SPQH.DE vs. QYLE.DE

Last updated Jun 5, 2026

SPQH.DE (Global X S&P 500 Quarterly Tail Hedge UCITS ETF USD Accumulating) and QYLE.DE (Global X Nasdaq 100 Covered Call UCITS ETF D) are both exchange-traded funds - SPQH.DE is a Defined Outcome fund tracking the Cboe S&P 500 15% WHT Quarterly 9% (-3% to -12%) Buffer Protect Index, while QYLE.DE is a Nasdaq-100 fund tracking the Cboe Nasdaq-100 BuyWrite. Both are passively managed. Over the past 3 years, SPQH.DE returned 5.93%/yr vs 12.74%/yr for QYLE.DE. A 0.67 correlation means they provide meaningful diversification when combined. SPQH.DE charges 0.50%/yr vs 0.45%/yr for QYLE.DE.

Performance

SPQH.DE vs. QYLE.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Global X S&P 500 Quarterly Tail Hedge UCITS ETF USD Accumulating (SPQH.DE) and Global X Nasdaq 100 Covered Call UCITS ETF D (QYLE.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPQH.DE achieves a 1.52% return, which is significantly lower than QYLE.DE's 6.53% return.

SPQH.DE

• 1D: -0.13%
• 1M: 1.59%
• YTD: 1.52%
• 6M: 2.08%
• 1Y: 6.72%
• 3Y*: 5.93%
• 5Y*: —
• 10Y*: —

QYLE.DE

• 1D: -1.00%
• 1M: 2.37%
• YTD: 6.53%
• 6M: 7.35%
• 1Y: 16.23%
• 3Y*: 12.74%
• 5Y*: —
• 10Y*: —

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

SPQH.DE vs. QYLE.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPQH.DE Global X S&P 500 Quarterly Tail Hedge UCITS ETF USD Accumulating	1.52%	-4.41%	21.88%	6.82%
QYLE.DE Global X Nasdaq 100 Covered Call UCITS ETF D	6.53%	-7.62%	37.36%	19.73%

Correlation

The correlation between SPQH.DE and QYLE.DE is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (All Time) Calculated using the full available price history since Feb 24, 2023	0.67

The correlation between SPQH.DE and QYLE.DE has been stable across timeframes, ranging from 0.67 to 0.68 - a consistent structural relationship.

Return for Risk

SPQH.DE vs. QYLE.DE — Risk / Return Rank

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

SPQH.DE

SPQH.DE Risk / Return Rank: 30
SPQH.DE Sharpe Ratio Rank: 26
SPQH.DE Sortino Ratio Rank: 25
SPQH.DE Omega Ratio Rank: 25
SPQH.DE Calmar Ratio Rank: 43
SPQH.DE Martin Ratio Rank: 33

QYLE.DE

QYLE.DE Risk / Return Rank: 57
QYLE.DE Sharpe Ratio Rank: 50
QYLE.DE Sortino Ratio Rank: 49
QYLE.DE Omega Ratio Rank: 49
QYLE.DE Calmar Ratio Rank: 78
QYLE.DE Martin Ratio Rank: 60

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.

SPQH.DE vs. QYLE.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X S&P 500 Quarterly Tail Hedge UCITS ETF USD Accumulating (SPQH.DE) and Global X Nasdaq 100 Covered Call UCITS ETF D (QYLE.DE). 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.

	SPQH.DE	QYLE.DE	Difference
Sharpe ratio: Return per unit of total volatility	0.92	1.68	-0.76
Sortino ratio: Return per unit of downside risk	1.32	2.35	-1.03
Omega ratio: Gain probability vs. loss probability	1.16	1.30	-0.14
Calmar ratio: Return relative to maximum drawdown	2.12	3.87	-1.75
Martin ratio: Return relative to average drawdown	4.81	10.46	-5.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPQH.DE vs. QYLE.DE - Sharpe Ratio Comparison

The current SPQH.DE Sharpe Ratio is 0.92, which is lower than the QYLE.DE Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of SPQH.DE and QYLE.DE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPQH.DE	QYLE.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	1.68	-0.76
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	1.16	-0.47

Drawdowns

SPQH.DE vs. QYLE.DE - Drawdown Comparison

The maximum SPQH.DE drawdown since its inception was -17.68%, smaller than the maximum QYLE.DE drawdown of -24.06%. Use the drawdown chart below to compare losses from any high point for SPQH.DE and QYLE.DE.

Drawdown Indicators

	SPQH.DE	QYLE.DE	Difference
Max Drawdown Largest peak-to-trough decline	-17.68%	-24.06%	+6.38%
Max Drawdown (1Y) Largest decline over 1 year	-3.16%	-4.17%	+1.01%
Max Drawdown (3Y) Largest decline over 3 years	-17.68%	-24.06%	+6.38%
Current Drawdown Current decline from peak	-5.05%	-5.04%	-0.01%
Average Drawdown Average peak-to-trough decline	-4.12%	-5.68%	+1.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.39%	1.55%	-0.16%

Volatility

SPQH.DE vs. QYLE.DE - Volatility Comparison

The current volatility for Global X S&P 500 Quarterly Tail Hedge UCITS ETF USD Accumulating (SPQH.DE) is 1.63%, while Global X Nasdaq 100 Covered Call UCITS ETF D (QYLE.DE) has a volatility of 2.32%. This indicates that SPQH.DE experiences smaller price fluctuations and is considered to be less risky than QYLE.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPQH.DE	QYLE.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.63%	2.32%	-0.69%
Volatility (6M) Calculated over the trailing 6-month period	4.52%	6.14%	-1.62%
Volatility (1Y) Calculated over the trailing 1-year period	7.30%	9.63%	-2.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.79%	13.25%	-2.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.79%	13.25%	-2.46%

SPQH.DE vs. QYLE.DE - Expense Ratio Comparison

SPQH.DE has a 0.50% expense ratio, which is higher than QYLE.DE's 0.45% expense ratio.

Dividends

SPQH.DE vs. QYLE.DE - Dividend Comparison

SPQH.DE has not paid dividends to shareholders, while QYLE.DE's dividend yield for the trailing twelve months is around 8.84%.

Position	TTM	2025	2024	2023
QYLE.DE Global X Nasdaq 100 Covered Call UCITS ETF D	8.84%	10.67%	15.00%	20.20%
SPQH.DE Global X S&P 500 Quarterly Tail Hedge UCITS ETF USD Accumulating	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPQH.DE and QYLE.DE in my portfolio?

SPQH.DE and QYLE.DE have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPQH.DE or QYLE.DE?

On fees, QYLE.DE is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPQH.DE or QYLE.DE?

QYLE.DE is cheaper with a 0.45% expense ratio, compared with 0.50% for SPQH.DE.

What is the main difference between SPQH.DE and QYLE.DE?

SPQH.DE is categorized as Defined Outcome, while QYLE.DE is Nasdaq-100. SPQH.DE tracks Cboe S&P 500 15% WHT Quarterly 9% (-3% to -12%) Buffer Protect Index, while QYLE.DE tracks Cboe Nasdaq-100 BuyWrite. Their fees differ too: 0.50% for SPQH.DE and 0.45% for QYLE.DE.