ZWEN.TO vs. ENCL.TO

Last updated Jun 24, 2026

ZWEN.TO (BMO Covered Call Energy ETF) and ENCL.TO (Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD) are both Energy Equities funds. Both are actively managed. Over the past year, ZWEN.TO returned 32.52% vs 43.18% for ENCL.TO. A 0.79 correlation means they provide meaningful diversification when combined. ZWEN.TO charges 0.88%/yr vs 1.86%/yr for ENCL.TO.

Performance

ZWEN.TO vs. ENCL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Covered Call Energy ETF (ZWEN.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, ZWEN.TO achieves a 25.05% return, which is significantly lower than ENCL.TO's 30.80% return.

ZWEN.TO

• 1D: 0.75%
• 1M: -4.92%
• YTD: 25.05%
• 6M: 26.23%
• 1Y: 32.52%
• 3Y*: 19.22%
• 5Y*: —
• 10Y*: —

ENCL.TO

• 1D: 1.40%
• 1M: -5.96%
• YTD: 30.80%
• 6M: 32.16%
• 1Y: 43.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023
ZWEN.TO BMO Covered Call Energy ETF	25.05%	6.74%	10.43%	-2.15%
ENCL.TO Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD	30.80%	14.97%	20.32%	-11.68%

Correlation

The correlation between ZWEN.TO and ENCL.TO is 0.82, 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	0.82
Correlation (All Time) Calculated using the full available price history since Oct 11, 2023	0.79

The correlation between ZWEN.TO and ENCL.TO has been stable across timeframes, ranging from 0.79 to 0.82 - a consistent structural relationship.

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

Sectors	ZWEN.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

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

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

ZWEN.TO

ZWEN.TO Risk / Return Rank: 63
ZWEN.TO Sharpe Ratio Rank: 64
ZWEN.TO Sortino Ratio Rank: 58
ZWEN.TO Omega Ratio Rank: 56
ZWEN.TO Calmar Ratio Rank: 73
ZWEN.TO Martin Ratio Rank: 63

ENCL.TO

ENCL.TO Risk / Return Rank: 76
ENCL.TO Sharpe Ratio Rank: 79
ENCL.TO Sortino Ratio Rank: 70
ENCL.TO Omega Ratio Rank: 73
ENCL.TO Calmar Ratio Rank: 81
ENCL.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.

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

This table presents a comparison of risk-adjusted performance metrics for BMO Covered Call Energy ETF (ZWEN.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.

	ZWEN.TO	ENCL.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.95	2.38	-0.43
Sortino ratio: Return per unit of downside risk	2.55	3.00	-0.45
Omega ratio: Gain probability vs. loss probability	1.32	1.41	-0.08
Calmar ratio: Return relative to maximum drawdown	3.49	4.03	-0.55
Martin ratio: Return relative to average drawdown	10.51	13.52	-3.01

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

The current ZWEN.TO Sharpe Ratio is 1.95, which is comparable to the ENCL.TO Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of ZWEN.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

ZWEN.TO vs. ENCL.TO - Drawdown Comparison

The maximum ZWEN.TO drawdown since its inception was -18.75%, smaller than the maximum ENCL.TO drawdown of -21.05%. Use the drawdown chart below to compare losses from any high point for ZWEN.TO and ENCL.TO.

Drawdown Indicators

	ZWEN.TO	ENCL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-18.75%	-21.05%	+2.30%
Max Drawdown (1Y) Largest decline over 1 year	-9.50%	-10.75%	+1.25%
Max Drawdown (3Y) Largest decline over 3 years	-18.75%	—	—
Current Drawdown Current decline from peak	-6.07%	-6.66%	+0.59%
Average Drawdown Average peak-to-trough decline	-4.37%	-4.81%	+0.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.16%	3.21%	-0.05%

Volatility

ZWEN.TO vs. ENCL.TO - Volatility Comparison

The current volatility for BMO Covered Call Energy ETF (ZWEN.TO) is 5.82%, while Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD (ENCL.TO) has a volatility of 6.80%. This indicates that ZWEN.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

	ZWEN.TO	ENCL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.82%	6.80%	-0.98%
Volatility (6M) Calculated over the trailing 6-month period	13.69%	15.64%	-1.95%
Volatility (1Y) Calculated over the trailing 1-year period	17.11%	18.36%	-1.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.26%	20.89%	-2.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.26%	20.89%	-2.63%

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

ZWEN.TO has a 0.88% expense ratio, which is lower than ENCL.TO's 1.86% expense ratio.

Dividends

ZWEN.TO vs. ENCL.TO - Dividend Comparison

ZWEN.TO's dividend yield for the trailing twelve months is around 7.88%, less than ENCL.TO's 13.94% yield.

Position	TTM	2025	2024	2023
ENCL.TO Global X Enhanced Canadian Oil and Gas Equity Covered Call ETF CAD	13.94%	17.14%	18.56%	4.68%
ZWEN.TO BMO Covered Call Energy ETF	7.88%	9.53%	9.09%	8.27%

Frequently Asked Questions

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

ZWEN.TO and ENCL.TO have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZWEN.TO or ENCL.TO?

On fees, ZWEN.TO is cheaper at 0.88% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

ZWEN.TO is cheaper with a 0.88% expense ratio, compared with 1.86% for ENCL.TO.

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

They also come from different issuers: BMO and Global X. Their fees differ too: 0.88% for ZWEN.TO and 1.86% for ENCL.TO.