RYLD vs. ^TNX
RYLD (Global X Russell 2000 Covered Call ETF) is Derivative Income fund tracking the CBOE Russell 2000 BuyWrite Index, while ^TNX (Cboe 10-Year Treasury Note Yield Index) is an index. Over the past 5 years, RYLD returned 3.18%/yr vs 30.35%/yr for ^TNX. Their 0.09 correlation means their historical movements had little consistent relationship.
Performance
RYLD vs. ^TNX - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with RYLD having a 12.50% return and ^TNX slightly lower at 12.01%.
RYLD
- 1D
- 1.07%
- 1M
- 1.32%
- 6M
- 9.44%
- YTD
- 12.50%
- 1Y
- 22.37%
- 3Y*
- 8.15%
- 5Y*
- 3.18%
- 10Y*
- —
- ALL TIME*
- 5.84%
^TNX
- 1D
- 0.89%
- 1M
- 5.55%
- 6M
- 10.31%
- YTD
- 12.01%
- 1Y
- 6.56%
- 3Y*
- 5.61%
- 5Y*
- 30.35%
- 10Y*
- 12.04%
- ALL TIME*
- -0.92%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $10.51M | $9.39M | $9.11M |
RYLD vs. ^TNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
RYLD Global X Russell 2000 Covered Call ETF | 12.50% | 5.65% | 10.13% | 0.27% | -13.03% | 22.13% | -0.44% | 8.86% |
^TNX Cboe 10-Year Treasury Note Yield Index | 12.01% | -8.97% | 18.29% | -0.34% | 156.55% | 64.89% | -52.21% | -25.04% |
Correlation
The correlation between RYLD and ^TNX is -0.22, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.22 |
Correlation (3Y) Balances recent behavior with more history. | -0.13 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.05 |
Correlation (All Time) Calculated using the full available price history since Apr 22, 2019 | 0.09 |
The correlation between RYLD and ^TNX shifts across timeframes, from -0.22 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
RYLD vs. ^TNX — Risk / Return Rank
RYLD
^TNX
RYLD vs. ^TNX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Russell 2000 Covered Call ETF (RYLD) and Cboe 10-Year Treasury Note Yield Index (^TNX). 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.
| RYLD | ^TNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.66 | ||
| Sortino ratioReturn per unit of downside risk | +2.25 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.08 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 3.57 | 0.71 | +2.87 |
| Martin ratioReturn relative to average drawdown | 14.60 | 1.42 | +13.18 |
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Drawdowns
RYLD vs. ^TNX - Drawdown Comparison
The maximum RYLD drawdown since its inception was -41.53%, smaller than the maximum ^TNX drawdown of -96.85%. Use the drawdown chart below to compare losses from any high point for RYLD and ^TNX.
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Drawdown Indicators
| RYLD | ^TNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.53% | -96.85% | +55.32% |
Max Drawdown (1Y)Largest decline over 1 year | -6.29% | -9.33% | +3.04% |
Max Drawdown (3Y)Largest decline over 3 years | -19.05% | -27.41% | +8.36% |
Max Drawdown (5Y)Largest decline over 5 years | -21.33% | -27.41% | +6.08% |
Max Drawdown (10Y)Largest decline over 10 years | — | -84.57% | — |
Current DrawdownCurrent decline from peak | -0.19% | -70.56% | +70.37% |
Average DrawdownAverage peak-to-trough decline | -8.66% | -55.04% | +46.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.54% | 4.87% | -3.33% |
Volatility
RYLD vs. ^TNX - Volatility Comparison
The current volatility for Global X Russell 2000 Covered Call ETF (RYLD) is 2.07%, while Cboe 10-Year Treasury Note Yield Index (^TNX) has a volatility of 3.47%. This indicates that RYLD experiences smaller price fluctuations and is considered to be less risky than ^TNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RYLD | ^TNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.07% | 3.47% | -1.40% |
Volatility (6M)Calculated over the trailing 6-month period | 7.73% | 10.94% | -3.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.67% | 14.82% | -4.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.97% | 31.24% | -17.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.05% | 47.62% | -30.57% |
Frequently Asked Questions
RYLD and ^TNX have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
^TNX has higher volatility (3.47%) compared to RYLD (2.07%). In terms of maximum drawdown, RYLD dropped -41.53% vs ^TNX's -96.85%.
RYLD currently has the higher Sharpe Ratio (2.11 vs 0.45), 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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