QYLG vs. SPY

Last updated Jun 4, 2026

QYLG (Global X Nasdaq 100 Covered Call & Growth ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - QYLG is a Nasdaq-100 fund tracking the CBOE Nasdaq-100 BuyWrite V2 Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, QYLG returned 13.19%/yr vs 13.83%/yr for SPY. Their correlation of 0.89 suggests significant overlap in exposure. QYLG charges 0.60%/yr vs 0.09%/yr for SPY.

Performance

QYLG vs. SPY - Performance Comparison

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

Returns By Period

In the year-to-date period, QYLG achieves a 14.75% return, which is significantly higher than SPY's 10.91% return.

QYLG

• 1D: -0.05%
• 1M: 6.22%
• YTD: 14.75%
• 6M: 14.78%
• 1Y: 32.88%
• 3Y*: 21.40%
• 5Y*: 13.19%
• 10Y*: —

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

QYLG vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
QYLG Global X Nasdaq 100 Covered Call & Growth ETF	14.75%	15.29%	22.02%	38.73%	-26.27%	18.29%	12.52%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	13.68%

Correlation

The correlation between QYLG and SPY is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Sep 23, 2020	0.89

The correlation between QYLG and SPY has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.

QYLG vs. SPY - Sectors Allocation Comparison

Sectors	QYLG	SPY
Technology	53.7%	35.9%
Communication Services	15.8%	11.3%
Consumer Cyclical	12.3%	10.3%
Consumer Defensive	7.7%	4.8%
Healthcare	4.2%	8.4%
Industrials	2.9%	7.8%
Utilities	1.4%	2.4%
Basic Materials	1.1%	1.8%
Energy	0.6%	3.6%
Financial Services	0.2%	11.8%
Real Estate	0.1%	1.9%

Return for Risk

QYLG vs. SPY — Risk / Return Rank

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

QYLG

QYLG Risk / Return Rank: 81
QYLG Sharpe Ratio Rank: 82
QYLG Sortino Ratio Rank: 81
QYLG Omega Ratio Rank: 81
QYLG Calmar Ratio Rank: 76
QYLG Martin Ratio Rank: 85

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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.

QYLG vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Nasdaq 100 Covered Call & Growth ETF (QYLG) 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.

	QYLG	SPY	Difference
Sharpe ratio Return per unit of total volatility	2.72	2.38	+0.34
Sortino ratio Return per unit of downside risk	3.68	3.24	+0.44
Omega ratio Gain probability vs. loss probability	1.49	1.43	+0.06
Calmar ratio Return relative to maximum drawdown	3.92	3.16	+0.76
Martin ratio Return relative to average drawdown	17.87	14.72	+3.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QYLG vs. SPY - Sharpe Ratio Comparison

The current QYLG Sharpe Ratio is 2.72, which is comparable to the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of QYLG 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.

Sharpe Ratios by Period

	QYLG	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.72	2.38	+0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	0.82	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	0.59	+0.24

Drawdowns

QYLG vs. SPY - Drawdown Comparison

The maximum QYLG drawdown since its inception was -29.98%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for QYLG and SPY.

Drawdown Indicators

	QYLG	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-29.98%	-55.19%	+25.21%
Max Drawdown (1Y) Largest decline over 1 year	-8.42%	-8.88%	+0.46%
Max Drawdown (3Y) Largest decline over 3 years	-20.75%	-18.76%	-1.99%
Max Drawdown (5Y) Largest decline over 5 years	-29.98%	-24.50%	-5.48%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-0.05%	-0.70%	+0.65%
Average Drawdown Average peak-to-trough decline	-6.42%	-9.05%	+2.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.84%	1.91%	-0.07%

Volatility

QYLG vs. SPY - Volatility Comparison

Global X Nasdaq 100 Covered Call & Growth ETF (QYLG) has a higher volatility of 3.10% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that QYLG's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QYLG	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.10%	2.84%	+0.26%
Volatility (6M) Calculated over the trailing 6-month period	9.68%	8.90%	+0.78%
Volatility (1Y) Calculated over the trailing 1-year period	12.17%	11.83%	+0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.98%	17.05%	+0.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.93%	17.94%	-0.01%

QYLG vs. SPY - Expense Ratio Comparison

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

Dividends

QYLG vs. SPY - Dividend Comparison

QYLG's dividend yield for the trailing twelve months is around 16.08%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QYLG Global X Nasdaq 100 Covered Call & Growth ETF	16.08%	17.93%	25.27%	5.43%	6.91%	10.15%	1.44%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	0.98%	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 QYLG and SPY in my portfolio?

With a correlation of 0.93, QYLG and SPY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, QYLG or SPY?

QYLG has higher volatility (3.10%) compared to SPY (2.84%). In terms of maximum drawdown, QYLG dropped -29.98% vs SPY's -55.19%.

Which ETF is better, QYLG or SPY?

On 5-year performance, SPY leads with 13.83% vs 13.19% for QYLG. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QYLG or SPY?

Over the 5-year period, SPY has performed better with a 13.83% return vs 13.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QYLG or SPY?

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

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

QYLG has the higher dividend yield at 16.08%, compared with 0.98% for SPY.

What is the main difference between QYLG and SPY?

QYLG is categorized as Nasdaq-100, while SPY is S&P 500. QYLG tracks CBOE Nasdaq-100 BuyWrite V2 Index, 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 QYLG and 0.09% for SPY.

Which has better risk-adjusted returns?

QYLG currently has the higher Sharpe Ratio (2.72 vs 2.38), 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.