XYLD vs. QYLD

Last updated Jun 23, 2026

XYLD (Global X S&P 500 Covered Call ETF) and QYLD (Global X NASDAQ 100 Covered Call ETF) are both exchange-traded funds - XYLD is a Derivative Income fund tracking the Cboe S&P 500 BuyWrite Index, while QYLD is a Nasdaq-100 fund tracking the CBOE NASDAQ-100 Buy Write V2. Both are passively managed. Over the past 10 years, XYLD returned 8.46%/yr vs 10.21%/yr for QYLD. A 0.72 correlation means they provide meaningful diversification when combined. Both charge a 0.60% expense ratio.

Performance

XYLD vs. QYLD - 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 Global X NASDAQ 100 Covered Call ETF (QYLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XYLD achieves a 5.47% return, which is significantly lower than QYLD's 10.06% return. Over the past 10 years, XYLD has underperformed QYLD with an annualized return of 8.46%, while QYLD has yielded a comparatively higher 10.21% annualized return.

XYLD

• 1D: -0.05%
• 1M: 1.26%
• YTD: 5.47%
• 6M: 5.58%
• 1Y: 17.60%
• 3Y*: 11.66%
• 5Y*: 7.58%
• 10Y*: 8.46%

QYLD

• 1D: -0.13%
• 1M: 3.44%
• YTD: 10.06%
• 6M: 10.12%
• 1Y: 25.81%
• 3Y*: 14.74%
• 5Y*: 8.73%
• 10Y*: 10.21%

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

XYLD vs. QYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XYLD Global X S&P 500 Covered Call ETF	5.47%	8.02%	19.49%	11.10%	-12.05%	19.59%	-0.56%	21.41%	-6.09%	16.49%
QYLD Global X NASDAQ 100 Covered Call ETF	10.06%	9.28%	19.35%	22.77%	-19.08%	10.41%	8.72%	22.69%	-3.07%	18.79%

Correlation

The correlation between XYLD and QYLD is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Dec 12, 2013	0.72

The correlation between XYLD and QYLD shifts across timeframes, from 0.72 (all time) to 0.91 (1 year), reflecting how their relationship changes across market environments.

XYLD vs. QYLD - Sectors Allocation Comparison

Sectors	XYLD	QYLD
Technology	39.0%	58.7%
Financial Services	11.1%	0.2%
Communication Services	10.6%	14.3%
Consumer Cyclical	9.9%	11.4%
Healthcare	8.3%	3.7%
Industrials	7.8%	2.6%
Consumer Defensive	4.5%	6.4%
Energy	3.2%	0.5%
Utilities	2.1%	1.2%
Real Estate	1.8%	0.1%
Basic Materials	1.7%	1.0%

Return for Risk

XYLD vs. QYLD — Risk / Return Rank

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

XYLD

XYLD Risk / Return Rank: 84
XYLD Sharpe Ratio Rank: 84
XYLD Sortino Ratio Rank: 86
XYLD Omega Ratio Rank: 92
XYLD Calmar Ratio Rank: 69
XYLD Martin Ratio Rank: 86

QYLD

QYLD Risk / Return Rank: 91
QYLD Sharpe Ratio Rank: 87
QYLD Sortino Ratio Rank: 89
QYLD Omega Ratio Rank: 93
QYLD Calmar Ratio Rank: 90
QYLD Martin Ratio Rank: 95

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. QYLD - 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 Global X NASDAQ 100 Covered Call ETF (QYLD). 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	QYLD	Difference
Sharpe ratio: Return per unit of total volatility	2.60	2.73	-0.13
Sortino ratio: Return per unit of downside risk	3.70	3.88	-0.18
Omega ratio: Gain probability vs. loss probability	1.61	1.61	-0.01
Calmar ratio: Return relative to maximum drawdown	3.34	5.22	-1.88
Martin ratio: Return relative to average drawdown	17.53	29.38	-11.85

XYLD vs. QYLD - Sharpe Ratio Comparison

The current XYLD Sharpe Ratio is 2.60, which is comparable to the QYLD Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of XYLD and QYLD, 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. QYLD - Drawdown Comparison

The maximum XYLD drawdown since its inception was -33.46%, which is greater than QYLD's maximum drawdown of -24.75%. Use the drawdown chart below to compare losses from any high point for XYLD and QYLD.

Drawdown Indicators

	XYLD	QYLD	Difference
Max Drawdown Largest peak-to-trough decline	-33.46%	-24.75%	-8.71%
Max Drawdown (1Y) Largest decline over 1 year	-5.29%	-4.97%	-0.32%
Max Drawdown (3Y) Largest decline over 3 years	-15.53%	-19.06%	+3.53%
Max Drawdown (5Y) Largest decline over 5 years	-18.66%	-24.61%	+5.95%
Max Drawdown (10Y) Largest decline over 10 years	-33.46%	-24.75%	-8.71%
Current Drawdown Current decline from peak	-0.05%	-0.13%	+0.08%
Average Drawdown Average peak-to-trough decline	-3.71%	-3.82%	+0.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.01%	0.88%	+0.13%

Volatility

XYLD vs. QYLD - Volatility Comparison

The current volatility for Global X S&P 500 Covered Call ETF (XYLD) is 2.16%, while Global X NASDAQ 100 Covered Call ETF (QYLD) has a volatility of 4.26%. This indicates that XYLD experiences smaller price fluctuations and is considered to be less risky than QYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XYLD	QYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.16%	4.26%	-2.10%
Volatility (6M) Calculated over the trailing 6-month period	5.76%	8.24%	-2.48%
Volatility (1Y) Calculated over the trailing 1-year period	6.80%	9.50%	-2.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.26%	14.81%	-3.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.21%	15.55%	-1.34%

XYLD vs. QYLD - Expense Ratio Comparison

Both XYLD and QYLD have an expense ratio of 0.60%.

Dividends

XYLD vs. QYLD - Dividend Comparison

XYLD's dividend yield for the trailing twelve months is around 11.39%, less than QYLD's 12.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QYLD Global X NASDAQ 100 Covered Call ETF	12.36%	11.55%	12.50%	11.78%	13.75%	12.85%	11.16%	9.84%	12.44%	7.69%	9.15%	9.42%
XYLD Global X S&P 500 Covered Call ETF	11.39%	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 QYLD in my portfolio?

With a correlation of 0.91, XYLD and QYLD move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, XYLD or QYLD?

QYLD has higher volatility (4.26%) compared to XYLD (2.16%). In terms of maximum drawdown, XYLD dropped -33.46% vs QYLD's -24.75%.

Which ETF is better, XYLD or QYLD?

On 10-year performance, QYLD leads with 10.21% vs 8.46% for XYLD. Both ETFs have the same 0.60% expense ratio. On volatility, XYLD has been the lower-risk option at 2.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XYLD or QYLD?

Over the 10-year period, QYLD has performed better with a 10.21% return vs 8.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XYLD or QYLD?

XYLD and QYLD have the same expense ratio: 0.60% per year.

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

QYLD has the higher dividend yield at 12.36%, compared with 11.39% for XYLD.

What is the main difference between XYLD and QYLD?

XYLD is categorized as Derivative Income, while QYLD is Nasdaq-100. XYLD tracks Cboe S&P 500 BuyWrite Index, while QYLD tracks CBOE NASDAQ-100 Buy Write V2.

Which has better risk-adjusted returns?

QYLD currently has the higher Sharpe Ratio (2.73 vs 2.60), 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.