TSPY vs. XYLD

Last updated Aug 2, 2026

TSPY (TappAlpha S&P 500 Growth & Daily Income ETF) and XYLD (Global X S&P 500 Covered Call ETF) are both Derivative Income funds. TSPY is actively managed, while XYLD is passively managed. Over the past year, TSPY returned 20.20% vs 18.90% for XYLD. Their correlation of 0.82 means they have usually moved in the same direction. TSPY charges 0.68%/yr vs 0.60%/yr for XYLD.

Performance

TSPY vs. XYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TappAlpha S&P 500 Growth & Daily Income ETF (TSPY) and Global X S&P 500 Covered Call ETF (XYLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with TSPY having a 8.08% return and XYLD slightly lower at 8.05%.

TSPY

• 1D: 0.53%
• 1M: 0.29%
• 6M: 6.27%
• YTD: 8.08%
• 1Y: 20.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.62%

XYLD

• 1D: 0.49%
• 1M: 1.82%
• 6M: 6.81%
• YTD: 8.05%
• 1Y: 18.90%
• 3Y*: 11.51%
• 5Y*: 7.90%
• 10Y*: 8.34%
• ALL TIME*: 8.37%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
TSPY TappAlpha S&P 500 Growth & Daily Income ETF	$5.19M	$4.92M	$5.63M
XYLD Global X S&P 500 Covered Call ETF	$36.93M	$37.58M	$32.35M

TSPY vs. XYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSPY TappAlpha S&P 500 Growth & Daily Income ETF	8.08%	17.29%	6.59%
XYLD Global X S&P 500 Covered Call ETF	8.05%	8.02%	10.18%

Correlation

The correlation between TSPY and XYLD is 0.88, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.88
Correlation (All Time) Calculated using the full available price history since Aug 15, 2024	0.82

The correlation between TSPY and XYLD has been stable across timeframes, ranging from 0.82 to 0.88 - a consistent structural relationship.

Return for Risk

TSPY vs. XYLD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TSPY

TSPY Risk / Return Rank: 59
TSPY Sharpe Ratio Rank: 60
TSPY Sortino Ratio Rank: 59
TSPY Omega Ratio Rank: 60
TSPY Calmar Ratio Rank: 53
TSPY Martin Ratio Rank: 65

XYLD

XYLD Risk / Return Rank: 93
XYLD Sharpe Ratio Rank: 93
XYLD Sortino Ratio Rank: 94
XYLD Omega Ratio Rank: 95
XYLD Calmar Ratio Rank: 87
XYLD Martin Ratio Rank: 94

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TSPY vs. XYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TappAlpha S&P 500 Growth & Daily Income ETF (TSPY) 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.

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.

	TSPY	XYLD	Difference
Sharpe ratio: Return per unit of total volatility	1.41	2.53	-1.12
Sortino ratio: Return per unit of downside risk	1.98	3.60	-1.61
Omega ratio: Gain probability vs. loss probability	1.26	1.56	-0.31
Calmar ratio: Return relative to maximum drawdown	1.86	3.40	-1.54
Martin ratio: Return relative to average drawdown	7.80	17.69	-9.89

TSPY vs. XYLD - Sharpe Ratio Comparison

The current TSPY Sharpe Ratio is 1.41, which is lower than the XYLD Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of TSPY 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.

Drawdowns

TSPY vs. XYLD - Drawdown Comparison

The maximum TSPY drawdown since its inception was -18.02%, smaller than the maximum XYLD drawdown of -33.46%. Use the drawdown chart below to compare losses from any high point for TSPY and XYLD.

Drawdown Indicators

	TSPY	XYLD	Difference
Max Drawdown Largest peak-to-trough decline	-18.02%	-33.46%	+15.44%
Max Drawdown (1Y) Largest decline over 1 year	-9.63%	-5.29%	-4.34%
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	-1.16%	0.00%	-1.16%
Average Drawdown Average peak-to-trough decline	-2.46%	-3.68%	+1.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.30%	1.02%	+1.28%

Volatility

TSPY vs. XYLD - Volatility Comparison

TappAlpha S&P 500 Growth & Daily Income ETF (TSPY) has a higher volatility of 3.92% compared to Global X S&P 500 Covered Call ETF (XYLD) at 1.92%. This indicates that TSPY'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

	TSPY	XYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.92%	1.92%	+2.00%
Volatility (6M) Calculated over the trailing 6-month period	9.88%	5.97%	+3.91%
Volatility (1Y) Calculated over the trailing 1-year period	12.74%	7.13%	+5.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.95%	11.27%	+4.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.95%	14.15%	+1.80%

TSPY vs. XYLD - Expense Ratio Comparison

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

Dividends

TSPY vs. XYLD - Dividend Comparison

TSPY's dividend yield for the trailing twelve months is around 14.02%, more than XYLD's 10.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TSPY TappAlpha S&P 500 Growth & Daily Income ETF	14.02%	13.69%	3.45%	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	10.53%	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 TSPY and XYLD in my portfolio?

TSPY and XYLD have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSPY or XYLD?

TSPY has higher volatility (3.92%) compared to XYLD (1.92%). In terms of maximum drawdown, TSPY dropped -18.02% vs XYLD's -33.46%.

Which ETF is better, TSPY or XYLD?

On 1-year performance, TSPY leads with 20.20% vs 18.90% for XYLD. On fees, XYLD is cheaper at 0.60% per year. On volatility, XYLD has been the lower-risk option at 1.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSPY or XYLD?

Over the 1-year period, TSPY has performed better with a 20.20% return vs 18.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSPY or XYLD?

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

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

TSPY has the higher dividend yield at 14.02%, compared with 10.53% for XYLD.

What is the main difference between TSPY and XYLD?

They also come from different issuers: TappAlpha and Global X. Their fees differ too: 0.68% for TSPY and 0.60% for XYLD.

Which has better risk-adjusted returns?

XYLD currently has the higher Sharpe Ratio (2.53 vs 1.41), 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.