UMAX.TO vs ENCC.TO: Income Fund Comparison
HamiltonUtilities YIELD MAXIMIZER™ ETF - Canada (UMAX.TO) and Global X Canadian Oil and Gas Equity Covered Call ETF - Canada (ENCC.TO) are both income-focused funds. Below is our independent side-by-side review using the Dependable Income Investing 13-factor scoring system — designed specifically for income investors seeking reliable, sustainable distributions.
Also see: UMAX.TO individual review · ENCC.TO individual review
UMAX.TO: MER is 0.79% as per the ETF Facts document (August 2025). ENCC.TO: MER is 0.76% which is on the higher side. UMAX.TO fund started June 14th 2023 - approximately 2 years and 9 months old. ENCC.TO fund started April 11th 2011. Full Dependability and Return scores for both funds are available in the app.
| UMAX.TO | ENCC.TO | |
|---|---|---|
| Fund Name | HamiltonUtilities YIELD MAXIMIZER™ ETF - Canada | Global X Canadian Oil and Gas Equity Covered Call ETF - Canada |
| Fund Type | Sector Based Fund - Utilities | Sector Based Fund - Energy |
| Exchange | TSX | TSX |
| Last Reviewed | 2026-03-07 | 2025-12-24 |
| Author | Adam Hyde, Income Investing Analyst | |
🔒 Full scores available — with Premium subscription
Compare Performance — Free →Fund Attributes: UMAX.TO vs ENCC.TO 20% of overall score
Fund Attributes cover the foundational characteristics of each fund: cost, company backing, track record, and size. These factors reflect stability and cost-efficiency for long-term income investors.
MER is 0.79% as per the ETF Facts document (August 2025).
MER is 0.76% which is on the higher side.
Hamilton ETFs has over $13 billion in assets under management.
Mirae Asset Global Investments - a South Korean financial services company - manages over US$200 billion in assets worldwide.
Fund started June 14th 2023 - approximately 2 years and 9 months old.
Fund started April 11th 2011.
Over $1.19 billion in assets in this fund as at March 5 2026.
900 Million in ENCC.TO and ENCL.TO which are effectively the same fund.
Risk: UMAX.TO vs ENCC.TO 35% of overall score
Risk factors evaluate how each fund manages volatility, diversification, and the nature of its underlying assets — critical considerations for income investors who prioritise capital preservation.
Beta of 0.21 vs SPY over the fund's history (2023-06-23 to 2026-03-07) - very low market sensitivity. Standalone annualized volatility of 8.91% (weekly total returns) is very low - standalone score used since |beta| < 0.6.
Porfolio visualizer says the beta is 1.08 which is slightly higher than the S&P500.
See the full Risk analysis for both UMAX.TO and ENCC.TO — volatility ratings, diversification scores, and analyst notes.
View Plans →Return: UMAX.TO vs ENCC.TO 45% of overall score
Return factors assess income generation quality: current yield, distribution consistency, price history, and payment frequency. This is the most heavily weighted category for income investors.
Monthly distributions confirmed by distribution history.
Pays monthly.
See the full Return analysis for both UMAX.TO and ENCC.TO — yield ratings, distribution consistency scores, and capital history.
View Plans →Our Review Methodology
Every fund reviewed on Dependable Income Investing is scored using our 13-factor Fund Report Card, organised into three weighted categories: Fund Attributes (20%), Risk (35%), and Return (45%). Each criterion is rated 1–5 by our analysts based on publicly available fund data.
We also calculate a Dependability Score — a weighted composite of six income-specific factors ranked by importance for retirement income investors: Yield Stability, Yield, Volatility, Capital History, Fund Risk, and Underlying Assets. This score answers the question income investors care about most: can I depend on this fund to pay me reliably?
Full scores, ratings, and analyst notes for both UMAX.TO and ENCC.TO are available in the Dependable Income Investing app.
See our full scoring methodology →
Frequently Asked Questions: UMAX.TO vs ENCC.TO
Which has a lower expense ratio, UMAX.TO or ENCC.TO?
UMAX.TO: MER is 0.79% as per the ETF Facts document (August 2025).
ENCC.TO: MER is 0.76% which is on the higher side.
Which fund has more assets under management, UMAX.TO or ENCC.TO?
UMAX.TO: Over $1.19 billion in assets in this fund as at March 5 2026.
ENCC.TO: 900 Million in ENCC.TO and ENCL.TO which are effectively the same fund.
Which fund has been trading longer, UMAX.TO or ENCC.TO?
UMAX.TO: Fund started June 14th 2023 - approximately 2 years and 9 months old.
ENCC.TO: Fund started April 11th 2011.
Who manages UMAX.TO vs ENCC.TO?
UMAX.TO: Hamilton ETFs has over $13 billion in assets under management.
ENCC.TO: Mirae Asset Global Investments - a South Korean financial services company - manages over US$200 billion in assets worldwide.
Where can I see the full UMAX.TO vs ENCC.TO comparison with scores?
The complete side-by-side comparison — including all Risk and Return scores, analyst notes, Overall Score, and Dependability Score for both funds — is available in the Dependable Income Investing app.
What is the difference between UMAX.TO and ENCC.TO?
HamiltonUtilities YIELD MAXIMIZER™ ETF - Canada is a Sector Based Fund - Utilities. MER is 0.79% as per the ETF Facts document (August 2025). Global X Canadian Oil and Gas Equity Covered Call ETF - Canada is a Sector Based Fund - Energy. MER is 0.76% which is on the higher side. Full comparison including Dependability Score is available in the Dependable Income Investing app.
Which is better for income investors, UMAX.TO or ENCC.TO?
UMAX.TO: MER is 0.79% as per the ETF Facts document (August 2025). Fund started June 14th 2023 - approximately 2 years and 9 months old. ENCC.TO: MER is 0.76% which is on the higher side. Fund started April 11th 2011. Which scores higher on Dependability and Return is available in the Dependable Income Investing app.
Do UMAX.TO and ENCC.TO pay monthly distributions?
UMAX.TO: Monthly distributions confirmed by distribution history. ENCC.TO: Pays monthly. Full yield and distribution stability scores for both funds are available in the Dependable Income Investing app.
See the Full UMAX.TO vs ENCC.TO Comparison
The Dependable Income Investing app gives you the complete picture: all 13 scoring factors for both funds, Risk and Return analyst notes, Dependability Scores, and tools to compare any income fund side by side.
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