USCL.TO vs. EMCL.NEO

Last updated Jun 25, 2026

USCL.TO (Global X Enhanced S&P 500 Covered Call ETF) and EMCL.NEO (Global X Enhanced MSCI Emerging Markets Covered Call ETF) are both Derivative Income funds from Global X. Both are actively managed. Over the past year, USCL.TO returned 27.85% vs 47.60% for EMCL.NEO. A 0.56 correlation means they provide meaningful diversification when combined.

Performance

USCL.TO vs. EMCL.NEO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X Enhanced S&P 500 Covered Call ETF (USCL.TO) and Global X Enhanced MSCI Emerging Markets Covered Call ETF (EMCL.NEO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USCL.TO achieves a 12.39% return, which is significantly lower than EMCL.NEO's 26.93% return.

USCL.TO

• 1D: 0.08%
• 1M: 1.09%
• YTD: 12.39%
• 6M: 11.79%
• 1Y: 27.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EMCL.NEO

• 1D: 0.27%
• 1M: 3.04%
• YTD: 26.93%
• 6M: 28.29%
• 1Y: 47.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USCL.TO vs. EMCL.NEO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
USCL.TO Global X Enhanced S&P 500 Covered Call ETF	12.39%	10.03%	21.18%
EMCL.NEO Global X Enhanced MSCI Emerging Markets Covered Call ETF	26.93%	20.46%	3.66%

Correlation

The correlation between USCL.TO and EMCL.NEO is 0.71, 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	0.71
Correlation (All Time) Calculated using the full available price history since May 29, 2024	0.56

The correlation between USCL.TO and EMCL.NEO shifts across timeframes, from 0.56 (all time) to 0.71 (1 year), reflecting how their relationship changes across market environments.

USCL.TO vs. EMCL.NEO - Sectors Allocation Comparison

Sectors	USCL.TO	EMCL.NEO
Technology	35.6%	40.3%
Financial Services	11.8%	19.8%
Communication Services	11.2%	6.5%
Consumer Cyclical	10.1%	6.3%
Healthcare	8.5%	2.2%
Industrials	8.3%	7.8%
Consumer Defensive	4.9%	2.8%
Energy	3.5%	4.2%
Utilities	2.4%	2.1%
Real Estate	1.9%	1.1%
Basic Materials	1.8%	7.0%

Return for Risk

USCL.TO vs. EMCL.NEO — Risk / Return Rank

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

USCL.TO

USCL.TO Risk / Return Rank: 78
USCL.TO Sharpe Ratio Rank: 80
USCL.TO Sortino Ratio Rank: 77
USCL.TO Omega Ratio Rank: 82
USCL.TO Calmar Ratio Rank: 72
USCL.TO Martin Ratio Rank: 77

EMCL.NEO

EMCL.NEO Risk / Return Rank: 78
EMCL.NEO Sharpe Ratio Rank: 78
EMCL.NEO Sortino Ratio Rank: 67
EMCL.NEO Omega Ratio Rank: 84
EMCL.NEO Calmar Ratio Rank: 81
EMCL.NEO Martin Ratio Rank: 79

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.

USCL.TO vs. EMCL.NEO - 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 Global X Enhanced MSCI Emerging Markets Covered Call ETF (EMCL.NEO). 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	EMCL.NEO	Difference
Sharpe ratio: Return per unit of total volatility	2.28	2.18	+0.10
Sortino ratio: Return per unit of downside risk	3.07	2.68	+0.39
Omega ratio: Gain probability vs. loss probability	1.44	1.45	-0.01
Calmar ratio: Return relative to maximum drawdown	3.27	3.74	-0.47
Martin ratio: Return relative to average drawdown	13.13	13.41	-0.28

USCL.TO vs. EMCL.NEO - Sharpe Ratio Comparison

The current USCL.TO Sharpe Ratio is 2.28, which is comparable to the EMCL.NEO Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of USCL.TO and EMCL.NEO, 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

USCL.TO vs. EMCL.NEO - Drawdown Comparison

The maximum USCL.TO drawdown since its inception was -21.85%, which is greater than EMCL.NEO's maximum drawdown of -19.73%. Use the drawdown chart below to compare losses from any high point for USCL.TO and EMCL.NEO.

Drawdown Indicators

	USCL.TO	EMCL.NEO	Difference
Max Drawdown Largest peak-to-trough decline	-21.85%	-19.73%	-2.12%
Max Drawdown (1Y) Largest decline over 1 year	-8.56%	-13.12%	+4.56%
Current Drawdown Current decline from peak	-1.05%	-4.65%	+3.60%
Average Drawdown Average peak-to-trough decline	-2.52%	-2.57%	+0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.13%	3.61%	-1.48%

Volatility

USCL.TO vs. EMCL.NEO - Volatility Comparison

The current volatility for Global X Enhanced S&P 500 Covered Call ETF (USCL.TO) is 4.37%, while Global X Enhanced MSCI Emerging Markets Covered Call ETF (EMCL.NEO) has a volatility of 12.60%. This indicates that USCL.TO experiences smaller price fluctuations and is considered to be less risky than EMCL.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USCL.TO	EMCL.NEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.37%	12.60%	-8.23%
Volatility (6M) Calculated over the trailing 6-month period	10.00%	20.76%	-10.76%
Volatility (1Y) Calculated over the trailing 1-year period	12.30%	22.56%	-10.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.66%	23.02%	-7.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.66%	23.02%	-7.36%

Dividends

USCL.TO vs. EMCL.NEO - Dividend Comparison

USCL.TO's dividend yield for the trailing twelve months is around 11.86%, more than EMCL.NEO's 10.20% yield.

Position	TTM	2025	2024	2023
EMCL.NEO Global X Enhanced MSCI Emerging Markets Covered Call ETF	10.20%	9.86%	3.10%	0.00%
USCL.TO Global X Enhanced S&P 500 Covered Call ETF	11.86%	12.94%	11.57%	7.08%

Frequently Asked Questions

Can I hold both USCL.TO and EMCL.NEO in my portfolio?

USCL.TO and EMCL.NEO have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.