QYLD vs. SPHD
QYLD (Global X NASDAQ 100 Covered Call ETF) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both exchange-traded funds - QYLD is a Nasdaq-100 fund tracking the CBOE NASDAQ-100 Buy Write V2, while SPHD is a Dividend fund tracking the S&P 500 Low Volatility High Dividend Index. Both are passively managed. Over the past 10 years, QYLD returned 9.92%/yr vs 7.41%/yr for SPHD. At a 0.40 correlation, their price movements are largely independent. QYLD charges 0.60%/yr vs 0.30%/yr for SPHD.
Performance
QYLD vs. SPHD - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with QYLD having a 8.36% return and SPHD slightly higher at 8.51%. Over the past 10 years, QYLD has outperformed SPHD with an annualized return of 9.92%, while SPHD has yielded a comparatively lower 7.41% annualized return.
QYLD
- 1D
- 0.66%
- 1M
- 2.81%
- YTD
- 8.36%
- 6M
- 10.14%
- 1Y
- 23.80%
- 3Y*
- 13.95%
- 5Y*
- 8.41%
- 10Y*
- 9.92%
SPHD
- 1D
- -1.12%
- 1M
- 4.38%
- YTD
- 8.51%
- 6M
- 7.65%
- 1Y
- 12.70%
- 3Y*
- 11.55%
- 5Y*
- 6.57%
- 10Y*
- 7.41%
QYLD vs. SPHD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QYLD Global X NASDAQ 100 Covered Call ETF | 8.36% | 9.28% | 19.35% | 22.77% | -19.08% | 10.41% | 8.72% | 22.69% | -3.07% | 18.79% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 8.51% | 3.41% | 18.08% | 1.32% | 0.58% | 24.98% | -9.98% | 20.26% | -6.17% | 11.90% |
Correlation
The correlation between QYLD and SPHD is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.33 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Dec 12, 2013 | 0.40 |
Over the past year, the correlation between QYLD and SPHD has dropped to 0.05 - well below their long-term average of 0.40, suggesting their price drivers have been diverging.
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Return for Risk
QYLD vs. SPHD — Risk / Return Rank
QYLD
SPHD
QYLD vs. SPHD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X NASDAQ 100 Covered Call ETF (QYLD) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD). 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 | SPHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.47 | ||
| Sortino ratioReturn per unit of downside risk | +1.90 | ||
| Omega ratioGain probability vs. loss probability | 1.58 | 1.19 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 4.81 | 1.74 | +3.07 |
| Martin ratioReturn relative to average drawdown | 27.11 | 4.31 | +22.80 |
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Drawdowns
QYLD vs. SPHD - Drawdown Comparison
The maximum QYLD drawdown since its inception was -24.75%, smaller than the maximum SPHD drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for QYLD and SPHD.
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Drawdown Indicators
| QYLD | SPHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.75% | -41.39% | +16.64% |
Max Drawdown (1Y)Largest decline over 1 year | -4.97% | -7.33% | +2.36% |
Max Drawdown (3Y)Largest decline over 3 years | -19.06% | -13.29% | -5.77% |
Max Drawdown (5Y)Largest decline over 5 years | -24.61% | -19.50% | -5.11% |
Max Drawdown (10Y)Largest decline over 10 years | -24.75% | -41.39% | +16.64% |
Current DrawdownCurrent decline from peak | 0.00% | -1.63% | +1.63% |
Average DrawdownAverage peak-to-trough decline | -3.83% | -4.70% | +0.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 2.96% | -2.08% |
Volatility
QYLD vs. SPHD - Volatility Comparison
Global X NASDAQ 100 Covered Call ETF (QYLD) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) have volatilities of 3.87% and 3.91%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QYLD | SPHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.87% | 3.91% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 7.86% | 7.86% | 0.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.19% | 11.27% | -2.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.77% | 14.21% | +0.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.53% | 17.66% | -2.13% |
QYLD vs. SPHD - Expense Ratio Comparison
QYLD has a 0.60% expense ratio, which is higher than SPHD's 0.30% expense ratio.
Dividends
QYLD vs. SPHD - Dividend Comparison
QYLD's dividend yield for the trailing twelve months is around 11.41%, more than SPHD's 4.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QYLD Global X NASDAQ 100 Covered Call ETF | 11.41% | 11.55% | 12.50% | 11.78% | 13.75% | 12.85% | 11.16% | 9.84% | 12.44% | 7.69% | 9.15% | 9.42% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 4.45% | 4.02% | 3.41% | 4.48% | 3.89% | 3.45% | 4.89% | 4.07% | 4.40% | 3.14% | 3.83% | 3.49% |
Frequently Asked Questions
QYLD and SPHD have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPHD has higher volatility (3.91%) compared to QYLD (3.87%). In terms of maximum drawdown, QYLD dropped -24.75% vs SPHD's -41.39%.
On 10-year performance, QYLD leads with 9.92% vs 7.41% for SPHD. On fees, SPHD is cheaper at 0.30% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QYLD has performed better with a 9.92% return vs 7.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPHD is cheaper with a 0.30% expense ratio, compared with 0.60% for QYLD.
QYLD has the higher dividend yield at 11.41%, compared with 4.45% for SPHD.
QYLD is categorized as Nasdaq-100, while SPHD is Dividend. QYLD tracks CBOE NASDAQ-100 Buy Write V2, while SPHD tracks S&P 500 Low Volatility High Dividend Index. They also come from different issuers: Global X and Invesco. Their fees differ too: 0.60% for QYLD and 0.30% for SPHD.
QYLD currently has the higher Sharpe Ratio (2.61 vs 1.13), 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.
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