EMBD vs. XYLD

Last updated Jun 4, 2026

EMBD (Global X Emerging Markets Bond ETF) and XYLD (Global X S&P 500 Covered Call ETF) are both exchange-traded funds - EMBD is a Emerging Markets Bonds fund actively managed by Global X, while XYLD is a Derivative Income fund tracking the Cboe S&P 500 BuyWrite Index. EMBD is actively managed, while XYLD is passively managed. Over the past 5 years, EMBD returned 2.87%/yr vs 7.72%/yr for XYLD. At a 0.32 correlation, their price movements are largely independent. EMBD charges 0.39%/yr vs 0.60%/yr for XYLD.

Performance

EMBD vs. XYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Emerging Markets Bond ETF (EMBD) and Global X S&P 500 Covered Call ETF (XYLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMBD achieves a 1.27% return, which is significantly lower than XYLD's 4.96% return.

EMBD

• 1D: -0.38%
• 1M: 0.94%
• YTD: 1.27%
• 6M: 2.05%
• 1Y: 10.34%
• 3Y*: 9.44%
• 5Y*: 2.87%
• 10Y*: —

XYLD

• 1D: -0.15%
• 1M: 2.00%
• YTD: 4.96%
• 6M: 6.48%
• 1Y: 17.66%
• 3Y*: 11.27%
• 5Y*: 7.72%
• 10Y*: 8.25%

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

EMBD vs. XYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
EMBD Global X Emerging Markets Bond ETF	1.27%	12.55%	6.76%	10.60%	-13.84%	-1.84%	11.53%
XYLD Global X S&P 500 Covered Call ETF	4.96%	8.02%	19.49%	11.10%	-12.05%	19.59%	14.88%

Correlation

The correlation between EMBD and XYLD 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 (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020	0.32

EMBD vs. XYLD - Sectors Allocation Comparison

Sectors	EMBD	XYLD
Financial Services	0.8%	11.8%
Basic Materials	-	1.8%
Communication Services	-	11.2%
Consumer Cyclical	-	10.2%
Consumer Defensive	-	4.9%
Energy	-	3.5%
Healthcare	-	8.5%
Industrials	-	8.3%
Real Estate	-	1.9%
Technology	-	35.6%
Utilities	-	2.3%

Return for Risk

EMBD vs. XYLD — Risk / Return Rank

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

EMBD

EMBD Risk / Return Rank: 52
EMBD Sharpe Ratio Rank: 50
EMBD Sortino Ratio Rank: 54
EMBD Omega Ratio Rank: 50
EMBD Calmar Ratio Rank: 50
EMBD Martin Ratio Rank: 55

XYLD

XYLD Risk / Return Rank: 82
XYLD Sharpe Ratio Rank: 81
XYLD Sortino Ratio Rank: 84
XYLD Omega Ratio Rank: 92
XYLD Calmar Ratio Rank: 66
XYLD Martin Ratio Rank: 85

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.

EMBD vs. XYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Emerging Markets Bond ETF (EMBD) and Global X S&P 500 Covered Call ETF (XYLD). 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.

	EMBD	XYLD	Difference
Sharpe ratio: Return per unit of total volatility	1.73	2.71	-0.98
Sortino ratio: Return per unit of downside risk	2.59	3.87	-1.28
Omega ratio: Gain probability vs. loss probability	1.32	1.64	-0.33
Calmar ratio: Return relative to maximum drawdown	2.45	3.35	-0.90
Martin ratio: Return relative to average drawdown	9.52	17.84	-8.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMBD vs. XYLD - Sharpe Ratio Comparison

The current EMBD Sharpe Ratio is 1.73, which is lower than the XYLD Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of EMBD and XYLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EMBD	XYLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.73	2.71	-0.98
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	0.69	-0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.58	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.60	-0.14

Drawdowns

EMBD vs. XYLD - Drawdown Comparison

The maximum EMBD drawdown since its inception was -24.27%, smaller than the maximum XYLD drawdown of -33.46%. Use the drawdown chart below to compare losses from any high point for EMBD and XYLD.

Drawdown Indicators

	EMBD	XYLD	Difference
Max Drawdown Largest peak-to-trough decline	-24.27%	-33.46%	+9.19%
Max Drawdown (1Y) Largest decline over 1 year	-4.23%	-5.29%	+1.06%
Max Drawdown (3Y) Largest decline over 3 years	-7.03%	-15.53%	+8.50%
Max Drawdown (5Y) Largest decline over 5 years	-24.27%	-18.66%	-5.61%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.46%	—
Current Drawdown Current decline from peak	-0.50%	-0.15%	-0.35%
Average Drawdown Average peak-to-trough decline	-5.88%	-3.72%	-2.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.09%	0.99%	+0.10%

Volatility

EMBD vs. XYLD - Volatility Comparison

Global X Emerging Markets Bond ETF (EMBD) has a higher volatility of 1.62% compared to Global X S&P 500 Covered Call ETF (XYLD) at 0.88%. This indicates that EMBD's price experiences larger fluctuations and is considered to be riskier than XYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMBD	XYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.62%	0.88%	+0.74%
Volatility (6M) Calculated over the trailing 6-month period	4.16%	5.37%	-1.21%
Volatility (1Y) Calculated over the trailing 1-year period	6.00%	6.55%	-0.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.17%	11.22%	-2.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.89%	14.21%	-5.32%

EMBD vs. XYLD - Expense Ratio Comparison

EMBD has a 0.39% expense ratio, which is lower than XYLD's 0.60% expense ratio.

Dividends

EMBD vs. XYLD - Dividend Comparison

EMBD's dividend yield for the trailing twelve months is around 5.69%, less than XYLD's 10.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMBD Global X Emerging Markets Bond ETF	5.69%	5.48%	5.83%	5.29%	4.53%	4.99%	3.34%	0.00%	0.00%	0.00%	0.00%	0.00%
XYLD Global X S&P 500 Covered Call ETF	10.52%	10.51%	11.54%	10.51%	13.43%	9.07%	7.93%	5.76%	7.12%	5.18%	3.23%	4.65%

Frequently Asked Questions

Can I hold both EMBD and XYLD in my portfolio?

EMBD and XYLD 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 is riskier, EMBD or XYLD?

EMBD has higher volatility (1.62%) compared to XYLD (0.88%). In terms of maximum drawdown, EMBD dropped -24.27% vs XYLD's -33.46%.

Which ETF is better, EMBD or XYLD?

On 5-year performance, XYLD leads with 7.72% vs 2.87% for EMBD. On fees, EMBD is cheaper at 0.39% per year. On volatility, XYLD has been the lower-risk option at 0.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMBD or XYLD?

Over the 5-year period, XYLD has performed better with a 7.72% return vs 2.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMBD or XYLD?

EMBD is cheaper with a 0.39% expense ratio, compared with 0.60% for XYLD.

Which ETF pays a higher dividend yield, EMBD or XYLD?

XYLD has the higher dividend yield at 10.52%, compared with 5.69% for EMBD.

What is the main difference between EMBD and XYLD?

EMBD is categorized as Emerging Markets Bonds, while XYLD is Derivative Income. Their fees differ too: 0.39% for EMBD and 0.60% for XYLD.

Which has better risk-adjusted returns?

XYLD currently has the higher Sharpe Ratio (2.71 vs 1.73), 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.