SPYO.L vs. QYLD.L
SPYO.L (IncomeShares S&P500 Options (0DTE) ETP GBP) and QYLD.L (Global X Nasdaq 100 Covered Call UCITS ETF USD (Dist)) are both exchange-traded funds - SPYO.L is a Derivative Income fund actively managed by Leverage Shares, while QYLD.L is a Nasdaq-100 fund tracking the Cboe Nasdaq-100 BuyWrite v2 UCITS Index. SPYO.L is actively managed, while QYLD.L is passively managed. Over the past year, SPYO.L returned 8.65% vs 15.88% for QYLD.L. A 0.56 correlation means they provide meaningful diversification when combined. Both charge a 0.45% expense ratio.
Performance
SPYO.L vs. QYLD.L - Performance Comparison
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Different Trading Currencies
SPYO.L is traded in GBp, while QYLD.L is traded in USD. To make them comparable, the QYLD.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, SPYO.L achieves a -3.87% return, which is significantly lower than QYLD.L's 4.85% return.
SPYO.L
- 1D
- 0.00%
- 1M
- 0.28%
- 6M
- -5.12%
- YTD
- -3.87%
- 1Y
- 8.65%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
QYLD.L
- 1D
- -1.99%
- 1M
- -3.73%
- 6M
- 3.25%
- YTD
- 4.85%
- 1Y
- 15.88%
- 3Y*
- 10.74%
- 5Y*
- —
- 10Y*
- —
SPYO.L vs. QYLD.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SPYO.L IncomeShares S&P500 Options (0DTE) ETP GBP | -3.87% | 11.82% | 7,429.94% |
QYLD.L Global X Nasdaq 100 Covered Call UCITS ETF USD (Dist) | 4.85% | -2.14% | 15.58% |
Correlation
The correlation between SPYO.L and QYLD.L is 0.56, 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 | 0.56 |
Correlation (All Time) Calculated using the full available price history since Sep 2, 2024 | 0.56 |
The correlation between SPYO.L and QYLD.L has been stable across timeframes, ranging from 0.56 to 0.56 - a consistent structural relationship.
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Return for Risk
SPYO.L vs. QYLD.L — Risk / Return Rank
SPYO.L
QYLD.L
SPYO.L vs. QYLD.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IncomeShares S&P500 Options (0DTE) ETP GBP (SPYO.L) and Global X Nasdaq 100 Covered Call UCITS ETF USD (Dist) (QYLD.L). 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.
| SPYO.L | QYLD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.28 | ||
| Sortino ratioReturn per unit of downside risk | -1.41 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.28 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.26 | 3.39 | -3.13 |
| Martin ratioReturn relative to average drawdown | 0.38 | 11.47 | -11.09 |
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Drawdowns
SPYO.L vs. QYLD.L - Drawdown Comparison
The maximum SPYO.L drawdown since its inception was -33.74%, which is greater than QYLD.L's maximum drawdown of -24.76%. Use the drawdown chart below to compare losses from any high point for SPYO.L and QYLD.L.
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Drawdown Indicators
| SPYO.L | QYLD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.74% | -24.76% | -8.98% |
Max Drawdown (1Y)Largest decline over 1 year | -33.74% | -4.66% | -29.08% |
Max Drawdown (3Y)Largest decline over 3 years | — | -24.76% | — |
Current DrawdownCurrent decline from peak | -26.77% | -4.66% | -22.11% |
Average DrawdownAverage peak-to-trough decline | -12.95% | -5.50% | -7.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.79% | 1.37% | +21.42% |
Volatility
SPYO.L vs. QYLD.L - Volatility Comparison
The current volatility for IncomeShares S&P500 Options (0DTE) ETP GBP (SPYO.L) is 2.40%, while Global X Nasdaq 100 Covered Call UCITS ETF USD (Dist) (QYLD.L) has a volatility of 5.02%. This indicates that SPYO.L experiences smaller price fluctuations and is considered to be less risky than QYLD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPYO.L | QYLD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.40% | 5.02% | -2.62% |
Volatility (6M)Calculated over the trailing 6-month period | 9.18% | 8.81% | +0.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.20% | 10.67% | +32.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5,455.86% | 16.77% | +5,439.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5,455.86% | 16.77% | +5,439.09% |
SPYO.L vs. QYLD.L - Expense Ratio Comparison
Both SPYO.L and QYLD.L have an expense ratio of 0.45%.
Dividends
SPYO.L vs. QYLD.L - Dividend Comparison
SPYO.L's dividend yield for the trailing twelve months is around 37.61%, more than QYLD.L's 11.85% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
QYLD.L Global X Nasdaq 100 Covered Call UCITS ETF USD (Dist) | 11.85% | 11.41% | 12.28% | 10.88% |
SPYO.L IncomeShares S&P500 Options (0DTE) ETP GBP | 37.61% | 88.09% | 2.75% | 0.00% |
Frequently Asked Questions
SPYO.L and QYLD.L have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.45% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
SPYO.L and QYLD.L have the same expense ratio: 0.45% per year.
SPYO.L is categorized as Derivative Income, while QYLD.L is Nasdaq-100. They also come from different issuers: Leverage Shares and Global X.
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