XRMI vs. XYLD

Last updated Aug 2, 2026

XRMI (Global X S&P 500 Risk Managed Income ETF) and XYLD (Global X S&P 500 Covered Call ETF) are both Derivative Income funds from Global X - XRMI tracks the Cboe S&P 500 Risk Managed Income Index while XYLD tracks the Cboe S&P 500 BuyWrite Index. Both are passively managed. Over the past 3 years, XRMI returned 6.75%/yr vs 11.51%/yr for XYLD. Their correlation of 0.80 means they have usually moved in the same direction. Both charge a 0.60% expense ratio.

Performance

XRMI vs. XYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X S&P 500 Risk Managed Income ETF (XRMI) 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, XRMI achieves a 3.64% return, which is significantly lower than XYLD's 8.05% return.

XRMI

• 1D: 0.11%
• 1M: 1.10%
• 6M: 2.36%
• YTD: 3.64%
• 1Y: 10.84%
• 3Y*: 6.75%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 2.76%

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)
XRMI Global X S&P 500 Risk Managed Income ETF	$126.16K	$125.56K	$168.31K
XYLD Global X S&P 500 Covered Call ETF	$36.93M	$37.58M	$32.35M

XRMI vs. XYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
XRMI Global X S&P 500 Risk Managed Income ETF	3.64%	4.60%	15.18%	4.22%	-14.06%	2.26%
XYLD Global X S&P 500 Covered Call ETF	8.05%	8.02%	19.49%	11.10%	-12.05%	4.87%

Correlation

The correlation between XRMI and XYLD is 0.81, 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.	0.81
Correlation (3Y) Balances recent behavior with more history.	0.76
Correlation (All Time) Calculated using the full available price history since Aug 26, 2021	0.80

The correlation between XRMI and XYLD has been stable across timeframes, ranging from 0.76 to 0.81 - a consistent structural relationship.

XRMI vs. XYLD - Sectors Allocation Comparison

Sectors	XRMI	XYLD
Technology	38.5%	38.5%
Financial Services	11.5%	11.6%
Communication Services	9.9%	9.9%
Consumer Cyclical	9.5%	9.5%
Healthcare	8.9%	8.9%
Industrials	8.4%	8.4%
Consumer Defensive	4.5%	4.5%
Energy	3.0%	3.0%
Utilities	2.2%	2.2%
Real Estate	1.9%	1.8%
Basic Materials	1.6%	1.7%

Return for Risk

XRMI vs. XYLD — Risk / Return Rank

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

XRMI

XRMI Risk / Return Rank: 71
XRMI Sharpe Ratio Rank: 77
XRMI Sortino Ratio Rank: 76
XRMI Omega Ratio Rank: 80
XRMI Calmar Ratio Rank: 56
XRMI Martin Ratio Rank: 66

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.

XRMI vs. XYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X S&P 500 Risk Managed Income ETF (XRMI) 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.

	XRMI	XYLD	Difference
Sharpe ratio: Return per unit of total volatility	1.76	2.53	-0.77
Sortino ratio: Return per unit of downside risk	2.45	3.60	-1.14
Omega ratio: Gain probability vs. loss probability	1.34	1.56	-0.23
Calmar ratio: Return relative to maximum drawdown	1.98	3.40	-1.42
Martin ratio: Return relative to average drawdown	7.99	17.69	-9.70

XRMI vs. XYLD - Sharpe Ratio Comparison

The current XRMI Sharpe Ratio is 1.76, which is lower than the XYLD Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of XRMI 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

XRMI vs. XYLD - Drawdown Comparison

The maximum XRMI drawdown since its inception was -15.31%, smaller than the maximum XYLD drawdown of -33.46%. Use the drawdown chart below to compare losses from any high point for XRMI and XYLD.

Drawdown Indicators

	XRMI	XYLD	Difference
Max Drawdown Largest peak-to-trough decline	-15.31%	-33.46%	+18.15%
Max Drawdown (1Y) Largest decline over 1 year	-5.02%	-5.29%	+0.27%
Max Drawdown (3Y) Largest decline over 3 years	-8.34%	-15.53%	+7.19%
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	-0.23%	0.00%	-0.23%
Average Drawdown Average peak-to-trough decline	-5.75%	-3.68%	-2.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.25%	1.02%	+0.23%

Volatility

XRMI vs. XYLD - Volatility Comparison

The current volatility for Global X S&P 500 Risk Managed Income ETF (XRMI) is 1.60%, while Global X S&P 500 Covered Call ETF (XYLD) has a volatility of 1.92%. This indicates that XRMI experiences smaller price fluctuations and is considered to be less risky than XYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XRMI	XYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.60%	1.92%	-0.32%
Volatility (6M) Calculated over the trailing 6-month period	4.46%	5.97%	-1.51%
Volatility (1Y) Calculated over the trailing 1-year period	5.68%	7.13%	-1.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.87%	11.27%	-4.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.87%	14.15%	-7.28%

XRMI vs. XYLD - Expense Ratio Comparison

Both XRMI and XYLD have an expense ratio of 0.60%.

Dividends

XRMI vs. XYLD - Dividend Comparison

XRMI's dividend yield for the trailing twelve months is around 12.52%, more than XYLD's 10.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XRMI Global X S&P 500 Risk Managed Income ETF	12.52%	12.35%	11.86%	12.62%	12.84%	2.93%	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 XRMI and XYLD in my portfolio?

XRMI and XYLD 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, XRMI or XYLD?

XYLD has higher volatility (1.92%) compared to XRMI (1.60%). In terms of maximum drawdown, XRMI dropped -15.31% vs XYLD's -33.46%.

Which ETF is better, XRMI or XYLD?

On 3-year performance, XYLD leads with 11.51% vs 6.75% for XRMI. Both ETFs have the same 0.60% expense ratio. On volatility, XRMI has been the lower-risk option at 1.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XRMI or XYLD?

Over the 3-year period, XYLD has performed better with a 11.51% return vs 6.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XRMI or XYLD?

XRMI and XYLD have the same expense ratio: 0.60% per year.

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

XRMI has the higher dividend yield at 12.52%, compared with 10.53% for XYLD.

What is the main difference between XRMI and XYLD?

XRMI tracks Cboe S&P 500 Risk Managed Income Index, while XYLD tracks Cboe S&P 500 BuyWrite Index.

Which has better risk-adjusted returns?

XYLD currently has the higher Sharpe Ratio (2.53 vs 1.76), 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.