XYLD vs. BUYW

Last updated Aug 4, 2026

XYLD (Global X S&P 500 Covered Call ETF) and BUYW (Main Buywrite ETF) are both Derivative Income funds. XYLD is passively managed, while BUYW is actively managed. Over the past 3 years, XYLD returned 12.12%/yr vs 8.88%/yr for BUYW. Their 0.57 correlation means they have sometimes moved together and sometimes differently. XYLD charges 0.60%/yr vs 1.29%/yr for BUYW.

Performance

XYLD vs. BUYW - 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 Main Buywrite ETF (BUYW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XYLD achieves a 8.63% return, which is significantly higher than BUYW's 5.08% return.

XYLD

• 1D: 0.53%
• 1M: 2.36%
• 6M: 6.99%
• YTD: 8.63%
• 1Y: 19.53%
• 3Y*: 12.12%
• 5Y*: 7.92%
• 10Y*: 8.27%
• ALL TIME*: 8.41%

BUYW

• 1D: 0.28%
• 1M: 0.64%
• 6M: 4.41%
• YTD: 5.08%
• 1Y: 9.35%
• 3Y*: 8.88%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.97%

*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)
BUYW Main Buywrite ETF	$5.71M	$4.95M	$4.82M
XYLD Global X S&P 500 Covered Call ETF	$33.43M	$34.54M	$32.48M

XYLD vs. BUYW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
XYLD Global X S&P 500 Covered Call ETF	8.63%	8.02%	19.49%	11.10%	-3.46%
BUYW Main Buywrite ETF	5.08%	9.08%	9.82%	12.80%	1.94%

Correlation

The correlation between XYLD and BUYW is 0.52, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.52
Correlation (3Y) Balances recent behavior with more history.	0.54
Correlation (All Time) Calculated using the full available price history since Sep 12, 2022	0.57

The correlation between XYLD and BUYW has been stable across timeframes, ranging from 0.52 to 0.57 - a consistent structural relationship.

XYLD vs. BUYW - Sectors Allocation Comparison

Sectors	XYLD	BUYW
Technology	38.5%	25.9%
Financial Services	11.6%	15.0%
Communication Services	9.9%	6.5%
Consumer Cyclical	9.5%	6.0%
Healthcare	8.9%	13.8%
Industrials	8.4%	4.6%
Consumer Defensive	4.5%	3.1%
Energy	3.0%	12.4%
Utilities	2.2%	10.9%
Real Estate	1.8%	1.0%
Basic Materials	1.7%	1.0%

Return for Risk

XYLD vs. BUYW — Risk / Return Rank

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

XYLD

XYLD Risk / Return Rank: 94
XYLD Sharpe Ratio Rank: 95
XYLD Sortino Ratio Rank: 95
XYLD Omega Ratio Rank: 96
XYLD Calmar Ratio Rank: 89
XYLD Martin Ratio Rank: 94

BUYW

BUYW Risk / Return Rank: 86
BUYW Sharpe Ratio Rank: 81
BUYW Sortino Ratio Rank: 84
BUYW Omega Ratio Rank: 84
BUYW Calmar Ratio Rank: 88
BUYW 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.

XYLD vs. BUYW - 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 Main Buywrite ETF (BUYW). 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.

	XYLD	BUYW	Difference
Sharpe ratio: Return per unit of total volatility	2.77	1.93	+0.84
Sortino ratio: Return per unit of downside risk	3.95	2.87	+1.07
Omega ratio: Gain probability vs. loss probability	1.63	1.37	+0.26
Calmar ratio: Return relative to maximum drawdown	3.71	3.63	+0.08
Martin ratio: Return relative to average drawdown	19.28	19.32	-0.04

XYLD vs. BUYW - Sharpe Ratio Comparison

The current XYLD Sharpe Ratio is 2.77, which is higher than the BUYW Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of XYLD and BUYW, 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

XYLD vs. BUYW - Drawdown Comparison

The maximum XYLD drawdown since its inception was -33.46%, which is greater than BUYW's maximum drawdown of -9.36%. Use the drawdown chart below to compare losses from any high point for XYLD and BUYW.

Drawdown Indicators

	XYLD	BUYW	Difference
Max Drawdown Largest peak-to-trough decline	-33.46%	-9.36%	-24.10%
Max Drawdown (1Y) Largest decline over 1 year	-5.29%	-2.59%	-2.70%
Max Drawdown (3Y) Largest decline over 3 years	-15.53%	-9.36%	-6.17%
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	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.68%	-0.59%	-3.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.02%	0.49%	+0.53%

Volatility

XYLD vs. BUYW - Volatility Comparison

Global X S&P 500 Covered Call ETF (XYLD) has a higher volatility of 1.97% compared to Main Buywrite ETF (BUYW) at 1.11%. This indicates that XYLD's price experiences larger fluctuations and is considered to be riskier than BUYW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XYLD	BUYW	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.97%	1.11%	+0.86%
Volatility (6M) Calculated over the trailing 6-month period	5.99%	3.91%	+2.08%
Volatility (1Y) Calculated over the trailing 1-year period	7.10%	4.87%	+2.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.27%	8.33%	+2.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.16%	8.33%	+5.83%

XYLD vs. BUYW - Expense Ratio Comparison

XYLD has a 0.60% expense ratio, which is lower than BUYW's 1.29% expense ratio.

Dividends

XYLD vs. BUYW - Dividend Comparison

XYLD's dividend yield for the trailing twelve months is around 10.47%, more than BUYW's 5.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BUYW Main Buywrite ETF	5.90%	5.89%	5.93%	5.95%	0.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XYLD Global X S&P 500 Covered Call ETF	10.47%	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 XYLD and BUYW in my portfolio?

XYLD and BUYW have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XYLD or BUYW?

XYLD has higher volatility (1.97%) compared to BUYW (1.11%). In terms of maximum drawdown, XYLD dropped -33.46% vs BUYW's -9.36%.

Which ETF is better, XYLD or BUYW?

On 3-year performance, XYLD leads with 12.12% vs 8.88% for BUYW. On fees, XYLD is cheaper at 0.60% per year. On volatility, BUYW has been the lower-risk option at 1.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XYLD or BUYW?

Over the 3-year period, XYLD has performed better with a 12.12% return vs 8.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XYLD or BUYW?

XYLD is cheaper with a 0.60% expense ratio, compared with 1.29% for BUYW.

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

XYLD has the higher dividend yield at 10.47%, compared with 5.90% for BUYW.

What is the main difference between XYLD and BUYW?

They also come from different issuers: Global X and Main. Their fees differ too: 0.60% for XYLD and 1.29% for BUYW.

Which has better risk-adjusted returns?

XYLD currently has the higher Sharpe Ratio (2.77 vs 1.93), 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.