XBM.TO vs. ENCL.TO
XBM.TO (iShares S&P/TSX Global Base Metals Index ETF) and ENCL.TO (Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD) are both Energy Equities funds. XBM.TO is passively managed, while ENCL.TO is actively managed. Over the past year, XBM.TO returned 88.34% vs 43.18% for ENCL.TO. At a 0.27 correlation, their price movements are largely independent. XBM.TO charges 0.60%/yr vs 1.86%/yr for ENCL.TO.
Performance
XBM.TO vs. ENCL.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XBM.TO achieves a 22.09% return, which is significantly lower than ENCL.TO's 30.80% return.
XBM.TO
- 1D
- -5.23%
- 1M
- -2.36%
- YTD
- 22.09%
- 6M
- 20.03%
- 1Y
- 88.34%
- 3Y*
- 25.21%
- 5Y*
- 17.05%
- 10Y*
- 18.31%
ENCL.TO
- 1D
- 1.40%
- 1M
- -5.96%
- YTD
- 30.80%
- 6M
- 32.16%
- 1Y
- 43.18%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
XBM.TO vs. ENCL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
XBM.TO iShares S&P/TSX Global Base Metals Index ETF | 22.09% | 50.69% | 5.96% | 2.60% |
ENCL.TO Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD | 30.80% | 14.97% | 20.32% | -11.68% |
Correlation
The correlation between XBM.TO and ENCL.TO is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2023 | 0.27 |
Over the past year, the correlation between XBM.TO and ENCL.TO has dropped to 0.04 - well below their long-term average of 0.27, suggesting their price drivers have been diverging.
XBM.TO vs. ENCL.TO - Sectors Allocation Comparison
Sectors
XBM.TO
ENCL.TO
Basic Materials
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Industrials
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Communication Services
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Consumer Cyclical
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Consumer Defensive
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Energy
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Financial Services
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Healthcare
-
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Real Estate
-
-
Technology
-
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Utilities
-
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Basic Materials
XBM.TO
ENCL.TO
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Industrials
XBM.TO
ENCL.TO
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Communication Services
XBM.TO
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ENCL.TO
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Consumer Cyclical
XBM.TO
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ENCL.TO
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Consumer Defensive
XBM.TO
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ENCL.TO
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Energy
XBM.TO
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ENCL.TO
Financial Services
XBM.TO
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ENCL.TO
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Healthcare
XBM.TO
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ENCL.TO
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Real Estate
XBM.TO
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ENCL.TO
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Technology
XBM.TO
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ENCL.TO
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Utilities
XBM.TO
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ENCL.TO
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Return for Risk
XBM.TO vs. ENCL.TO — Risk / Return Rank
XBM.TO
ENCL.TO
XBM.TO vs. ENCL.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX Global Base Metals Index ETF (XBM.TO) and Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD (ENCL.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.
| XBM.TO | ENCL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.41 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.72 | 4.03 | -0.32 |
| Martin ratioReturn relative to average drawdown | 13.34 | 13.52 | -0.18 |
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Drawdowns
XBM.TO vs. ENCL.TO - Drawdown Comparison
The maximum XBM.TO drawdown since its inception was -67.53%, which is greater than ENCL.TO's maximum drawdown of -21.05%. Use the drawdown chart below to compare losses from any high point for XBM.TO and ENCL.TO.
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Drawdown Indicators
| XBM.TO | ENCL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.53% | -21.05% | -46.48% |
Max Drawdown (1Y)Largest decline over 1 year | -23.88% | -10.75% | -13.13% |
Max Drawdown (3Y)Largest decline over 3 years | -37.45% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -40.57% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -57.25% | — | — |
Current DrawdownCurrent decline from peak | -14.64% | -6.66% | -7.98% |
Average DrawdownAverage peak-to-trough decline | -26.06% | -4.81% | -21.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.65% | 3.21% | +3.44% |
Volatility
XBM.TO vs. ENCL.TO - Volatility Comparison
iShares S&P/TSX Global Base Metals Index ETF (XBM.TO) has a higher volatility of 15.96% compared to Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD (ENCL.TO) at 6.80%. This indicates that XBM.TO's price experiences larger fluctuations and is considered to be riskier than ENCL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XBM.TO | ENCL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.96% | 6.80% | +9.16% |
Volatility (6M)Calculated over the trailing 6-month period | 32.60% | 15.64% | +16.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.06% | 18.36% | +19.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.59% | 20.89% | +12.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.80% | 20.89% | +11.91% |
XBM.TO vs. ENCL.TO - Expense Ratio Comparison
XBM.TO has a 0.60% expense ratio, which is lower than ENCL.TO's 1.86% expense ratio.
Dividends
XBM.TO vs. ENCL.TO - Dividend Comparison
XBM.TO's dividend yield for the trailing twelve months is around 0.70%, less than ENCL.TO's 13.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ENCL.TO Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD | 13.94% | 17.14% | 18.56% | 4.68% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XBM.TO iShares S&P/TSX Global Base Metals Index ETF | 0.70% | 0.86% | 1.25% | 2.09% | 4.78% | 3.05% | 1.81% | 3.73% | 3.38% | 1.65% | 2.41% | 5.75% |
Frequently Asked Questions
XBM.TO and ENCL.TO have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XBM.TO is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XBM.TO is cheaper with a 0.60% expense ratio, compared with 1.86% for ENCL.TO.
They also come from different issuers: iShares and Global X. Their fees differ too: 0.60% for XBM.TO and 1.86% for ENCL.TO.
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