OUSM vs. RYLD

Last updated Jun 25, 2026

OUSM (OShares U.S. Small-Cap Quality Dividend ETF) and RYLD (Global X Russell 2000 Covered Call ETF) are both exchange-traded funds - OUSM is a Small Cap Blend Equities fund tracking the O'Shares US Small-Cap Quality Dividend Index, while RYLD is a Derivative Income fund tracking the CBOE Russell 2000 BuyWrite Index. Both are passively managed. Over the past 5 years, OUSM returned 8.01%/yr vs 2.48%/yr for RYLD. A 0.79 correlation means they provide meaningful diversification when combined. OUSM charges 0.48%/yr vs 0.60%/yr for RYLD.

Performance

OUSM vs. RYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in OShares U.S. Small-Cap Quality Dividend ETF (OUSM) and Global X Russell 2000 Covered Call ETF (RYLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OUSM achieves a 8.79% return, which is significantly lower than RYLD's 9.72% return.

OUSM

• 1D: 0.58%
• 1M: 1.49%
• YTD: 8.79%
• 6M: 7.08%
• 1Y: 11.70%
• 3Y*: 12.15%
• 5Y*: 8.01%
• 10Y*: —

RYLD

• 1D: 0.19%
• 1M: 2.32%
• YTD: 9.72%
• 6M: 8.44%
• 1Y: 20.23%
• 3Y*: 8.79%
• 5Y*: 2.48%
• 10Y*: —

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

OUSM vs. RYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
OUSM OShares U.S. Small-Cap Quality Dividend ETF	8.79%	2.17%	13.45%	18.82%	-7.89%	21.45%	7.64%	8.98%
RYLD Global X Russell 2000 Covered Call ETF	9.72%	5.65%	10.13%	0.27%	-13.03%	22.13%	-0.44%	8.86%

Correlation

The correlation between OUSM and RYLD is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Apr 22, 2019	0.79

The correlation between OUSM and RYLD shifts across timeframes, from 0.62 (1 year) to 0.79 (all time), reflecting how their relationship changes across market environments.

OUSM vs. RYLD - Sectors Allocation Comparison

Sectors	OUSM	RYLD
Industrials	22.2%	18.0%
Financial Services	20.4%	15.5%
Consumer Cyclical	19.5%	8.0%
Technology	14.5%	19.0%
Healthcare	9.9%	16.3%
Consumer Defensive	4.6%	2.3%
Utilities	3.8%	2.8%
Communication Services	3.5%	2.4%
Basic Materials	1.3%	4.7%
Energy	0.3%	5.4%
Real Estate	-	5.9%

Return for Risk

OUSM vs. RYLD — Risk / Return Rank

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

OUSM

OUSM Risk / Return Rank: 28
OUSM Sharpe Ratio Rank: 27
OUSM Sortino Ratio Rank: 29
OUSM Omega Ratio Rank: 25
OUSM Calmar Ratio Rank: 28
OUSM Martin Ratio Rank: 29

RYLD

RYLD Risk / Return Rank: 71
RYLD Sharpe Ratio Rank: 65
RYLD Sortino Ratio Rank: 66
RYLD Omega Ratio Rank: 76
RYLD Calmar Ratio Rank: 71
RYLD Martin Ratio Rank: 76

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.

OUSM vs. RYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for OShares U.S. Small-Cap Quality Dividend ETF (OUSM) and Global X Russell 2000 Covered Call ETF (RYLD). 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.

	OUSM	RYLD	Difference
Sharpe ratio: Return per unit of total volatility	0.90	1.91	-1.01
Sortino ratio: Return per unit of downside risk	1.43	2.70	-1.27
Omega ratio: Gain probability vs. loss probability	1.16	1.40	-0.24
Calmar ratio: Return relative to maximum drawdown	1.28	3.23	-1.95
Martin ratio: Return relative to average drawdown	3.73	13.04	-9.32

OUSM vs. RYLD - Sharpe Ratio Comparison

The current OUSM Sharpe Ratio is 0.90, which is lower than the RYLD Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of OUSM and RYLD, 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

OUSM vs. RYLD - Drawdown Comparison

The maximum OUSM drawdown since its inception was -39.84%, roughly equal to the maximum RYLD drawdown of -41.53%. Use the drawdown chart below to compare losses from any high point for OUSM and RYLD.

Drawdown Indicators

	OUSM	RYLD	Difference
Max Drawdown Largest peak-to-trough decline	-39.84%	-41.53%	+1.69%
Max Drawdown (1Y) Largest decline over 1 year	-9.21%	-6.29%	-2.92%
Max Drawdown (3Y) Largest decline over 3 years	-19.44%	-19.05%	-0.39%
Max Drawdown (5Y) Largest decline over 5 years	-19.44%	-21.33%	+1.89%
Current Drawdown Current decline from peak	0.00%	-0.32%	+0.32%
Average Drawdown Average peak-to-trough decline	-5.19%	-8.77%	+3.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.15%	1.55%	+1.60%

Volatility

OUSM vs. RYLD - Volatility Comparison

OShares U.S. Small-Cap Quality Dividend ETF (OUSM) has a higher volatility of 3.25% compared to Global X Russell 2000 Covered Call ETF (RYLD) at 2.00%. This indicates that OUSM's price experiences larger fluctuations and is considered to be riskier than RYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OUSM	RYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.25%	2.00%	+1.25%
Volatility (6M) Calculated over the trailing 6-month period	9.34%	7.75%	+1.59%
Volatility (1Y) Calculated over the trailing 1-year period	13.11%	10.65%	+2.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.28%	14.05%	+2.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.90%	17.15%	+1.75%

OUSM vs. RYLD - Expense Ratio Comparison

OUSM has a 0.48% expense ratio, which is lower than RYLD's 0.60% expense ratio.

Dividends

OUSM vs. RYLD - Dividend Comparison

OUSM's dividend yield for the trailing twelve months is around 2.03%, less than RYLD's 11.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
OUSM OShares U.S. Small-Cap Quality Dividend ETF	2.03%	2.09%	1.62%	1.64%	1.98%	1.55%	2.02%	1.99%	2.63%	2.17%
RYLD Global X Russell 2000 Covered Call ETF	11.71%	12.00%	12.03%	12.64%	13.49%	12.35%	10.76%	6.43%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OUSM and RYLD in my portfolio?

OUSM and RYLD have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OUSM or RYLD?

OUSM has higher volatility (3.25%) compared to RYLD (2.00%). In terms of maximum drawdown, OUSM dropped -39.84% vs RYLD's -41.53%.

Which ETF is better, OUSM or RYLD?

On 5-year performance, OUSM leads with 8.01% vs 2.48% for RYLD. On fees, OUSM is cheaper at 0.48% per year. On volatility, RYLD has been the lower-risk option at 2.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OUSM or RYLD?

Over the 5-year period, OUSM has performed better with a 8.01% return vs 2.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OUSM or RYLD?

OUSM is cheaper with a 0.48% expense ratio, compared with 0.60% for RYLD.

Which ETF pays a higher dividend yield, OUSM or RYLD?

RYLD has the higher dividend yield at 11.71%, compared with 2.03% for OUSM.

What is the main difference between OUSM and RYLD?

OUSM is categorized as Small Cap Blend Equities, while RYLD is Derivative Income. OUSM tracks O'Shares US Small-Cap Quality Dividend Index, while RYLD tracks CBOE Russell 2000 BuyWrite Index. They also come from different issuers: O'Shares Investments and Global X. Their fees differ too: 0.48% for OUSM and 0.60% for RYLD.

Which has better risk-adjusted returns?

RYLD currently has the higher Sharpe Ratio (1.91 vs 0.90), 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.