QYLD vs. SPYM

Last updated Jul 21, 2026

QYLD (Global X NASDAQ 100 Covered Call ETF) and SPYM (State Street SPDR Portfolio S&P 500 ETF) are both exchange-traded funds - QYLD is a Nasdaq-100 fund tracking the CBOE NASDAQ-100 Buy Write V2, while SPYM is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, QYLD returned 9.59%/yr vs 15.03%/yr for SPYM. A 0.77 correlation means they provide meaningful diversification when combined. QYLD charges 0.60%/yr vs 0.02%/yr for SPYM.

Performance

QYLD vs. SPYM - 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 Portfolio S&P 500 ETF (SPYM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QYLD achieves a 7.22% return, which is significantly lower than SPYM's 9.47% return. Over the past 10 years, QYLD has underperformed SPYM with an annualized return of 9.59%, while SPYM has yielded a comparatively higher 15.03% annualized return.

QYLD

• 1D: 0.16%
• 1M: -2.71%
• 6M: 5.96%
• YTD: 7.22%
• 1Y: 19.97%
• 3Y*: 12.62%
• 5Y*: 7.90%
• 10Y*: 9.59%
• ALL TIME*: 8.55%

SPYM

• 1D: -0.14%
• 1M: -0.60%
• 6M: 7.91%
• YTD: 9.47%
• 1Y: 19.65%
• 3Y*: 19.52%
• 5Y*: 12.89%
• 10Y*: 15.03%
• ALL TIME*: 11.15%

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

QYLD vs. SPYM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QYLD Global X NASDAQ 100 Covered Call ETF	7.22%	9.28%	19.35%	22.77%	-19.08%	10.41%	8.72%	22.69%	-3.07%	18.79%
SPYM State Street SPDR Portfolio S&P 500 ETF	9.47%	17.79%	25.00%	26.24%	-18.09%	28.78%	18.49%	31.99%	-4.78%	21.30%

Correlation

The correlation between QYLD and SPYM is 0.86, 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	0.86
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	0.77

The correlation between QYLD and SPYM has been stable across timeframes, ranging from 0.77 to 0.86 - a consistent structural relationship.

QYLD vs. SPYM - Sectors Allocation Comparison

Sectors	QYLD	SPYM
Technology	59.2%	38.5%
Communication Services	13.3%	9.9%
Consumer Cyclical	10.6%	9.5%
Consumer Defensive	6.3%	4.5%
Industrials	4.1%	8.4%
Healthcare	3.6%	8.9%
Utilities	1.2%	2.2%
Basic Materials	1.0%	1.7%
Energy	0.5%	3.0%
Financial Services	0.2%	11.6%
Real Estate	0.1%	1.8%

Return for Risk

QYLD vs. SPYM — Risk / Return Rank

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

QYLD

QYLD Risk / Return Rank: 85
QYLD Sharpe Ratio Rank: 78
QYLD Sortino Ratio Rank: 78
QYLD Omega Ratio Rank: 85
QYLD Calmar Ratio Rank: 90
QYLD Martin Ratio Rank: 94

SPYM

SPYM Risk / Return Rank: 64
SPYM Sharpe Ratio Rank: 64
SPYM Sortino Ratio Rank: 62
SPYM Omega Ratio Rank: 63
SPYM Calmar Ratio Rank: 59
SPYM Martin Ratio Rank: 72

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. SPYM - 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 Portfolio S&P 500 ETF (SPYM). 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	SPYM	Difference
Sharpe ratio: Return per unit of total volatility	1.86	1.57	+0.29
Sortino ratio: Return per unit of downside risk	2.62	2.19	+0.43
Omega ratio: Gain probability vs. loss probability	1.38	1.28	+0.10
Calmar ratio: Return relative to maximum drawdown	4.04	2.22	+1.82
Martin ratio: Return relative to average drawdown	19.75	9.63	+10.12

QYLD vs. SPYM - Sharpe Ratio Comparison

The current QYLD Sharpe Ratio is 1.86, which is comparable to the SPYM Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of QYLD and SPYM, 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. SPYM - Drawdown Comparison

The maximum QYLD drawdown since its inception was -24.75%, smaller than the maximum SPYM drawdown of -54.46%. Use the drawdown chart below to compare losses from any high point for QYLD and SPYM.

Drawdown Indicators

	QYLD	SPYM	Difference
Max Drawdown Largest peak-to-trough decline	-24.75%	-54.46%	+29.71%
Max Drawdown (1Y) Largest decline over 1 year	-4.97%	-8.90%	+3.93%
Max Drawdown (3Y) Largest decline over 3 years	-19.06%	-18.72%	-0.34%
Max Drawdown (5Y) Largest decline over 5 years	-24.61%	-24.48%	-0.13%
Max Drawdown (10Y) Largest decline over 10 years	-24.75%	-33.87%	+9.12%
Current Drawdown Current decline from peak	-3.37%	-2.01%	-1.36%
Average Drawdown Average peak-to-trough decline	-3.81%	-7.12%	+3.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.01%	2.05%	-1.04%

Volatility

QYLD vs. SPYM - Volatility Comparison

Global X NASDAQ 100 Covered Call ETF (QYLD) has a higher volatility of 5.86% compared to State Street SPDR Portfolio S&P 500 ETF (SPYM) at 3.43%. This indicates that QYLD's price experiences larger fluctuations and is considered to be riskier than SPYM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QYLD	SPYM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.86%	3.43%	+2.43%
Volatility (6M) Calculated over the trailing 6-month period	9.67%	10.04%	-0.37%
Volatility (1Y) Calculated over the trailing 1-year period	10.83%	12.60%	-1.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.98%	16.90%	-1.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.60%	18.00%	-2.40%

QYLD vs. SPYM - Expense Ratio Comparison

QYLD has a 0.60% expense ratio, which is higher than SPYM's 0.02% expense ratio.

Dividends

QYLD vs. SPYM - Dividend Comparison

QYLD's dividend yield for the trailing twelve months is around 12.88%, more than SPYM's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QYLD Global X NASDAQ 100 Covered Call ETF	12.88%	11.55%	12.50%	11.78%	13.75%	12.85%	11.16%	9.84%	12.44%	7.69%	9.15%	9.42%
SPYM State Street SPDR Portfolio S&P 500 ETF	1.04%	1.13%	1.28%	1.44%	1.69%	1.25%	1.54%	1.79%	2.23%	1.75%	1.97%	1.98%

Frequently Asked Questions

Can I hold both QYLD and SPYM in my portfolio?

QYLD and SPYM have a correlation of 0.86, 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 SPYM?

QYLD has higher volatility (5.86%) compared to SPYM (3.43%). In terms of maximum drawdown, QYLD dropped -24.75% vs SPYM's -54.46%.

Which ETF is better, QYLD or SPYM?

On 10-year performance, SPYM leads with 15.03% vs 9.59% for QYLD. On fees, SPYM is cheaper at 0.02% per year. On volatility, SPYM has been the lower-risk option at 3.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QYLD or SPYM?

Over the 10-year period, SPYM has performed better with a 15.03% return vs 9.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QYLD or SPYM?

SPYM is cheaper with a 0.02% expense ratio, compared with 0.60% for QYLD.

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

QYLD has the higher dividend yield at 12.88%, compared with 1.04% for SPYM.

What is the main difference between QYLD and SPYM?

QYLD is categorized as Nasdaq-100, while SPYM is S&P 500. QYLD tracks CBOE NASDAQ-100 Buy Write V2, while SPYM 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 0.02% for SPYM.

Which has better risk-adjusted returns?

QYLD currently has the higher Sharpe Ratio (1.86 vs 1.57), 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.