RYLD vs. ^TNX
RYLD (Global X Russell 2000 Covered Call ETF) is Hedge Fund fund tracking the CBOE Russell 2000 BuyWrite Index, while ^TNX (Treasury Yield 10 Years) is an index. Over the past 5 years, RYLD returned 2.76%/yr vs 23.47%/yr for ^TNX. At a 0.10 correlation, their price movements are largely independent.
Performance
RYLD vs. ^TNX - Performance Comparison
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Returns By Period
In the year-to-date period, RYLD achieves a 8.68% return, which is significantly higher than ^TNX's 7.54% return.
RYLD
- 1D
- 0.32%
- 1M
- 2.51%
- YTD
- 8.68%
- 6M
- 9.34%
- 1Y
- 21.94%
- 3Y*
- 7.64%
- 5Y*
- 2.76%
- 10Y*
- —
^TNX
- 1D
- -0.31%
- 1M
- 1.38%
- YTD
- 7.54%
- 6M
- 8.98%
- 1Y
- 2.57%
- 3Y*
- 6.63%
- 5Y*
- 23.47%
- 10Y*
- 10.02%
RYLD vs. ^TNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
RYLD Global X Russell 2000 Covered Call ETF | 8.68% | 5.65% | 10.13% | 0.27% | -13.03% | 22.13% | -0.44% | 8.92% |
^TNX Treasury Yield 10 Years | 7.54% | -8.97% | 18.29% | -0.34% | 156.55% | 64.89% | -52.21% | -25.91% |
Correlation
The correlation between RYLD and ^TNX is -0.16, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Apr 23, 2019 | 0.10 |
The correlation between RYLD and ^TNX shifts across timeframes, from -0.16 (1 year) to 0.10 (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 Treasury Yield 10 Years (^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.
| RYLD | ^TNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.90 | ||
| Sortino ratioReturn per unit of downside risk | +2.57 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.04 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 3.50 | 0.21 | +3.29 |
| Martin ratioReturn relative to average drawdown | 14.16 | 0.37 | +13.80 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| RYLD | ^TNX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.07 | 0.17 | +1.90 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.20 | 0.73 | -0.53 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.21 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.32 | -0.02 | +0.34 |
Drawdowns
RYLD vs. ^TNX - Drawdown Comparison
The maximum RYLD drawdown since its inception was -41.53%, smaller than the maximum ^TNX drawdown of -93.78%. 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% | -93.78% | +52.25% |
Max Drawdown (1Y)Largest decline over 1 year | -6.29% | -12.35% | +6.06% |
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 | 0.00% | -44.20% | +44.20% |
Average DrawdownAverage peak-to-trough decline | -8.84% | -51.34% | +42.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.55% | 6.97% | -5.42% |
Volatility
RYLD vs. ^TNX - Volatility Comparison
The current volatility for Global X Russell 2000 Covered Call ETF (RYLD) is 1.97%, while Treasury Yield 10 Years (^TNX) has a volatility of 5.04%. 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 | 1.97% | 5.04% | -3.07% |
Volatility (6M)Calculated over the trailing 6-month period | 7.60% | 10.62% | -3.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.64% | 15.51% | -4.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.03% | 32.43% | -18.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.20% | 47.98% | -30.78% |
Frequently Asked Questions
RYLD and ^TNX have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
^TNX has higher volatility (5.04%) compared to RYLD (1.97%). In terms of maximum drawdown, RYLD dropped -41.53% vs ^TNX's -93.78%.
RYLD currently has the higher Sharpe Ratio (2.07 vs 0.17), 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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