SPYA vs. XCLR

Last updated Aug 1, 2026

SPYA (Twin Oak Endure ETF) and XCLR (Global X S&P 500 Collar 95-110 ETF) are both Equity Hedged funds. SPYA is actively managed, while XCLR is passively managed. Over the past year, SPYA returned 15.32% vs 9.31% for XCLR. Their correlation of 0.88 means they have usually moved in the same direction. SPYA charges 0.49%/yr vs 0.25%/yr for XCLR.

Performance

SPYA vs. XCLR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Twin Oak Endure ETF (SPYA) and Global X S&P 500 Collar 95-110 ETF (XCLR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYA achieves a 6.81% return, which is significantly higher than XCLR's 1.99% return.

SPYA

• 1D: 0.79%
• 1M: 0.13%
• 6M: 6.57%
• YTD: 6.81%
• 1Y: 15.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.32%

XCLR

• 1D: 0.18%
• 1M: -0.23%
• 6M: 0.85%
• YTD: 1.99%
• 1Y: 9.31%
• 3Y*: 11.99%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.24%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SPYA Twin Oak Endure ETF	$911.14	$812.26	$1.89K
XCLR Global X S&P 500 Collar 95-110 ETF	$117.09K	$59.33K	$34.30K

SPYA vs. XCLR - Yearly Performance Comparison

	2026 (YTD)	2025
SPYA Twin Oak Endure ETF	6.81%	12.65%
XCLR Global X S&P 500 Collar 95-110 ETF	1.99%	11.45%

Correlation

The correlation between SPYA and XCLR is 0.90, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.90
Correlation (All Time) Calculated using the full available price history since Jun 3, 2025	0.88

The correlation between SPYA and XCLR has been stable across timeframes, ranging from 0.88 to 0.90 - a consistent structural relationship.

Return for Risk

SPYA vs. XCLR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SPYA

SPYA Risk / Return Rank: 45
SPYA Sharpe Ratio Rank: 46
SPYA Sortino Ratio Rank: 44
SPYA Omega Ratio Rank: 43
SPYA Calmar Ratio Rank: 42
SPYA Martin Ratio Rank: 47

XCLR

XCLR Risk / Return Rank: 36
XCLR Sharpe Ratio Rank: 38
XCLR Sortino Ratio Rank: 35
XCLR Omega Ratio Rank: 37
XCLR Calmar Ratio Rank: 30
XCLR Martin Ratio Rank: 38

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SPYA vs. XCLR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Twin Oak Endure ETF (SPYA) and Global X S&P 500 Collar 95-110 ETF (XCLR). 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.

	SPYA	XCLR	Difference
Sharpe ratio: Return per unit of total volatility	1.16	0.95	+0.20
Sortino ratio: Return per unit of downside risk	1.65	1.34	+0.31
Omega ratio: Gain probability vs. loss probability	1.20	1.17	+0.03
Calmar ratio: Return relative to maximum drawdown	1.48	0.99	+0.49
Martin ratio: Return relative to average drawdown	5.46	3.92	+1.54

SPYA vs. XCLR - Sharpe Ratio Comparison

The current SPYA Sharpe Ratio is 1.16, which is comparable to the XCLR Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of SPYA and XCLR, 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

SPYA vs. XCLR - Drawdown Comparison

The maximum SPYA drawdown since its inception was -9.51%, smaller than the maximum XCLR drawdown of -14.63%. Use the drawdown chart below to compare losses from any high point for SPYA and XCLR.

Drawdown Indicators

	SPYA	XCLR	Difference
Max Drawdown Largest peak-to-trough decline	-9.51%	-14.63%	+5.12%
Max Drawdown (1Y) Largest decline over 1 year	-9.51%	-8.29%	-1.22%
Max Drawdown (3Y) Largest decline over 3 years	—	-12.46%	—
Current Drawdown Current decline from peak	-1.80%	-1.23%	-0.57%
Average Drawdown Average peak-to-trough decline	-1.53%	-4.57%	+3.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	2.09%	+0.48%

Volatility

SPYA vs. XCLR - Volatility Comparison

Twin Oak Endure ETF (SPYA) has a higher volatility of 3.23% compared to Global X S&P 500 Collar 95-110 ETF (XCLR) at 2.57%. This indicates that SPYA's price experiences larger fluctuations and is considered to be riskier than XCLR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYA	XCLR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.23%	2.57%	+0.66%
Volatility (6M) Calculated over the trailing 6-month period	9.41%	6.01%	+3.40%
Volatility (1Y) Calculated over the trailing 1-year period	12.17%	8.61%	+3.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.54%	10.35%	+1.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.54%	10.35%	+1.19%

SPYA vs. XCLR - Expense Ratio Comparison

SPYA has a 0.49% expense ratio, which is higher than XCLR's 0.25% expense ratio.

Dividends

SPYA vs. XCLR - Dividend Comparison

SPYA's dividend yield for the trailing twelve months is around 0.35%, less than XCLR's 12.88% yield.

Position	TTM	2025	2024	2023	2022	2021
SPYA Twin Oak Endure ETF	0.35%	0.37%	0.00%	0.00%	0.00%	0.00%
XCLR Global X S&P 500 Collar 95-110 ETF	12.88%	13.15%	18.76%	1.40%	1.01%	1.70%

Frequently Asked Questions

Can I hold both SPYA and XCLR in my portfolio?

With a correlation of 0.90, SPYA and XCLR move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SPYA or XCLR?

SPYA has higher volatility (3.23%) compared to XCLR (2.57%). In terms of maximum drawdown, SPYA dropped -9.51% vs XCLR's -14.63%.

Which ETF is better, SPYA or XCLR?

On 1-year performance, SPYA leads with 15.32% vs 9.31% for XCLR. On fees, XCLR is cheaper at 0.25% per year. On volatility, XCLR has been the lower-risk option at 2.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYA or XCLR?

Over the 1-year period, SPYA has performed better with a 15.32% return vs 9.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYA or XCLR?

XCLR is cheaper with a 0.25% expense ratio, compared with 0.49% for SPYA.

Which ETF pays a higher dividend yield, SPYA or XCLR?

XCLR has the higher dividend yield at 12.88%, compared with 0.35% for SPYA.

What is the main difference between SPYA and XCLR?

They also come from different issuers: Twin Oak and Global X. Their fees differ too: 0.49% for SPYA and 0.25% for XCLR.

Which has better risk-adjusted returns?

SPYA currently has the higher Sharpe Ratio (1.16 vs 0.95), 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.