QYLD vs. HYGW
QYLD (Global X NASDAQ 100 Covered Call ETF) and HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) are both exchange-traded funds - QYLD is a Nasdaq-100 fund tracking the CBOE NASDAQ-100 Buy Write V2, while HYGW is a High Yield Bonds fund tracking the Cboe HYG BuyWrite Index. Both are passively managed. Over the past 3 years, QYLD returned 14.59%/yr vs 5.70%/yr for HYGW. A 0.54 correlation means they provide meaningful diversification when combined. QYLD charges 0.60%/yr vs 0.69%/yr for HYGW.
Performance
QYLD vs. HYGW - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, QYLD achieves a 10.20% return, which is significantly higher than HYGW's 2.12% return.
QYLD
- 1D
- 2.43%
- 1M
- 4.04%
- YTD
- 10.20%
- 6M
- 10.75%
- 1Y
- 25.53%
- 3Y*
- 14.59%
- 5Y*
- 8.95%
- 10Y*
- 10.07%
HYGW
- 1D
- 0.24%
- 1M
- 0.84%
- YTD
- 2.12%
- 6M
- 2.52%
- 1Y
- 6.56%
- 3Y*
- 5.70%
- 5Y*
- —
- 10Y*
- —
QYLD vs. HYGW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
QYLD Global X NASDAQ 100 Covered Call ETF | 10.20% | 9.28% | 19.35% | 22.77% | -7.79% |
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 2.12% | 6.19% | 6.99% | 7.31% | -0.39% |
Correlation
The correlation between QYLD and HYGW is 0.50, 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 | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2022 | 0.54 |
The correlation between QYLD and HYGW has been stable across timeframes, ranging from 0.48 to 0.54 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
QYLD vs. HYGW — Risk / Return Rank
QYLD
HYGW
QYLD vs. HYGW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X NASDAQ 100 Covered Call ETF (QYLD) and iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW). 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.
| QYLD | HYGW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.40 | ||
| Sortino ratioReturn per unit of downside risk | +0.46 | ||
| Omega ratioGain probability vs. loss probability | 1.60 | 1.49 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 5.16 | 3.62 | +1.54 |
| Martin ratioReturn relative to average drawdown | 29.06 | 16.51 | +12.55 |
Loading charts...
Drawdowns
QYLD vs. HYGW - Drawdown Comparison
The maximum QYLD drawdown since its inception was -24.75%, which is greater than HYGW's maximum drawdown of -5.49%. Use the drawdown chart below to compare losses from any high point for QYLD and HYGW.
Loading charts...
Drawdown Indicators
| QYLD | HYGW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.75% | -5.49% | -19.26% |
Max Drawdown (1Y)Largest decline over 1 year | -4.97% | -1.82% | -3.15% |
Max Drawdown (3Y)Largest decline over 3 years | -19.06% | -3.66% | -15.40% |
Max Drawdown (5Y)Largest decline over 5 years | -24.61% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -24.75% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -3.83% | -0.60% | -3.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 0.40% | +0.48% |
Volatility
QYLD vs. HYGW - Volatility Comparison
Global X NASDAQ 100 Covered Call ETF (QYLD) has a higher volatility of 4.30% compared to iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) at 0.91%. This indicates that QYLD's price experiences larger fluctuations and is considered to be riskier than HYGW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| QYLD | HYGW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.30% | 0.91% | +3.39% |
Volatility (6M)Calculated over the trailing 6-month period | 8.24% | 2.24% | +6.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.49% | 2.87% | +6.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.81% | 4.67% | +10.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.54% | 4.67% | +10.87% |
QYLD vs. HYGW - Expense Ratio Comparison
QYLD has a 0.60% expense ratio, which is lower than HYGW's 0.69% expense ratio.
Dividends
QYLD vs. HYGW - Dividend Comparison
QYLD's dividend yield for the trailing twelve months is around 11.22%, less than HYGW's 11.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 11.52% | 12.53% | 12.30% | 15.98% | 8.71% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
QYLD Global X NASDAQ 100 Covered Call ETF | 11.22% | 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
QYLD and HYGW have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QYLD has higher volatility (4.30%) compared to HYGW (0.91%). In terms of maximum drawdown, QYLD dropped -24.75% vs HYGW's -5.49%.
On 3-year performance, QYLD leads with 14.59% vs 5.70% for HYGW. On fees, QYLD is cheaper at 0.60% per year. On volatility, HYGW has been the lower-risk option at 0.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, QYLD has performed better with a 14.59% return vs 5.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QYLD is cheaper with a 0.60% expense ratio, compared with 0.69% for HYGW.
HYGW has the higher dividend yield at 11.52%, compared with 11.22% for QYLD.
QYLD is categorized as Nasdaq-100, while HYGW is High Yield Bonds. QYLD tracks CBOE NASDAQ-100 Buy Write V2, while HYGW tracks Cboe HYG BuyWrite Index. They also come from different issuers: Global X and iShares. Their fees differ too: 0.60% for QYLD and 0.69% for HYGW.
QYLD currently has the higher Sharpe Ratio (2.70 vs 2.31), 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.
Find the right allocation for QYLD and HYGW
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer