PUTW vs. QYLD

Last updated Aug 1, 2026

PUTW (WisdomTree PutWrite Strategy Fund) and QYLD (Global X NASDAQ 100 Covered Call ETF) are both exchange-traded funds - PUTW is a Derivative Income fund tracking the Volos U.S. Large Cap Target 2.5% PutWrite Index, while QYLD is a Nasdaq-100 fund tracking the CBOE NASDAQ-100 Buy Write V2. Both are passively managed. Their 0.66 correlation means they have sometimes moved together and sometimes differently. PUTW charges 0.44%/yr vs 0.60%/yr for QYLD.

Performance

PUTW vs. QYLD - Performance Comparison

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

Returns By Period

PUTW

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

QYLD

• 1D: 0.65%
• 1M: -0.98%
• 6M: 5.88%
• YTD: 7.67%
• 1Y: 20.66%
• 3Y*: 12.32%
• 5Y*: 7.83%
• 10Y*: 9.59%
• ALL TIME*: 8.57%

*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)
QYLD Global X NASDAQ 100 Covered Call ETF	$83.30M	$78.68M	$98.28M

PUTW vs. QYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PUTW WisdomTree PutWrite Strategy Fund	0.00%	-2.80%	17.19%	14.01%	-11.11%	20.92%	1.67%	13.55%	-8.07%	9.88%
QYLD Global X NASDAQ 100 Covered Call ETF	7.67%	9.28%	19.35%	22.77%	-19.08%	10.41%	8.72%	22.69%	-3.07%	18.79%

Correlation

The correlation between PUTW and QYLD is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (3Y) Balances recent behavior with more history.	0.56
Correlation (5Y) Shows whether the relationship held over a longer period.	0.65
Correlation (10Y) Provides a long-term view across more market conditions.	0.66
Correlation (All Time) Calculated using the full available price history since Feb 24, 2016	0.66

The correlation between PUTW and QYLD shifts across timeframes, from 0.56 (3 years) to 0.66 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

PUTW vs. QYLD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PUTW

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

QYLD

QYLD Risk / Return Rank: 83
QYLD Sharpe Ratio Rank: 77
QYLD Sortino Ratio Rank: 77
QYLD Omega Ratio Rank: 83
QYLD Calmar Ratio Rank: 86
QYLD Martin Ratio Rank: 92

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PUTW vs. QYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree PutWrite Strategy Fund (PUTW) 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.

	PUTW	QYLD	Difference
Sharpe ratio: Return per unit of total volatility	—	1.73	—
Sortino ratio: Return per unit of downside risk	—	2.48	—
Omega ratio: Gain probability vs. loss probability	—	1.35	—
Calmar ratio: Return relative to maximum drawdown	—	3.38	—
Martin ratio: Return relative to average drawdown	—	15.70	—

Drawdowns

Drawdown Indicators

	PUTW	QYLD	Difference
Max Drawdown Largest peak-to-trough decline	—	-24.75%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-5.78%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-19.06%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.61%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-24.75%	—
Current Drawdown Current decline from peak	—	-2.96%	—
Average Drawdown Average peak-to-trough decline	—	-3.81%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.24%	—

Volatility

Volatility by Period

	PUTW	QYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.19%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.04%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	11.26%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	15.04%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	15.63%	—

PUTW vs. QYLD - Expense Ratio Comparison

PUTW has a 0.44% expense ratio, which is lower than QYLD's 0.60% expense ratio.

Dividends

PUTW vs. QYLD - Dividend Comparison

PUTW has not paid dividends to shareholders, while QYLD's dividend yield for the trailing twelve months is around 11.89%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PUTW WisdomTree PutWrite Strategy Fund	0.00%	4.16%	11.99%	7.63%	2.16%	0.00%	1.43%	1.47%	5.49%	3.33%	2.27%	0.00%
QYLD Global X NASDAQ 100 Covered Call ETF	11.89%	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 PUTW and QYLD in my portfolio?

PUTW and QYLD have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PUTW or QYLD?

On fees, PUTW is cheaper at 0.44% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PUTW or QYLD?

PUTW is cheaper with a 0.44% expense ratio, compared with 0.60% for QYLD.

Which ETF pays a higher dividend yield, PUTW or QYLD?

QYLD has the higher dividend yield at 11.89%, compared with 0.00% for PUTW.

What is the main difference between PUTW and QYLD?

PUTW is categorized as Derivative Income, while QYLD is Nasdaq-100. PUTW tracks Volos U.S. Large Cap Target 2.5% PutWrite Index, while QYLD tracks CBOE NASDAQ-100 Buy Write V2. They also come from different issuers: WisdomTree and Global X. Their fees differ too: 0.44% for PUTW and 0.60% for QYLD.