HYGW vs. XYLD

Last updated Jun 5, 2026

HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) and XYLD (Global X S&P 500 Covered Call ETF) are both exchange-traded funds - HYGW is a High Yield Bonds fund tracking the Cboe HYG BuyWrite Index, while XYLD is a Derivative Income fund tracking the Cboe S&P 500 BuyWrite Index. Both are passively managed. Over the past 3 years, HYGW returned 5.74%/yr vs 11.29%/yr for XYLD. A 0.59 correlation means they provide meaningful diversification when combined. HYGW charges 0.69%/yr vs 0.60%/yr for XYLD.

Performance

HYGW vs. XYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) 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, HYGW achieves a 1.89% return, which is significantly lower than XYLD's 5.14% return.

HYGW

• 1D: 0.20%
• 1M: 0.66%
• YTD: 1.89%
• 6M: 2.47%
• 1Y: 6.67%
• 3Y*: 5.74%
• 5Y*: —
• 10Y*: —

XYLD

• 1D: 0.17%
• 1M: 1.87%
• YTD: 5.14%
• 6M: 6.53%
• 1Y: 17.83%
• 3Y*: 11.29%
• 5Y*: 7.76%
• 10Y*: 8.23%

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

HYGW vs. XYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	1.89%	6.19%	6.99%	7.31%	-0.12%
XYLD Global X S&P 500 Covered Call ETF	5.14%	8.02%	19.49%	11.10%	-4.16%

Correlation

The correlation between HYGW and XYLD is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (All Time) Calculated using the full available price history since Aug 23, 2022	0.59

The correlation between HYGW and XYLD has been stable across timeframes, ranging from 0.53 to 0.59 - a consistent structural relationship.

HYGW vs. XYLD - Sectors Allocation Comparison

Sectors	HYGW	XYLD
Utilities	99.6%	2.3%
Real Estate	0.4%	1.9%
Basic Materials	-	1.8%
Communication Services	-	11.2%
Consumer Cyclical	-	10.2%
Consumer Defensive	-	4.9%
Energy	-	3.5%
Financial Services	-	11.8%
Healthcare	-	8.5%
Industrials	-	8.3%
Technology	-	35.6%

Return for Risk

HYGW vs. XYLD — Risk / Return Rank

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

HYGW

HYGW Risk / Return Rank: 80
HYGW Sharpe Ratio Rank: 75
HYGW Sortino Ratio Rank: 80
HYGW Omega Ratio Rank: 86
HYGW Calmar Ratio Rank: 75
HYGW Martin Ratio Rank: 84

XYLD

XYLD Risk / Return Rank: 84
XYLD Sharpe Ratio Rank: 84
XYLD Sortino Ratio Rank: 87
XYLD Omega Ratio Rank: 93
XYLD Calmar Ratio Rank: 69
XYLD Martin Ratio Rank: 86

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.

HYGW vs. XYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) 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.

	HYGW	XYLD	Difference
Sharpe ratio: Return per unit of total volatility	2.39	2.74	-0.35
Sortino ratio: Return per unit of downside risk	3.51	3.90	-0.39
Omega ratio: Gain probability vs. loss probability	1.52	1.65	-0.13
Calmar ratio: Return relative to maximum drawdown	3.69	3.39	+0.30
Martin ratio: Return relative to average drawdown	16.88	18.02	-1.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYGW vs. XYLD - Sharpe Ratio Comparison

The current HYGW Sharpe Ratio is 2.39, which is comparable to the XYLD Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of HYGW 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

	HYGW	XYLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.39	2.74	-0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.69	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.58	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.26	0.60	+0.66

Drawdowns

HYGW vs. XYLD - Drawdown Comparison

The maximum HYGW drawdown since its inception was -5.49%, smaller than the maximum XYLD drawdown of -33.46%. Use the drawdown chart below to compare losses from any high point for HYGW and XYLD.

Drawdown Indicators

	HYGW	XYLD	Difference
Max Drawdown Largest peak-to-trough decline	-5.49%	-33.46%	+27.97%
Max Drawdown (1Y) Largest decline over 1 year	-1.82%	-5.29%	+3.47%
Max Drawdown (3Y) Largest decline over 3 years	-3.66%	-15.53%	+11.87%
Max Drawdown (5Y) Largest decline over 5 years	—	-18.66%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.46%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.61%	-3.72%	+3.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.40%	0.99%	-0.59%

Volatility

HYGW vs. XYLD - Volatility Comparison

iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) and Global X S&P 500 Covered Call ETF (XYLD) have volatilities of 0.88% and 0.85%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYGW	XYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.88%	0.85%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	2.22%	5.37%	-3.15%
Volatility (1Y) Calculated over the trailing 1-year period	2.81%	6.54%	-3.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.68%	11.22%	-6.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.68%	14.21%	-9.53%

HYGW vs. XYLD - Expense Ratio Comparison

HYGW has a 0.69% expense ratio, which is higher than XYLD's 0.60% expense ratio.

Dividends

HYGW vs. XYLD - Dividend Comparison

HYGW's dividend yield for the trailing twelve months is around 11.54%, more than XYLD's 10.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	11.54%	12.53%	12.30%	15.98%	8.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XYLD Global X S&P 500 Covered Call ETF	10.50%	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 HYGW and XYLD in my portfolio?

HYGW and XYLD have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYGW or XYLD?

HYGW has higher volatility (0.88%) compared to XYLD (0.85%). In terms of maximum drawdown, HYGW dropped -5.49% vs XYLD's -33.46%.

Which ETF is better, HYGW or XYLD?

On 3-year performance, XYLD leads with 11.29% vs 5.74% for HYGW. On fees, XYLD is cheaper at 0.60% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HYGW or XYLD?

Over the 3-year period, XYLD has performed better with a 11.29% return vs 5.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYGW or XYLD?

XYLD is cheaper with a 0.60% expense ratio, compared with 0.69% for HYGW.

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

HYGW has the higher dividend yield at 11.54%, compared with 10.50% for XYLD.

What is the main difference between HYGW and XYLD?

HYGW is categorized as High Yield Bonds, while XYLD is Derivative Income. HYGW tracks Cboe HYG BuyWrite Index, while XYLD tracks Cboe S&P 500 BuyWrite Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.69% for HYGW and 0.60% for XYLD.

Which has better risk-adjusted returns?

XYLD currently has the higher Sharpe Ratio (2.74 vs 2.39), 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.