SPYT vs. QYLD

Last updated Jun 4, 2026

SPYT (Defiance S&P 500 Income Target ETF) and QYLD (Global X NASDAQ 100 Covered Call ETF) are both exchange-traded funds - SPYT is a Derivative Income fund actively managed by Defiance, while QYLD is a Nasdaq-100 fund tracking the CBOE NASDAQ-100 Buy Write V2. SPYT is actively managed, while QYLD is passively managed. Over the past year, SPYT returned 23.29% vs 23.93% for QYLD. Their correlation of 0.83 suggests significant overlap in exposure. SPYT charges 0.87%/yr vs 0.60%/yr for QYLD.

Performance

SPYT vs. QYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance S&P 500 Income Target ETF (SPYT) 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, SPYT achieves a 9.70% return, which is significantly higher than QYLD's 7.88% return.

SPYT

• 1D: -0.68%
• 1M: 3.81%
• YTD: 9.70%
• 6M: 9.51%
• 1Y: 23.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QYLD

• 1D: -0.06%
• 1M: 1.62%
• YTD: 7.88%
• 6M: 9.97%
• 1Y: 23.93%
• 3Y*: 13.80%
• 5Y*: 8.43%
• 10Y*: 9.80%

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

SPYT vs. QYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPYT Defiance S&P 500 Income Target ETF	9.70%	12.41%	12.94%
QYLD Global X NASDAQ 100 Covered Call ETF	7.88%	9.28%	13.13%

Correlation

The correlation between SPYT and QYLD is 0.81, 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	0.81
Correlation (All Time) Calculated using the full available price history since Mar 8, 2024	0.83

The correlation between SPYT and QYLD has been stable across timeframes, ranging from 0.81 to 0.83 - a consistent structural relationship.

SPYT vs. QYLD - Sectors Allocation Comparison

Sectors	SPYT	QYLD
Technology	36.2%	53.8%
Financial Services	11.9%	0.2%
Communication Services	10.9%	15.8%
Consumer Cyclical	10.1%	12.3%
Healthcare	8.4%	4.2%
Industrials	8.1%	2.8%
Consumer Defensive	4.9%	7.7%
Energy	3.5%	0.6%
Utilities	2.3%	1.4%
Real Estate	1.9%	0.1%
Basic Materials	1.8%	1.1%

Return for Risk

SPYT vs. QYLD — Risk / Return Rank

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

SPYT

SPYT Risk / Return Rank: 65
SPYT Sharpe Ratio Rank: 63
SPYT Sortino Ratio Rank: 63
SPYT Omega Ratio Rank: 70
SPYT Calmar Ratio Rank: 58
SPYT Martin Ratio Rank: 72

QYLD

QYLD Risk / Return Rank: 88
QYLD Sharpe Ratio Rank: 84
QYLD Sortino Ratio Rank: 85
QYLD Omega Ratio Rank: 92
QYLD Calmar Ratio Rank: 86
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.

SPYT vs. QYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance S&P 500 Income Target ETF (SPYT) 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.

	SPYT	QYLD	Difference
Sharpe ratio: Return per unit of total volatility	2.16	2.80	-0.65
Sortino ratio: Return per unit of downside risk	2.98	3.92	-0.94
Omega ratio: Gain probability vs. loss probability	1.43	1.63	-0.20
Calmar ratio: Return relative to maximum drawdown	2.93	4.84	-1.91
Martin ratio: Return relative to average drawdown	13.59	28.36	-14.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPYT vs. QYLD - Sharpe Ratio Comparison

The current SPYT Sharpe Ratio is 2.16, which is comparable to the QYLD Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of SPYT 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.

Sharpe Ratios by Period

	SPYT	QYLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.16	2.80	-0.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.58	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.63	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.08	0.59	+0.49

Drawdowns

SPYT vs. QYLD - Drawdown Comparison

The maximum SPYT drawdown since its inception was -18.25%, smaller than the maximum QYLD drawdown of -24.75%. Use the drawdown chart below to compare losses from any high point for SPYT and QYLD.

Drawdown Indicators

	SPYT	QYLD	Difference
Max Drawdown Largest peak-to-trough decline	-18.25%	-24.75%	+6.50%
Max Drawdown (1Y) Largest decline over 1 year	-8.00%	-4.97%	-3.03%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.06%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.61%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-24.75%	—
Current Drawdown Current decline from peak	-0.68%	-0.06%	-0.62%
Average Drawdown Average peak-to-trough decline	-2.00%	-3.84%	+1.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.72%	0.85%	+0.87%

Volatility

SPYT vs. QYLD - Volatility Comparison

Defiance S&P 500 Income Target ETF (SPYT) has a higher volatility of 2.54% compared to Global X NASDAQ 100 Covered Call ETF (QYLD) at 1.85%. This indicates that SPYT's price experiences larger fluctuations and is considered to be riskier than QYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYT	QYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.54%	1.85%	+0.69%
Volatility (6M) Calculated over the trailing 6-month period	8.32%	7.12%	+1.20%
Volatility (1Y) Calculated over the trailing 1-year period	10.86%	8.58%	+2.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.80%	14.70%	+0.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.80%	15.49%	-0.69%

SPYT vs. QYLD - Expense Ratio Comparison

SPYT has a 0.87% expense ratio, which is higher than QYLD's 0.60% expense ratio.

Dividends

SPYT vs. QYLD - Dividend Comparison

SPYT's dividend yield for the trailing twelve months is around 20.73%, more than QYLD's 11.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QYLD Global X NASDAQ 100 Covered Call ETF	11.46%	11.55%	12.50%	11.78%	13.75%	12.85%	11.16%	9.84%	12.44%	7.69%	9.15%	9.42%
SPYT Defiance S&P 500 Income Target ETF	20.73%	21.40%	17.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPYT and QYLD in my portfolio?

SPYT and QYLD have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYT or QYLD?

SPYT has higher volatility (2.54%) compared to QYLD (1.85%). In terms of maximum drawdown, SPYT dropped -18.25% vs QYLD's -24.75%.

Which ETF is better, SPYT or QYLD?

On 1-year performance, QYLD leads with 23.93% vs 23.29% for SPYT. On fees, QYLD is cheaper at 0.60% per year. On volatility, QYLD has been the lower-risk option at 1.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYT or QYLD?

Over the 1-year period, QYLD has performed better with a 23.93% return vs 23.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYT or QYLD?

QYLD is cheaper with a 0.60% expense ratio, compared with 0.87% for SPYT.

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

SPYT has the higher dividend yield at 20.73%, compared with 11.46% for QYLD.

What is the main difference between SPYT and QYLD?

SPYT is categorized as Derivative Income, while QYLD is Nasdaq-100. They also come from different issuers: Defiance and Global X. Their fees differ too: 0.87% for SPYT and 0.60% for QYLD.

Which has better risk-adjusted returns?

QYLD currently has the higher Sharpe Ratio (2.80 vs 2.16), 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.