UMAX.TO vs ENCL.TO: Income Fund Comparison
HamiltonUtilities YIELD MAXIMIZER™ ETF - Canada (UMAX.TO) and Global X Enhanced Canadian Oil And Gas Equity Covered Call ETF - Canada (ENCL.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 · ENCL.TO individual review
| UMAX.TO | ENCL.TO | |
|---|---|---|
| Fund Name | HamiltonUtilities YIELD MAXIMIZER™ ETF - Canada | Global X Enhanced 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 |
🔒 Full scores available — with Premium subscription
Compare Performance — Free →Fund Attributes: UMAX.TO vs ENCL.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 2.29% which is high due to interest costs of the leverage.
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 October 11th 2023.
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 ENCL.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.
See the full Risk analysis for both UMAX.TO and ENCL.TO — volatility ratings, diversification scores, and analyst notes.
View Plans →Return: UMAX.TO vs ENCL.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.
See the full Return analysis for both UMAX.TO and ENCL.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 ENCL.TO are available in the Dependable Income Investing app.
Frequently Asked Questions: UMAX.TO vs ENCL.TO
Which has a lower expense ratio, UMAX.TO or ENCL.TO?
UMAX.TO: MER is 0.79% as per the ETF Facts document (August 2025).
ENCL.TO: MER is 2.29% which is high due to interest costs of the leverage.
Which fund has more assets under management, UMAX.TO or ENCL.TO?
UMAX.TO: Over $1.19 billion in assets in this fund as at March 5 2026.
ENCL.TO: 900 Million in ENCC.TO and ENCL.TO which are effectively the same fund.
Which fund has been trading longer, UMAX.TO or ENCL.TO?
UMAX.TO: Fund started June 14th 2023 - approximately 2 years and 9 months old.
ENCL.TO: Fund started October 11th 2023.
Who manages UMAX.TO vs ENCL.TO?
UMAX.TO: Hamilton ETFs has over $13 billion in assets under management.
ENCL.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 ENCL.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.
See the Full UMAX.TO vs ENCL.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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