ARDEX vs. QYLD

Last updated Jun 23, 2026

ARDEX (AMG River Road Dividend All Cap Value Fund) and QYLD (Global X NASDAQ 100 Covered Call ETF) are both funds - ARDEX is a Large Cap Value Equities fund managed by AMG, while QYLD is a Nasdaq-100 fund tracking the CBOE NASDAQ-100 Buy Write V2. Over the past 10 years, ARDEX returned 4.20%/yr vs 10.21%/yr for QYLD. A 0.56 correlation means they provide meaningful diversification when combined. ARDEX charges 0.97%/yr vs 0.60%/yr for QYLD.

Performance

ARDEX vs. QYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AMG River Road Dividend All Cap Value Fund (ARDEX) and Global X NASDAQ 100 Covered Call ETF (QYLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with ARDEX having a 10.03% return and QYLD slightly higher at 10.06%. Over the past 10 years, ARDEX has underperformed QYLD with an annualized return of 4.20%, while QYLD has yielded a comparatively higher 10.21% annualized return.

ARDEX

• 1D: 0.37%
• 1M: -0.36%
• YTD: 10.03%
• 6M: 9.59%
• 1Y: -7.28%
• 3Y*: 4.16%
• 5Y*: 0.05%
• 10Y*: 4.20%

QYLD

• 1D: -0.13%
• 1M: 3.44%
• YTD: 10.06%
• 6M: 10.12%
• 1Y: 25.81%
• 3Y*: 14.74%
• 5Y*: 8.73%
• 10Y*: 10.21%

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

ARDEX vs. QYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ARDEX AMG River Road Dividend All Cap Value Fund	10.03%	-14.13%	16.20%	2.04%	-3.64%	4.16%	-2.18%	23.20%	-7.61%	8.78%
QYLD Global X NASDAQ 100 Covered Call ETF	10.06%	9.28%	19.35%	22.77%	-19.08%	10.41%	8.72%	22.69%	-3.07%	18.79%

Correlation

The correlation between ARDEX and QYLD is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.55
Correlation (All Time) Calculated using the full available price history since Dec 12, 2013	0.56

The correlation between ARDEX and QYLD shifts across timeframes, from 0.37 (1 year) to 0.56 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ARDEX vs. QYLD — Risk / Return Rank

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

ARDEX

ARDEX Risk / Return Rank: 1
ARDEX Sharpe Ratio Rank: 2
ARDEX Sortino Ratio Rank: 2
ARDEX Omega Ratio Rank: 1
ARDEX Calmar Ratio Rank: 1
ARDEX Martin Ratio Rank: 1

QYLD

QYLD Risk / Return Rank: 91
QYLD Sharpe Ratio Rank: 87
QYLD Sortino Ratio Rank: 89
QYLD Omega Ratio Rank: 93
QYLD Calmar Ratio Rank: 90
QYLD Martin Ratio Rank: 95

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.

ARDEX vs. QYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AMG River Road Dividend All Cap Value Fund (ARDEX) and Global X NASDAQ 100 Covered Call ETF (QYLD). 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.

	ARDEX	QYLD	Difference
Sharpe ratio: Return per unit of total volatility	-0.32	2.73	-3.05
Sortino ratio: Return per unit of downside risk	-0.21	3.88	-4.09
Omega ratio: Gain probability vs. loss probability	0.94	1.61	-0.68
Calmar ratio: Return relative to maximum drawdown	-0.34	5.22	-5.56
Martin ratio: Return relative to average drawdown	-0.64	29.38	-30.02

ARDEX vs. QYLD - Sharpe Ratio Comparison

The current ARDEX Sharpe Ratio is -0.32, which is lower than the QYLD Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of ARDEX and QYLD, 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

ARDEX vs. QYLD - Drawdown Comparison

The maximum ARDEX drawdown since its inception was -52.16%, which is greater than QYLD's maximum drawdown of -24.75%. Use the drawdown chart below to compare losses from any high point for ARDEX and QYLD.

Drawdown Indicators

	ARDEX	QYLD	Difference
Max Drawdown Largest peak-to-trough decline	-52.16%	-24.75%	-27.41%
Max Drawdown (1Y) Largest decline over 1 year	-20.51%	-4.97%	-15.54%
Max Drawdown (3Y) Largest decline over 3 years	-52.16%	-19.06%	-33.10%
Max Drawdown (5Y) Largest decline over 5 years	-52.16%	-24.61%	-27.55%
Max Drawdown (10Y) Largest decline over 10 years	-52.16%	-24.75%	-27.41%
Current Drawdown Current decline from peak	-47.15%	-0.13%	-47.02%
Average Drawdown Average peak-to-trough decline	-10.55%	-3.82%	-6.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.96%	0.88%	+10.08%

Volatility

ARDEX vs. QYLD - Volatility Comparison

The current volatility for AMG River Road Dividend All Cap Value Fund (ARDEX) is 2.71%, while Global X NASDAQ 100 Covered Call ETF (QYLD) has a volatility of 4.26%. This indicates that ARDEX experiences smaller price fluctuations and is considered to be less risky than QYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ARDEX	QYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.71%	4.26%	-1.55%
Volatility (6M) Calculated over the trailing 6-month period	23.60%	8.24%	+15.36%
Volatility (1Y) Calculated over the trailing 1-year period	22.41%	9.50%	+12.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.86%	14.81%	+27.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.41%	15.55%	+16.86%

ARDEX vs. QYLD - Expense Ratio Comparison

ARDEX has a 0.97% expense ratio, which is higher than QYLD's 0.60% expense ratio.

Dividends

ARDEX vs. QYLD - Dividend Comparison

ARDEX's dividend yield for the trailing twelve months is around 4.68%, less than QYLD's 12.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARDEX AMG River Road Dividend All Cap Value Fund	4.68%	5.85%	79.78%	4.42%	14.36%	5.37%	2.12%	8.71%	9.10%	6.83%	9.31%	11.69%
QYLD Global X NASDAQ 100 Covered Call ETF	12.36%	11.55%	12.50%	11.78%	13.75%	12.85%	11.16%	9.84%	12.44%	7.69%	9.15%	9.42%

Frequently Asked Questions

Can I hold both ARDEX and QYLD in my portfolio?

ARDEX and QYLD have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ARDEX or QYLD?

QYLD has higher volatility (4.26%) compared to ARDEX (2.71%). In terms of maximum drawdown, ARDEX dropped -52.16% vs QYLD's -24.75%.

Which has better risk-adjusted returns?

QYLD currently has the higher Sharpe Ratio (2.73 vs -0.32), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.