QYLD vs XYLD: High Yield Covered Call ETFs — Income Now, Growth Later?
QYLD and XYLD both sell covered calls to generate monthly income of 10%+. The strategy is real — but understanding what you're trading away is critical.
QYLD (Global X Nasdaq 100 Covered Call ETF) and XYLD (Global X S&P 500 Covered Call ETF) both generate income by holding their respective index and systematically selling call options against it — capturing the option premium as monthly income. QYLD writes calls on the Nasdaq-100 and yields around 11-13%; XYLD writes calls on the S&P 500 and yields around 9-11%. Both charge 0.60%. The fundamental tradeoff: by selling calls, both funds cap their upside. When markets rally, they don't participate fully — the option buyer captures those gains. Over the past decade, QYLD has significantly underperformed a simple QQQ on total return basis because it gave away Nasdaq's explosive upside. XYLD's S&P 500 base has similar but less extreme dynamics. Neither is appropriate as a core holding; they serve income-first investors who need monthly cash flow and can accept capped appreciation.
Whether the lower-cost fund suits your situation depends on your existing holdings, account type, tax situation, and how you use each fund. This is a cost comparison, not a personalized recommendation.
Both funds trade commission-free at every major brokerage. Where to buy them →
📋 QYLD vs XYLD: Key Facts Side by Side
| Metric | QYLD | XYLD |
|---|---|---|
| Fund Name | Global X NASDAQ 100 Covered Call ETF | Global X S&P 500 Covered Call ETF |
| Issuer | Global X | Global X |
| Tracks Index | Nasdaq-100 (Covered Call) | S&P 500 (Covered Call) |
| Expense Ratio | 0.60% | 0.60% |
| Cost per $10K/yr | $60.00 | $60.00 |
| AUM | $8.5B | $3.4B |
| Holdings | 101 | 503 |
| Inception | 2013 | 2013 |
| 1-Year Return | +8.86% | +6.47% |
| 3-Year Return | +16.75% | +13.82% |
| 5-Year Return | +9.87% | +8.14% |
| Dividend Yield | 5.71% | 6.38% |
| Holdings Overlap | See holdings overlap → | |
| Avg Bid-Ask Spread | 0.01% | 0.02% |
AUM and returns updated Oct 14, 2026 from ETF BFF database; expense ratios verified against issuer filings. Returns are annualised. Not investment advice.
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📊 QYLD vs XYLD: Annualised Returns
Annualised returns (trailing, price-based). Past performance does not guarantee future results.
🎯 Which Fund Fits Which Investor?
- want the specific exposure defined by the Nasdaq-100 (Covered Call)
- want broader diversification (503 holdings vs 101)
- want focused large-cap US stock exposure via S&P 500 (Covered Call)
💰 What the Fee Difference Actually Costs
Adjust the numbers for your situation. This models each fund's expense ratio compounding against your balance over time.
Assumes a constant annual return reinvested, with each fund's expense ratio deducted yearly. Illustrative only; actual returns vary. Past performance does not guarantee future results.
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