^TNX vs. RYLD

Last updated Apr 2, 2026

Compare and contrast key facts about Treasury Yield 10 Years (^TNX) and Global X Russell 2000 Covered Call ETF (RYLD).

RYLD is a passively managed fund by Global X that tracks the performance of the CBOE Russell 2000 BuyWrite Index. It was launched on Apr 17, 2019.

Performance

^TNX vs. RYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Treasury Yield 10 Years (^TNX) and Global X Russell 2000 Covered Call ETF (RYLD). The values are adjusted to include any dividend payments, if applicable.

^TNX vs. RYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
^TNX Treasury Yield 10 Years	3.75%	-8.97%	18.29%	-0.34%	156.55%	64.89%	-52.21%	-25.91%
RYLD Global X Russell 2000 Covered Call ETF	1.10%	5.65%	10.13%	0.27%	-13.03%	22.13%	-0.44%	8.92%

Returns By Period

In the year-to-date period, ^TNX achieves a 3.75% return, which is significantly higher than RYLD's 1.10% return.

^TNX

• 1D: 0.19%
• 1M: 6.69%
• YTD: 3.75%
• 6M: 5.19%
• 1Y: 3.92%
• 3Y*: 7.32%
• 5Y*: 20.80%
• 10Y*: 9.20%

RYLD

• 1D: 0.40%
• 1M: -3.62%
• YTD: 1.10%
• 6M: 5.56%
• 1Y: 12.15%
• 3Y*: 6.22%
• 5Y*: 2.30%
• 10Y*: —

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

Return for Risk

^TNX vs. RYLD — Risk / Return Rank

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

^TNX

^TNX Risk / Return Rank: 22
^TNX Sharpe Ratio Rank: 26
^TNX Sortino Ratio Rank: 23
^TNX Omega Ratio Rank: 22
^TNX Calmar Ratio Rank: 19
^TNX Martin Ratio Rank: 18

RYLD

RYLD Risk / Return Rank: 42
RYLD Sharpe Ratio Rank: 37
RYLD Sortino Ratio Rank: 39
RYLD Omega Ratio Rank: 48
RYLD Calmar Ratio Rank: 37
RYLD Martin Ratio Rank: 48

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.

^TNX vs. RYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Treasury Yield 10 Years (^TNX) and Global X Russell 2000 Covered Call ETF (RYLD). 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.

	^TNX	RYLD	Difference
Sharpe ratio Return per unit of total volatility	0.22	0.74	-0.52
Sortino ratio Return per unit of downside risk	0.45	1.17	-0.72
Omega ratio Gain probability vs. loss probability	1.05	1.19	-0.14
Calmar ratio Return relative to maximum drawdown	0.12	0.99	-0.86
Martin ratio Return relative to average drawdown	0.21	4.78	-4.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^TNX vs. RYLD - Sharpe Ratio Comparison

The current ^TNX Sharpe Ratio is 0.22, which is lower than the RYLD Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of ^TNX and RYLD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	^TNX	RYLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.22	0.74	-0.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.16	+0.47
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.19	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.02	0.26	-0.28

Correlation

The correlation between ^TNX and RYLD is 0.11, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Drawdowns

^TNX vs. RYLD - Drawdown Comparison

The maximum ^TNX drawdown since its inception was -93.78%, which is greater than RYLD's maximum drawdown of -41.53%. Use the drawdown chart below to compare losses from any high point for ^TNX and RYLD.

Drawdown Indicators

	^TNX	RYLD	Difference
Max Drawdown Largest peak-to-trough decline	-93.78%	-41.53%	-52.25%
Max Drawdown (1Y) Largest decline over 1 year	-13.99%	-12.33%	-1.66%
Max Drawdown (5Y) Largest decline over 5 years	-31.74%	-21.33%	-10.41%
Max Drawdown (10Y) Largest decline over 10 years	-84.57%	—	—
Current Drawdown Current decline from peak	-46.17%	-3.92%	-42.25%
Average Drawdown Average peak-to-trough decline	-51.38%	-9.04%	-42.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.39%	2.54%	+5.85%

Volatility

^TNX vs. RYLD - Volatility Comparison

Treasury Yield 10 Years (^TNX) has a higher volatility of 5.89% compared to Global X Russell 2000 Covered Call ETF (RYLD) at 5.22%. This indicates that ^TNX's price experiences larger fluctuations and is considered to be riskier than RYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^TNX	RYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.89%	5.22%	+0.67%
Volatility (6M) Calculated over the trailing 6-month period	10.58%	9.09%	+1.49%
Volatility (1Y) Calculated over the trailing 1-year period	17.89%	16.39%	+1.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.96%	14.20%	+18.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.18%	17.38%	+30.80%