XEG.TO vs. ENCC.TO

Last updated Jun 4, 2026

XEG.TO (iShares S&P/TSX Capped Energy Index ETF) and ENCC.TO (Global X Canadian Oil and Gas Equity Covered Call ETF) are both exchange-traded funds - XEG.TO is a Energy Equities fund tracking the S&P/TSX Capped Energy Index, while ENCC.TO is a Derivative Income fund actively managed by Global X. XEG.TO is passively managed, while ENCC.TO is actively managed. Over the past 10 years, XEG.TO returned 11.85%/yr vs 8.49%/yr for ENCC.TO. Their correlation of 0.88 suggests significant overlap in exposure. XEG.TO charges 0.61%/yr vs 0.76%/yr for ENCC.TO.

Performance

XEG.TO vs. ENCC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P/TSX Capped Energy Index ETF (XEG.TO) and Global X Canadian Oil and Gas Equity Covered Call ETF (ENCC.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XEG.TO achieves a 44.34% return, which is significantly higher than ENCC.TO's 29.01% return. Over the past 10 years, XEG.TO has outperformed ENCC.TO with an annualized return of 11.85%, while ENCC.TO has yielded a comparatively lower 8.49% annualized return.

XEG.TO

• 1D: 1.17%
• 1M: -0.04%
• YTD: 44.34%
• 6M: 39.73%
• 1Y: 70.40%
• 3Y*: 28.08%
• 5Y*: 29.48%
• 10Y*: 11.85%

ENCC.TO

• 1D: 0.93%
• 1M: 2.37%
• YTD: 29.01%
• 6M: 25.71%
• 1Y: 41.57%
• 3Y*: 22.89%
• 5Y*: 25.31%
• 10Y*: 8.49%

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

XEG.TO vs. ENCC.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XEG.TO iShares S&P/TSX Capped Energy Index ETF	44.34%	16.72%	14.08%	3.52%	53.25%	83.71%	-34.41%	8.98%	-27.05%	-11.18%
ENCC.TO Global X Canadian Oil and Gas Equity Covered Call ETF	29.01%	13.13%	17.39%	5.72%	41.33%	80.55%	-27.98%	6.54%	-31.00%	-18.47%

Correlation

The correlation between XEG.TO and ENCC.TO is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Apr 18, 2011	0.88

The correlation between XEG.TO and ENCC.TO has been stable across timeframes, ranging from 0.88 to 0.94 - a consistent structural relationship.

XEG.TO vs. ENCC.TO - Sectors Allocation Comparison

Sectors	XEG.TO	ENCC.TO
Energy	100.0%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

XEG.TO vs. ENCC.TO — Risk / Return Rank

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

XEG.TO

XEG.TO Risk / Return Rank: 86
XEG.TO Sharpe Ratio Rank: 89
XEG.TO Sortino Ratio Rank: 80
XEG.TO Omega Ratio Rank: 80
XEG.TO Calmar Ratio Rank: 92
XEG.TO Martin Ratio Rank: 87

ENCC.TO

ENCC.TO Risk / Return Rank: 85
ENCC.TO Sharpe Ratio Rank: 88
ENCC.TO Sortino Ratio Rank: 84
ENCC.TO Omega Ratio Rank: 85
ENCC.TO Calmar Ratio Rank: 86
ENCC.TO Martin Ratio Rank: 84

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.

XEG.TO vs. ENCC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX Capped Energy Index ETF (XEG.TO) and Global X Canadian Oil and Gas Equity Covered Call ETF (ENCC.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.

	XEG.TO	ENCC.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.11	2.98	+0.14
Sortino ratio: Return per unit of downside risk	3.66	3.81	-0.15
Omega ratio: Gain probability vs. loss probability	1.49	1.53	-0.04
Calmar ratio: Return relative to maximum drawdown	6.36	4.93	+1.43
Martin ratio: Return relative to average drawdown	19.02	17.54	+1.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XEG.TO vs. ENCC.TO - Sharpe Ratio Comparison

The current XEG.TO Sharpe Ratio is 3.11, which is comparable to the ENCC.TO Sharpe Ratio of 2.98. The chart below compares the historical Sharpe Ratios of XEG.TO and ENCC.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.

Sharpe Ratios by Period

	XEG.TO	ENCC.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.11	2.98	+0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.04	1.11	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	0.29	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.00	+0.28

Drawdowns

XEG.TO vs. ENCC.TO - Drawdown Comparison

The maximum XEG.TO drawdown since its inception was -87.74%, roughly equal to the maximum ENCC.TO drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for XEG.TO and ENCC.TO.

Drawdown Indicators

	XEG.TO	ENCC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-87.74%	-89.91%	+2.17%
Max Drawdown (1Y) Largest decline over 1 year	-11.12%	-8.48%	-2.64%
Max Drawdown (3Y) Largest decline over 3 years	-25.67%	-16.67%	-9.00%
Max Drawdown (5Y) Largest decline over 5 years	-28.42%	-25.57%	-2.85%
Max Drawdown (10Y) Largest decline over 10 years	-79.66%	-82.16%	+2.50%
Current Drawdown Current decline from peak	-4.00%	-1.99%	-2.01%
Average Drawdown Average peak-to-trough decline	-29.19%	-39.82%	+10.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.71%	2.38%	+1.33%

Volatility

XEG.TO vs. ENCC.TO - Volatility Comparison

iShares S&P/TSX Capped Energy Index ETF (XEG.TO) has a higher volatility of 9.31% compared to Global X Canadian Oil and Gas Equity Covered Call ETF (ENCC.TO) at 5.66%. This indicates that XEG.TO's price experiences larger fluctuations and is considered to be riskier than ENCC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XEG.TO	ENCC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.31%	5.66%	+3.65%
Volatility (6M) Calculated over the trailing 6-month period	18.99%	12.36%	+6.63%
Volatility (1Y) Calculated over the trailing 1-year period	22.76%	14.08%	+8.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.62%	23.03%	+5.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.41%	29.05%	+4.36%

XEG.TO vs. ENCC.TO - Expense Ratio Comparison

XEG.TO has a 0.61% expense ratio, which is lower than ENCC.TO's 0.76% expense ratio.

Dividends

XEG.TO vs. ENCC.TO - Dividend Comparison

XEG.TO's dividend yield for the trailing twelve months is around 2.65%, less than ENCC.TO's 11.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ENCC.TO Global X Canadian Oil and Gas Equity Covered Call ETF	11.09%	13.62%	14.58%	14.87%	12.55%	4.23%	5.10%	6.09%	8.35%	6.92%	4.77%	15.15%
XEG.TO iShares S&P/TSX Capped Energy Index ETF	2.65%	3.63%	3.46%	4.26%	3.31%	1.64%	2.96%	2.70%	2.25%	1.41%	1.40%	3.58%

Frequently Asked Questions

Can I hold both XEG.TO and ENCC.TO in my portfolio?

With a correlation of 0.92, XEG.TO and ENCC.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, XEG.TO or ENCC.TO?

On fees, XEG.TO is cheaper at 0.61% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XEG.TO or ENCC.TO?

XEG.TO is cheaper with a 0.61% expense ratio, compared with 0.76% for ENCC.TO.

What is the main difference between XEG.TO and ENCC.TO?

XEG.TO is categorized as Energy Equities, while ENCC.TO is Derivative Income. They also come from different issuers: iShares and Global X. Their fees differ too: 0.61% for XEG.TO and 0.76% for ENCC.TO.