SPYM vs. QYLD

Last updated Jul 21, 2026

SPYM (State Street SPDR Portfolio S&P 500 ETF) and QYLD (Global X NASDAQ 100 Covered Call ETF) are both exchange-traded funds - SPYM is a S&P 500 fund tracking the S&P 500 Index, while QYLD is a Nasdaq-100 fund tracking the CBOE NASDAQ-100 Buy Write V2. Both are passively managed. Over the past 10 years, SPYM returned 15.03%/yr vs 9.59%/yr for QYLD. A 0.77 correlation means they provide meaningful diversification when combined. SPYM charges 0.02%/yr vs 0.60%/yr for QYLD.

Performance

SPYM vs. QYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Portfolio S&P 500 ETF (SPYM) and Global X NASDAQ 100 Covered Call ETF (QYLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYM achieves a 9.47% return, which is significantly higher than QYLD's 7.22% return. Over the past 10 years, SPYM has outperformed QYLD with an annualized return of 15.03%, while QYLD has yielded a comparatively lower 9.59% annualized return.

SPYM

• 1D: -0.14%
• 1M: -0.60%
• 6M: 7.91%
• YTD: 9.47%
• 1Y: 19.65%
• 3Y*: 19.52%
• 5Y*: 12.89%
• 10Y*: 15.03%
• ALL TIME*: 11.15%

QYLD

• 1D: 0.16%
• 1M: -2.71%
• 6M: 5.96%
• YTD: 7.22%
• 1Y: 19.97%
• 3Y*: 12.62%
• 5Y*: 7.90%
• 10Y*: 9.59%
• ALL TIME*: 8.55%

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

SPYM vs. QYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPYM State Street SPDR Portfolio S&P 500 ETF	9.47%	17.79%	25.00%	26.24%	-18.09%	28.78%	18.49%	31.99%	-4.78%	21.30%
QYLD Global X NASDAQ 100 Covered Call ETF	7.22%	9.28%	19.35%	22.77%	-19.08%	10.41%	8.72%	22.69%	-3.07%	18.79%

Correlation

The correlation between SPYM and QYLD is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Dec 12, 2013	0.77

The correlation between SPYM and QYLD has been stable across timeframes, ranging from 0.77 to 0.86 - a consistent structural relationship.

SPYM vs. QYLD - Sectors Allocation Comparison

Sectors	SPYM	QYLD
Technology	38.5%	59.2%
Financial Services	11.6%	0.2%
Communication Services	9.9%	13.3%
Consumer Cyclical	9.5%	10.6%
Healthcare	8.9%	3.6%
Industrials	8.4%	4.1%
Consumer Defensive	4.5%	6.3%
Energy	3.0%	0.5%
Utilities	2.2%	1.2%
Real Estate	1.8%	0.1%
Basic Materials	1.7%	1.0%

Return for Risk

SPYM vs. QYLD — Risk / Return Rank

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

SPYM

SPYM Risk / Return Rank: 64
SPYM Sharpe Ratio Rank: 64
SPYM Sortino Ratio Rank: 62
SPYM Omega Ratio Rank: 63
SPYM Calmar Ratio Rank: 59
SPYM Martin Ratio Rank: 72

QYLD

QYLD Risk / Return Rank: 85
QYLD Sharpe Ratio Rank: 78
QYLD Sortino Ratio Rank: 78
QYLD Omega Ratio Rank: 85
QYLD Calmar Ratio Rank: 90
QYLD Martin Ratio Rank: 94

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.

SPYM vs. QYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio S&P 500 ETF (SPYM) and Global X NASDAQ 100 Covered Call ETF (QYLD). 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.

	SPYM	QYLD	Difference
Sharpe ratio: Return per unit of total volatility	1.57	1.86	-0.29
Sortino ratio: Return per unit of downside risk	2.19	2.62	-0.43
Omega ratio: Gain probability vs. loss probability	1.28	1.38	-0.10
Calmar ratio: Return relative to maximum drawdown	2.22	4.04	-1.82
Martin ratio: Return relative to average drawdown	9.63	19.75	-10.12

SPYM vs. QYLD - Sharpe Ratio Comparison

The current SPYM Sharpe Ratio is 1.57, which is comparable to the QYLD Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of SPYM and QYLD, 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

SPYM vs. QYLD - Drawdown Comparison

The maximum SPYM drawdown since its inception was -54.46%, which is greater than QYLD's maximum drawdown of -24.75%. Use the drawdown chart below to compare losses from any high point for SPYM and QYLD.

Drawdown Indicators

	SPYM	QYLD	Difference
Max Drawdown Largest peak-to-trough decline	-54.46%	-24.75%	-29.71%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-4.97%	-3.93%
Max Drawdown (3Y) Largest decline over 3 years	-18.72%	-19.06%	+0.34%
Max Drawdown (5Y) Largest decline over 5 years	-24.48%	-24.61%	+0.13%
Max Drawdown (10Y) Largest decline over 10 years	-33.87%	-24.75%	-9.12%
Current Drawdown Current decline from peak	-2.01%	-3.37%	+1.36%
Average Drawdown Average peak-to-trough decline	-7.12%	-3.81%	-3.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	1.01%	+1.04%

Volatility

SPYM vs. QYLD - Volatility Comparison

The current volatility for State Street SPDR Portfolio S&P 500 ETF (SPYM) is 3.43%, while Global X NASDAQ 100 Covered Call ETF (QYLD) has a volatility of 5.86%. This indicates that SPYM experiences smaller price fluctuations and is considered to be less risky than QYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYM	QYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.43%	5.86%	-2.43%
Volatility (6M) Calculated over the trailing 6-month period	10.04%	9.67%	+0.37%
Volatility (1Y) Calculated over the trailing 1-year period	12.60%	10.83%	+1.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.90%	14.98%	+1.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.00%	15.60%	+2.40%

SPYM vs. QYLD - Expense Ratio Comparison

SPYM has a 0.02% expense ratio, which is lower than QYLD's 0.60% expense ratio.

Dividends

SPYM vs. QYLD - Dividend Comparison

SPYM's dividend yield for the trailing twelve months is around 1.04%, less than QYLD's 12.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QYLD Global X NASDAQ 100 Covered Call ETF	12.88%	11.55%	12.50%	11.78%	13.75%	12.85%	11.16%	9.84%	12.44%	7.69%	9.15%	9.42%
SPYM State Street SPDR Portfolio S&P 500 ETF	1.04%	1.13%	1.28%	1.44%	1.69%	1.25%	1.54%	1.79%	2.23%	1.75%	1.97%	1.98%

Frequently Asked Questions

Can I hold both SPYM and QYLD in my portfolio?

SPYM and QYLD have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYM or QYLD?

QYLD has higher volatility (5.86%) compared to SPYM (3.43%). In terms of maximum drawdown, SPYM dropped -54.46% vs QYLD's -24.75%.

Which ETF is better, SPYM or QYLD?

On 10-year performance, SPYM leads with 15.03% vs 9.59% for QYLD. On fees, SPYM is cheaper at 0.02% per year. On volatility, SPYM has been the lower-risk option at 3.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYM or QYLD?

Over the 10-year period, SPYM has performed better with a 15.03% return vs 9.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYM or QYLD?

SPYM is cheaper with a 0.02% expense ratio, compared with 0.60% for QYLD.

Which ETF pays a higher dividend yield, SPYM or QYLD?

QYLD has the higher dividend yield at 12.88%, compared with 1.04% for SPYM.

What is the main difference between SPYM and QYLD?

SPYM is categorized as S&P 500, while QYLD is Nasdaq-100. SPYM tracks S&P 500 Index, while QYLD tracks CBOE NASDAQ-100 Buy Write V2. They also come from different issuers: State Street and Global X. Their fees differ too: 0.02% for SPYM and 0.60% for QYLD.

Which has better risk-adjusted returns?

QYLD currently has the higher Sharpe Ratio (1.86 vs 1.57), 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.