XYLD vs. EMB
XYLD (Global X S&P 500 Covered Call ETF) and EMB (iShares J.P. Morgan USD Emerging Markets Bond ETF) are both exchange-traded funds - XYLD is a Derivative Income fund tracking the Cboe S&P 500 BuyWrite Index, while EMB is a Emerging Markets Bonds fund tracking the JPMorgan EMBI Global Core Index. Both are passively managed. Over the past 10 years, XYLD returned 8.35%/yr vs 3.39%/yr for EMB. At a 0.37 correlation, their price movements are largely independent. XYLD charges 0.60%/yr vs 0.39%/yr for EMB.
Performance
XYLD vs. EMB - Performance Comparison
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Returns By Period
In the year-to-date period, XYLD achieves a 4.83% return, which is significantly higher than EMB's 2.29% return. Over the past 10 years, XYLD has outperformed EMB with an annualized return of 8.35%, while EMB has yielded a comparatively lower 3.39% annualized return.
XYLD
- 1D
- 0.57%
- 1M
- 1.15%
- YTD
- 4.83%
- 6M
- 6.01%
- 1Y
- 16.64%
- 3Y*
- 11.00%
- 5Y*
- 7.61%
- 10Y*
- 8.35%
EMB
- 1D
- 0.09%
- 1M
- 1.29%
- YTD
- 2.29%
- 6M
- 2.72%
- 1Y
- 10.83%
- 3Y*
- 9.63%
- 5Y*
- 1.79%
- 10Y*
- 3.39%
XYLD vs. EMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XYLD Global X S&P 500 Covered Call ETF | 4.83% | 8.02% | 19.49% | 11.10% | -12.05% | 19.59% | -0.56% | 21.41% | -6.09% | 16.49% |
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 2.29% | 13.85% | 5.54% | 10.62% | -18.63% | -2.23% | 5.42% | 15.48% | -5.47% | 10.28% |
Correlation
The correlation between XYLD and EMB is 0.54, 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 | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Jun 24, 2013 | 0.37 |
The correlation between XYLD and EMB shifts across timeframes, from 0.37 (all time) to 0.54 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
XYLD vs. EMB — Risk / Return Rank
XYLD
EMB
XYLD vs. EMB - 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 iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB). 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 | EMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.54 | ||
| Sortino ratioReturn per unit of downside risk | +0.68 | ||
| Omega ratioGain probability vs. loss probability | 1.57 | 1.37 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 3.16 | 2.41 | +0.75 |
| Martin ratioReturn relative to average drawdown | 16.57 | 10.28 | +6.29 |
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Drawdowns
XYLD vs. EMB - Drawdown Comparison
The maximum XYLD drawdown since its inception was -33.46%, roughly equal to the maximum EMB drawdown of -34.70%. Use the drawdown chart below to compare losses from any high point for XYLD and EMB.
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Drawdown Indicators
| XYLD | EMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.46% | -34.70% | +1.24% |
Max Drawdown (1Y)Largest decline over 1 year | -5.29% | -4.51% | -0.78% |
Max Drawdown (3Y)Largest decline over 3 years | -15.53% | -7.95% | -7.58% |
Max Drawdown (5Y)Largest decline over 5 years | -18.66% | -28.74% | +10.08% |
Max Drawdown (10Y)Largest decline over 10 years | -33.46% | -28.74% | -4.72% |
Current DrawdownCurrent decline from peak | -0.29% | 0.00% | -0.29% |
Average DrawdownAverage peak-to-trough decline | -3.71% | -5.05% | +1.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.01% | 1.06% | -0.05% |
Volatility
XYLD vs. EMB - Volatility Comparison
Global X S&P 500 Covered Call ETF (XYLD) has a higher volatility of 2.17% compared to iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) at 2.02%. This indicates that XYLD's price experiences larger fluctuations and is considered to be riskier than EMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XYLD | EMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.17% | 2.02% | +0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 5.71% | 4.66% | +1.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.79% | 5.67% | +1.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.25% | 9.76% | +1.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.22% | 9.96% | +4.26% |
XYLD vs. EMB - Expense Ratio Comparison
XYLD has a 0.60% expense ratio, which is higher than EMB's 0.39% expense ratio.
Dividends
XYLD vs. EMB - Dividend Comparison
XYLD's dividend yield for the trailing twelve months is around 10.53%, more than EMB's 5.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 5.03% | 4.98% | 5.46% | 4.74% | 5.04% | 3.89% | 3.88% | 4.51% | 5.64% | 4.54% | 4.83% | 4.84% |
XYLD Global X S&P 500 Covered Call ETF | 10.53% | 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 EMB have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XYLD has higher volatility (2.17%) compared to EMB (2.02%). In terms of maximum drawdown, XYLD dropped -33.46% vs EMB's -34.70%.
On 10-year performance, XYLD leads with 8.35% vs 3.39% for EMB. On fees, EMB is cheaper at 0.39% per year. On volatility, EMB has been the lower-risk option at 2.02%. 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 8.35% return vs 3.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMB is cheaper with a 0.39% expense ratio, compared with 0.60% for XYLD.
XYLD has the higher dividend yield at 10.53%, compared with 5.03% for EMB.
XYLD is categorized as Derivative Income, while EMB is Emerging Markets Bonds. XYLD tracks Cboe S&P 500 BuyWrite Index, while EMB tracks JPMorgan EMBI Global Core Index. They also come from different issuers: Global X and iShares. Their fees differ too: 0.60% for XYLD and 0.39% for EMB.
XYLD currently has the higher Sharpe Ratio (2.46 vs 1.92), 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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