%/yr for DXQ.TO.
Performance
USCL.TO vs. DXQ.TO - Performance Comparison
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Returns By Period
In the year-to-date period, USCL.TO achieves a 12.39% return, which is significantly higher than DXQ.TO's 7.63% return.
USCL.TO
- 1D
- 0.08%
- 1M
- 1.09%
- YTD
- 12.39%
- 6M
- 11.79%
- 1Y
- 27.85%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DXQ.TO
- 1D
- -0.25%
- 1M
- 0.61%
- YTD
- 7.63%
- 6M
- 7.76%
- 1Y
- 17.05%
- 3Y*
- 17.51%
- 5Y*
- —
- 10Y*
- —
USCL.TO vs. DXQ.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
USCL.TO Global X Enhanced S&P 500 Covered Call ETF | 12.39% | 10.03% | 38.54% | 8.88% |
DXQ.TO Dynamic Active Enhanced Yield Covered Options ETF | 7.63% | 12.99% | 21.07% | 8.61% |
Correlation
The correlation between USCL.TO and DXQ.TO is 0.72, 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 | 0.72 |
Correlation (All Time) Calculated using the full available price history since Jul 6, 2023 | 0.72 |
The correlation between USCL.TO and DXQ.TO has been stable across timeframes, ranging from 0.72 to 0.72 - a consistent structural relationship.
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Return for Risk
USCL.TO vs. DXQ.TO — Risk / Return Rank
USCL.TO
DXQ.TO
USCL.TO vs. DXQ.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 Dynamic Active Enhanced Yield Covered Options ETF (DXQ.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.
| USCL.TO | DXQ.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.44 | ||
| Sortino ratioReturn per unit of downside risk | +0.46 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.35 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 3.27 | 3.35 | -0.08 |
| Martin ratioReturn relative to average drawdown | 13.13 | 9.30 | +3.84 |
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Drawdowns
USCL.TO vs. DXQ.TO - Drawdown Comparison
The maximum USCL.TO drawdown since its inception was -21.85%, which is greater than DXQ.TO's maximum drawdown of -15.54%. Use the drawdown chart below to compare losses from any high point for USCL.TO and DXQ.TO.
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Drawdown Indicators
| USCL.TO | DXQ.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.85% | -15.54% | -6.31% |
Max Drawdown (1Y)Largest decline over 1 year | -8.56% | -5.11% | -3.45% |
Max Drawdown (3Y)Largest decline over 3 years | — | -15.54% | — |
Current DrawdownCurrent decline from peak | -1.05% | -1.63% | +0.58% |
Average DrawdownAverage peak-to-trough decline | -2.52% | -1.26% | -1.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.13% | 1.84% | +0.29% |
Volatility
USCL.TO vs. DXQ.TO - Volatility Comparison
Global X Enhanced S&P 500 Covered Call ETF (USCL.TO) has a higher volatility of 4.37% compared to Dynamic Active Enhanced Yield Covered Options ETF (DXQ.TO) at 3.10%. This indicates that USCL.TO's price experiences larger fluctuations and is considered to be riskier than DXQ.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 | DXQ.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.37% | 3.10% | +1.27% |
Volatility (6M)Calculated over the trailing 6-month period | 10.00% | 7.56% | +2.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.30% | 9.36% | +2.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.66% | 10.93% | +4.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.66% | 10.93% | +4.73% |
USCL.TO vs. DXQ.TO - Expense Ratio Comparison
USCL.TO has a 0.04% expense ratio, which is lower than DXQ.TO's 0.72% expense ratio.
Dividends
USCL.TO vs. DXQ.TO - Dividend Comparison
USCL.TO's dividend yield for the trailing twelve months is around 11.86%, more than DXQ.TO's 7.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
DXQ.TO Dynamic Active Enhanced Yield Covered Options ETF | 7.71% | 7.45% | 5.74% | 6.54% | 1.83% |
USCL.TO Global X Enhanced S&P 500 Covered Call ETF | 11.86% | 12.94% | 11.57% | 7.08% | 0.00% |
Frequently Asked Questions
USCL.TO and DXQ.TO have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, USCL.TO is cheaper at 0.04% per year. The better choice depends on whether you care most about return, fees, risk, or income.
USCL.TO is cheaper with a 0.04% expense ratio, compared with 0.72% for DXQ.TO.
They also come from different issuers: Global X and Dynamic. Their fees differ too: 0.04% for USCL.TO and 0.72% for DXQ.TO.
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