TOBAX vs. XYLD

Last updated Jun 4, 2026

TOBAX (Touchstone Active Bond Fund) and XYLD (Global X S&P 500 Covered Call ETF) are both funds - TOBAX is a Intermediate Core-Plus Bond fund managed by Touchstone, while XYLD is a Derivative Income fund tracking the Cboe S&P 500 BuyWrite Index. Over the past 10 years, TOBAX returned 2.06%/yr vs 8.25%/yr for XYLD. At a correlation of -0.00, they often move in opposite directions. TOBAX charges 0.83%/yr vs 0.60%/yr for XYLD.

Performance

TOBAX vs. XYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Touchstone Active Bond Fund (TOBAX) 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, TOBAX achieves a 0.23% return, which is significantly lower than XYLD's 4.96% return. Over the past 10 years, TOBAX has underperformed XYLD with an annualized return of 2.06%, while XYLD has yielded a comparatively higher 8.25% annualized return.

TOBAX

• 1D: -0.11%
• 1M: 0.46%
• YTD: 0.23%
• 6M: 0.36%
• 1Y: 5.62%
• 3Y*: 4.64%
• 5Y*: 0.25%
• 10Y*: 2.06%

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)

TOBAX vs. XYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TOBAX Touchstone Active Bond Fund	0.23%	7.66%	2.22%	6.38%	-14.20%	-1.34%	9.93%	10.11%	-1.94%	3.51%
XYLD Global X S&P 500 Covered Call ETF	4.96%	8.02%	19.49%	11.10%	-12.05%	19.59%	-0.56%	21.41%	-6.09%	16.49%

Correlation

The correlation between TOBAX and XYLD is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (10Y) Calculated over the trailing 10-year period	0.01
Correlation (All Time) Calculated using the full available price history since Jun 25, 2013	-0.00

The correlation between TOBAX and XYLD shifts across timeframes, from -0.00 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

TOBAX vs. XYLD — Risk / Return Rank

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

TOBAX

TOBAX Risk / Return Rank: 29
TOBAX Sharpe Ratio Rank: 29
TOBAX Sortino Ratio Rank: 31
TOBAX Omega Ratio Rank: 29
TOBAX Calmar Ratio Rank: 30
TOBAX Martin Ratio Rank: 25

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.

TOBAX vs. XYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Touchstone Active Bond Fund (TOBAX) 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.

	TOBAX	XYLD	Difference
Sharpe ratio Return per unit of total volatility	1.55	2.71	-1.16
Sortino ratio Return per unit of downside risk	2.32	3.87	-1.55
Omega ratio Gain probability vs. loss probability	1.28	1.64	-0.36
Calmar ratio Return relative to maximum drawdown	2.04	3.35	-1.31
Martin ratio Return relative to average drawdown	6.18	17.84	-11.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TOBAX vs. XYLD - Sharpe Ratio Comparison

The current TOBAX Sharpe Ratio is 1.55, which is lower than the XYLD Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of TOBAX 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

	TOBAX	XYLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.55	2.71	-1.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	0.69	-0.65
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	0.58	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	0.60	+0.29

Drawdowns

TOBAX vs. XYLD - Drawdown Comparison

The maximum TOBAX drawdown since its inception was -19.73%, smaller than the maximum XYLD drawdown of -33.46%. Use the drawdown chart below to compare losses from any high point for TOBAX and XYLD.

Drawdown Indicators

	TOBAX	XYLD	Difference
Max Drawdown Largest peak-to-trough decline	-19.73%	-33.46%	+13.73%
Max Drawdown (1Y) Largest decline over 1 year	-2.88%	-5.29%	+2.41%
Max Drawdown (3Y) Largest decline over 3 years	-6.12%	-15.53%	+9.41%
Max Drawdown (5Y) Largest decline over 5 years	-19.73%	-18.66%	-1.07%
Max Drawdown (10Y) Largest decline over 10 years	-19.73%	-33.46%	+13.73%
Current Drawdown Current decline from peak	-1.47%	-0.15%	-1.32%
Average Drawdown Average peak-to-trough decline	-2.43%	-3.72%	+1.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	0.99%	-0.04%

Volatility

TOBAX vs. XYLD - Volatility Comparison

Touchstone Active Bond Fund (TOBAX) has a higher volatility of 1.39% compared to Global X S&P 500 Covered Call ETF (XYLD) at 0.88%. This indicates that TOBAX'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

	TOBAX	XYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.39%	0.88%	+0.51%
Volatility (6M) Calculated over the trailing 6-month period	2.74%	5.37%	-2.63%
Volatility (1Y) Calculated over the trailing 1-year period	3.81%	6.55%	-2.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.80%	11.22%	-5.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.81%	14.21%	-9.40%

TOBAX vs. XYLD - Expense Ratio Comparison

TOBAX has a 0.83% expense ratio, which is higher than XYLD's 0.60% expense ratio.

Dividends

TOBAX vs. XYLD - Dividend Comparison

TOBAX's dividend yield for the trailing twelve months is around 4.02%, less than XYLD's 10.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TOBAX Touchstone Active Bond Fund	4.02%	3.52%	3.72%	3.63%	3.10%	2.24%	2.58%	2.59%	2.79%	2.29%	2.65%	2.99%
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 TOBAX and XYLD in my portfolio?

TOBAX and XYLD have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TOBAX or XYLD?

TOBAX has higher volatility (1.39%) compared to XYLD (0.88%). In terms of maximum drawdown, TOBAX dropped -19.73% vs XYLD's -33.46%.

Which has better risk-adjusted returns?

XYLD currently has the higher Sharpe Ratio (2.71 vs 1.55), 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.