SPY vs. XYLD
Compare and contrast key facts about State Street SPDR S&P 500 ETF (SPY) and Global X S&P 500 Covered Call ETF (XYLD).
SPY and XYLD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993. XYLD is a passively managed fund by Global X that tracks the performance of the Cboe S&P 500 BuyWrite Index. It was launched on Jun 24, 2013. Both SPY and XYLD are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
SPY vs. XYLD - Performance Comparison
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Returns By Period
In the year-to-date period, SPY achieves a -3.56% return, which is significantly lower than XYLD's -0.43% return. Over the past 10 years, SPY has outperformed XYLD with an annualized return of 14.11%, while XYLD has yielded a comparatively lower 7.91% annualized return.
SPY
- 1D
- 0.09%
- 1M
- -3.48%
- YTD
- -3.56%
- 6M
- -1.44%
- 1Y
- 31.28%
- 3Y*
- 18.37%
- 5Y*
- 11.88%
- 10Y*
- 14.11%
XYLD
- 1D
- 0.15%
- 1M
- -2.13%
- YTD
- -0.43%
- 6M
- 5.63%
- 1Y
- 21.32%
- 3Y*
- 10.37%
- 5Y*
- 7.08%
- 10Y*
- 7.91%
SPY vs. XYLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | -3.56% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
XYLD Global X S&P 500 Covered Call ETF | -0.43% | 8.02% | 19.49% | 11.10% | -12.05% | 19.59% | -0.56% | 21.41% | -6.09% | 16.49% |
Correlation
The correlation between SPY and XYLD is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification — they'll tend to fall together during downturns. For meaningful risk reduction, look for holdings with correlations below 0.5.
SPY vs. XYLD - Expense Ratio Comparison
SPY has a 0.09% expense ratio, which is lower than XYLD's 0.60% expense ratio.
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Return for Risk
SPY vs. XYLD — Risk / Return Rank
SPY
XYLD
SPY vs. XYLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ETF (SPY) 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.
| SPY | XYLD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.92 | 0.77 | +0.15 |
Sortino ratioReturn per unit of downside risk | 1.45 | 1.25 | +0.20 |
Omega ratioGain probability vs. loss probability | 1.22 | 1.26 | -0.03 |
Calmar ratioReturn relative to maximum drawdown | 1.51 | 1.10 | +0.41 |
Martin ratioReturn relative to average drawdown | 7.11 | 6.41 | +0.71 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPY | XYLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.92 | 0.77 | +0.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.70 | 0.63 | +0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.79 | 0.56 | +0.23 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.56 | 0.58 | -0.01 |
Drawdowns
SPY vs. XYLD - Drawdown Comparison
The maximum SPY drawdown since its inception was -55.19%, which is greater than XYLD's maximum drawdown of -33.46%. Use the drawdown chart below to compare losses from any high point for SPY and XYLD.
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Drawdown Indicators
| SPY | XYLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.19% | -33.46% | -21.73% |
Max Drawdown (1Y)Largest decline over 1 year | -8.88% | -5.29% | -3.59% |
Max Drawdown (5Y)Largest decline over 5 years | -24.50% | -18.66% | -5.84% |
Max Drawdown (10Y)Largest decline over 10 years | -33.72% | -33.46% | -0.26% |
Current DrawdownCurrent decline from peak | -5.44% | -2.80% | -2.64% |
Average DrawdownAverage peak-to-trough decline | -9.09% | -3.76% | -5.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.57% | 1.74% | +0.83% |
Volatility
SPY vs. XYLD - Volatility Comparison
State Street SPDR S&P 500 ETF (SPY) has a higher volatility of 5.28% compared to Global X S&P 500 Covered Call ETF (XYLD) at 3.97%. This indicates that SPY's price experiences larger fluctuations and is considered to be riskier than XYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPY | XYLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.28% | 3.97% | +1.31% |
Volatility (6M)Calculated over the trailing 6-month period | 9.49% | 5.83% | +3.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.06% | 13.99% | +5.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.05% | 11.30% | +5.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.92% | 14.22% | +3.70% |
Dividends
SPY vs. XYLD - Dividend Comparison
SPY's dividend yield for the trailing twelve months is around 1.13%, less than XYLD's 10.92% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | 1.13% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
XYLD Global X S&P 500 Covered Call ETF | 10.92% | 10.51% | 11.54% | 10.51% | 13.43% | 9.07% | 7.93% | 5.76% | 7.12% | 5.18% | 3.23% | 4.65% |