XYLD vs. XRMI

Last updated Jun 4, 2026

XYLD (Global X S&P 500 Covered Call ETF) and XRMI (Global X S&P 500 Risk Managed Income ETF) are both Derivative Income funds from Global X - XYLD tracks the Cboe S&P 500 BuyWrite Index while XRMI tracks the Cboe S&P 500 Risk Managed Income Index. Both are passively managed. Over the past 3 years, XYLD returned 11.27%/yr vs 6.71%/yr for XRMI. A 0.80 correlation means they provide meaningful diversification when combined. Both charge a 0.60% expense ratio.

Performance

XYLD vs. XRMI - 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 S&P 500 Risk Managed Income ETF (XRMI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XYLD achieves a 4.96% return, which is significantly higher than XRMI's 1.75% return.

XYLD

• 1D: -0.15%
• 1M: 2.00%
• YTD: 4.96%
• 6M: 6.48%
• 1Y: 17.66%
• 3Y*: 11.27%
• 5Y*: 7.72%
• 10Y*: 8.25%

XRMI

• 1D: -0.20%
• 1M: 1.38%
• YTD: 1.75%
• 6M: 2.96%
• 1Y: 9.48%
• 3Y*: 6.71%
• 5Y*: —
• 10Y*: —

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

XYLD vs. XRMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
XYLD Global X S&P 500 Covered Call ETF	4.96%	8.02%	19.49%	11.10%	-12.05%	5.13%
XRMI Global X S&P 500 Risk Managed Income ETF	1.75%	4.60%	15.18%	4.22%	-14.06%	2.68%

Correlation

The correlation between XYLD and XRMI is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (All Time) Calculated using the full available price history since Aug 27, 2021	0.80

The correlation between XYLD and XRMI has been stable across timeframes, ranging from 0.75 to 0.80 - a consistent structural relationship.

XYLD vs. XRMI - Sectors Allocation Comparison

Sectors	XYLD	XRMI
Technology	35.6%	35.6%
Financial Services	11.8%	11.8%
Communication Services	11.2%	11.2%
Consumer Cyclical	10.2%	10.2%
Healthcare	8.5%	8.5%
Industrials	8.3%	8.3%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.3%	2.4%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

XYLD vs. XRMI — Risk / Return Rank

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

XYLD

XYLD Risk / Return Rank: 82
XYLD Sharpe Ratio Rank: 81
XYLD Sortino Ratio Rank: 84
XYLD Omega Ratio Rank: 92
XYLD Calmar Ratio Rank: 66
XYLD Martin Ratio Rank: 85

XRMI

XRMI Risk / Return Rank: 48
XRMI Sharpe Ratio Rank: 51
XRMI Sortino Ratio Rank: 50
XRMI Omega Ratio Rank: 55
XRMI Calmar Ratio Rank: 39
XRMI Martin Ratio Rank: 46

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. XRMI - 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 S&P 500 Risk Managed Income ETF (XRMI). 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.

	XYLD	XRMI	Difference
Sharpe ratio: Return per unit of total volatility	2.71	1.78	+0.93
Sortino ratio: Return per unit of downside risk	3.87	2.48	+1.38
Omega ratio: Gain probability vs. loss probability	1.64	1.35	+0.30
Calmar ratio: Return relative to maximum drawdown	3.35	1.90	+1.46
Martin ratio: Return relative to average drawdown	17.84	7.70	+10.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XYLD vs. XRMI - Sharpe Ratio Comparison

The current XYLD Sharpe Ratio is 2.71, which is higher than the XRMI Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of XYLD and XRMI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	XYLD	XRMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.71	1.78	+0.93
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.37	+0.23

Drawdowns

XYLD vs. XRMI - Drawdown Comparison

The maximum XYLD drawdown since its inception was -33.46%, which is greater than XRMI's maximum drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for XYLD and XRMI.

Drawdown Indicators

	XYLD	XRMI	Difference
Max Drawdown Largest peak-to-trough decline	-33.46%	-15.31%	-18.15%
Max Drawdown (1Y) Largest decline over 1 year	-5.29%	-5.02%	-0.27%
Max Drawdown (3Y) Largest decline over 3 years	-15.53%	-8.34%	-7.19%
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	-0.15%	-0.20%	+0.05%
Average Drawdown Average peak-to-trough decline	-3.72%	-5.94%	+2.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.99%	1.23%	-0.24%

Volatility

XYLD vs. XRMI - Volatility Comparison

Global X S&P 500 Covered Call ETF (XYLD) and Global X S&P 500 Risk Managed Income ETF (XRMI) have volatilities of 0.88% and 0.89%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XYLD	XRMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.88%	0.89%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	5.37%	4.21%	+1.16%
Volatility (1Y) Calculated over the trailing 1-year period	6.55%	5.39%	+1.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.22%	6.91%	+4.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.21%	6.91%	+7.30%

XYLD vs. XRMI - Expense Ratio Comparison

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

Dividends

XYLD vs. XRMI - Dividend Comparison

XYLD's dividend yield for the trailing twelve months is around 10.52%, less than XRMI's 12.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XRMI Global X S&P 500 Risk Managed Income ETF	12.62%	12.35%	11.86%	12.62%	12.84%	2.93%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XYLD Global X S&P 500 Covered Call ETF	10.52%	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 XRMI in my portfolio?

XYLD and XRMI have a correlation of 0.77, 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 XRMI?

XRMI has higher volatility (0.89%) compared to XYLD (0.88%). In terms of maximum drawdown, XYLD dropped -33.46% vs XRMI's -15.31%.

Which ETF is better, XYLD or XRMI?

On 3-year performance, XYLD leads with 11.27% vs 6.71% for XRMI. Both ETFs have the same 0.60% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XYLD or XRMI?

Over the 3-year period, XYLD has performed better with a 11.27% return vs 6.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XYLD or XRMI?

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

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

XRMI has the higher dividend yield at 12.62%, compared with 10.52% for XYLD.

What is the main difference between XYLD and XRMI?

XYLD tracks Cboe S&P 500 BuyWrite Index, while XRMI tracks Cboe S&P 500 Risk Managed Income Index.

Which has better risk-adjusted returns?

XYLD currently has the higher Sharpe Ratio (2.71 vs 1.78), 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.