SPYH vs. XYLD

Last updated Jun 4, 2026

SPYH (NEOS S&P 500 Hedged Equity Income ETF) and XYLD (Global X S&P 500 Covered Call ETF) are both exchange-traded funds - SPYH is a Equity Hedged fund actively managed by NEOS, while XYLD is a Derivative Income fund tracking the Cboe S&P 500 BuyWrite Index. SPYH is actively managed, while XYLD is passively managed. Over the past year, SPYH returned 18.78% vs 17.66% for XYLD. Their correlation of 0.86 suggests significant overlap in exposure. SPYH charges 0.68%/yr vs 0.60%/yr for XYLD.

Performance

SPYH vs. XYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS S&P 500 Hedged Equity Income ETF (SPYH) 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, SPYH achieves a 5.74% return, which is significantly higher than XYLD's 4.96% return.

SPYH

• 1D: -0.39%
• 1M: 3.32%
• YTD: 5.74%
• 6M: 6.16%
• 1Y: 18.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XYLD

• 1D: -0.15%
• 1M: 2.00%
• YTD: 4.96%
• 6M: 6.48%
• 1Y: 17.66%
• 3Y*: 11.27%
• 5Y*: 7.72%
• 10Y*: 8.25%

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

SPYH vs. XYLD - Yearly Performance Comparison

	2026 (YTD)	2025
SPYH NEOS S&P 500 Hedged Equity Income ETF	5.74%	21.09%
XYLD Global X S&P 500 Covered Call ETF	4.96%	14.71%

Correlation

The correlation between SPYH and XYLD is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (All Time) Calculated using the full available price history since Apr 4, 2025	0.86

The correlation between SPYH and XYLD has been stable across timeframes, ranging from 0.86 to 0.87 - a consistent structural relationship.

SPYH vs. XYLD - Sectors Allocation Comparison

Sectors	SPYH	XYLD
Technology	35.5%	35.6%
Financial Services	12.0%	11.8%
Communication Services	11.4%	11.2%
Consumer Cyclical	9.9%	10.2%
Healthcare	8.4%	8.5%
Industrials	7.8%	8.3%
Consumer Defensive	5.1%	4.9%
Energy	3.6%	3.5%
Utilities	2.5%	2.3%
Real Estate	2.0%	1.9%
Basic Materials	1.7%	1.8%

Return for Risk

SPYH vs. XYLD — Risk / Return Rank

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

SPYH

SPYH Risk / Return Rank: 73
SPYH Sharpe Ratio Rank: 74
SPYH Sortino Ratio Rank: 74
SPYH Omega Ratio Rank: 77
SPYH Calmar Ratio Rank: 64
SPYH Martin Ratio Rank: 78

XYLD

XYLD Risk / Return Rank: 82
XYLD Sharpe Ratio Rank: 81
XYLD Sortino Ratio Rank: 84
XYLD Omega Ratio Rank: 92
XYLD Calmar Ratio Rank: 66
XYLD Martin Ratio Rank: 85

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.

SPYH vs. XYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 Hedged Equity Income ETF (SPYH) 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.

	SPYH	XYLD	Difference
Sharpe ratio: Return per unit of total volatility	2.42	2.71	-0.29
Sortino ratio: Return per unit of downside risk	3.35	3.87	-0.52
Omega ratio: Gain probability vs. loss probability	1.46	1.64	-0.18
Calmar ratio: Return relative to maximum drawdown	3.13	3.35	-0.22
Martin ratio: Return relative to average drawdown	15.14	17.84	-2.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPYH vs. XYLD - Sharpe Ratio Comparison

The current SPYH Sharpe Ratio is 2.42, which is comparable to the XYLD Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of SPYH 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.

Sharpe Ratios by Period

	SPYH	XYLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.42	2.71	-0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.69	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.58	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.93	0.60	+1.32

Drawdowns

SPYH vs. XYLD - Drawdown Comparison

The maximum SPYH drawdown since its inception was -6.39%, smaller than the maximum XYLD drawdown of -33.46%. Use the drawdown chart below to compare losses from any high point for SPYH and XYLD.

Drawdown Indicators

	SPYH	XYLD	Difference
Max Drawdown Largest peak-to-trough decline	-6.39%	-33.46%	+27.07%
Max Drawdown (1Y) Largest decline over 1 year	-6.02%	-5.29%	-0.73%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.53%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-18.66%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.46%	—
Current Drawdown Current decline from peak	-0.39%	-0.15%	-0.24%
Average Drawdown Average peak-to-trough decline	-0.71%	-3.72%	+3.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.24%	0.99%	+0.25%

Volatility

SPYH vs. XYLD - Volatility Comparison

NEOS S&P 500 Hedged Equity Income ETF (SPYH) has a higher volatility of 1.55% compared to Global X S&P 500 Covered Call ETF (XYLD) at 0.88%. This indicates that SPYH'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.

Volatility by Period

	SPYH	XYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.55%	0.88%	+0.67%
Volatility (6M) Calculated over the trailing 6-month period	5.78%	5.37%	+0.41%
Volatility (1Y) Calculated over the trailing 1-year period	7.80%	6.55%	+1.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.36%	11.22%	+1.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.36%	14.21%	-1.85%

SPYH vs. XYLD - Expense Ratio Comparison

SPYH has a 0.68% expense ratio, which is higher than XYLD's 0.60% expense ratio.

Dividends

SPYH vs. XYLD - Dividend Comparison

SPYH's dividend yield for the trailing twelve months is around 7.54%, less than XYLD's 10.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPYH NEOS S&P 500 Hedged Equity Income ETF	7.54%	5.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XYLD Global X S&P 500 Covered Call ETF	10.52%	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 SPYH and XYLD in my portfolio?

SPYH and XYLD have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYH or XYLD?

SPYH has higher volatility (1.55%) compared to XYLD (0.88%). In terms of maximum drawdown, SPYH dropped -6.39% vs XYLD's -33.46%.

Which ETF is better, SPYH or XYLD?

On 1-year performance, SPYH leads with 18.78% vs 17.66% for XYLD. On fees, XYLD is cheaper at 0.60% per year. On volatility, XYLD has been the lower-risk option at 0.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYH or XYLD?

Over the 1-year period, SPYH has performed better with a 18.78% return vs 17.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYH or XYLD?

XYLD is cheaper with a 0.60% expense ratio, compared with 0.68% for SPYH.

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

XYLD has the higher dividend yield at 10.52%, compared with 7.54% for SPYH.

What is the main difference between SPYH and XYLD?

SPYH is categorized as Equity Hedged, while XYLD is Derivative Income. They also come from different issuers: NEOS and Global X. Their fees differ too: 0.68% for SPYH and 0.60% for XYLD.

Which has better risk-adjusted returns?

XYLD currently has the higher Sharpe Ratio (2.71 vs 2.42), 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.