ONOF vs. QYLD
ONOF (Global X Adaptive U.S. Risk Management ETF) and QYLD (Global X NASDAQ 100 Covered Call ETF) are both exchange-traded funds - ONOF is a Tactical Allocation fund tracking the Adaptive Wealth Strategies U.S. Risk Management Index, while QYLD is a Nasdaq-100 fund tracking the CBOE NASDAQ-100 Buy Write V2. Both are passively managed. Over the past 5 years, ONOF returned 8.31%/yr vs 8.17%/yr for QYLD. A 0.71 correlation means they provide meaningful diversification when combined. ONOF charges 0.39%/yr vs 0.60%/yr for QYLD.
Performance
ONOF vs. QYLD - Performance Comparison
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Returns By Period
In the year-to-date period, ONOF achieves a 4.31% return, which is significantly lower than QYLD's 7.65% return.
ONOF
- 1D
- -0.42%
- 1M
- -1.55%
- YTD
- 4.31%
- 6M
- 3.02%
- 1Y
- 17.72%
- 3Y*
- 12.07%
- 5Y*
- 8.31%
- 10Y*
- —
QYLD
- 1D
- -0.22%
- 1M
- 1.18%
- YTD
- 7.65%
- 6M
- 7.29%
- 1Y
- 21.61%
- 3Y*
- 13.90%
- 5Y*
- 8.17%
- 10Y*
- 9.97%
ONOF vs. QYLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ONOF Global X Adaptive U.S. Risk Management ETF | 4.31% | 8.90% | 19.45% | 11.57% | -11.89% | 25.33% |
QYLD Global X NASDAQ 100 Covered Call ETF | 7.65% | 9.28% | 19.35% | 22.77% | -19.08% | 9.31% |
Correlation
The correlation between ONOF and QYLD is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Jan 13, 2021 | 0.71 |
The correlation between ONOF and QYLD shifts across timeframes, from 0.70 (5 years) to 0.81 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ONOF vs. QYLD — Risk / Return Rank
ONOF
QYLD
ONOF vs. QYLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Adaptive U.S. Risk Management ETF (ONOF) 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.
| ONOF | QYLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.74 | ||
| Sortino ratioReturn per unit of downside risk | -1.09 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.50 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 2.59 | 4.37 | -1.78 |
| Martin ratioReturn relative to average drawdown | 8.54 | 24.01 | -15.47 |
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Drawdowns
ONOF vs. QYLD - Drawdown Comparison
The maximum ONOF drawdown since its inception was -26.21%, which is greater than QYLD's maximum drawdown of -24.75%. Use the drawdown chart below to compare losses from any high point for ONOF and QYLD.
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Drawdown Indicators
| ONOF | QYLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.21% | -24.75% | -1.46% |
Max Drawdown (1Y)Largest decline over 1 year | -6.86% | -4.97% | -1.89% |
Max Drawdown (3Y)Largest decline over 3 years | -21.67% | -19.06% | -2.61% |
Max Drawdown (5Y)Largest decline over 5 years | -26.21% | -24.61% | -1.60% |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.75% | — |
Current DrawdownCurrent decline from peak | -3.47% | -2.32% | -1.15% |
Average DrawdownAverage peak-to-trough decline | -6.11% | -3.82% | -2.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.08% | 0.90% | +1.18% |
Volatility
ONOF vs. QYLD - Volatility Comparison
Global X Adaptive U.S. Risk Management ETF (ONOF) and Global X NASDAQ 100 Covered Call ETF (QYLD) have volatilities of 4.74% and 4.79%, 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.
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Volatility by Period
| ONOF | QYLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.74% | 4.79% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 8.88% | 8.45% | +0.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.85% | 9.69% | +2.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.41% | 14.84% | -0.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.39% | 15.55% | -1.16% |
ONOF vs. QYLD - Expense Ratio Comparison
ONOF has a 0.39% expense ratio, which is lower than QYLD's 0.60% expense ratio.
Dividends
ONOF vs. QYLD - Dividend Comparison
ONOF's dividend yield for the trailing twelve months is around 1.32%, less than QYLD's 11.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ONOF Global X Adaptive U.S. Risk Management ETF | 1.32% | 1.38% | 0.93% | 1.37% | 1.92% | 0.69% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
QYLD Global X NASDAQ 100 Covered Call ETF | 11.71% | 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
ONOF and QYLD have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QYLD has higher volatility (4.79%) compared to ONOF (4.74%). In terms of maximum drawdown, ONOF dropped -26.21% vs QYLD's -24.75%.
On 5-year performance, ONOF leads with 8.31% vs 8.17% for QYLD. On fees, ONOF is cheaper at 0.39% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, ONOF has performed better with a 8.31% return vs 8.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ONOF is cheaper with a 0.39% expense ratio, compared with 0.60% for QYLD.
QYLD has the higher dividend yield at 11.71%, compared with 1.32% for ONOF.
ONOF is categorized as Tactical Allocation, while QYLD is Nasdaq-100. ONOF tracks Adaptive Wealth Strategies U.S. Risk Management Index, while QYLD tracks CBOE NASDAQ-100 Buy Write V2. Their fees differ too: 0.39% for ONOF and 0.60% for QYLD.
QYLD currently has the higher Sharpe Ratio (2.24 vs 1.51), 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.
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