RYLD vs. CHPY

Last updated Jun 24, 2026

RYLD (Global X Russell 2000 Covered Call ETF) and CHPY (YieldMax Semiconductor Portfolio Option Income ETF) are both Derivative Income funds. RYLD is passively managed, while CHPY is actively managed. Over the past year, RYLD returned 20.74% vs 134.57% for CHPY. A 0.61 correlation means they provide meaningful diversification when combined. RYLD charges 0.60%/yr vs 0.99%/yr for CHPY.

Performance

RYLD vs. CHPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Russell 2000 Covered Call ETF (RYLD) and YieldMax Semiconductor Portfolio Option Income ETF (CHPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RYLD achieves a 9.51% return, which is significantly lower than CHPY's 82.68% return.

RYLD

• 1D: -0.50%
• 1M: 2.12%
• YTD: 9.51%
• 6M: 8.37%
• 1Y: 20.74%
• 3Y*: 8.72%
• 5Y*: 2.45%
• 10Y*: —

CHPY

• 1D: -6.97%
• 1M: 10.89%
• YTD: 82.68%
• 6M: 81.99%
• 1Y: 134.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RYLD vs. CHPY - Yearly Performance Comparison

	2026 (YTD)	2025
RYLD Global X Russell 2000 Covered Call ETF	9.51%	9.83%
CHPY YieldMax Semiconductor Portfolio Option Income ETF	82.68%	56.76%

Correlation

The correlation between RYLD and CHPY is 0.60, 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	0.60
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	0.61

The correlation between RYLD and CHPY has been stable across timeframes, ranging from 0.60 to 0.61 - a consistent structural relationship.

Return for Risk

RYLD vs. CHPY — Risk / Return Rank

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

RYLD

RYLD Risk / Return Rank: 68
RYLD Sharpe Ratio Rank: 62
RYLD Sortino Ratio Rank: 62
RYLD Omega Ratio Rank: 73
RYLD Calmar Ratio Rank: 69
RYLD Martin Ratio Rank: 74

CHPY

CHPY Risk / Return Rank: 95
CHPY Sharpe Ratio Rank: 96
CHPY Sortino Ratio Rank: 93
CHPY Omega Ratio Rank: 94
CHPY Calmar Ratio Rank: 97
CHPY Martin Ratio Rank: 97

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. CHPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Russell 2000 Covered Call ETF (RYLD) and YieldMax Semiconductor Portfolio Option Income ETF (CHPY). 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	CHPY	Difference
Sharpe ratio: Return per unit of total volatility	1.96	4.16	-2.20
Sortino ratio: Return per unit of downside risk	2.76	4.30	-1.54
Omega ratio: Gain probability vs. loss probability	1.41	1.64	-0.23
Calmar ratio: Return relative to maximum drawdown	3.31	11.13	-7.82
Martin ratio: Return relative to average drawdown	13.37	39.19	-25.82

RYLD vs. CHPY - Sharpe Ratio Comparison

The current RYLD Sharpe Ratio is 1.96, which is lower than the CHPY Sharpe Ratio of 4.16. The chart below compares the historical Sharpe Ratios of RYLD and CHPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

RYLD vs. CHPY - Drawdown Comparison

The maximum RYLD drawdown since its inception was -41.53%, which is greater than CHPY's maximum drawdown of -12.19%. Use the drawdown chart below to compare losses from any high point for RYLD and CHPY.

Drawdown Indicators

	RYLD	CHPY	Difference
Max Drawdown Largest peak-to-trough decline	-41.53%	-12.19%	-29.34%
Max Drawdown (1Y) Largest decline over 1 year	-6.29%	-12.17%	+5.88%
Max Drawdown (3Y) Largest decline over 3 years	-19.05%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-21.33%	—	—
Current Drawdown Current decline from peak	-0.50%	-6.97%	+6.47%
Average Drawdown Average peak-to-trough decline	-8.78%	-2.14%	-6.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.55%	3.45%	-1.90%

Volatility

RYLD vs. CHPY - Volatility Comparison

The current volatility for Global X Russell 2000 Covered Call ETF (RYLD) is 2.00%, while YieldMax Semiconductor Portfolio Option Income ETF (CHPY) has a volatility of 19.72%. This indicates that RYLD experiences smaller price fluctuations and is considered to be less risky than CHPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RYLD	CHPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.00%	19.72%	-17.72%
Volatility (6M) Calculated over the trailing 6-month period	7.80%	27.95%	-20.15%
Volatility (1Y) Calculated over the trailing 1-year period	10.66%	32.57%	-21.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.05%	36.37%	-22.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.15%	36.37%	-19.22%

RYLD vs. CHPY - Expense Ratio Comparison

RYLD has a 0.60% expense ratio, which is lower than CHPY's 0.99% expense ratio.

Dividends

RYLD vs. CHPY - Dividend Comparison

RYLD's dividend yield for the trailing twelve months is around 11.73%, less than CHPY's 29.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CHPY YieldMax Semiconductor Portfolio Option Income ETF	29.64%	28.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
RYLD Global X Russell 2000 Covered Call ETF	11.73%	12.00%	12.03%	12.64%	13.49%	12.35%	10.76%	6.43%

Frequently Asked Questions

Can I hold both RYLD and CHPY in my portfolio?

RYLD and CHPY have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RYLD or CHPY?

CHPY has higher volatility (19.72%) compared to RYLD (2.00%). In terms of maximum drawdown, RYLD dropped -41.53% vs CHPY's -12.19%.

Which ETF is better, RYLD or CHPY?

On 1-year performance, CHPY leads with 134.57% vs 20.74% for RYLD. On fees, RYLD is cheaper at 0.60% per year. On volatility, RYLD has been the lower-risk option at 2.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RYLD or CHPY?

Over the 1-year period, CHPY has performed better with a 134.57% return vs 20.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RYLD or CHPY?

RYLD is cheaper with a 0.60% expense ratio, compared with 0.99% for CHPY.

Which ETF pays a higher dividend yield, RYLD or CHPY?

CHPY has the higher dividend yield at 29.64%, compared with 11.73% for RYLD.

What is the main difference between RYLD and CHPY?

They also come from different issuers: Global X and YieldMax. Their fees differ too: 0.60% for RYLD and 0.99% for CHPY.

Which has better risk-adjusted returns?

CHPY currently has the higher Sharpe Ratio (4.16 vs 1.96), 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.