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

XUS.TO vs. USCL.TO

Last updated Jun 4, 2026

XUS.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.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.TO is passively managed, while USCL.TO is actively managed. Over the past year, XUS.TO returned 29.30% vs 29.89% for USCL.TO. Their correlation of 0.95 suggests significant overlap in exposure. XUS.TO charges 0.09%/yr vs 0.04%/yr for USCL.TO.

Performance

XUS.TO vs. USCL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core S&P 500 Index ETF (XUS.TO) and Global X Enhanced S&P 500 Covered Call ETF (USCL.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, XUS.TO achieves a 12.21% return, which is significantly higher than USCL.TO's 11.57% return.

XUS.TO

1D
-0.31%
1M
7.22%
YTD
12.21%
6M
10.39%
1Y
29.30%
3Y*
23.52%
5Y*
16.78%
10Y*
15.98%

USCL.TO

1D
-0.08%
1M
7.59%
YTD
11.57%
6M
9.93%
1Y
29.89%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023
XUS.TO
iShares Core S&P 500 Index ETF		12.21%12.19%35.16%7.93%
USCL.TO
Global X Enhanced S&P 500 Covered Call ETF		11.57%10.03%38.54%4.33%

Correlation

The correlation between XUS.TO and USCL.TO is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.96

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

0.95

The correlation between XUS.TO and USCL.TO has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

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

Sectors
XUS.TO
USCL.TO

Technology

36.2%
33.1%

Financial Services

11.9%
12.3%

Communication Services

10.9%
10.7%

Consumer Cyclical

10.1%
10.1%

Healthcare

8.4%
9.8%

Industrials

8.1%
8.7%

Consumer Defensive

4.9%
5.4%

Energy

3.5%
3.5%

Utilities

2.3%
2.5%

Real Estate

1.9%
2.0%

Basic Materials

1.8%
1.9%

Technology

XUS.TO
36.2%
USCL.TO
33.1%

Financial Services

XUS.TO
11.9%
USCL.TO
12.3%

Communication Services

XUS.TO
10.9%
USCL.TO
10.7%

Consumer Cyclical

XUS.TO
10.1%
USCL.TO
10.1%

Healthcare

XUS.TO
8.4%
USCL.TO
9.8%

Industrials

XUS.TO
8.1%
USCL.TO
8.7%

Consumer Defensive

XUS.TO
4.9%
USCL.TO
5.4%

Energy

XUS.TO
3.5%
USCL.TO
3.5%

Utilities

XUS.TO
2.3%
USCL.TO
2.5%

Real Estate

XUS.TO
1.9%
USCL.TO
2.0%

Basic Materials

XUS.TO
1.8%
USCL.TO
1.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Core S&P 500 Index ETF

Global X Enhanced S&P 500 Covered Call ETF

Often compared with XUS.TO:
XUS.TO vs. XSP.TOXUS.TO vs. XEQT.TOXUS.TO vs. XUU.TOXUS.TO vs. ZSP.TOXUS.TO vs. VOOXUS.TO vs. XEF.TOXUS.TO vs. HXS.TO
Often compared with USCL.TO:
USCL.TO vs. HYLD.TOUSCL.TO vs. MSTE.TOUSCL.TO vs. SDAY.NEOUSCL.TO vs. VFV.TOUSCL.TO vs. QQQYUSCL.TO vs. QQCL.TOUSCL.TO vs. TSLA.TO

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XUS.TO
XUS.TO Risk / Return Rank: 7373
Overall Rank
XUS.TO Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
XUS.TO Sortino Ratio Rank: 7575
Sortino Ratio Rank
XUS.TO Omega Ratio Rank: 7777
Omega Ratio Rank
XUS.TO Calmar Ratio Rank: 6767
Calmar Ratio Rank
XUS.TO Martin Ratio Rank: 6868
Martin Ratio Rank
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
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.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.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.TOUSCL.TODifference
Sharpe ratioReturn per unit of total volatility
2.55
2.55

-0.01

Sortino ratioReturn per unit of downside risk
3.47
3.43

+0.04

Omega ratioGain probability vs. loss probability

1.47

1.49

-0.02

Calmar ratioReturn relative to maximum drawdown

3.41

3.51

-0.10

Martin ratioReturn relative to average drawdown

12.94

14.29

-1.35

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.TO vs. USCL.TO - Sharpe Ratio Comparison

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

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Sharpe Ratios by Period

XUS.TOUSCL.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.55

2.55

-0.01

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.13

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.98

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.08

1.42

-0.34

Drawdowns

XUS.TO vs. USCL.TO - Drawdown Comparison

The maximum XUS.TO drawdown since its inception was -27.23%, which is greater than USCL.TO's maximum drawdown of -21.85%. Use the drawdown chart below to compare losses from any high point for XUS.TO and USCL.TO.

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Drawdown Indicators

XUS.TOUSCL.TODifference

Max Drawdown

Largest peak-to-trough decline

-27.23%

-21.85%

-5.38%

Max Drawdown (1Y)

Largest decline over 1 year

-8.63%

-8.56%

-0.07%

Max Drawdown (3Y)

Largest decline over 3 years

-18.96%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-21.85%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-27.23%

—

—

Current Drawdown

Current decline from peak

-0.31%

-0.08%

-0.23%

Average Drawdown

Average peak-to-trough decline

-3.46%

-2.55%

-0.91%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.27%

2.10%

+0.17%

Volatility

XUS.TO vs. USCL.TO - Volatility Comparison

iShares Core S&P 500 Index ETF (XUS.TO) has a higher volatility of 3.19% compared to Global X Enhanced S&P 500 Covered Call ETF (USCL.TO) at 2.86%. This indicates that XUS.TO's price experiences larger fluctuations and is considered to be riskier than USCL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XUS.TOUSCL.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.19%

2.86%

+0.33%

Volatility (6M)

Calculated over the trailing 6-month period

8.66%

9.31%

-0.65%

Volatility (1Y)

Calculated over the trailing 1-year period

11.58%

11.79%

-0.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.92%

15.44%

-0.52%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.48%

15.44%

+1.04%

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

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

XUS.TO's dividend yield for the trailing twelve months is around 1.12%, less than USCL.TO's 11.95% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
XUS.TO
iShares Core S&P 500 Index ETF		1.12%1.26%1.03%1.22%1.38%0.99%1.35%2.02%1.77%1.48%1.66%1.70%

Frequently Asked Questions

With a correlation of 0.96, XUS.TO and USCL.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.

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.

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

XUS.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.TO and 0.04% for USCL.TO.

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