XUS-U.TO vs. USCL.TO

Last updated Jun 4, 2026

XUS-U.TO (iShares Core S&P 500 Index ETF) and USCL.TO (Global X Enhanced S&P 500 Covered Call ETF) are both exchange-traded funds - XUS-U.TO is a S&P 500 fund tracking the S&P 500 Index, while USCL.TO is a Derivative Income fund actively managed by Global X. XUS-U.TO is passively managed, while USCL.TO is actively managed. Over the past year, XUS-U.TO returned 27.81% vs 28.23% for USCL.TO. Their correlation of 0.91 suggests significant overlap in exposure. XUS-U.TO charges 0.09%/yr vs 0.04%/yr for USCL.TO.

Performance

XUS-U.TO vs. USCL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core S&P 500 Index ETF (XUS-U.TO) and Global X Enhanced S&P 500 Covered Call ETF (USCL.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XUS-U.TO is traded in USD, while USCL.TO is traded in CAD. To make them comparable, the USCL.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

The year-to-date returns for both stocks are quite close, with XUS-U.TO having a 10.51% return and USCL.TO slightly lower at 10.19%.

XUS-U.TO

• 1D: -0.44%
• 1M: 5.35%
• YTD: 10.51%
• 6M: 10.77%
• 1Y: 27.81%
• 3Y*: 21.82%
• 5Y*: 13.33%
• 10Y*: —

USCL.TO

• 1D: -0.48%
• 1M: 5.45%
• YTD: 10.19%
• 6M: 10.36%
• 1Y: 28.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XUS-U.TO vs. USCL.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
XUS-U.TO iShares Core S&P 500 Index ETF	10.51%	17.66%	24.36%	8.65%
USCL.TO Global X Enhanced S&P 500 Covered Call ETF	10.19%	15.30%	27.60%	5.22%

Correlation

The correlation between XUS-U.TO and USCL.TO is 0.90, 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	0.90
Correlation (All Time) Calculated using the full available price history since Jul 7, 2023	0.91

The correlation between XUS-U.TO and USCL.TO has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.

Return for Risk

XUS-U.TO vs. USCL.TO — Risk / Return Rank

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

XUS-U.TO

XUS-U.TO Risk / Return Rank: 68
XUS-U.TO Sharpe Ratio Rank: 68
XUS-U.TO Sortino Ratio Rank: 69
XUS-U.TO Omega Ratio Rank: 68
XUS-U.TO Calmar Ratio Rank: 60
XUS-U.TO Martin Ratio Rank: 74

USCL.TO

USCL.TO Risk / Return Rank: 75
USCL.TO Sharpe Ratio Rank: 77
USCL.TO Sortino Ratio Rank: 75
USCL.TO Omega Ratio Rank: 80
USCL.TO Calmar Ratio Rank: 70
USCL.TO Martin Ratio Rank: 75

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.

XUS-U.TO vs. USCL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core S&P 500 Index ETF (XUS-U.TO) and Global X Enhanced S&P 500 Covered Call ETF (USCL.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.

	XUS-U.TO	USCL.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.30	2.44	-0.14
Sortino ratio: Return per unit of downside risk	3.23	3.32	-0.10
Omega ratio: Gain probability vs. loss probability	1.42	1.47	-0.05
Calmar ratio: Return relative to maximum drawdown	3.00	3.17	-0.16
Martin ratio: Return relative to average drawdown	14.33	16.18	-1.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XUS-U.TO vs. USCL.TO - Sharpe Ratio Comparison

The current XUS-U.TO Sharpe Ratio is 2.30, which is comparable to the USCL.TO Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of XUS-U.TO and USCL.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

	XUS-U.TO	USCL.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	2.44	-0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	1.29	-0.45

Drawdowns

XUS-U.TO vs. USCL.TO - Drawdown Comparison

The maximum XUS-U.TO drawdown since its inception was -33.55%, which is greater than USCL.TO's maximum drawdown of -21.35%. Use the drawdown chart below to compare losses from any high point for XUS-U.TO and USCL.TO.

Drawdown Indicators

	XUS-U.TO	USCL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-33.55%	-21.35%	-12.20%
Max Drawdown (1Y) Largest decline over 1 year	-9.30%	-8.96%	-0.34%
Max Drawdown (3Y) Largest decline over 3 years	-18.65%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.06%	—	—
Current Drawdown Current decline from peak	-0.44%	-0.48%	+0.04%
Average Drawdown Average peak-to-trough decline	-5.51%	-2.18%	-3.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	1.75%	+0.20%

Volatility

XUS-U.TO vs. USCL.TO - Volatility Comparison

iShares Core S&P 500 Index ETF (XUS-U.TO) and Global X Enhanced S&P 500 Covered Call ETF (USCL.TO) have volatilities of 2.85% and 2.99%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XUS-U.TO	USCL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.85%	2.99%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	9.26%	9.30%	-0.04%
Volatility (1Y) Calculated over the trailing 1-year period	12.15%	11.63%	+0.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.68%	15.65%	+1.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.19%	15.65%	+3.54%

XUS-U.TO vs. USCL.TO - Expense Ratio Comparison

XUS-U.TO has a 0.09% expense ratio, which is higher than USCL.TO's 0.04% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

XUS-U.TO vs. USCL.TO - Dividend Comparison

XUS-U.TO's dividend yield for the trailing twelve months is around 0.82%, less than USCL.TO's 11.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
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%
XUS-U.TO iShares Core S&P 500 Index ETF	0.82%	0.91%	0.74%	0.90%	1.04%	0.71%	0.91%	0.04%

Frequently Asked Questions

Can I hold both XUS-U.TO and USCL.TO in my portfolio?

XUS-U.TO and USCL.TO have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XUS-U.TO or USCL.TO?

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.

Which ETF is cheaper, XUS-U.TO or USCL.TO?

USCL.TO is cheaper with a 0.04% expense ratio, compared with 0.09% for XUS-U.TO.

What is the main difference between XUS-U.TO and USCL.TO?

XUS-U.TO is categorized as S&P 500, while USCL.TO is Derivative Income. They also come from different issuers: iShares and Global X. Their fees differ too: 0.09% for XUS-U.TO and 0.04% for USCL.TO.