XYLP.L vs. IVVW

Last updated Apr 1, 2026

Compare and contrast key facts about Global X S&P 500 Covered Call UCITS ETF (XYLP.L) and iShares S&P 500 BuyWrite ETF (IVVW).

XYLP.L and IVVW are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XYLP.L is a passively managed fund by Global X that tracks the performance of the Cboe S&P 500 BuyWrite 15% WHT Index. It was launched on Jul 11, 2023. IVVW is a passively managed fund by iShares that tracks the performance of the Cboe S&P 500 Enhanced 1% OTM BuyWrite Index. It was launched on Mar 14, 2024. Both XYLP.L and IVVW are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

XYLP.L vs. IVVW - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Global X S&P 500 Covered Call UCITS ETF (XYLP.L) and iShares S&P 500 BuyWrite ETF (IVVW). The values are adjusted to include any dividend payments, if applicable.

XYLP.L vs. IVVW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XYLP.L Global X S&P 500 Covered Call UCITS ETF	-1.08%	-1.18%	14.47%
IVVW iShares S&P 500 BuyWrite ETF	0.15%	3.75%	14.89%

Different Trading Currencies

XYLP.L is traded in GBP, while IVVW is traded in USD. To make them comparable, the IVVW values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, XYLP.L achieves a -1.08% return, which is significantly lower than IVVW's 0.15% return.

XYLP.L

• 1D: 0.71%
• 1M: -2.04%
• YTD: -1.08%
• 6M: 4.06%
• 1Y: 5.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IVVW

• 1D: 2.19%
• 1M: -0.95%
• YTD: 0.15%
• 6M: 5.50%
• 1Y: 10.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XYLP.L vs. IVVW - Expense Ratio Comparison

XYLP.L has a 0.45% expense ratio, which is higher than IVVW's 0.25% expense ratio.

XYLP.L

Global X S&P 500 Covered Call UCITS ETF

IVVW

iShares S&P 500 BuyWrite ETF

Return for Risk

XYLP.L vs. IVVW — Risk / Return Rank

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

XYLP.L

XYLP.L Risk / Return Rank: 24
XYLP.L Sharpe Ratio Rank: 25
XYLP.L Sortino Ratio Rank: 23
XYLP.L Omega Ratio Rank: 26
XYLP.L Calmar Ratio Rank: 23
XYLP.L Martin Ratio Rank: 23

IVVW

IVVW Risk / Return Rank: 62
IVVW Sharpe Ratio Rank: 51
IVVW Sortino Ratio Rank: 55
IVVW Omega Ratio Rank: 76
IVVW Calmar Ratio Rank: 52
IVVW Martin Ratio Rank: 74

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.

XYLP.L vs. IVVW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X S&P 500 Covered Call UCITS ETF (XYLP.L) and iShares S&P 500 BuyWrite ETF (IVVW). 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.

	XYLP.L	IVVW	Difference
Sharpe ratio Return per unit of total volatility	0.46	0.67	-0.22
Sortino ratio Return per unit of downside risk	0.68	1.07	-0.39
Omega ratio Gain probability vs. loss probability	1.11	1.18	-0.07
Calmar ratio Return relative to maximum drawdown	0.51	1.14	-0.63
Martin ratio Return relative to average drawdown	1.61	4.36	-2.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XYLP.L vs. IVVW - Sharpe Ratio Comparison

The current XYLP.L Sharpe Ratio is 0.46, which is lower than the IVVW Sharpe Ratio of 0.67. The chart below compares the historical Sharpe Ratios of XYLP.L and IVVW, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	XYLP.L	IVVW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.46	0.67	-0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.66	0.00

Correlation

The correlation between XYLP.L and IVVW is 0.55, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

XYLP.L vs. IVVW - Dividend Comparison

XYLP.L's dividend yield for the trailing twelve months is around 8.04%, less than IVVW's 19.90% yield.

	TTM	2025	2024	2023
XYLP.L Global X S&P 500 Covered Call UCITS ETF	8.04%	9.01%	6.22%	3.98%
IVVW iShares S&P 500 BuyWrite ETF	19.90%	18.55%	13.72%	0.00%

Drawdowns

XYLP.L vs. IVVW - Drawdown Comparison

The maximum XYLP.L drawdown since its inception was -19.30%, roughly equal to the maximum IVVW drawdown of -19.49%. Use the drawdown chart below to compare losses from any high point for XYLP.L and IVVW.

Drawdown Indicators

	XYLP.L	IVVW	Difference
Max Drawdown Largest peak-to-trough decline	-19.30%	-16.79%	-2.51%
Max Drawdown (1Y) Largest decline over 1 year	-8.89%	-11.21%	+2.32%
Current Drawdown Current decline from peak	-7.44%	-3.47%	-3.97%
Average Drawdown Average peak-to-trough decline	-5.02%	-1.87%	-3.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	1.87%	+0.93%

Volatility

XYLP.L vs. IVVW - Volatility Comparison

The current volatility for Global X S&P 500 Covered Call UCITS ETF (XYLP.L) is 2.97%, while iShares S&P 500 BuyWrite ETF (IVVW) has a volatility of 3.91%. This indicates that XYLP.L experiences smaller price fluctuations and is considered to be less risky than IVVW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XYLP.L	IVVW	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.97%	3.91%	-0.94%
Volatility (6M) Calculated over the trailing 6-month period	5.92%	7.18%	-1.26%
Volatility (1Y) Calculated over the trailing 1-year period	11.81%	16.33%	-4.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.60%	13.90%	-3.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.60%	13.90%	-3.30%