TYD vs. QYLD

Last updated Jun 3, 2026

TYD (Direxion Daily 7-10 Year Treasury Bull 3X) and QYLD (Global X NASDAQ 100 Covered Call ETF) are both exchange-traded funds - TYD is a Leveraged Bonds fund tracking the NYSE 7-10 Year Treasury Bond 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, TYD returned -4.63%/yr vs 9.80%/yr for QYLD. At a correlation of -0.09, they often move in opposite directions. TYD charges 1.09%/yr vs 0.60%/yr for QYLD.

Performance

TYD vs. QYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily 7-10 Year Treasury Bull 3X (TYD) 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, TYD achieves a -5.40% return, which is significantly lower than QYLD's 7.94% return. Over the past 10 years, TYD has underperformed QYLD with an annualized return of -4.63%, while QYLD has yielded a comparatively higher 9.80% annualized return.

TYD

• 1D: 0.13%
• 1M: -1.42%
• YTD: -5.40%
• 6M: -7.08%
• 1Y: 1.17%
• 3Y*: -4.80%
• 5Y*: -12.47%
• 10Y*: -4.63%

QYLD

• 1D: 0.11%
• 1M: 1.62%
• YTD: 7.94%
• 6M: 10.09%
• 1Y: 24.45%
• 3Y*: 13.82%
• 5Y*: 8.61%
• 10Y*: 9.80%

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

TYD vs. QYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TYD Direxion Daily 7-10 Year Treasury Bull 3X	-5.40%	11.68%	-13.89%	-2.87%	-43.32%	-11.36%	27.62%	17.88%	0.76%	5.64%
QYLD Global X NASDAQ 100 Covered Call ETF	7.94%	9.28%	19.35%	22.77%	-19.08%	10.41%	8.72%	22.69%	-3.07%	18.79%

Correlation

The correlation between TYD and QYLD is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (5Y) Calculated over the trailing 5-year period	0.05
Correlation (10Y) Calculated over the trailing 10-year period	-0.05
Correlation (All Time) Calculated using the full available price history since Dec 13, 2013	-0.09

The correlation between TYD and QYLD shifts across timeframes, from -0.09 (all time) to 0.15 (1 year), reflecting how their relationship changes across market environments.

TYD vs. QYLD - Sectors Allocation Comparison

Sectors	TYD	QYLD
Financial Services	21.5%	0.2%
Basic Materials	-	1.1%
Communication Services	-	15.8%
Consumer Cyclical	-	12.3%
Consumer Defensive	-	7.7%
Energy	-	0.6%
Healthcare	-	4.2%
Industrials	-	2.8%
Real Estate	-	0.1%
Technology	-	53.8%
Utilities	-	1.4%

Return for Risk

TYD vs. QYLD — Risk / Return Rank

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

TYD

TYD Risk / Return Rank: 9
TYD Sharpe Ratio Rank: 10
TYD Sortino Ratio Rank: 9
TYD Omega Ratio Rank: 9
TYD Calmar Ratio Rank: 9
TYD Martin Ratio Rank: 9

QYLD

QYLD Risk / Return Rank: 90
QYLD Sharpe Ratio Rank: 86
QYLD Sortino Ratio Rank: 88
QYLD Omega Ratio Rank: 93
QYLD Calmar Ratio Rank: 87
QYLD Martin Ratio Rank: 95

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.

TYD vs. QYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 7-10 Year Treasury Bull 3X (TYD) 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.

	TYD	QYLD	Difference
Sharpe ratio Return per unit of total volatility	0.08	2.86	-2.78
Sortino ratio Return per unit of downside risk	0.22	3.99	-3.77
Omega ratio Gain probability vs. loss probability	1.02	1.64	-0.62
Calmar ratio Return relative to maximum drawdown	0.02	5.03	-5.01
Martin ratio Return relative to average drawdown	0.05	29.54	-29.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TYD vs. QYLD - Sharpe Ratio Comparison

The current TYD Sharpe Ratio is 0.08, which is lower than the QYLD Sharpe Ratio of 2.86. The chart below compares the historical Sharpe Ratios of TYD 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

	TYD	QYLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.08	2.86	-2.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.55	0.59	-1.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.23	0.63	-0.86
Sharpe Ratio (All Time) Calculated using the full available price history	0.05	0.59	-0.54

Drawdowns

TYD vs. QYLD - Drawdown Comparison

The maximum TYD drawdown since its inception was -64.28%, which is greater than QYLD's maximum drawdown of -24.75%. Use the drawdown chart below to compare losses from any high point for TYD and QYLD.

Drawdown Indicators

	TYD	QYLD	Difference
Max Drawdown Largest peak-to-trough decline	-64.28%	-24.75%	-39.53%
Max Drawdown (1Y) Largest decline over 1 year	-13.54%	-4.97%	-8.57%
Max Drawdown (3Y) Largest decline over 3 years	-25.04%	-19.06%	-5.98%
Max Drawdown (5Y) Largest decline over 5 years	-59.84%	-24.61%	-35.23%
Max Drawdown (10Y) Largest decline over 10 years	-64.28%	-24.75%	-39.53%
Current Drawdown Current decline from peak	-58.89%	0.00%	-58.89%
Average Drawdown Average peak-to-trough decline	-21.94%	-3.84%	-18.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.92%	0.85%	+4.07%

Volatility

TYD vs. QYLD - Volatility Comparison

Direxion Daily 7-10 Year Treasury Bull 3X (TYD) has a higher volatility of 4.26% compared to Global X NASDAQ 100 Covered Call ETF (QYLD) at 1.85%. This indicates that TYD'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

	TYD	QYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.26%	1.85%	+2.41%
Volatility (6M) Calculated over the trailing 6-month period	9.67%	7.12%	+2.55%
Volatility (1Y) Calculated over the trailing 1-year period	14.13%	8.58%	+5.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.98%	14.70%	+8.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.37%	15.50%	+4.87%

TYD vs. QYLD - Expense Ratio Comparison

TYD has a 1.09% expense ratio, which is higher than QYLD's 0.60% expense ratio.

Dividends

TYD vs. QYLD - Dividend Comparison

TYD's dividend yield for the trailing twelve months is around 3.20%, less than QYLD's 11.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QYLD Global X NASDAQ 100 Covered Call ETF	11.45%	11.55%	12.50%	11.78%	13.75%	12.85%	11.16%	9.84%	12.44%	7.69%	9.15%	9.42%
TYD Direxion Daily 7-10 Year Treasury Bull 3X	3.20%	2.97%	3.10%	2.71%	0.55%	0.00%	9.80%	0.92%	1.10%	0.01%	6.84%	1.65%

Frequently Asked Questions

Can I hold both TYD and QYLD in my portfolio?

TYD and QYLD have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TYD or QYLD?

TYD has higher volatility (4.26%) compared to QYLD (1.85%). In terms of maximum drawdown, TYD dropped -64.28% vs QYLD's -24.75%.

Which ETF is better, TYD or QYLD?

On 10-year performance, QYLD leads with 9.80% vs -4.63% for TYD. 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, TYD or QYLD?

Over the 10-year period, QYLD has performed better with a 9.80% return vs -4.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TYD or QYLD?

QYLD is cheaper with a 0.60% expense ratio, compared with 1.09% for TYD.

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

QYLD has the higher dividend yield at 11.45%, compared with 3.20% for TYD.

What is the main difference between TYD and QYLD?

TYD is categorized as Leveraged Bonds, while QYLD is Nasdaq-100. TYD tracks NYSE 7-10 Year Treasury Bond Index, while QYLD tracks CBOE NASDAQ-100 Buy Write V2. They also come from different issuers: Direxion and Global X. Their fees differ too: 1.09% for TYD and 0.60% for QYLD.

Which has better risk-adjusted returns?

QYLD currently has the higher Sharpe Ratio (2.86 vs 0.08), 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.