RYLD vs. HYGW
RYLD (Global X Russell 2000 Covered Call ETF) and HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) are both Derivative Income funds - RYLD tracks the CBOE Russell 2000 BuyWrite Index while HYGW tracks the Cboe HYG BuyWrite Index. Both are passively managed. Over the past 3 years, RYLD returned 8.70%/yr vs 5.49%/yr for HYGW. Their 0.61 correlation means they have sometimes moved together and sometimes differently. RYLD charges 0.60%/yr vs 0.69%/yr for HYGW.
Performance
RYLD vs. HYGW - Performance Comparison
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Returns By Period
In the year-to-date period, RYLD achieves a 13.48% return, which is significantly higher than HYGW's 2.68% return.
RYLD
- 1D
- 1.06%
- 1M
- 2.27%
- 6M
- 10.40%
- YTD
- 13.48%
- 1Y
- 26.26%
- 3Y*
- 8.70%
- 5Y*
- 3.43%
- 10Y*
- —
- ALL TIME*
- 5.95%
HYGW
- 1D
- 0.31%
- 1M
- 0.35%
- 6M
- 2.13%
- YTD
- 2.68%
- 1Y
- 6.23%
- 3Y*
- 5.49%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 5.75%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $507.28K | $613.90K | $793.25K | |
| $9.87M | $9.43M | $9.08M |
RYLD vs. HYGW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
RYLD Global X Russell 2000 Covered Call ETF | 13.48% | 5.65% | 10.13% | 0.27% | -5.84% |
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 2.68% | 6.19% | 6.99% | 7.31% | -0.39% |
Correlation
The correlation between RYLD and HYGW is 0.58, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.58 |
Correlation (3Y) Balances recent behavior with more history. | 0.56 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2022 | 0.61 |
The correlation between RYLD and HYGW has been stable across timeframes, ranging from 0.56 to 0.61 - a consistent structural relationship.
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Return for Risk
RYLD vs. HYGW — Risk / Return Rank
RYLD
HYGW
RYLD vs. HYGW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Russell 2000 Covered Call ETF (RYLD) and iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW). 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 | HYGW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.42 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.44 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 4.19 | 3.44 | +0.75 |
| Martin ratioReturn relative to average drawdown | 17.17 | 15.37 | +1.80 |
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Drawdowns
RYLD vs. HYGW - Drawdown Comparison
The maximum RYLD drawdown since its inception was -41.53%, which is greater than HYGW's maximum drawdown of -5.49%. Use the drawdown chart below to compare losses from any high point for RYLD and HYGW.
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Drawdown Indicators
| RYLD | HYGW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.53% | -5.49% | -36.04% |
Max Drawdown (1Y)Largest decline over 1 year | -6.29% | -1.82% | -4.47% |
Max Drawdown (3Y)Largest decline over 3 years | -19.05% | -3.42% | -15.63% |
Max Drawdown (5Y)Largest decline over 5 years | -21.33% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -8.65% | -0.59% | -8.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.53% | 0.41% | +1.12% |
Volatility
RYLD vs. HYGW - Volatility Comparison
Global X Russell 2000 Covered Call ETF (RYLD) has a higher volatility of 2.30% compared to iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) at 0.86%. This indicates that RYLD's price experiences larger fluctuations and is considered to be riskier than HYGW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RYLD | HYGW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.30% | 0.86% | +1.44% |
Volatility (6M)Calculated over the trailing 6-month period | 7.74% | 2.34% | +5.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.58% | 2.94% | +7.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.98% | 4.62% | +9.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.04% | 4.62% | +12.42% |
RYLD vs. HYGW - Expense Ratio Comparison
RYLD has a 0.60% expense ratio, which is lower than HYGW's 0.69% expense ratio.
Dividends
RYLD vs. HYGW - Dividend Comparison
RYLD's dividend yield for the trailing twelve months is around 11.50%, more than HYGW's 10.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 10.67% | 12.53% | 12.30% | 15.98% | 8.71% | 0.00% | 0.00% | 0.00% |
RYLD Global X Russell 2000 Covered Call ETF | 11.50% | 12.00% | 12.03% | 12.64% | 13.49% | 12.35% | 10.76% | 6.43% |
Frequently Asked Questions
RYLD and HYGW have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RYLD has higher volatility (2.30%) compared to HYGW (0.86%). In terms of maximum drawdown, RYLD dropped -41.53% vs HYGW's -5.49%.
On 3-year performance, RYLD leads with 8.70% vs 5.49% for HYGW. On fees, RYLD is cheaper at 0.60% per year. On volatility, HYGW has been the lower-risk option at 0.86%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, RYLD has performed better with a 8.70% return vs 5.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RYLD is cheaper with a 0.60% expense ratio, compared with 0.69% for HYGW.
RYLD has the higher dividend yield at 11.50%, compared with 10.67% for HYGW.
RYLD tracks CBOE Russell 2000 BuyWrite Index, while HYGW tracks Cboe HYG BuyWrite Index. They also come from different issuers: Global X and iShares. Their fees differ too: 0.60% for RYLD and 0.69% for HYGW.
RYLD currently has the higher Sharpe Ratio (2.50 vs 2.13), 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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