XYLD vs. ^XSP

Last updated Apr 2, 2026

Compare and contrast key facts about Global X S&P 500 Covered Call ETF (XYLD) and S&P 500 Mini-SPX Options Index (^XSP).

XYLD is a passively managed fund by Global X that tracks the performance of the Cboe S&P 500 BuyWrite Index. It was launched on Jun 24, 2013.

Performance

XYLD vs. ^XSP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X S&P 500 Covered Call ETF (XYLD) and S&P 500 Mini-SPX Options Index (^XSP). The values are adjusted to include any dividend payments, if applicable.

XYLD vs. ^XSP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
XYLD Global X S&P 500 Covered Call ETF	-0.58%	8.02%	19.49%	11.10%	-12.05%	16.12%
^XSP S&P 500 Mini-SPX Options Index	-3.95%	16.39%	23.31%	24.23%	-19.44%	22.15%

Returns By Period

In the year-to-date period, XYLD achieves a -0.58% return, which is significantly higher than ^XSP's -3.95% return.

XYLD

• 1D: 0.46%
• 1M: -2.54%
• YTD: -0.58%
• 6M: 5.60%
• 1Y: 10.98%
• 3Y*: 10.37%
• 5Y*: 7.05%
• 10Y*: 7.92%

^XSP

• 1D: 0.72%
• 1M: -4.45%
• YTD: -3.95%
• 6M: -2.02%
• 1Y: 16.73%
• 3Y*: 16.96%
• 5Y*: 10.34%
• 10Y*: —

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

Return for Risk

XYLD vs. ^XSP — Risk / Return Rank

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

XYLD

XYLD Risk / Return Rank: 51
XYLD Sharpe Ratio Rank: 40
XYLD Sortino Ratio Rank: 43
XYLD Omega Ratio Rank: 69
XYLD Calmar Ratio Rank: 40
XYLD Martin Ratio Rank: 62

^XSP

^XSP Risk / Return Rank: 66
^XSP Sharpe Ratio Rank: 63
^XSP Sortino Ratio Rank: 63
^XSP Omega Ratio Rank: 67
^XSP Calmar Ratio Rank: 59
^XSP Martin Ratio Rank: 77

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.

XYLD vs. ^XSP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X S&P 500 Covered Call ETF (XYLD) and S&P 500 Mini-SPX Options Index (^XSP). 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.

	XYLD	^XSP	Difference
Sharpe ratio Return per unit of total volatility	0.79	0.92	-0.13
Sortino ratio Return per unit of downside risk	1.27	1.41	-0.15
Omega ratio Gain probability vs. loss probability	1.26	1.21	+0.05
Calmar ratio Return relative to maximum drawdown	1.09	1.41	-0.33
Martin ratio Return relative to average drawdown	6.37	6.61	-0.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XYLD vs. ^XSP - Sharpe Ratio Comparison

The current XYLD Sharpe Ratio is 0.79, which is comparable to the ^XSP Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of XYLD and ^XSP, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	XYLD	^XSP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.79	0.92	-0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.61	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.64	-0.07

Correlation

The correlation between XYLD and ^XSP is 0.86, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

XYLD vs. ^XSP - Drawdown Comparison

The maximum XYLD drawdown since its inception was -33.46%, which is greater than ^XSP's maximum drawdown of -25.43%. Use the drawdown chart below to compare losses from any high point for XYLD and ^XSP.

Drawdown Indicators

	XYLD	^XSP	Difference
Max Drawdown Largest peak-to-trough decline	-33.46%	-25.43%	-8.03%
Max Drawdown (1Y) Largest decline over 1 year	-10.14%	-12.14%	+2.00%
Max Drawdown (5Y) Largest decline over 5 years	-18.66%	-25.43%	+6.77%
Max Drawdown (10Y) Largest decline over 10 years	-33.46%	—	—
Current Drawdown Current decline from peak	-2.94%	-5.78%	+2.84%
Average Drawdown Average peak-to-trough decline	-3.76%	-6.03%	+2.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.73%	2.60%	-0.87%

Volatility

XYLD vs. ^XSP - Volatility Comparison

The current volatility for Global X S&P 500 Covered Call ETF (XYLD) is 4.03%, while S&P 500 Mini-SPX Options Index (^XSP) has a volatility of 5.37%. This indicates that XYLD experiences smaller price fluctuations and is considered to be less risky than ^XSP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XYLD	^XSP	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.03%	5.37%	-1.34%
Volatility (6M) Calculated over the trailing 6-month period	5.83%	9.55%	-3.72%
Volatility (1Y) Calculated over the trailing 1-year period	13.99%	18.33%	-4.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.30%	16.92%	-5.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.23%	16.89%	-2.66%