VWO vs. QYLD

Last updated Jun 16, 2026

VWO (Vanguard FTSE Emerging Markets ETF) and QYLD (Global X NASDAQ 100 Covered Call ETF) are both exchange-traded funds - VWO is a Emerging Markets Equities fund tracking the FTSE Emerging 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, VWO returned 9.11%/yr vs 9.92%/yr for QYLD. A 0.56 correlation means they provide meaningful diversification when combined. VWO charges 0.08%/yr vs 0.60%/yr for QYLD.

Performance

VWO vs. QYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard FTSE Emerging Markets ETF (VWO) 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, VWO achieves a 13.17% return, which is significantly higher than QYLD's 8.36% return. Over the past 10 years, VWO has underperformed QYLD with an annualized return of 9.11%, while QYLD has yielded a comparatively higher 9.92% annualized return.

VWO

• 1D: 2.17%
• 1M: 4.11%
• YTD: 13.17%
• 6M: 15.35%
• 1Y: 29.26%
• 3Y*: 16.84%
• 5Y*: 5.83%
• 10Y*: 9.11%

QYLD

• 1D: 0.66%
• 1M: 2.81%
• YTD: 8.36%
• 6M: 10.14%
• 1Y: 23.80%
• 3Y*: 13.95%
• 5Y*: 8.41%
• 10Y*: 9.92%

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

VWO vs. QYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VWO Vanguard FTSE Emerging Markets ETF	13.17%	25.60%	10.59%	9.25%	-17.98%	1.26%	15.17%	20.75%	-14.76%	31.49%
QYLD Global X NASDAQ 100 Covered Call ETF	8.36%	9.28%	19.35%	22.77%	-19.08%	10.41%	8.72%	22.69%	-3.07%	18.79%

Correlation

The correlation between VWO and QYLD is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Dec 12, 2013	0.56

The correlation between VWO and QYLD shifts across timeframes, from 0.56 (all time) to 0.71 (1 year), reflecting how their relationship changes across market environments.

VWO vs. QYLD - Sectors Allocation Comparison

Sectors	VWO	QYLD
Technology	29.6%	58.7%
Financial Services	19.5%	0.2%
Consumer Cyclical	10.7%	11.4%
Industrials	8.0%	2.6%
Basic Materials	8.0%	1.0%
Communication Services	7.1%	14.3%
Energy	4.6%	0.5%
Healthcare	3.9%	3.7%
Consumer Defensive	3.7%	6.4%
Utilities	2.9%	1.2%
Real Estate	2.2%	0.1%

Return for Risk

VWO vs. QYLD — Risk / Return Rank

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

VWO

VWO Risk / Return Rank: 58
VWO Sharpe Ratio Rank: 58
VWO Sortino Ratio Rank: 57
VWO Omega Ratio Rank: 60
VWO Calmar Ratio Rank: 59
VWO Martin Ratio Rank: 58

QYLD

QYLD Risk / Return Rank: 91
QYLD Sharpe Ratio Rank: 89
QYLD Sortino Ratio Rank: 89
QYLD Omega Ratio Rank: 93
QYLD Calmar Ratio Rank: 89
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.

VWO vs. QYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Emerging Markets ETF (VWO) 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.

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.

	VWO	QYLD	Difference
Sharpe ratio: Return per unit of total volatility	1.77	2.61	-0.83
Sortino ratio: Return per unit of downside risk	2.45	3.62	-1.17
Omega ratio: Gain probability vs. loss probability	1.33	1.58	-0.25
Calmar ratio: Return relative to maximum drawdown	2.63	4.81	-2.18
Martin ratio: Return relative to average drawdown	9.28	27.11	-17.83

VWO vs. QYLD - Sharpe Ratio Comparison

The current VWO Sharpe Ratio is 1.77, which is lower than the QYLD Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of VWO 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.

Drawdowns

VWO vs. QYLD - Drawdown Comparison

The maximum VWO drawdown since its inception was -67.68%, which is greater than QYLD's maximum drawdown of -24.75%. Use the drawdown chart below to compare losses from any high point for VWO and QYLD.

Drawdown Indicators

	VWO	QYLD	Difference
Max Drawdown Largest peak-to-trough decline	-67.68%	-24.75%	-42.93%
Max Drawdown (1Y) Largest decline over 1 year	-11.17%	-4.97%	-6.20%
Max Drawdown (3Y) Largest decline over 3 years	-17.37%	-19.06%	+1.69%
Max Drawdown (5Y) Largest decline over 5 years	-32.60%	-24.61%	-7.99%
Max Drawdown (10Y) Largest decline over 10 years	-36.39%	-24.75%	-11.64%
Current Drawdown Current decline from peak	-0.57%	0.00%	-0.57%
Average Drawdown Average peak-to-trough decline	-15.80%	-3.83%	-11.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.16%	0.88%	+2.28%

Volatility

VWO vs. QYLD - Volatility Comparison

Vanguard FTSE Emerging Markets ETF (VWO) has a higher volatility of 6.98% compared to Global X NASDAQ 100 Covered Call ETF (QYLD) at 3.87%. This indicates that VWO'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

	VWO	QYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.98%	3.87%	+3.11%
Volatility (6M) Calculated over the trailing 6-month period	14.18%	7.86%	+6.32%
Volatility (1Y) Calculated over the trailing 1-year period	16.62%	9.19%	+7.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.51%	14.77%	+2.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.24%	15.53%	+3.71%

VWO vs. QYLD - Expense Ratio Comparison

VWO has a 0.08% expense ratio, which is lower than QYLD's 0.60% expense ratio.

Dividends

VWO vs. QYLD - Dividend Comparison

VWO's dividend yield for the trailing twelve months is around 2.38%, less than QYLD's 11.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QYLD Global X NASDAQ 100 Covered Call ETF	11.41%	11.55%	12.50%	11.78%	13.75%	12.85%	11.16%	9.84%	12.44%	7.69%	9.15%	9.42%
VWO Vanguard FTSE Emerging Markets ETF	2.38%	2.79%	3.20%	3.52%	4.11%	2.63%	1.91%	3.23%	2.88%	2.30%	2.52%	3.26%

Frequently Asked Questions

Can I hold both VWO and QYLD in my portfolio?

VWO and QYLD have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VWO or QYLD?

VWO has higher volatility (6.98%) compared to QYLD (3.87%). In terms of maximum drawdown, VWO dropped -67.68% vs QYLD's -24.75%.

Which ETF is better, VWO or QYLD?

On 10-year performance, QYLD leads with 9.92% vs 9.11% for VWO. On fees, VWO is cheaper at 0.08% per year. On volatility, QYLD has been the lower-risk option at 3.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VWO or QYLD?

Over the 10-year period, QYLD has performed better with a 9.92% return vs 9.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VWO or QYLD?

VWO is cheaper with a 0.08% expense ratio, compared with 0.60% for QYLD.

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

QYLD has the higher dividend yield at 11.41%, compared with 2.38% for VWO.

What is the main difference between VWO and QYLD?

VWO is categorized as Emerging Markets Equities, while QYLD is Nasdaq-100. VWO tracks FTSE Emerging Index, while QYLD tracks CBOE NASDAQ-100 Buy Write V2. They also come from different issuers: Vanguard and Global X. Their fees differ too: 0.08% for VWO and 0.60% for QYLD.

Which has better risk-adjusted returns?

QYLD currently has the higher Sharpe Ratio (2.61 vs 1.77), 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.