QYLE.DE vs. SPQH.DE

Last updated Jun 5, 2026

QYLE.DE (Global X Nasdaq 100 Covered Call UCITS ETF D) and SPQH.DE (Global X S&P 500 Quarterly Tail Hedge UCITS ETF USD Accumulating) are both exchange-traded funds - QYLE.DE is a Nasdaq-100 fund tracking the Cboe Nasdaq-100 BuyWrite, while SPQH.DE is a Defined Outcome fund tracking the Cboe S&P 500 15% WHT Quarterly 9% (-3% to -12%) Buffer Protect Index. Both are passively managed. Over the past 3 years, QYLE.DE returned 12.74%/yr vs 5.93%/yr for SPQH.DE. A 0.67 correlation means they provide meaningful diversification when combined. QYLE.DE charges 0.45%/yr vs 0.50%/yr for SPQH.DE.

Performance

QYLE.DE vs. SPQH.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Global X Nasdaq 100 Covered Call UCITS ETF D (QYLE.DE) and Global X S&P 500 Quarterly Tail Hedge UCITS ETF USD Accumulating (SPQH.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QYLE.DE achieves a 6.53% return, which is significantly higher than SPQH.DE's 1.52% return.

QYLE.DE

• 1D: -1.00%
• 1M: 2.37%
• YTD: 6.53%
• 6M: 7.35%
• 1Y: 16.23%
• 3Y*: 12.74%
• 5Y*: —
• 10Y*: —

SPQH.DE

• 1D: -0.13%
• 1M: 1.59%
• YTD: 1.52%
• 6M: 2.08%
• 1Y: 6.72%
• 3Y*: 5.93%
• 5Y*: —
• 10Y*: —

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

QYLE.DE vs. SPQH.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
QYLE.DE Global X Nasdaq 100 Covered Call UCITS ETF D	6.53%	-7.62%	37.36%	19.73%
SPQH.DE Global X S&P 500 Quarterly Tail Hedge UCITS ETF USD Accumulating	1.52%	-4.41%	21.88%	6.82%

Correlation

The correlation between QYLE.DE and SPQH.DE is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (All Time) Calculated using the full available price history since Feb 24, 2023	0.67

The correlation between QYLE.DE and SPQH.DE has been stable across timeframes, ranging from 0.67 to 0.68 - a consistent structural relationship.

Return for Risk

QYLE.DE vs. SPQH.DE — Risk / Return Rank

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

QYLE.DE

QYLE.DE Risk / Return Rank: 57
QYLE.DE Sharpe Ratio Rank: 50
QYLE.DE Sortino Ratio Rank: 49
QYLE.DE Omega Ratio Rank: 49
QYLE.DE Calmar Ratio Rank: 78
QYLE.DE Martin Ratio Rank: 60

SPQH.DE

SPQH.DE Risk / Return Rank: 30
SPQH.DE Sharpe Ratio Rank: 26
SPQH.DE Sortino Ratio Rank: 25
SPQH.DE Omega Ratio Rank: 25
SPQH.DE Calmar Ratio Rank: 43
SPQH.DE Martin Ratio Rank: 33

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.

QYLE.DE vs. SPQH.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Nasdaq 100 Covered Call UCITS ETF D (QYLE.DE) and Global X S&P 500 Quarterly Tail Hedge UCITS ETF USD Accumulating (SPQH.DE). 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.

	QYLE.DE	SPQH.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.68	0.92	+0.76
Sortino ratio: Return per unit of downside risk	2.35	1.32	+1.03
Omega ratio: Gain probability vs. loss probability	1.30	1.16	+0.14
Calmar ratio: Return relative to maximum drawdown	3.87	2.12	+1.75
Martin ratio: Return relative to average drawdown	10.46	4.81	+5.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QYLE.DE vs. SPQH.DE - Sharpe Ratio Comparison

The current QYLE.DE Sharpe Ratio is 1.68, which is higher than the SPQH.DE Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of QYLE.DE and SPQH.DE, 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

	QYLE.DE	SPQH.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.68	0.92	+0.76
Sharpe Ratio (All Time) Calculated using the full available price history	1.16	0.68	+0.47

Drawdowns

QYLE.DE vs. SPQH.DE - Drawdown Comparison

The maximum QYLE.DE drawdown since its inception was -24.06%, which is greater than SPQH.DE's maximum drawdown of -17.68%. Use the drawdown chart below to compare losses from any high point for QYLE.DE and SPQH.DE.

Drawdown Indicators

	QYLE.DE	SPQH.DE	Difference
Max Drawdown Largest peak-to-trough decline	-24.06%	-17.68%	-6.38%
Max Drawdown (1Y) Largest decline over 1 year	-4.17%	-3.16%	-1.01%
Max Drawdown (3Y) Largest decline over 3 years	-24.06%	-17.68%	-6.38%
Current Drawdown Current decline from peak	-5.04%	-5.05%	+0.01%
Average Drawdown Average peak-to-trough decline	-5.68%	-4.12%	-1.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.55%	1.39%	+0.16%

Volatility

QYLE.DE vs. SPQH.DE - Volatility Comparison

Global X Nasdaq 100 Covered Call UCITS ETF D (QYLE.DE) has a higher volatility of 2.32% compared to Global X S&P 500 Quarterly Tail Hedge UCITS ETF USD Accumulating (SPQH.DE) at 1.63%. This indicates that QYLE.DE's price experiences larger fluctuations and is considered to be riskier than SPQH.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QYLE.DE	SPQH.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.32%	1.63%	+0.69%
Volatility (6M) Calculated over the trailing 6-month period	6.14%	4.52%	+1.62%
Volatility (1Y) Calculated over the trailing 1-year period	9.63%	7.30%	+2.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.25%	10.79%	+2.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.25%	10.79%	+2.46%

QYLE.DE vs. SPQH.DE - Expense Ratio Comparison

QYLE.DE has a 0.45% expense ratio, which is lower than SPQH.DE's 0.50% expense ratio.

Dividends

QYLE.DE vs. SPQH.DE - Dividend Comparison

QYLE.DE's dividend yield for the trailing twelve months is around 8.84%, while SPQH.DE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
QYLE.DE Global X Nasdaq 100 Covered Call UCITS ETF D	8.84%	10.67%	15.00%	20.20%
SPQH.DE Global X S&P 500 Quarterly Tail Hedge UCITS ETF USD Accumulating	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QYLE.DE and SPQH.DE in my portfolio?

QYLE.DE and SPQH.DE have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QYLE.DE or SPQH.DE?

On fees, QYLE.DE is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QYLE.DE or SPQH.DE?

QYLE.DE is cheaper with a 0.45% expense ratio, compared with 0.50% for SPQH.DE.

What is the main difference between QYLE.DE and SPQH.DE?

QYLE.DE is categorized as Nasdaq-100, while SPQH.DE is Defined Outcome. QYLE.DE tracks Cboe Nasdaq-100 BuyWrite, while SPQH.DE tracks Cboe S&P 500 15% WHT Quarterly 9% (-3% to -12%) Buffer Protect Index. Their fees differ too: 0.45% for QYLE.DE and 0.50% for SPQH.DE.