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ZWA.TO vs. ENCL.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZWA.TO vs. ENCL.TO

Last updated Jun 6, 2026

ZWA.TO (BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF) and ENCL.TO (Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD) are both exchange-traded funds - ZWA.TO is a Derivative Income fund tracking the Dow Jones Industrial Average, while ENCL.TO is a Oil & Gas fund actively managed by Global X. ZWA.TO is passively managed, while ENCL.TO is actively managed. Over the past year, ZWA.TO returned 16.51% vs 52.42% for ENCL.TO. At a 0.13 correlation, their price movements are largely independent. ZWA.TO charges 0.65%/yr vs 1.86%/yr for ENCL.TO.

Performance

ZWA.TO vs. ENCL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF (ZWA.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.

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Returns By Period

In the year-to-date period, ZWA.TO achieves a 3.75% return, which is significantly lower than ENCL.TO's 35.30% return.

ZWA.TO

1D
-0.75%
1M
1.89%
YTD
3.75%
6M
4.08%
1Y
16.51%
3Y*
12.19%
5Y*
6.91%
10Y*
9.72%

ENCL.TO

1D
-1.95%
1M
4.69%
YTD
35.30%
6M
30.89%
1Y
52.42%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023
ZWA.TO
BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF		3.75%10.55%12.02%9.02%
ENCL.TO
Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD		35.30%14.97%20.32%-3.28%

Correlation

The correlation between ZWA.TO and ENCL.TO is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

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

-0.11

Correlation (All Time)
Calculated using the full available price history since Oct 12, 2023

0.13

The correlation between ZWA.TO and ENCL.TO shifts across timeframes, from -0.11 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.

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

Sectors
ZWA.TO
ENCL.TO

Financial Services

27.0%

-

Industrials

17.8%

-

Technology

17.6%

-

Healthcare

13.0%

-

Consumer Cyclical

11.8%

-

Consumer Defensive

4.4%

-

Basic Materials

4.2%

-

Energy

2.3%
100.0%

Communication Services

1.9%

-

Real Estate

-

-

Utilities

-

-

Financial Services

ZWA.TO
27.0%
ENCL.TO

-

Industrials

ZWA.TO
17.8%
ENCL.TO

-

Technology

ZWA.TO
17.6%
ENCL.TO

-

Healthcare

ZWA.TO
13.0%
ENCL.TO

-

Consumer Cyclical

ZWA.TO
11.8%
ENCL.TO

-

Consumer Defensive

ZWA.TO
4.4%
ENCL.TO

-

Basic Materials

ZWA.TO
4.2%
ENCL.TO

-

Energy

ZWA.TO
2.3%
ENCL.TO
100.0%

Communication Services

ZWA.TO
1.9%
ENCL.TO

-

Real Estate

ZWA.TO

-

ENCL.TO

-

Utilities

ZWA.TO

-

ENCL.TO

-

Compare stocks, funds, or ETFs

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BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF

Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD

Often compared with ZWA.TO:
ZWA.TO vs. BKCL.TOZWA.TO vs. BANK.TOZWA.TO vs. EMAX.TOZWA.TO vs. CRCY.TOZWA.TO vs. CBNK.TOZWA.TO vs. ZWC.TOZWA.TO vs. ECHI.TO
Often compared with ENCL.TO:
ENCL.TO vs. ENCC.TOENCL.TO vs. UTES.TOENCL.TO vs. XEG.TOENCL.TO vs. UMAX.TOENCL.TO vs. OILY.TOENCL.TO vs. BANK.TOENCL.TO vs. HHIS.TO

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZWA.TO
ZWA.TO Risk / Return Rank: 4444
Overall Rank
ZWA.TO Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
ZWA.TO Sortino Ratio Rank: 4848
Sortino Ratio Rank
ZWA.TO Omega Ratio Rank: 4444
Omega Ratio Rank
ZWA.TO Calmar Ratio Rank: 3939
Calmar Ratio Rank
ZWA.TO Martin Ratio Rank: 4444
Martin Ratio Rank
ENCL.TO
ENCL.TO Risk / Return Rank: 8888
Overall Rank
ENCL.TO Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
ENCL.TO Sortino Ratio Rank: 8787
Sortino Ratio Rank
ENCL.TO Omega Ratio Rank: 8888
Omega Ratio Rank
ENCL.TO Calmar Ratio Rank: 8989
Calmar Ratio Rank
ENCL.TO Martin Ratio Rank: 8888
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.

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

This table presents a comparison of risk-adjusted performance metrics for BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF (ZWA.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.

ZWA.TOENCL.TODifference
Sharpe ratioReturn per unit of total volatility
1.44
2.96

-1.51

Sortino ratioReturn per unit of downside risk
2.15
3.63

-1.48

Omega ratioGain probability vs. loss probability

1.26

1.51

-0.25

Calmar ratioReturn relative to maximum drawdown

1.75

4.90

-3.15

Martin ratioReturn relative to average drawdown

6.60

17.50

-10.90

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current ZWA.TO Sharpe Ratio is 1.44, which is lower than the ENCL.TO Sharpe Ratio of 2.96. The chart below compares the historical Sharpe Ratios of ZWA.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.

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Sharpe Ratios by Period

ZWA.TOENCL.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.44

2.96

-1.51

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.50

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.57

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.62

1.25

-0.63

Drawdowns

ZWA.TO vs. ENCL.TO - Drawdown Comparison

The maximum ZWA.TO drawdown since its inception was -38.29%, 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 ZWA.TO and ENCL.TO.

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Drawdown Indicators

ZWA.TOENCL.TODifference

Max Drawdown

Largest peak-to-trough decline

-38.29%

-21.05%

-17.24%

Max Drawdown (1Y)

Largest decline over 1 year

-9.49%

-10.75%

+1.26%

Max Drawdown (3Y)

Largest decline over 3 years

-17.77%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-19.68%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-38.29%

—

—

Current Drawdown

Current decline from peak

-0.75%

-3.45%

+2.70%

Average Drawdown

Average peak-to-trough decline

-3.56%

-3.94%

+0.38%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.51%

3.00%

-0.49%

Volatility

ZWA.TO vs. ENCL.TO - Volatility Comparison

The current volatility for BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF (ZWA.TO) is 2.89%, while Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD (ENCL.TO) has a volatility of 6.88%. This indicates that ZWA.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.

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Volatility by Period

ZWA.TOENCL.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.89%

6.88%

-3.99%

Volatility (6M)

Calculated over the trailing 6-month period

8.87%

15.77%

-6.90%

Volatility (1Y)

Calculated over the trailing 1-year period

11.48%

17.80%

-6.32%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.98%

20.17%

-6.19%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.01%

20.17%

-3.16%

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

ZWA.TO has a 0.65% expense ratio, which is lower than ENCL.TO's 1.86% expense ratio.

Dividends

ZWA.TO vs. ENCL.TO - Dividend Comparison

ZWA.TO's dividend yield for the trailing twelve months is around 5.65%, less than ENCL.TO's 13.48% yield.

PositionTTM20252024202320222021202020192018201720162015
ENCL.TO
Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD		13.48%17.14%18.56%4.68%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
ZWA.TO
BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF		5.65%5.65%5.89%6.21%6.02%4.36%5.04%4.46%4.74%4.15%4.83%4.85%

Frequently Asked Questions

ZWA.TO and ENCL.TO have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZWA.TO is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZWA.TO is cheaper with a 0.65% expense ratio, compared with 1.86% for ENCL.TO.

ZWA.TO is categorized as Derivative Income, while ENCL.TO is Oil & Gas. They also come from different issuers: BMO Asset Management and Global X. Their fees differ too: 0.65% for ZWA.TO and 1.86% for ENCL.TO.

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