AAPI.L vs. QYLD.L

Last updated Jul 18, 2026

AAPI.L (IncomeShares Apple (AAPL) Options ETP GBP) and QYLD.L (Global X Nasdaq 100 Covered Call UCITS ETF USD (Dist)) are both exchange-traded funds - AAPI.L is a Derivative Income fund actively managed by Leverage Shares, while QYLD.L is a Nasdaq-100 fund tracking the Cboe Nasdaq-100 BuyWrite v2 UCITS Index. AAPI.L is actively managed, while QYLD.L is passively managed. Over the past year, AAPI.L returned 16.78% vs 15.88% for QYLD.L. At a 0.29 correlation, their price movements are largely independent. AAPI.L charges 0.55%/yr vs 0.45%/yr for QYLD.L.

Performance

AAPI.L vs. QYLD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in IncomeShares Apple (AAPL) Options ETP GBP (AAPI.L) and Global X Nasdaq 100 Covered Call UCITS ETF USD (Dist) (QYLD.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

AAPI.L is traded in GBp, while QYLD.L is traded in USD. To make them comparable, the QYLD.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, AAPI.L achieves a 6.37% return, which is significantly higher than QYLD.L's 4.85% return.

AAPI.L

• 1D: 0.00%
• 1M: 5.64%
• 6M: 11.56%
• YTD: 6.37%
• 1Y: 16.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QYLD.L

• 1D: -1.99%
• 1M: -3.73%
• 6M: 3.25%
• YTD: 4.85%
• 1Y: 15.88%
• 3Y*: 10.74%
• 5Y*: —
• 10Y*: —

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

AAPI.L vs. QYLD.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AAPI.L IncomeShares Apple (AAPL) Options ETP GBP	6.37%	-12.96%	17.38%
QYLD.L Global X Nasdaq 100 Covered Call UCITS ETF USD (Dist)	4.85%	-2.14%	13.61%

Correlation

The correlation between AAPI.L and QYLD.L is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (All Time) Calculated using the full available price history since Oct 14, 2024	0.29

Return for Risk

AAPI.L vs. QYLD.L — Risk / Return Rank

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

AAPI.L

AAPI.L Risk / Return Rank: 21
AAPI.L Sharpe Ratio Rank: 16
AAPI.L Sortino Ratio Rank: 20
AAPI.L Omega Ratio Rank: 36
AAPI.L Calmar Ratio Rank: 17
AAPI.L Martin Ratio Rank: 14

QYLD.L

QYLD.L Risk / Return Rank: 76
QYLD.L Sharpe Ratio Rank: 66
QYLD.L Sortino Ratio Rank: 66
QYLD.L Omega Ratio Rank: 75
QYLD.L Calmar Ratio Rank: 85
QYLD.L Martin Ratio Rank: 90

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.

AAPI.L vs. QYLD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IncomeShares Apple (AAPL) Options ETP GBP (AAPI.L) and Global X Nasdaq 100 Covered Call UCITS ETF USD (Dist) (QYLD.L). 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.

	AAPI.L	QYLD.L	Difference
Sharpe ratio: Return per unit of total volatility	0.35	1.48	-1.13
Sortino ratio: Return per unit of downside risk	0.88	2.07	-1.19
Omega ratio: Gain probability vs. loss probability	1.19	1.28	-0.09
Calmar ratio: Return relative to maximum drawdown	0.46	3.39	-2.93
Martin ratio: Return relative to average drawdown	0.70	11.47	-10.77

AAPI.L vs. QYLD.L - Sharpe Ratio Comparison

The current AAPI.L Sharpe Ratio is 0.35, which is lower than the QYLD.L Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of AAPI.L and QYLD.L, 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

AAPI.L vs. QYLD.L - Drawdown Comparison

The maximum AAPI.L drawdown since its inception was -36.10%, which is greater than QYLD.L's maximum drawdown of -24.76%. Use the drawdown chart below to compare losses from any high point for AAPI.L and QYLD.L.

Drawdown Indicators

	AAPI.L	QYLD.L	Difference
Max Drawdown Largest peak-to-trough decline	-36.10%	-24.76%	-11.34%
Max Drawdown (1Y) Largest decline over 1 year	-36.10%	-4.66%	-31.44%
Max Drawdown (3Y) Largest decline over 3 years	—	-24.76%	—
Current Drawdown Current decline from peak	-20.77%	-4.66%	-16.11%
Average Drawdown Average peak-to-trough decline	-19.55%	-5.50%	-14.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.81%	1.37%	+22.44%

Volatility

AAPI.L vs. QYLD.L - Volatility Comparison

IncomeShares Apple (AAPL) Options ETP GBP (AAPI.L) has a higher volatility of 8.98% compared to Global X Nasdaq 100 Covered Call UCITS ETF USD (Dist) (QYLD.L) at 5.02%. This indicates that AAPI.L's price experiences larger fluctuations and is considered to be riskier than QYLD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAPI.L	QYLD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.98%	5.02%	+3.96%
Volatility (6M) Calculated over the trailing 6-month period	17.47%	8.81%	+8.66%
Volatility (1Y) Calculated over the trailing 1-year period	47.37%	10.67%	+36.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.23%	16.77%	+23.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.23%	16.77%	+23.46%

AAPI.L vs. QYLD.L - Expense Ratio Comparison

AAPI.L has a 0.55% expense ratio, which is higher than QYLD.L's 0.45% expense ratio.

Dividends

AAPI.L vs. QYLD.L - Dividend Comparison

AAPI.L's dividend yield for the trailing twelve months is around 12.37%, more than QYLD.L's 11.85% yield.

Position	TTM	2025	2024	2023
AAPI.L IncomeShares Apple (AAPL) Options ETP GBP	12.37%	11.04%	1.04%	0.00%
QYLD.L Global X Nasdaq 100 Covered Call UCITS ETF USD (Dist)	11.85%	11.41%	12.28%	10.88%

Frequently Asked Questions

Can I hold both AAPI.L and QYLD.L in my portfolio?

AAPI.L and QYLD.L have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AAPI.L or QYLD.L?

On fees, QYLD.L is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AAPI.L or QYLD.L?

QYLD.L is cheaper with a 0.45% expense ratio, compared with 0.55% for AAPI.L.

What is the main difference between AAPI.L and QYLD.L?

AAPI.L is categorized as Derivative Income, while QYLD.L is Nasdaq-100. They also come from different issuers: Leverage Shares and Global X. Their fees differ too: 0.55% for AAPI.L and 0.45% for QYLD.L.