PEN vs. QYLD

Last updated Jun 3, 2026

PEN (Penumbra, Inc.) is a stock, while QYLD (Global X NASDAQ 100 Covered Call ETF) is Nasdaq-100 fund tracking the CBOE NASDAQ-100 Buy Write V2. Over the past 10 years, PEN returned 19.10%/yr vs 9.80%/yr for QYLD. At a 0.36 correlation, their price movements are largely independent.

Performance

PEN vs. QYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Penumbra, Inc. (PEN) and Global X NASDAQ 100 Covered Call ETF (QYLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PEN achieves a 2.52% return, which is significantly lower than QYLD's 7.94% return. Over the past 10 years, PEN has outperformed QYLD with an annualized return of 19.10%, while QYLD has yielded a comparatively lower 9.80% annualized return.

PEN

• 1D: -0.07%
• 1M: -2.03%
• YTD: 2.52%
• 6M: 10.79%
• 1Y: 24.43%
• 3Y*: -0.22%
• 5Y*: 4.43%
• 10Y*: 19.10%

QYLD

• 1D: 0.11%
• 1M: 1.62%
• YTD: 7.94%
• 6M: 10.09%
• 1Y: 24.45%
• 3Y*: 13.82%
• 5Y*: 8.61%
• 10Y*: 9.80%

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

PEN vs. QYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PEN Penumbra, Inc.	2.52%	30.92%	-5.59%	13.07%	-22.57%	64.18%	6.53%	34.43%	29.86%	47.49%
QYLD Global X NASDAQ 100 Covered Call ETF	7.94%	9.28%	19.35%	22.77%	-19.08%	10.41%	8.72%	22.69%	-3.07%	18.79%

Correlation

The correlation between PEN and QYLD is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (10Y) Calculated over the trailing 10-year period	0.38
Correlation (All Time) Calculated using the full available price history since Sep 21, 2015	0.36

Over the past year, the correlation between PEN and QYLD has dropped to 0.15 - well below their long-term average of 0.36, suggesting their price drivers have been diverging.

Return for Risk

PEN vs. QYLD — Risk / Return Rank

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

PEN

PEN Risk / Return Rank: 64
PEN Sharpe Ratio Rank: 64
PEN Sortino Ratio Rank: 67
PEN Omega Ratio Rank: 67
PEN Calmar Ratio Rank: 59
PEN Martin Ratio Rank: 63

QYLD

QYLD Risk / Return Rank: 90
QYLD Sharpe Ratio Rank: 86
QYLD Sortino Ratio Rank: 88
QYLD Omega Ratio Rank: 93
QYLD Calmar Ratio Rank: 87
QYLD Martin Ratio Rank: 95

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.

PEN vs. QYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Penumbra, Inc. (PEN) 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.

	PEN	QYLD	Difference
Sharpe ratio Return per unit of total volatility	0.73	2.86	-2.13
Sortino ratio Return per unit of downside risk	1.64	3.99	-2.36
Omega ratio Gain probability vs. loss probability	1.21	1.64	-0.43
Calmar ratio Return relative to maximum drawdown	0.90	5.03	-4.12
Martin ratio Return relative to average drawdown	2.54	29.54	-27.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PEN vs. QYLD - Sharpe Ratio Comparison

The current PEN Sharpe Ratio is 0.73, which is lower than the QYLD Sharpe Ratio of 2.86. The chart below compares the historical Sharpe Ratios of PEN and QYLD, 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

	PEN	QYLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.73	2.86	-2.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	0.59	-0.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.63	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.59	-0.09

Drawdowns

PEN vs. QYLD - Drawdown Comparison

The maximum PEN drawdown since its inception was -62.64%, which is greater than QYLD's maximum drawdown of -24.75%. Use the drawdown chart below to compare losses from any high point for PEN and QYLD.

Drawdown Indicators

	PEN	QYLD	Difference
Max Drawdown Largest peak-to-trough decline	-62.64%	-24.75%	-37.89%
Max Drawdown (1Y) Largest decline over 1 year	-21.44%	-4.97%	-16.47%
Max Drawdown (3Y) Largest decline over 3 years	-52.44%	-19.06%	-33.38%
Max Drawdown (5Y) Largest decline over 5 years	-60.14%	-24.61%	-35.53%
Max Drawdown (10Y) Largest decline over 10 years	-62.64%	-24.75%	-37.89%
Current Drawdown Current decline from peak	-11.31%	0.00%	-11.31%
Average Drawdown Average peak-to-trough decline	-17.59%	-3.84%	-13.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.63%	0.85%	+6.78%

Volatility

PEN vs. QYLD - Volatility Comparison

Penumbra, Inc. (PEN) has a higher volatility of 3.02% compared to Global X NASDAQ 100 Covered Call ETF (QYLD) at 1.85%. This indicates that PEN's price experiences larger fluctuations and is considered to be riskier than QYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PEN	QYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.02%	1.85%	+1.17%
Volatility (6M) Calculated over the trailing 6-month period	17.73%	7.12%	+10.61%
Volatility (1Y) Calculated over the trailing 1-year period	33.87%	8.58%	+25.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.18%	14.70%	+26.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.49%	15.50%	+25.99%

Dividends

PEN vs. QYLD - Dividend Comparison

PEN has not paid dividends to shareholders, while QYLD's dividend yield for the trailing twelve months is around 11.45%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PEN Penumbra, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QYLD Global X NASDAQ 100 Covered Call ETF	11.45%	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

Can I hold both PEN and QYLD in my portfolio?

PEN and QYLD have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PEN or QYLD?

PEN has higher volatility (3.02%) compared to QYLD (1.85%). In terms of maximum drawdown, PEN dropped -62.64% vs QYLD's -24.75%.

Which has better risk-adjusted returns?

QYLD currently has the higher Sharpe Ratio (2.86 vs 0.73), 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.