XYLG vs. PAPI

Last updated Aug 4, 2026

XYLG (Global X S&P 500 Covered Call & Growth ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. XYLG is passively managed, while PAPI is actively managed. Over the past year, XYLG returned 21.27% vs 20.03% for PAPI. Their 0.36 correlation means their historical movements had little consistent relationship. XYLG charges 0.35%/yr vs 0.29%/yr for PAPI.

Performance

XYLG vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X S&P 500 Covered Call & Growth ETF (XYLG) and Parametric Equity Premium Income ETF (PAPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XYLG achieves a 10.03% return, which is significantly lower than PAPI's 12.45% 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%

PAPI

• 1D: 0.25%
• 1M: 2.68%
• 6M: 5.28%
• YTD: 12.45%
• 1Y: 20.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.68%

*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)
PAPI Parametric Equity Premium Income ETF	$2.34M	$2.14M	$2.00M
XYLG Global X S&P 500 Covered Call & Growth ETF	$324.88K	$371.22K	$506.01K

XYLG vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
XYLG Global X S&P 500 Covered Call & Growth ETF	10.03%	12.93%	22.31%	6.89%
PAPI Parametric Equity Premium Income ETF	12.45%	6.33%	8.90%	4.53%

Correlation

The correlation between XYLG and PAPI is 0.18, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.18
Correlation (All Time) Calculated using the full available price history since Oct 19, 2023	0.36

The correlation between XYLG and PAPI shifts across timeframes, from 0.18 (1 year) to 0.36 (all time), reflecting how their relationship changes across market environments.

Return for Risk

XYLG vs. PAPI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

XYLG

XYLG Risk / Return Rank: 86
XYLG Sharpe Ratio Rank: 87
XYLG Sortino Ratio Rank: 86
XYLG Omega Ratio Rank: 86
XYLG Calmar Ratio Rank: 82
XYLG Martin Ratio Rank: 90

PAPI

PAPI Risk / Return Rank: 77
PAPI Sharpe Ratio Rank: 82
PAPI Sortino Ratio Rank: 85
PAPI Omega Ratio Rank: 78
PAPI Calmar Ratio Rank: 79
PAPI Martin Ratio Rank: 59

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.

XYLG vs. PAPI - 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 Parametric Equity Premium Income ETF (PAPI). 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	PAPI	Difference
Sharpe ratio: Return per unit of total volatility	2.10	1.95	+0.16
Sortino ratio: Return per unit of downside risk	2.96	2.91	+0.05
Omega ratio: Gain probability vs. loss probability	1.39	1.34	+0.05
Calmar ratio: Return relative to maximum drawdown	3.08	2.93	+0.15
Martin ratio: Return relative to average drawdown	14.87	7.40	+7.48

XYLG vs. PAPI - Sharpe Ratio Comparison

The current XYLG Sharpe Ratio is 2.10, which is comparable to the PAPI Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of XYLG and PAPI, 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

XYLG vs. PAPI - Drawdown Comparison

The maximum XYLG drawdown since its inception was -21.30%, which is greater than PAPI's maximum drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for XYLG and PAPI.

Drawdown Indicators

	XYLG	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-21.30%	-14.27%	-7.03%
Max Drawdown (1Y) Largest decline over 1 year	-6.93%	-6.86%	-0.07%
Max Drawdown (3Y) Largest decline over 3 years	-17.42%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-21.30%	—	—
Current Drawdown Current decline from peak	0.00%	-1.11%	+1.11%
Average Drawdown Average peak-to-trough decline	-4.01%	-2.72%	-1.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.43%	2.71%	-1.28%

Volatility

XYLG vs. PAPI - Volatility Comparison

The current volatility for Global X S&P 500 Covered Call & Growth ETF (XYLG) is 2.83%, while Parametric Equity Premium Income ETF (PAPI) has a volatility of 3.30%. This indicates that XYLG experiences smaller price fluctuations and is considered to be less risky than PAPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XYLG	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.83%	3.30%	-0.47%
Volatility (6M) Calculated over the trailing 6-month period	8.31%	7.19%	+1.12%
Volatility (1Y) Calculated over the trailing 1-year period	10.18%	10.36%	-0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.06%	11.72%	+2.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.79%	11.72%	+2.07%

XYLG vs. PAPI - Expense Ratio Comparison

XYLG has a 0.35% expense ratio, which is higher than PAPI's 0.29% expense ratio.

Dividends

XYLG vs. PAPI - Dividend Comparison

XYLG's dividend yield for the trailing twelve months is around 12.98%, more than PAPI's 7.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
PAPI Parametric Equity Premium Income ETF	7.40%	7.59%	7.07%	1.45%	0.00%	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

Can I hold both XYLG and PAPI in my portfolio?

XYLG and PAPI have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XYLG or PAPI?

PAPI has higher volatility (3.30%) compared to XYLG (2.83%). In terms of maximum drawdown, XYLG dropped -21.30% vs PAPI's -14.27%.

Which ETF is better, XYLG or PAPI?

On 1-year performance, XYLG leads with 21.27% vs 20.03% for PAPI. On fees, PAPI is cheaper at 0.29% per year. On volatility, XYLG has been the lower-risk option at 2.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XYLG or PAPI?

Over the 1-year period, XYLG has performed better with a 21.27% return vs 20.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XYLG or PAPI?

PAPI is cheaper with a 0.29% expense ratio, compared with 0.35% for XYLG.

Which ETF pays a higher dividend yield, XYLG or PAPI?

XYLG has the higher dividend yield at 12.98%, compared with 7.40% for PAPI.

What is the main difference between XYLG and PAPI?

They also come from different issuers: Global X and Morgan Stanley. Their fees differ too: 0.35% for XYLG and 0.29% for PAPI.

Which has better risk-adjusted returns?

XYLG currently has the higher Sharpe Ratio (2.10 vs 1.95), 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.