SMAP vs. RYLD

Last updated Jul 1, 2026

SMAP (Amplify Small-Mid Cap Equity ETF) and RYLD (Global X Russell 2000 Covered Call ETF) are both exchange-traded funds - SMAP is a Small Cap Blend Equities fund managed by Amplify, while RYLD is a Derivative Income fund tracking the CBOE Russell 2000 BuyWrite Index. Over the past year, SMAP returned 9.43% vs 21.03% for RYLD. A 0.77 correlation means they provide meaningful diversification when combined. Both charge a 0.60% expense ratio.

Performance

SMAP vs. RYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify Small-Mid Cap Equity ETF (SMAP) and Global X Russell 2000 Covered Call ETF (RYLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMAP achieves a 7.23% return, which is significantly lower than RYLD's 11.04% return.

SMAP

• 1D: 0.00%
• 1M: 0.00%
• YTD: 7.23%
• 6M: 5.99%
• 1Y: 9.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —

RYLD

• 1D: 0.38%
• 1M: 2.50%
• YTD: 11.04%
• 6M: 10.46%
• 1Y: 21.03%
• 3Y*: 8.27%
• 5Y*: 2.70%
• 10Y*: —

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

SMAP vs. RYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMAP Amplify Small-Mid Cap Equity ETF	7.23%	3.63%	-2.93%
RYLD Global X Russell 2000 Covered Call ETF	11.04%	5.65%	4.21%

Correlation

The correlation between SMAP and RYLD is 0.72, 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	0.72
Correlation (All Time) Calculated using the full available price history since Nov 1, 2024	0.77

The correlation between SMAP and RYLD has been stable across timeframes, ranging from 0.72 to 0.77 - a consistent structural relationship.

Return for Risk

SMAP vs. RYLD — Risk / Return Rank

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

SMAP

SMAP Risk / Return Rank: 26
SMAP Sharpe Ratio Rank: 24
SMAP Sortino Ratio Rank: 24
SMAP Omega Ratio Rank: 22
SMAP Calmar Ratio Rank: 27
SMAP Martin Ratio Rank: 32

RYLD

RYLD Risk / Return Rank: 77
RYLD Sharpe Ratio Rank: 73
RYLD Sortino Ratio Rank: 74
RYLD Omega Ratio Rank: 82
RYLD Calmar Ratio Rank: 77
RYLD Martin Ratio Rank: 81

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.

SMAP vs. RYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify Small-Mid Cap Equity ETF (SMAP) and Global X Russell 2000 Covered Call ETF (RYLD). 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.

	SMAP	RYLD	Difference
Sharpe ratio: Return per unit of total volatility	0.78	1.99	-1.21
Sortino ratio: Return per unit of downside risk	1.24	2.80	-1.55
Omega ratio: Gain probability vs. loss probability	1.14	1.42	-0.27
Calmar ratio: Return relative to maximum drawdown	1.22	3.36	-2.14
Martin ratio: Return relative to average drawdown	4.18	13.56	-9.37

SMAP vs. RYLD - Sharpe Ratio Comparison

The current SMAP Sharpe Ratio is 0.78, which is lower than the RYLD Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of SMAP and RYLD, 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

SMAP vs. RYLD - Drawdown Comparison

The maximum SMAP drawdown since its inception was -24.12%, smaller than the maximum RYLD drawdown of -41.53%. Use the drawdown chart below to compare losses from any high point for SMAP and RYLD.

Drawdown Indicators

	SMAP	RYLD	Difference
Max Drawdown Largest peak-to-trough decline	-24.12%	-41.53%	+17.41%
Max Drawdown (1Y) Largest decline over 1 year	-10.00%	-6.29%	-3.71%
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	-0.38%	0.00%	-0.38%
Average Drawdown Average peak-to-trough decline	-7.10%	-8.75%	+1.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.91%	1.55%	+1.36%

Volatility

SMAP vs. RYLD - Volatility Comparison

Amplify Small-Mid Cap Equity ETF (SMAP) has a higher volatility of 3.45% compared to Global X Russell 2000 Covered Call ETF (RYLD) at 1.97%. This indicates that SMAP's price experiences larger fluctuations and is considered to be riskier than RYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMAP	RYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.45%	1.97%	+1.48%
Volatility (6M) Calculated over the trailing 6-month period	11.45%	7.75%	+3.70%
Volatility (1Y) Calculated over the trailing 1-year period	15.65%	10.63%	+5.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.68%	14.05%	+5.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.68%	17.13%	+2.55%

SMAP vs. RYLD - Expense Ratio Comparison

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

Dividends

SMAP vs. RYLD - Dividend Comparison

SMAP's dividend yield for the trailing twelve months is around 0.32%, less than RYLD's 11.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
RYLD Global X Russell 2000 Covered Call ETF	11.57%	12.00%	12.03%	12.64%	13.49%	12.35%	10.76%	6.43%
SMAP Amplify Small-Mid Cap Equity ETF	0.32%	0.48%	0.14%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMAP and RYLD in my portfolio?

SMAP and RYLD have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMAP or RYLD?

SMAP has higher volatility (3.45%) compared to RYLD (1.97%). In terms of maximum drawdown, SMAP dropped -24.12% vs RYLD's -41.53%.

Which ETF is better, SMAP or RYLD?

On 1-year performance, RYLD leads with 21.03% vs 9.43% for SMAP. Both ETFs have the same 0.60% expense ratio. On volatility, RYLD has been the lower-risk option at 1.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMAP or RYLD?

Over the 1-year period, RYLD has performed better with a 21.03% return vs 9.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMAP or RYLD?

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

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

RYLD has the higher dividend yield at 11.57%, compared with 0.32% for SMAP.

What is the main difference between SMAP and RYLD?

SMAP is categorized as Small Cap Blend Equities, while RYLD is Derivative Income. They also come from different issuers: Amplify and Global X.

Which has better risk-adjusted returns?

RYLD currently has the higher Sharpe Ratio (1.99 vs 0.78), 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.