QYLD vs. SPY

Last updated Jun 23, 2026

QYLD (Global X NASDAQ 100 Covered Call ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - QYLD is a Nasdaq-100 fund tracking the CBOE NASDAQ-100 Buy Write V2, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, QYLD returned 10.21%/yr vs 15.70%/yr for SPY. A 0.79 correlation means they provide meaningful diversification when combined. QYLD charges 0.60%/yr vs 0.09%/yr for SPY.

Performance

QYLD vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X NASDAQ 100 Covered Call ETF (QYLD) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with QYLD having a 10.06% return and SPY slightly lower at 9.74%. Over the past 10 years, QYLD has underperformed SPY with an annualized return of 10.21%, while SPY has yielded a comparatively higher 15.70% annualized return.

QYLD

• 1D: -0.13%
• 1M: 3.44%
• YTD: 10.06%
• 6M: 10.12%
• 1Y: 25.81%
• 3Y*: 14.74%
• 5Y*: 8.73%
• 10Y*: 10.21%

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

QYLD vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QYLD Global X NASDAQ 100 Covered Call ETF	10.06%	9.28%	19.35%	22.77%	-19.08%	10.41%	8.72%	22.69%	-3.07%	18.79%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between QYLD and SPY is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Dec 12, 2013	0.79

The correlation between QYLD and SPY has been stable across timeframes, ranging from 0.79 to 0.86 - a consistent structural relationship.

QYLD vs. SPY - Sectors Allocation Comparison

Sectors	QYLD	SPY
Technology	58.7%	39.0%
Communication Services	14.3%	10.6%
Consumer Cyclical	11.4%	9.9%
Consumer Defensive	6.4%	4.5%
Healthcare	3.7%	8.3%
Industrials	2.6%	7.8%
Utilities	1.2%	2.1%
Basic Materials	1.0%	1.7%
Energy	0.5%	3.1%
Financial Services	0.2%	11.1%
Real Estate	0.1%	1.8%

Return for Risk

QYLD vs. SPY — Risk / Return Rank

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

QYLD

QYLD Risk / Return Rank: 91
QYLD Sharpe Ratio Rank: 87
QYLD Sortino Ratio Rank: 89
QYLD Omega Ratio Rank: 93
QYLD Calmar Ratio Rank: 90
QYLD Martin Ratio Rank: 95

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X NASDAQ 100 Covered Call ETF (QYLD) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.73	2.16	+0.58
Sortino ratio: Return per unit of downside risk	3.88	2.91	+0.97
Omega ratio: Gain probability vs. loss probability	1.61	1.39	+0.22
Calmar ratio: Return relative to maximum drawdown	5.22	3.01	+2.21
Martin ratio: Return relative to average drawdown	29.38	13.54	+15.85

QYLD vs. SPY - Sharpe Ratio Comparison

The current QYLD Sharpe Ratio is 2.73, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of QYLD and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

QYLD vs. SPY - Drawdown Comparison

The maximum QYLD drawdown since its inception was -24.75%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for QYLD and SPY.

Drawdown Indicators

	QYLD	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-24.75%	-55.19%	+30.44%
Max Drawdown (1Y) Largest decline over 1 year	-4.97%	-8.88%	+3.91%
Max Drawdown (3Y) Largest decline over 3 years	-19.06%	-18.76%	-0.30%
Max Drawdown (5Y) Largest decline over 5 years	-24.61%	-24.50%	-0.11%
Max Drawdown (10Y) Largest decline over 10 years	-24.75%	-33.72%	+8.97%
Current Drawdown Current decline from peak	-0.13%	-1.75%	+1.62%
Average Drawdown Average peak-to-trough decline	-3.82%	-9.04%	+5.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	1.97%	-1.09%

Volatility

QYLD vs. SPY - Volatility Comparison

The current volatility for Global X NASDAQ 100 Covered Call ETF (QYLD) is 4.26%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that QYLD experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QYLD	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.26%	4.64%	-0.38%
Volatility (6M) Calculated over the trailing 6-month period	8.24%	9.75%	-1.51%
Volatility (1Y) Calculated over the trailing 1-year period	9.50%	12.43%	-2.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.81%	17.14%	-2.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.55%	17.99%	-2.44%

QYLD vs. SPY - Expense Ratio Comparison

QYLD has a 0.60% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

QYLD vs. SPY - Dividend Comparison

QYLD's dividend yield for the trailing twelve months is around 12.36%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both QYLD and SPY in my portfolio?

QYLD and SPY have a correlation of 0.84, 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 SPY?

SPY has higher volatility (4.64%) compared to QYLD (4.26%). In terms of maximum drawdown, QYLD dropped -24.75% vs SPY's -55.19%.

Which ETF is better, QYLD or SPY?

On 10-year performance, SPY leads with 15.70% vs 10.21% for QYLD. On fees, SPY is cheaper at 0.09% per year. On volatility, QYLD has been the lower-risk option at 4.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QYLD or SPY?

Over the 10-year period, SPY has performed better with a 15.70% return vs 10.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QYLD or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.60% for QYLD.

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

QYLD has the higher dividend yield at 12.36%, compared with 1.01% for SPY.

What is the main difference between QYLD and SPY?

QYLD is categorized as Nasdaq-100, while SPY is S&P 500. QYLD tracks CBOE NASDAQ-100 Buy Write V2, while SPY tracks S&P 500 Index. They also come from different issuers: Global X and State Street. Their fees differ too: 0.60% for QYLD and 0.09% for SPY.

Which has better risk-adjusted returns?

QYLD currently has the higher Sharpe Ratio (2.73 vs 2.16), 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.