ZEO.TO vs. ENCL.TO

Last updated Jun 25, 2026

ZEO.TO (BMO Equal Weight Oil & Gas Index ETF) and ENCL.TO (Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD) are both Energy Equities funds. ZEO.TO is passively managed, while ENCL.TO is actively managed. Over the past year, ZEO.TO returned 40.43% vs 41.54% for ENCL.TO. With a 0.97 correlation, they move nearly in lockstep. ZEO.TO charges 0.60%/yr vs 1.86%/yr for ENCL.TO.

Performance

ZEO.TO vs. ENCL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Equal Weight Oil & Gas Index ETF (ZEO.TO) and Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD (ENCL.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZEO.TO achieves a 29.41% return, which is significantly higher than ENCL.TO's 27.83% return.

ZEO.TO

• 1D: -1.91%
• 1M: -5.60%
• YTD: 29.41%
• 6M: 29.40%
• 1Y: 40.43%
• 3Y*: 25.73%
• 5Y*: 23.33%
• 10Y*: 9.67%

ENCL.TO

• 1D: -2.28%
• 1M: -5.72%
• YTD: 27.83%
• 6M: 29.64%
• 1Y: 41.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZEO.TO vs. ENCL.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ZEO.TO BMO Equal Weight Oil & Gas Index ETF	29.41%	12.36%	21.51%	-2.22%
ENCL.TO Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD	27.83%	14.97%	20.32%	-11.68%

Correlation

The correlation between ZEO.TO and ENCL.TO is 0.97 - 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	0.97
Correlation (All Time) Calculated using the full available price history since Oct 11, 2023	0.97

The correlation between ZEO.TO and ENCL.TO has been stable across timeframes, ranging from 0.97 to 0.97 - a consistent structural relationship.

ZEO.TO vs. ENCL.TO - Sectors Allocation Comparison

Sectors	ZEO.TO	ENCL.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

ZEO.TO vs. ENCL.TO — Risk / Return Rank

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

ZEO.TO

ZEO.TO Risk / Return Rank: 80
ZEO.TO Sharpe Ratio Rank: 83
ZEO.TO Sortino Ratio Rank: 78
ZEO.TO Omega Ratio Rank: 77
ZEO.TO Calmar Ratio Rank: 85
ZEO.TO Martin Ratio Rank: 75

ENCL.TO

ENCL.TO Risk / Return Rank: 77
ENCL.TO Sharpe Ratio Rank: 80
ENCL.TO Sortino Ratio Rank: 71
ENCL.TO Omega Ratio Rank: 75
ENCL.TO Calmar Ratio Rank: 82
ENCL.TO Martin Ratio Rank: 76

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.

ZEO.TO vs. ENCL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Equal Weight Oil & Gas Index ETF (ZEO.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.

	ZEO.TO	ENCL.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.35	2.27	+0.08
Sortino ratio: Return per unit of downside risk	3.07	2.88	+0.19
Omega ratio: Gain probability vs. loss probability	1.40	1.39	+0.01
Calmar ratio: Return relative to maximum drawdown	4.26	3.88	+0.38
Martin ratio: Return relative to average drawdown	12.75	12.82	-0.07

ZEO.TO vs. ENCL.TO - Sharpe Ratio Comparison

The current ZEO.TO Sharpe Ratio is 2.35, which is comparable to the ENCL.TO Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of ZEO.TO and ENCL.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.

Drawdowns

ZEO.TO vs. ENCL.TO - Drawdown Comparison

The maximum ZEO.TO drawdown since its inception was -80.09%, 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 ZEO.TO and ENCL.TO.

Drawdown Indicators

	ZEO.TO	ENCL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-80.09%	-21.05%	-59.04%
Max Drawdown (1Y) Largest decline over 1 year	-9.54%	-10.75%	+1.21%
Max Drawdown (3Y) Largest decline over 3 years	-17.62%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.59%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-73.35%	—	—
Current Drawdown Current decline from peak	-8.80%	-8.78%	-0.02%
Average Drawdown Average peak-to-trough decline	-25.11%	-4.82%	-20.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.18%	3.25%	-0.07%

Volatility

ZEO.TO vs. ENCL.TO - Volatility Comparison

The current volatility for BMO Equal Weight Oil & Gas Index ETF (ZEO.TO) is 6.22%, while Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD (ENCL.TO) has a volatility of 7.13%. This indicates that ZEO.TO experiences smaller price fluctuations and is considered to be less risky than ENCL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZEO.TO	ENCL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.22%	7.13%	-0.91%
Volatility (6M) Calculated over the trailing 6-month period	14.73%	15.83%	-1.10%
Volatility (1Y) Calculated over the trailing 1-year period	17.34%	18.42%	-1.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.20%	20.92%	+0.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.17%	20.92%	+6.25%

ZEO.TO vs. ENCL.TO - Expense Ratio Comparison

ZEO.TO has a 0.60% expense ratio, which is lower than ENCL.TO's 1.86% expense ratio.

Dividends

ZEO.TO vs. ENCL.TO - Dividend Comparison

ZEO.TO's dividend yield for the trailing twelve months is around 2.76%, less than ENCL.TO's 14.27% 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	14.27%	17.14%	18.56%	4.68%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZEO.TO BMO Equal Weight Oil & Gas Index ETF	2.76%	3.43%	3.86%	4.82%	4.69%	3.27%	5.54%	3.55%	0.71%	0.49%	0.50%	0.82%

Frequently Asked Questions

Can I hold both ZEO.TO and ENCL.TO in my portfolio?

With a correlation of 0.97, ZEO.TO and ENCL.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, ZEO.TO or ENCL.TO?

On fees, ZEO.TO is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZEO.TO or ENCL.TO?

ZEO.TO is cheaper with a 0.60% expense ratio, compared with 1.86% for ENCL.TO.

What is the main difference between ZEO.TO and ENCL.TO?

They also come from different issuers: BMO and Global X. Their fees differ too: 0.60% for ZEO.TO and 1.86% for ENCL.TO.