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USCL.TO vs. NXF.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

USCL.TO vs. NXF.TO

Last updated Jun 4, 2026

USCL.TO (Global X Enhanced S&P 500 Covered Call ETF) and NXF.TO (CI Energy Giants Covered Call ETF Common Units (CAD Hedged)) are both exchange-traded funds - USCL.TO is a Derivative Income fund actively managed by Global X, while NXF.TO is a Energy Equities fund actively managed by CI. Both are actively managed. Over the past year, USCL.TO returned 29.89% vs 45.90% for NXF.TO. At a 0.01 correlation, their price movements are largely independent.

Performance

USCL.TO vs. NXF.TO - 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 CI Energy Giants Covered Call ETF Common Units (CAD Hedged) (NXF.TO). The values are adjusted to include any dividend payments, if applicable.

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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 NXF.TO's 32.43% return.

USCL.TO

1D
-0.08%
1M
7.59%
YTD
11.57%
6M
9.93%
1Y
29.89%
3Y*
—
5Y*
—
10Y*
—

NXF.TO

1D
1.17%
1M
-2.11%
YTD
32.43%
6M
29.37%
1Y
45.90%
3Y*
15.64%
5Y*
17.39%
10Y*
8.23%
*Multi-year figures are annualized to reflect compound growth (CAGR)

USCL.TO vs. NXF.TO - Yearly Performance Comparison

2026 (YTD)202520242023
USCL.TO
Global X Enhanced S&P 500 Covered Call ETF		11.57%10.03%38.54%4.33%
NXF.TO
CI Energy Giants Covered Call ETF Common Units (CAD Hedged)		32.43%9.19%-4.66%12.16%

Correlation

The correlation between USCL.TO and NXF.TO is -0.15, 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

-0.15

Correlation (All Time)
Calculated using the full available price history since Jul 7, 2023

0.01

The correlation between USCL.TO and NXF.TO shifts across timeframes, from -0.15 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.

USCL.TO vs. NXF.TO - Sectors Allocation Comparison

Sectors
USCL.TO
NXF.TO

Technology

33.1%

-

Financial Services

12.3%

-

Communication Services

10.7%

-

Consumer Cyclical

10.1%

-

Healthcare

9.8%

-

Industrials

8.7%

-

Consumer Defensive

5.4%

-

Energy

3.5%
100.0%

Utilities

2.5%

-

Real Estate

2.0%

-

Basic Materials

1.9%

-

Technology

USCL.TO
33.1%
NXF.TO

-

Financial Services

USCL.TO
12.3%
NXF.TO

-

Communication Services

USCL.TO
10.7%
NXF.TO

-

Consumer Cyclical

USCL.TO
10.1%
NXF.TO

-

Healthcare

USCL.TO
9.8%
NXF.TO

-

Industrials

USCL.TO
8.7%
NXF.TO

-

Consumer Defensive

USCL.TO
5.4%
NXF.TO

-

Energy

USCL.TO
3.5%
NXF.TO
100.0%

Utilities

USCL.TO
2.5%
NXF.TO

-

Real Estate

USCL.TO
2.0%
NXF.TO

-

Basic Materials

USCL.TO
1.9%
NXF.TO

-

Compare stocks, funds, or ETFs

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Global X Enhanced S&P 500 Covered Call ETF

CI Energy Giants Covered Call ETF Common Units (CAD Hedged)

Often compared with USCL.TO:
USCL.TO vs. HYLD.TOUSCL.TO vs. MSTE.TOUSCL.TO vs. VFV.TOUSCL.TO vs. SDAY.NEOUSCL.TO vs. QQQYUSCL.TO vs. QQCL.TOUSCL.TO vs. TSLA.TO
Often compared with NXF.TO:
NXF.TO vs. VXM-B.TONXF.TO vs. XEG.TONXF.TO vs. CCOM.TONXF.TO vs. CBCX.TONXF.TO vs. CEQP.TONXF.TO vs. YPLT.NEONXF.TO vs. CBNK.TO

Return for Risk

USCL.TO vs. NXF.TO — 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: 7575
Overall Rank
USCL.TO Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
USCL.TO Sortino Ratio Rank: 7575
Sortino Ratio Rank
USCL.TO Omega Ratio Rank: 8080
Omega Ratio Rank
USCL.TO Calmar Ratio Rank: 7070
Calmar Ratio Rank
USCL.TO Martin Ratio Rank: 7575
Martin Ratio Rank
NXF.TO
NXF.TO Risk / Return Rank: 7373
Overall Rank
NXF.TO Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
NXF.TO Sortino Ratio Rank: 6666
Sortino Ratio Rank
NXF.TO Omega Ratio Rank: 6464
Omega Ratio Rank
NXF.TO Calmar Ratio Rank: 8787
Calmar Ratio Rank
NXF.TO Martin Ratio Rank: 7474
Martin Ratio Rank
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. NXF.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 CI Energy Giants Covered Call ETF Common Units (CAD Hedged) (NXF.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.TONXF.TODifference
Sharpe ratioReturn per unit of total volatility
2.55
2.36

+0.19

Sortino ratioReturn per unit of downside risk
3.43
3.03

+0.40

Omega ratioGain probability vs. loss probability

1.49

1.38

+0.11

Calmar ratioReturn relative to maximum drawdown

3.51

4.90

-1.40

Martin ratioReturn relative to average drawdown

14.29

13.97

+0.33

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USCL.TO vs. NXF.TO - Sharpe Ratio Comparison

The current USCL.TO Sharpe Ratio is 2.55, which is comparable to the NXF.TO Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of USCL.TO and NXF.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.

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Sharpe Ratios by Period

USCL.TONXF.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.55

2.36

+0.19

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.75

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.32

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.42

0.22

+1.20

Drawdowns

USCL.TO vs. NXF.TO - Drawdown Comparison

The maximum USCL.TO drawdown since its inception was -21.85%, smaller than the maximum NXF.TO drawdown of -65.25%. Use the drawdown chart below to compare losses from any high point for USCL.TO and NXF.TO.

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Drawdown Indicators

USCL.TONXF.TODifference

Max Drawdown

Largest peak-to-trough decline

-21.85%

-65.25%

+43.40%

Max Drawdown (1Y)

Largest decline over 1 year

-8.56%

-9.41%

+0.85%

Max Drawdown (3Y)

Largest decline over 3 years

—

-24.26%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-24.26%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-65.25%

—

Current Drawdown

Current decline from peak

-0.08%

-5.01%

+4.93%

Average Drawdown

Average peak-to-trough decline

-2.55%

-16.04%

+13.49%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.10%

3.30%

-1.20%

Volatility

USCL.TO vs. NXF.TO - Volatility Comparison

The current volatility for Global X Enhanced S&P 500 Covered Call ETF (USCL.TO) is 2.86%, while CI Energy Giants Covered Call ETF Common Units (CAD Hedged) (NXF.TO) has a volatility of 7.55%. This indicates that USCL.TO experiences smaller price fluctuations and is considered to be less risky than NXF.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.TONXF.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.86%

7.55%

-4.69%

Volatility (6M)

Calculated over the trailing 6-month period

9.31%

15.65%

-6.34%

Volatility (1Y)

Calculated over the trailing 1-year period

11.79%

19.57%

-7.78%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.44%

23.39%

-7.95%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.44%

26.16%

-10.72%

Dividends

USCL.TO vs. NXF.TO - Dividend Comparison

USCL.TO's dividend yield for the trailing twelve months is around 11.95%, more than NXF.TO's 8.04% yield.

PositionTTM20252024202320222021202020192018201720162015
NXF.TO
CI Energy Giants Covered Call ETF Common Units (CAD Hedged)		8.04%7.70%8.50%8.60%11.22%9.48%11.23%7.83%9.38%6.50%8.24%8.05%
USCL.TO
Global X Enhanced S&P 500 Covered Call ETF		11.95%12.94%11.57%7.08%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

USCL.TO and NXF.TO have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

USCL.TO is categorized as Derivative Income, while NXF.TO is Energy Equities. They also come from different issuers: Global X and CI.

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