HDLG.L vs. XYLP.L

Last updated Jul 29, 2026

HDLG.L (Invesco S&P 500 High Dividend Low Volatility UCITS ETF) and XYLP.L (Global X S&P 500 Covered Call UCITS ETF) are both exchange-traded funds - HDLG.L is a S&P 500 fund tracking the S&P 500 Low Volatility High Dividend Index, while XYLP.L is a Derivative Income fund tracking the Cboe S&P 500 BuyWrite 15% WHT Index. Both are passively managed. Over the past 3 years, HDLG.L returned 10.69%/yr vs 8.56%/yr for XYLP.L. Their 0.32 correlation means their historical movements had little consistent relationship. HDLG.L charges 0.30%/yr vs 0.45%/yr for XYLP.L.

Performance

HDLG.L vs. XYLP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco S&P 500 High Dividend Low Volatility UCITS ETF (HDLG.L) and Global X S&P 500 Covered Call UCITS ETF (XYLP.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HDLG.L is traded in GBp, while XYLP.L is traded in GBP. To make them comparable, the XYLP.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, HDLG.L achieves a 15.70% return, which is significantly higher than XYLP.L's 8.08% return.

HDLG.L

• 1D: 1.42%
• 1M: 3.72%
• 6M: 14.46%
• YTD: 15.70%
• 1Y: 16.25%
• 3Y*: 10.69%
• 5Y*: 8.82%
• 10Y*: 6.72%
• ALL TIME*: 5.52%

XYLP.L

• 1D: 0.00%
• 1M: 1.32%
• 6M: 9.29%
• YTD: 8.08%
• 1Y: 14.95%
• 3Y*: 8.56%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 0.25%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HDLG.L Invesco S&P 500 High Dividend Low Volatility UCITS ETF	£667.57K	£702.70K	£1.08M
XYLP.L Global X S&P 500 Covered Call UCITS ETF	£16.58M	£16.86M	£16.53M

HDLG.L vs. XYLP.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HDLG.L Invesco S&P 500 High Dividend Low Volatility UCITS ETF	15.70%	-3.57%	18.46%	6.27%
XYLP.L Global X S&P 500 Covered Call UCITS ETF	8.08%	-1.18%	19.03%	-20.73%

Correlation

The correlation between HDLG.L and XYLP.L is 0.11, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.11
Correlation (3Y) Balances recent behavior with more history.	0.31
Correlation (All Time) Calculated using the full available price history since Jul 11, 2023	0.32

Over the past year, the correlation between HDLG.L and XYLP.L has dropped to 0.11 - well below their long-term average of 0.32, suggesting their price drivers have been diverging.

Return for Risk

HDLG.L vs. XYLP.L — Risk / Return Rank

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

HDLG.L

HDLG.L Risk / Return Rank: 60
HDLG.L Sharpe Ratio Rank: 63
HDLG.L Sortino Ratio Rank: 66
HDLG.L Omega Ratio Rank: 56
HDLG.L Calmar Ratio Rank: 67
HDLG.L Martin Ratio Rank: 51

XYLP.L

XYLP.L Risk / Return Rank: 82
XYLP.L Sharpe Ratio Rank: 81
XYLP.L Sortino Ratio Rank: 78
XYLP.L Omega Ratio Rank: 81
XYLP.L Calmar Ratio Rank: 86
XYLP.L Martin Ratio Rank: 81

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.

HDLG.L vs. XYLP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 High Dividend Low Volatility UCITS ETF (HDLG.L) and Global X S&P 500 Covered Call UCITS ETF (XYLP.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.

	HDLG.L	XYLP.L	Difference
Sharpe ratio: Return per unit of total volatility	1.46	1.88	-0.41
Sortino ratio: Return per unit of downside risk	2.18	2.54	-0.36
Omega ratio: Gain probability vs. loss probability	1.25	1.34	-0.10
Calmar ratio: Return relative to maximum drawdown	2.34	3.42	-1.08
Martin ratio: Return relative to average drawdown	5.91	10.71	-4.80

HDLG.L vs. XYLP.L - Sharpe Ratio Comparison

The current HDLG.L Sharpe Ratio is 1.46, which is comparable to the XYLP.L Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of HDLG.L and XYLP.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

HDLG.L vs. XYLP.L - Drawdown Comparison

The maximum HDLG.L drawdown since its inception was -38.91%, which is greater than XYLP.L's maximum drawdown of -23.57%. Use the drawdown chart below to compare losses from any high point for HDLG.L and XYLP.L.

Drawdown Indicators

	HDLG.L	XYLP.L	Difference
Max Drawdown Largest peak-to-trough decline	-38.91%	-23.57%	-15.34%
Max Drawdown (1Y) Largest decline over 1 year	-6.92%	-4.39%	-2.53%
Max Drawdown (3Y) Largest decline over 3 years	-15.61%	-19.30%	+3.69%
Max Drawdown (5Y) Largest decline over 5 years	-17.84%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.75%	—	—
Current Drawdown Current decline from peak	0.00%	-0.15%	+0.15%
Average Drawdown Average peak-to-trough decline	-9.11%	-12.94%	+3.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.74%	1.40%	+1.34%

Volatility

HDLG.L vs. XYLP.L - Volatility Comparison

Invesco S&P 500 High Dividend Low Volatility UCITS ETF (HDLG.L) has a higher volatility of 3.91% compared to Global X S&P 500 Covered Call UCITS ETF (XYLP.L) at 2.34%. This indicates that HDLG.L's price experiences larger fluctuations and is considered to be riskier than XYLP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HDLG.L	XYLP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.91%	2.34%	+1.57%
Volatility (6M) Calculated over the trailing 6-month period	8.83%	6.40%	+2.43%
Volatility (1Y) Calculated over the trailing 1-year period	11.06%	8.01%	+3.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.02%	17.04%	-4.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.54%	17.04%	-1.50%

HDLG.L vs. XYLP.L - Expense Ratio Comparison

HDLG.L has a 0.30% expense ratio, which is lower than XYLP.L's 0.45% expense ratio.

Dividends

HDLG.L vs. XYLP.L - Dividend Comparison

HDLG.L's dividend yield for the trailing twelve months is around 3.36%, less than XYLP.L's 8.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDLG.L Invesco S&P 500 High Dividend Low Volatility UCITS ETF	3.36%	3.94%	3.46%	4.11%	3.49%	3.30%	4.65%	3.77%	3.67%	3.17%	2.88%	1.86%
XYLP.L Global X S&P 500 Covered Call UCITS ETF	8.31%	9.01%	6.22%	3.98%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HDLG.L and XYLP.L in my portfolio?

HDLG.L and XYLP.L have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HDLG.L or XYLP.L?

On fees, HDLG.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HDLG.L or XYLP.L?

HDLG.L is cheaper with a 0.30% expense ratio, compared with 0.45% for XYLP.L.

What is the main difference between HDLG.L and XYLP.L?

HDLG.L is categorized as S&P 500, while XYLP.L is Derivative Income. HDLG.L tracks S&P 500 Low Volatility High Dividend Index, while XYLP.L tracks Cboe S&P 500 BuyWrite 15% WHT Index. They also come from different issuers: Invesco and Global X. Their fees differ too: 0.30% for HDLG.L and 0.45% for XYLP.L.