XYLD vs. CBON
XYLD (Global X S&P 500 Covered Call ETF) and CBON (VanEck Vectors ChinaAMC China Bond ETF) are both exchange-traded funds - XYLD is a Derivative Income fund tracking the Cboe S&P 500 BuyWrite Index, while CBON is a Emerging Markets Bonds fund tracking the ChinaBond China High Quality Bond Index. Both are passively managed. Over the past 10 years, XYLD returned 8.14%/yr vs 3.01%/yr for CBON. Their 0.13 correlation means their historical movements had little consistent relationship. XYLD charges 0.60%/yr vs 0.50%/yr for CBON.
Performance
XYLD vs. CBON - Performance Comparison
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Returns By Period
In the year-to-date period, XYLD achieves a 6.98% return, which is significantly higher than CBON's 5.29% return. Over the past 10 years, XYLD has outperformed CBON with an annualized return of 8.14%, while CBON has yielded a comparatively lower 3.01% annualized return.
XYLD
- 1D
- 0.15%
- 1M
- 2.28%
- 6M
- 6.06%
- YTD
- 6.98%
- 1Y
- 16.60%
- 3Y*
- 11.30%
- 5Y*
- 7.72%
- 10Y*
- 8.14%
- ALL TIME*
- 8.30%
CBON
- 1D
- -0.25%
- 1M
- 0.35%
- 6M
- 4.74%
- YTD
- 5.29%
- 1Y
- 8.54%
- 3Y*
- 4.82%
- 5Y*
- 2.11%
- 10Y*
- 3.01%
- ALL TIME*
- 2.44%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $207.99K | $136.05K | $172.83K | |
| $39.54M | $38.84M | $31.76M |
XYLD vs. CBON - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XYLD Global X S&P 500 Covered Call ETF | 6.98% | 8.02% | 19.49% | 11.10% | -12.05% | 19.59% | -0.56% | 21.41% | -6.09% | 16.49% |
CBON VanEck Vectors ChinaAMC China Bond ETF | 5.29% | 5.46% | 1.85% | 2.92% | -7.99% | 5.93% | 12.01% | 2.67% | 1.88% | 6.96% |
Correlation
The correlation between XYLD and CBON is 0.21, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.21 |
Correlation (3Y) Balances recent behavior with more history. | 0.11 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.15 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.13 |
Correlation (All Time) Calculated using the full available price history since Nov 11, 2014 | 0.13 |
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Return for Risk
XYLD vs. CBON — Risk / Return Rank
XYLD
CBON
XYLD vs. CBON - 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 VanEck Vectors ChinaAMC China Bond ETF (CBON). 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 | CBON | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.47 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 3.20 | 6.42 | -3.22 |
| Martin ratioReturn relative to average drawdown | 16.66 | 24.44 | -7.78 |
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Drawdowns
XYLD vs. CBON - Drawdown Comparison
The maximum XYLD drawdown since its inception was -33.46%, which is greater than CBON's maximum drawdown of -14.13%. Use the drawdown chart below to compare losses from any high point for XYLD and CBON.
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Drawdown Indicators
| XYLD | CBON | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.46% | -14.13% | -19.33% |
Max Drawdown (1Y)Largest decline over 1 year | -5.29% | -1.34% | -3.95% |
Max Drawdown (3Y)Largest decline over 3 years | -15.53% | -4.56% | -10.97% |
Max Drawdown (5Y)Largest decline over 5 years | -18.66% | -14.13% | -4.53% |
Max Drawdown (10Y)Largest decline over 10 years | -33.46% | -14.13% | -19.33% |
Current DrawdownCurrent decline from peak | -0.51% | -0.33% | -0.18% |
Average DrawdownAverage peak-to-trough decline | -3.68% | -3.95% | +0.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.01% | 0.35% | +0.66% |
Volatility
XYLD vs. CBON - Volatility Comparison
Global X S&P 500 Covered Call ETF (XYLD) has a higher volatility of 1.57% compared to VanEck Vectors ChinaAMC China Bond ETF (CBON) at 1.06%. This indicates that XYLD's price experiences larger fluctuations and is considered to be riskier than CBON based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XYLD | CBON | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.57% | 1.06% | +0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 5.80% | 2.72% | +3.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.98% | 3.57% | +3.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.25% | 4.90% | +6.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.15% | 5.55% | +8.60% |
XYLD vs. CBON - Expense Ratio Comparison
XYLD has a 0.60% expense ratio, which is higher than CBON's 0.50% expense ratio.
Dividends
XYLD vs. CBON - Dividend Comparison
XYLD's dividend yield for the trailing twelve months is around 10.63%, more than CBON's 1.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CBON VanEck Vectors ChinaAMC China Bond ETF | 1.51% | 1.66% | 2.15% | 3.01% | 2.70% | 3.05% | 2.87% | 3.87% | 3.39% | 3.33% | 3.25% | 2.78% |
XYLD Global X S&P 500 Covered Call ETF | 10.63% | 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
XYLD and CBON have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XYLD has higher volatility (1.57%) compared to CBON (1.06%). In terms of maximum drawdown, XYLD dropped -33.46% vs CBON's -14.13%.
On 10-year performance, XYLD leads with 8.14% vs 3.01% for CBON. On fees, CBON is cheaper at 0.50% per year. On volatility, CBON has been the lower-risk option at 1.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XYLD has performed better with a 8.14% return vs 3.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CBON is cheaper with a 0.50% expense ratio, compared with 0.60% for XYLD.
XYLD has the higher dividend yield at 10.63%, compared with 1.51% for CBON.
XYLD is categorized as Derivative Income, while CBON is Emerging Markets Bonds. XYLD tracks Cboe S&P 500 BuyWrite Index, while CBON tracks ChinaBond China High Quality Bond Index. They also come from different issuers: Global X and VanEck. Their fees differ too: 0.60% for XYLD and 0.50% for CBON.
XYLD currently has the higher Sharpe Ratio (2.43 vs 2.41), 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.
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