QYLD vs. QBUF

Last updated Jun 4, 2026

QYLD (Global X NASDAQ 100 Covered Call ETF) and QBUF (Innovator Nasdaq-100 10 Buffer ETF - Quarterly) are both Nasdaq-100 funds - QYLD tracks the CBOE NASDAQ-100 Buy Write V2 while QBUF tracks the Invesco QQQ Trust. Both are passively managed. Over the past year, QYLD returned 23.93% vs 12.00% for QBUF. Their correlation of 0.81 suggests significant overlap in exposure. QYLD charges 0.60%/yr vs 0.79%/yr for QBUF.

Performance

QYLD vs. QBUF - Performance Comparison

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

Returns By Period

In the year-to-date period, QYLD achieves a 7.88% return, which is significantly higher than QBUF's 4.69% return.

QYLD

• 1D: -0.06%
• 1M: 1.62%
• YTD: 7.88%
• 6M: 9.97%
• 1Y: 23.93%
• 3Y*: 13.80%
• 5Y*: 8.43%
• 10Y*: 9.80%

QBUF

• 1D: 0.03%
• 1M: 0.83%
• YTD: 4.69%
• 6M: 4.70%
• 1Y: 12.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QYLD vs. QBUF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QYLD Global X NASDAQ 100 Covered Call ETF	7.88%	9.28%	9.86%
QBUF Innovator Nasdaq-100 10 Buffer ETF - Quarterly	4.69%	11.08%	5.92%

Correlation

The correlation between QYLD and QBUF is 0.76, 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	0.76
Correlation (All Time) Calculated using the full available price history since Jul 2, 2024	0.81

The correlation between QYLD and QBUF has been stable across timeframes, ranging from 0.76 to 0.81 - a consistent structural relationship.

QYLD vs. QBUF - Sectors Allocation Comparison

Sectors	QYLD	QBUF
Technology	53.8%	50.7%
Communication Services	15.8%	15.8%
Consumer Cyclical	12.3%	12.5%
Consumer Defensive	7.7%	8.7%
Healthcare	4.2%	5.1%
Industrials	2.8%	3.3%
Utilities	1.4%	1.6%
Basic Materials	1.1%	1.3%
Energy	0.6%	0.7%
Financial Services	0.2%	0.2%
Real Estate	0.1%	0.1%

Return for Risk

QYLD vs. QBUF — Risk / Return Rank

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

QYLD

QYLD Risk / Return Rank: 88
QYLD Sharpe Ratio Rank: 84
QYLD Sortino Ratio Rank: 85
QYLD Omega Ratio Rank: 92
QYLD Calmar Ratio Rank: 86
QYLD Martin Ratio Rank: 94

QBUF

QBUF Risk / Return Rank: 78
QBUF Sharpe Ratio Rank: 68
QBUF Sortino Ratio Rank: 70
QBUF Omega Ratio Rank: 79
QBUF Calmar Ratio Rank: 88
QBUF Martin Ratio Rank: 85

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.

QYLD vs. QBUF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X NASDAQ 100 Covered Call ETF (QYLD) and Innovator Nasdaq-100 10 Buffer ETF - Quarterly (QBUF). 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.

	QYLD	QBUF	Difference
Sharpe ratio Return per unit of total volatility	2.80	2.29	+0.51
Sortino ratio Return per unit of downside risk	3.92	3.22	+0.70
Omega ratio Gain probability vs. loss probability	1.63	1.48	+0.15
Calmar ratio Return relative to maximum drawdown	4.84	5.29	-0.45
Martin ratio Return relative to average drawdown	28.36	18.17	+10.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QYLD vs. QBUF - Sharpe Ratio Comparison

The current QYLD Sharpe Ratio is 2.80, which is comparable to the QBUF Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of QYLD and QBUF, 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

	QYLD	QBUF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.80	2.29	+0.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	1.36	-0.77

Drawdowns

QYLD vs. QBUF - Drawdown Comparison

The maximum QYLD drawdown since its inception was -24.75%, which is greater than QBUF's maximum drawdown of -8.84%. Use the drawdown chart below to compare losses from any high point for QYLD and QBUF.

Drawdown Indicators

	QYLD	QBUF	Difference
Max Drawdown Largest peak-to-trough decline	-24.75%	-8.84%	-15.91%
Max Drawdown (1Y) Largest decline over 1 year	-4.97%	-2.31%	-2.66%
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	-0.06%	0.00%	-0.06%
Average Drawdown Average peak-to-trough decline	-3.84%	-0.82%	-3.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	0.67%	+0.18%

Volatility

QYLD vs. QBUF - Volatility Comparison

Global X NASDAQ 100 Covered Call ETF (QYLD) has a higher volatility of 1.85% compared to Innovator Nasdaq-100 10 Buffer ETF - Quarterly (QBUF) at 0.23%. This indicates that QYLD's price experiences larger fluctuations and is considered to be riskier than QBUF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QYLD	QBUF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.85%	0.23%	+1.62%
Volatility (6M) Calculated over the trailing 6-month period	7.12%	3.88%	+3.24%
Volatility (1Y) Calculated over the trailing 1-year period	8.58%	5.26%	+3.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.70%	8.47%	+6.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.49%	8.47%	+7.02%

QYLD vs. QBUF - Expense Ratio Comparison

QYLD has a 0.60% expense ratio, which is lower than QBUF's 0.79% expense ratio.

Dividends

QYLD vs. QBUF - Dividend Comparison

QYLD's dividend yield for the trailing twelve months is around 11.46%, while QBUF has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QBUF Innovator Nasdaq-100 10 Buffer ETF - Quarterly	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	11.46%	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 QYLD and QBUF in my portfolio?

QYLD and QBUF have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QYLD or QBUF?

QYLD has higher volatility (1.85%) compared to QBUF (0.23%). In terms of maximum drawdown, QYLD dropped -24.75% vs QBUF's -8.84%.

Which ETF is better, QYLD or QBUF?

On 1-year performance, QYLD leads with 23.93% vs 12.00% for QBUF. On fees, QYLD is cheaper at 0.60% per year. On volatility, QBUF has been the lower-risk option at 0.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QYLD or QBUF?

Over the 1-year period, QYLD has performed better with a 23.93% return vs 12.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QYLD or QBUF?

QYLD is cheaper with a 0.60% expense ratio, compared with 0.79% for QBUF.

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

QYLD has the higher dividend yield at 11.46%, compared with 0.00% for QBUF.

What is the main difference between QYLD and QBUF?

QYLD tracks CBOE NASDAQ-100 Buy Write V2, while QBUF tracks Invesco QQQ Trust. They also come from different issuers: Global X and Innovator. Their fees differ too: 0.60% for QYLD and 0.79% for QBUF.

Which has better risk-adjusted returns?

QYLD currently has the higher Sharpe Ratio (2.80 vs 2.29), 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.