RYLD vs. ^TNX

Last updated Apr 2, 2026

Compare and contrast key facts about Global X Russell 2000 Covered Call ETF (RYLD) and Treasury Yield 10 Years (^TNX).

RYLD is a passively managed fund by Global X that tracks the performance of the CBOE Russell 2000 BuyWrite Index. It was launched on Apr 17, 2019.

Performance

RYLD vs. ^TNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Russell 2000 Covered Call ETF (RYLD) and Treasury Yield 10 Years (^TNX). The values are adjusted to include any dividend payments, if applicable.

RYLD vs. ^TNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
RYLD Global X Russell 2000 Covered Call ETF	1.10%	5.65%	10.13%	0.27%	-13.03%	22.13%	-0.44%	8.92%
^TNX Treasury Yield 10 Years	3.75%	-8.97%	18.29%	-0.34%	156.55%	64.89%	-52.21%	-25.91%

Returns By Period

In the year-to-date period, RYLD achieves a 1.10% return, which is significantly lower than ^TNX's 3.75% return.

RYLD

• 1D: 0.40%
• 1M: -3.62%
• YTD: 1.10%
• 6M: 5.56%
• 1Y: 12.15%
• 3Y*: 6.22%
• 5Y*: 2.30%
• 10Y*: —

^TNX

• 1D: 0.19%
• 1M: 6.69%
• YTD: 3.75%
• 6M: 5.19%
• 1Y: 3.92%
• 3Y*: 7.32%
• 5Y*: 20.80%
• 10Y*: 9.20%

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

Return for Risk

RYLD vs. ^TNX — Risk / Return Rank

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

RYLD

RYLD Risk / Return Rank: 42
RYLD Sharpe Ratio Rank: 37
RYLD Sortino Ratio Rank: 39
RYLD Omega Ratio Rank: 48
RYLD Calmar Ratio Rank: 37
RYLD Martin Ratio Rank: 48

^TNX

^TNX Risk / Return Rank: 22
^TNX Sharpe Ratio Rank: 26
^TNX Sortino Ratio Rank: 23
^TNX Omega Ratio Rank: 22
^TNX Calmar Ratio Rank: 19
^TNX Martin Ratio Rank: 18

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.

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 ratio Return per unit of total volatility	0.74	0.22	+0.52
Sortino ratio Return per unit of downside risk	1.17	0.45	+0.72
Omega ratio Gain probability vs. loss probability	1.19	1.05	+0.14
Calmar ratio Return relative to maximum drawdown	0.99	0.12	+0.86
Martin ratio Return relative to average drawdown	4.78	0.21	+4.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RYLD vs. ^TNX - Sharpe Ratio Comparison

The current RYLD Sharpe Ratio is 0.74, which is higher than the ^TNX Sharpe Ratio of 0.22. The chart below compares the historical Sharpe Ratios of RYLD and ^TNX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	RYLD	^TNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.74	0.22	+0.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	0.63	-0.47
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.19	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	-0.02	+0.28

Correlation

The correlation between RYLD and ^TNX is 0.11, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

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.

Drawdown Indicators

	RYLD	^TNX	Difference
Max Drawdown Largest peak-to-trough decline	-41.53%	-93.78%	+52.25%
Max Drawdown (1Y) Largest decline over 1 year	-12.33%	-13.99%	+1.66%
Max Drawdown (5Y) Largest decline over 5 years	-21.33%	-31.74%	+10.41%
Max Drawdown (10Y) Largest decline over 10 years	—	-84.57%	—
Current Drawdown Current decline from peak	-3.92%	-46.17%	+42.25%
Average Drawdown Average peak-to-trough decline	-9.04%	-51.38%	+42.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.54%	8.39%	-5.85%

Volatility

RYLD vs. ^TNX - Volatility Comparison

The current volatility for Global X Russell 2000 Covered Call ETF (RYLD) is 5.22%, while Treasury Yield 10 Years (^TNX) has a volatility of 5.89%. 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.

Volatility by Period

	RYLD	^TNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.22%	5.89%	-0.67%
Volatility (6M) Calculated over the trailing 6-month period	9.09%	10.58%	-1.49%
Volatility (1Y) Calculated over the trailing 1-year period	16.39%	17.89%	-1.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.20%	32.96%	-18.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.38%	48.18%	-30.80%