XYLD vs. XFLT

Last updated Aug 4, 2026

XYLD (Global X S&P 500 Covered Call ETF) is Derivative Income fund tracking the Cboe S&P 500 BuyWrite Index, while XFLT (XAI Octagon Floating Rate & Alternative Income Term Trust) is a stock. Over the past 5 years, XYLD returned 7.92%/yr vs -3.39%/yr for XFLT. Their 0.21 correlation means their historical movements had little consistent relationship.

Performance

XYLD vs. XFLT - 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 XAI Octagon Floating Rate & Alternative Income Term Trust (XFLT). 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 XFLT's -14.12% 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%

XFLT

• 1D: -0.48%
• 1M: 6.58%
• 6M: -7.49%
• YTD: -14.12%
• 1Y: -20.71%
• 3Y*: -4.43%
• 5Y*: -3.39%
• 10Y*: —
• ALL TIME*: 1.14%

*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)
XFLT XAI Octagon Floating Rate & Alternative Income Term Trust	$1.93M	$1.91M	$1.63M
XYLD Global X S&P 500 Covered Call ETF	$33.43M	$34.54M	$32.48M

XYLD vs. XFLT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XYLD Global X S&P 500 Covered Call ETF	8.63%	8.02%	19.49%	11.10%	-12.05%	19.59%	-0.56%	21.41%	-6.09%	5.41%
XFLT XAI Octagon Floating Rate & Alternative Income Term Trust	-14.12%	-15.35%	7.37%	30.40%	-20.30%	31.30%	5.13%	22.05%	-15.10%	-4.70%

Correlation

The correlation between XYLD and XFLT is 0.20, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.20
Correlation (3Y) Balances recent behavior with more history.	0.17
Correlation (5Y) Shows whether the relationship held over a longer period.	0.24
Correlation (All Time) Calculated using the full available price history since Sep 27, 2017	0.21

Return for Risk

XYLD vs. XFLT — 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

XFLT

XFLT Risk / Return Rank: 14
XFLT Sharpe Ratio Rank: 5
XFLT Sortino Ratio Rank: 7
XFLT Omega Ratio Rank: 9
XFLT Calmar Ratio Rank: 25
XFLT Martin Ratio Rank: 24

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. XFLT - 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 XAI Octagon Floating Rate & Alternative Income Term Trust (XFLT). 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	XFLT	Difference
Sharpe ratio: Return per unit of total volatility	2.77	-0.97	+3.74
Sortino ratio: Return per unit of downside risk	3.95	-1.38	+5.33
Omega ratio: Gain probability vs. loss probability	1.63	0.84	+0.79
Calmar ratio: Return relative to maximum drawdown	3.71	-0.51	+4.22
Martin ratio: Return relative to average drawdown	19.28	-0.94	+20.22

XYLD vs. XFLT - Sharpe Ratio Comparison

The current XYLD Sharpe Ratio is 2.77, which is higher than the XFLT Sharpe Ratio of -0.97. The chart below compares the historical Sharpe Ratios of XYLD and XFLT, 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. XFLT - Drawdown Comparison

The maximum XYLD drawdown since its inception was -33.46%, smaller than the maximum XFLT drawdown of -55.43%. Use the drawdown chart below to compare losses from any high point for XYLD and XFLT.

Drawdown Indicators

	XYLD	XFLT	Difference
Max Drawdown Largest peak-to-trough decline	-33.46%	-55.43%	+21.97%
Max Drawdown (1Y) Largest decline over 1 year	-5.29%	-40.67%	+35.38%
Max Drawdown (3Y) Largest decline over 3 years	-15.53%	-47.04%	+31.51%
Max Drawdown (5Y) Largest decline over 5 years	-18.66%	-47.04%	+28.38%
Max Drawdown (10Y) Largest decline over 10 years	-33.46%	—	—
Current Drawdown Current decline from peak	0.00%	-31.71%	+31.71%
Average Drawdown Average peak-to-trough decline	-3.68%	-14.76%	+11.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.02%	22.18%	-21.16%

Volatility

XYLD vs. XFLT - Volatility Comparison

The current volatility for Global X S&P 500 Covered Call ETF (XYLD) is 1.97%, while XAI Octagon Floating Rate & Alternative Income Term Trust (XFLT) has a volatility of 6.31%. This indicates that XYLD experiences smaller price fluctuations and is considered to be less risky than XFLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XYLD	XFLT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.97%	6.31%	-4.34%
Volatility (6M) Calculated over the trailing 6-month period	5.99%	18.97%	-12.98%
Volatility (1Y) Calculated over the trailing 1-year period	7.10%	21.40%	-14.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.27%	20.94%	-9.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.16%	26.05%	-11.89%

Dividends

XYLD vs. XFLT - Dividend Comparison

XYLD's dividend yield for the trailing twelve months is around 10.47%, less than XFLT's 18.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XFLT XAI Octagon Floating Rate & Alternative Income Term Trust	18.96%	18.23%	15.24%	13.61%	13.86%	9.82%	10.64%	10.63%	11.33%	1.47%	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 XFLT in my portfolio?

XYLD and XFLT have a correlation of 0.20, 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 XFLT?

XFLT has higher volatility (6.31%) compared to XYLD (1.97%). In terms of maximum drawdown, XYLD dropped -33.46% vs XFLT's -55.43%.

Which has better risk-adjusted returns?

XYLD currently has the higher Sharpe Ratio (2.77 vs -0.97), 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.