XYLG vs. HYGW
XYLG (Global X S&P 500 Covered Call & Growth ETF) and HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) are both Derivative Income funds - XYLG tracks the Cboe S&P 500 Half BuyWrite Index while HYGW tracks the Cboe HYG BuyWrite Index. Both are passively managed. Over the past 3 years, XYLG returned 16.39%/yr vs 5.49%/yr for HYGW. Their 0.59 correlation means they have sometimes moved together and sometimes differently. XYLG charges 0.35%/yr vs 0.69%/yr for HYGW.
Performance
XYLG vs. HYGW - Performance Comparison
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Returns By Period
In the year-to-date period, XYLG achieves a 10.03% return, which is significantly higher than HYGW's 2.68% return.
XYLG
- 1D
- 0.94%
- 1M
- 1.94%
- 6M
- 8.16%
- YTD
- 10.03%
- 1Y
- 21.27%
- 3Y*
- 16.39%
- 5Y*
- 10.43%
- 10Y*
- —
- ALL TIME*
- 13.56%
HYGW
- 1D
- 0.31%
- 1M
- 0.35%
- 6M
- 2.13%
- YTD
- 2.68%
- 1Y
- 6.23%
- 3Y*
- 5.49%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 5.75%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $507.28K | $613.90K | $793.25K | |
| $324.88K | $371.22K | $506.01K |
XYLG vs. HYGW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
XYLG Global X S&P 500 Covered Call & Growth ETF | 10.03% | 12.93% | 22.31% | 18.16% | -7.29% |
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 2.68% | 6.19% | 6.99% | 7.31% | -0.39% |
Correlation
The correlation between XYLG and HYGW is 0.59, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.59 |
Correlation (3Y) Balances recent behavior with more history. | 0.53 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2022 | 0.59 |
The correlation between XYLG and HYGW has been stable across timeframes, ranging from 0.53 to 0.59 - a consistent structural relationship.
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Return for Risk
XYLG vs. HYGW — Risk / Return Rank
XYLG
HYGW
XYLG vs. HYGW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X S&P 500 Covered Call & Growth ETF (XYLG) and iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW). 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.
| XYLG | HYGW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.44 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.08 | 3.44 | -0.36 |
| Martin ratioReturn relative to average drawdown | 14.87 | 15.37 | -0.50 |
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Drawdowns
XYLG vs. HYGW - Drawdown Comparison
The maximum XYLG drawdown since its inception was -21.30%, which is greater than HYGW's maximum drawdown of -5.49%. Use the drawdown chart below to compare losses from any high point for XYLG and HYGW.
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Drawdown Indicators
| XYLG | HYGW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.30% | -5.49% | -15.81% |
Max Drawdown (1Y)Largest decline over 1 year | -6.93% | -1.82% | -5.11% |
Max Drawdown (3Y)Largest decline over 3 years | -17.42% | -3.42% | -14.00% |
Max Drawdown (5Y)Largest decline over 5 years | -21.30% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -4.01% | -0.59% | -3.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.43% | 0.41% | +1.02% |
Volatility
XYLG vs. HYGW - Volatility Comparison
Global X S&P 500 Covered Call & Growth ETF (XYLG) has a higher volatility of 2.83% compared to iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) at 0.86%. This indicates that XYLG's price experiences larger fluctuations and is considered to be riskier than HYGW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XYLG | HYGW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.83% | 0.86% | +1.97% |
Volatility (6M)Calculated over the trailing 6-month period | 8.31% | 2.34% | +5.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.18% | 2.94% | +7.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.06% | 4.62% | +9.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.79% | 4.62% | +9.17% |
XYLG vs. HYGW - Expense Ratio Comparison
XYLG has a 0.35% expense ratio, which is lower than HYGW's 0.69% expense ratio.
Dividends
XYLG vs. HYGW - Dividend Comparison
XYLG's dividend yield for the trailing twelve months is around 12.98%, more than HYGW's 10.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 10.67% | 12.53% | 12.30% | 15.98% | 8.71% | 0.00% | 0.00% |
XYLG Global X S&P 500 Covered Call & Growth ETF | 12.98% | 13.94% | 23.65% | 4.90% | 6.43% | 7.40% | 1.39% |
Frequently Asked Questions
XYLG and HYGW have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XYLG has higher volatility (2.83%) compared to HYGW (0.86%). In terms of maximum drawdown, XYLG dropped -21.30% vs HYGW's -5.49%.
On 3-year performance, XYLG leads with 16.39% vs 5.49% for HYGW. On fees, XYLG is cheaper at 0.35% per year. On volatility, HYGW has been the lower-risk option at 0.86%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, XYLG has performed better with a 16.39% return vs 5.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XYLG is cheaper with a 0.35% expense ratio, compared with 0.69% for HYGW.
XYLG has the higher dividend yield at 12.98%, compared with 10.67% for HYGW.
XYLG tracks Cboe S&P 500 Half BuyWrite Index, while HYGW tracks Cboe HYG BuyWrite Index. They also come from different issuers: Global X and iShares. Their fees differ too: 0.35% for XYLG and 0.69% for HYGW.
HYGW currently has the higher Sharpe Ratio (2.13 vs 2.10), 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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