XTR vs. XCLR

Last updated Aug 2, 2026

XTR (Global X S&P 500 Tail Risk ETF) and XCLR (Global X S&P 500 Collar 95-110 ETF) are both Equity Hedged funds from Global X - XTR tracks the Cboe S&P 500 Tail Risk Index while XCLR tracks the Cboe S&P 500 3-Month Collar 95-110 Index. Both are passively managed. Over the past 3 years, XTR returned 15.53%/yr vs 11.99%/yr for XCLR. Their 0.97 correlation means they have historically moved very closely together. Both charge a 0.25% expense ratio.

Performance

XTR vs. XCLR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X S&P 500 Tail Risk ETF (XTR) and Global X S&P 500 Collar 95-110 ETF (XCLR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XTR achieves a 7.08% return, which is significantly higher than XCLR's 1.99% return.

XTR

• 1D: 0.46%
• 1M: -0.20%
• 6M: 5.87%
• YTD: 7.08%
• 1Y: 16.60%
• 3Y*: 15.53%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.19%

XCLR

• 1D: 0.18%
• 1M: -0.23%
• 6M: 0.85%
• YTD: 1.99%
• 1Y: 9.31%
• 3Y*: 11.99%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.24%

*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)
XCLR Global X S&P 500 Collar 95-110 ETF	$117.09K	$59.33K	$34.30K
XTR Global X S&P 500 Tail Risk ETF	$35.01K	$65.29K	$63.76K

XTR vs. XCLR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
XTR Global X S&P 500 Tail Risk ETF	7.08%	13.66%	21.85%	21.16%	-17.67%	4.25%
XCLR Global X S&P 500 Collar 95-110 ETF	1.99%	10.25%	20.67%	15.64%	-12.93%	3.30%

Correlation

The correlation between XTR and XCLR is 0.92, 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.	0.92
Correlation (3Y) Balances recent behavior with more history.	0.97
Correlation (All Time) Calculated using the full available price history since Aug 26, 2021	0.97

The correlation between XTR and XCLR has been stable across timeframes, ranging from 0.92 to 0.97 - a consistent structural relationship.

Return for Risk

XTR vs. XCLR — Risk / Return Rank

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

XTR

XTR Risk / Return Rank: 52
XTR Sharpe Ratio Rank: 53
XTR Sortino Ratio Rank: 51
XTR Omega Ratio Rank: 50
XTR Calmar Ratio Rank: 50
XTR Martin Ratio Rank: 58

XCLR

XCLR Risk / Return Rank: 36
XCLR Sharpe Ratio Rank: 38
XCLR Sortino Ratio Rank: 35
XCLR Omega Ratio Rank: 37
XCLR Calmar Ratio Rank: 30
XCLR Martin Ratio Rank: 38

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.

XTR vs. XCLR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X S&P 500 Tail Risk ETF (XTR) and Global X S&P 500 Collar 95-110 ETF (XCLR). 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.

	XTR	XCLR	Difference
Sharpe ratio: Return per unit of total volatility	1.29	0.95	+0.34
Sortino ratio: Return per unit of downside risk	1.83	1.34	+0.49
Omega ratio: Gain probability vs. loss probability	1.23	1.17	+0.05
Calmar ratio: Return relative to maximum drawdown	1.77	0.99	+0.78
Martin ratio: Return relative to average drawdown	6.93	3.92	+3.01

XTR vs. XCLR - Sharpe Ratio Comparison

The current XTR Sharpe Ratio is 1.29, which is higher than the XCLR Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of XTR and XCLR, 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

XTR vs. XCLR - Drawdown Comparison

The maximum XTR drawdown since its inception was -20.83%, which is greater than XCLR's maximum drawdown of -14.63%. Use the drawdown chart below to compare losses from any high point for XTR and XCLR.

Drawdown Indicators

	XTR	XCLR	Difference
Max Drawdown Largest peak-to-trough decline	-20.83%	-14.63%	-6.20%
Max Drawdown (1Y) Largest decline over 1 year	-8.51%	-8.29%	-0.22%
Max Drawdown (3Y) Largest decline over 3 years	-14.35%	-12.46%	-1.89%
Current Drawdown Current decline from peak	-2.10%	-1.23%	-0.87%
Average Drawdown Average peak-to-trough decline	-5.82%	-4.57%	-1.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.17%	2.09%	+0.08%

Volatility

XTR vs. XCLR - Volatility Comparison

Global X S&P 500 Tail Risk ETF (XTR) has a higher volatility of 3.10% compared to Global X S&P 500 Collar 95-110 ETF (XCLR) at 2.57%. This indicates that XTR's price experiences larger fluctuations and is considered to be riskier than XCLR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XTR	XCLR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.10%	2.57%	+0.53%
Volatility (6M) Calculated over the trailing 6-month period	9.14%	6.01%	+3.13%
Volatility (1Y) Calculated over the trailing 1-year period	11.66%	8.61%	+3.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.78%	10.35%	+3.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.78%	10.35%	+3.43%

XTR vs. XCLR - Expense Ratio Comparison

Both XTR and XCLR have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

XTR vs. XCLR - Dividend Comparison

XTR's dividend yield for the trailing twelve months is around 16.61%, more than XCLR's 12.88% yield.

Position	TTM	2025	2024	2023	2022	2021
XCLR Global X S&P 500 Collar 95-110 ETF	12.88%	13.15%	18.76%	1.40%	1.01%	1.70%
XTR Global X S&P 500 Tail Risk ETF	16.61%	17.82%	20.89%	1.09%	1.08%	2.32%

Frequently Asked Questions

Can I hold both XTR and XCLR in my portfolio?

With a correlation of 0.92, XTR and XCLR move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, XTR or XCLR?

XTR has higher volatility (3.10%) compared to XCLR (2.57%). In terms of maximum drawdown, XTR dropped -20.83% vs XCLR's -14.63%.

Which ETF is better, XTR or XCLR?

On 3-year performance, XTR leads with 15.53% vs 11.99% for XCLR. Both ETFs have the same 0.25% expense ratio. On volatility, XCLR has been the lower-risk option at 2.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XTR or XCLR?

Over the 3-year period, XTR has performed better with a 15.53% return vs 11.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XTR or XCLR?

XTR and XCLR have the same expense ratio: 0.25% per year.

Which ETF pays a higher dividend yield, XTR or XCLR?

XTR has the higher dividend yield at 16.61%, compared with 12.88% for XCLR.

What is the main difference between XTR and XCLR?

XTR tracks Cboe S&P 500 Tail Risk Index, while XCLR tracks Cboe S&P 500 3-Month Collar 95-110 Index.

Which has better risk-adjusted returns?

XTR currently has the higher Sharpe Ratio (1.29 vs 0.95), 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.