RYLD vs. XYLD

Last updated Jun 21, 2026

RYLD (Global X Russell 2000 Covered Call ETF) and XYLD (Global X S&P 500 Covered Call ETF) are both Derivative Income funds from Global X - RYLD tracks the CBOE Russell 2000 BuyWrite Index while XYLD tracks the Cboe S&P 500 BuyWrite Index. Both are passively managed. Over the past 5 years, RYLD returned 2.95%/yr vs 7.73%/yr for XYLD. A 0.75 correlation means they provide meaningful diversification when combined. Both charge a 0.60% expense ratio.

Performance

RYLD vs. XYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Russell 2000 Covered Call ETF (RYLD) and Global X S&P 500 Covered Call ETF (XYLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RYLD achieves a 10.05% return, which is significantly higher than XYLD's 5.52% return.

RYLD

• 1D: 0.88%
• 1M: 2.76%
• YTD: 10.05%
• 6M: 9.37%
• 1Y: 21.99%
• 3Y*: 8.38%
• 5Y*: 2.95%
• 10Y*: —

XYLD

• 1D: 0.27%
• 1M: 1.46%
• YTD: 5.52%
• 6M: 5.95%
• 1Y: 17.66%
• 3Y*: 11.48%
• 5Y*: 7.73%
• 10Y*: 8.33%

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

RYLD vs. XYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
RYLD Global X Russell 2000 Covered Call ETF	10.05%	5.65%	10.13%	0.27%	-13.03%	22.13%	-0.44%	8.86%
XYLD Global X S&P 500 Covered Call ETF	5.52%	8.02%	19.49%	11.10%	-12.05%	19.59%	-0.56%	8.84%

Correlation

The correlation between RYLD and XYLD is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Apr 22, 2019	0.75

The correlation between RYLD and XYLD has been stable across timeframes, ranging from 0.74 to 0.77 - a consistent structural relationship.

RYLD vs. XYLD - Sectors Allocation Comparison

Sectors	RYLD	XYLD
Technology	19.0%	39.0%
Industrials	18.0%	7.8%
Healthcare	16.3%	8.3%
Financial Services	15.5%	11.1%
Consumer Cyclical	8.0%	9.9%
Real Estate	5.9%	1.8%
Energy	5.4%	3.2%
Basic Materials	4.7%	1.7%
Utilities	2.8%	2.1%
Communication Services	2.4%	10.6%
Consumer Defensive	2.3%	4.5%

Return for Risk

RYLD vs. XYLD — Risk / Return Rank

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

RYLD

RYLD Risk / Return Rank: 71
RYLD Sharpe Ratio Rank: 65
RYLD Sortino Ratio Rank: 65
RYLD Omega Ratio Rank: 76
RYLD Calmar Ratio Rank: 72
RYLD Martin Ratio Rank: 76

XYLD

XYLD Risk / Return Rank: 83
XYLD Sharpe Ratio Rank: 84
XYLD Sortino Ratio Rank: 86
XYLD Omega Ratio Rank: 92
XYLD Calmar Ratio Rank: 69
XYLD Martin Ratio Rank: 86

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. XYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Russell 2000 Covered Call ETF (RYLD) and Global X S&P 500 Covered Call ETF (XYLD). 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	XYLD	Difference
Sharpe ratio: Return per unit of total volatility	2.03	2.54	-0.52
Sortino ratio: Return per unit of downside risk	2.85	3.62	-0.76
Omega ratio: Gain probability vs. loss probability	1.42	1.59	-0.17
Calmar ratio: Return relative to maximum drawdown	3.43	3.27	+0.16
Martin ratio: Return relative to average drawdown	13.86	17.16	-3.30

RYLD vs. XYLD - Sharpe Ratio Comparison

The current RYLD Sharpe Ratio is 2.03, which is comparable to the XYLD Sharpe Ratio of 2.54. The chart below compares the historical Sharpe Ratios of RYLD and XYLD, 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. XYLD - Drawdown Comparison

The maximum RYLD drawdown since its inception was -41.53%, which is greater than XYLD's maximum drawdown of -33.46%. Use the drawdown chart below to compare losses from any high point for RYLD and XYLD.

Drawdown Indicators

	RYLD	XYLD	Difference
Max Drawdown Largest peak-to-trough decline	-41.53%	-33.46%	-8.07%
Max Drawdown (1Y) Largest decline over 1 year	-6.29%	-5.29%	-1.00%
Max Drawdown (3Y) Largest decline over 3 years	-19.05%	-15.53%	-3.52%
Max Drawdown (5Y) Largest decline over 5 years	-21.33%	-18.66%	-2.67%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.46%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.79%	-3.71%	-5.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.55%	1.01%	+0.54%

Volatility

RYLD vs. XYLD - Volatility Comparison

Global X Russell 2000 Covered Call ETF (RYLD) and Global X S&P 500 Covered Call ETF (XYLD) have volatilities of 2.19% and 2.21%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RYLD	XYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.19%	2.21%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	7.78%	5.76%	+2.02%
Volatility (1Y) Calculated over the trailing 1-year period	10.67%	6.80%	+3.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.05%	11.26%	+2.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.16%	14.22%	+2.94%

RYLD vs. XYLD - Expense Ratio Comparison

Both RYLD and XYLD have an expense ratio of 0.60%.

Dividends

RYLD vs. XYLD - Dividend Comparison

RYLD's dividend yield for the trailing twelve months is around 11.47%, more than XYLD's 10.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RYLD Global X Russell 2000 Covered Call ETF	11.47%	12.00%	12.03%	12.64%	13.49%	12.35%	10.76%	6.43%	0.00%	0.00%	0.00%	0.00%
XYLD Global X S&P 500 Covered Call ETF	10.46%	10.51%	11.54%	10.51%	13.43%	9.07%	7.93%	5.76%	7.12%	5.18%	3.23%	4.65%

Frequently Asked Questions

Can I hold both RYLD and XYLD in my portfolio?

RYLD and XYLD have a correlation of 0.77, 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 XYLD?

XYLD has higher volatility (2.21%) compared to RYLD (2.19%). In terms of maximum drawdown, RYLD dropped -41.53% vs XYLD's -33.46%.

Which ETF is better, RYLD or XYLD?

On 5-year performance, XYLD leads with 7.73% vs 2.95% for RYLD. Both ETFs have the same 0.60% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RYLD or XYLD?

Over the 5-year period, XYLD has performed better with a 7.73% return vs 2.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RYLD or XYLD?

RYLD and XYLD have the same expense ratio: 0.60% per year.

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

RYLD has the higher dividend yield at 11.47%, compared with 10.46% for XYLD.

What is the main difference between RYLD and XYLD?

RYLD tracks CBOE Russell 2000 BuyWrite Index, while XYLD tracks Cboe S&P 500 BuyWrite Index.

Which has better risk-adjusted returns?

XYLD currently has the higher Sharpe Ratio (2.54 vs 2.03), 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.