XTR vs. XRMI

Last updated Jun 24, 2026

XTR (Global X S&P 500 Tail Risk ETF) and XRMI (Global X S&P 500 Risk Managed Income ETF) are both exchange-traded funds - XTR is a Equity Hedged fund tracking the Cboe S&P 500 Tail Risk Index, while XRMI is a Derivative Income fund tracking the Cboe S&P 500 Risk Managed Income Index. Both are passively managed. Over the past 3 years, XTR returned 17.03%/yr vs 6.90%/yr for XRMI. A 0.75 correlation means they provide meaningful diversification when combined. XTR charges 0.25%/yr vs 0.60%/yr for XRMI.

Performance

XTR vs. XRMI - 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 Risk Managed Income ETF (XRMI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XTR achieves a 6.30% return, which is significantly higher than XRMI's 1.66% return.

XTR

• 1D: -1.06%
• 1M: -1.03%
• YTD: 6.30%
• 6M: 5.43%
• 1Y: 19.25%
• 3Y*: 17.03%
• 5Y*: —
• 10Y*: —

XRMI

• 1D: -0.52%
• 1M: 0.39%
• YTD: 1.66%
• 6M: 1.20%
• 1Y: 9.03%
• 3Y*: 6.90%
• 5Y*: —
• 10Y*: —

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

XTR vs. XRMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
XTR Global X S&P 500 Tail Risk ETF	6.30%	13.66%	21.85%	21.16%	-17.67%	4.25%
XRMI Global X S&P 500 Risk Managed Income ETF	1.66%	4.60%	15.18%	4.22%	-14.06%	2.26%

Correlation

The correlation between XTR and XRMI is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (All Time) Calculated using the full available price history since Aug 26, 2021	0.75

The correlation between XTR and XRMI has been stable across timeframes, ranging from 0.68 to 0.75 - a consistent structural relationship.

Return for Risk

XTR vs. XRMI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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: 49
XTR Martin Ratio Rank: 57

XRMI

XRMI Risk / Return Rank: 48
XRMI Sharpe Ratio Rank: 51
XRMI Sortino Ratio Rank: 50
XRMI Omega Ratio Rank: 54
XRMI Calmar Ratio Rank: 38
XRMI Martin Ratio Rank: 46

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.

XTR vs. XRMI - 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 Risk Managed Income ETF (XRMI). 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	XRMI	Difference
Sharpe ratio: Return per unit of total volatility	1.70	1.65	+0.05
Sortino ratio: Return per unit of downside risk	2.36	2.30	+0.05
Omega ratio: Gain probability vs. loss probability	1.30	1.32	-0.02
Calmar ratio: Return relative to maximum drawdown	2.27	1.81	+0.47
Martin ratio: Return relative to average drawdown	9.38	7.28	+2.09

XTR vs. XRMI - Sharpe Ratio Comparison

The current XTR Sharpe Ratio is 1.70, which is comparable to the XRMI Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of XTR and XRMI, 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. XRMI - Drawdown Comparison

The maximum XTR drawdown since its inception was -20.83%, which is greater than XRMI's maximum drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for XTR and XRMI.

Drawdown Indicators

	XTR	XRMI	Difference
Max Drawdown Largest peak-to-trough decline	-20.83%	-15.31%	-5.52%
Max Drawdown (1Y) Largest decline over 1 year	-8.51%	-5.02%	-3.49%
Max Drawdown (3Y) Largest decline over 3 years	-14.35%	-8.34%	-6.01%
Current Drawdown Current decline from peak	-2.81%	-0.52%	-2.29%
Average Drawdown Average peak-to-trough decline	-5.90%	-5.87%	-0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	1.24%	+0.82%

Volatility

XTR vs. XRMI - Volatility Comparison

Global X S&P 500 Tail Risk ETF (XTR) has a higher volatility of 4.66% compared to Global X S&P 500 Risk Managed Income ETF (XRMI) at 1.71%. This indicates that XTR's price experiences larger fluctuations and is considered to be riskier than XRMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XTR	XRMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.66%	1.71%	+2.95%
Volatility (6M) Calculated over the trailing 6-month period	9.03%	4.44%	+4.59%
Volatility (1Y) Calculated over the trailing 1-year period	11.40%	5.52%	+5.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.85%	6.91%	+6.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.85%	6.91%	+6.94%

XTR vs. XRMI - Expense Ratio Comparison

XTR has a 0.25% expense ratio, which is lower than XRMI's 0.60% expense ratio.

Dividends

XTR vs. XRMI - Dividend Comparison

XTR's dividend yield for the trailing twelve months is around 16.77%, more than XRMI's 12.73% yield.

Position	TTM	2025	2024	2023	2022	2021
XRMI Global X S&P 500 Risk Managed Income ETF	12.73%	12.35%	11.86%	12.62%	12.84%	2.93%
XTR Global X S&P 500 Tail Risk ETF	16.77%	17.82%	20.89%	1.09%	1.08%	2.32%

Frequently Asked Questions

Can I hold both XTR and XRMI in my portfolio?

XTR and XRMI have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XTR or XRMI?

XTR has higher volatility (4.66%) compared to XRMI (1.71%). In terms of maximum drawdown, XTR dropped -20.83% vs XRMI's -15.31%.

Which ETF is better, XTR or XRMI?

On 3-year performance, XTR leads with 17.03% vs 6.90% for XRMI. On fees, XTR is cheaper at 0.25% per year. On volatility, XRMI has been the lower-risk option at 1.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XTR or XRMI?

Over the 3-year period, XTR has performed better with a 17.03% return vs 6.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XTR or XRMI?

XTR is cheaper with a 0.25% expense ratio, compared with 0.60% for XRMI.

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

XTR has the higher dividend yield at 16.77%, compared with 12.73% for XRMI.

What is the main difference between XTR and XRMI?

XTR is categorized as Equity Hedged, while XRMI is Derivative Income. XTR tracks Cboe S&P 500 Tail Risk Index, while XRMI tracks Cboe S&P 500 Risk Managed Income Index. Their fees differ too: 0.25% for XTR and 0.60% for XRMI.

Which has better risk-adjusted returns?

XTR currently has the higher Sharpe Ratio (1.70 vs 1.65), 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.