ISPY and XYLG are both covered call ETFs tracking the same benchmark, but with different approaches. ISPY offers a 5.26% yield, while XYLG provides a 12.83% yield. Compare their scores, yields, and performance metrics to find the best fit for your portfolio.
Compare covered call ETFs with the same benchmark side by side
ProShares S&P 500 High Income ETF
5.61
Overall Score
Global X S&P 500 Covered Call & Growth ETF
6.89
Overall Score
| Criteria | ISPY | XYLG |
|---|---|---|
| Overall Score | 5.61 6.89 | |
| Total Return (25%) | 7.63 7.58 | |
| Downside Protection (25%) | — 5.05 | |
| Upside Participation (25%) | 8.95 7.83 | |
| Consistency (15%) | 6.00 8.03 | |
| Expense Ratio (5%) | 5.62 5.00 | |
| Liquidity (5%) | 5.74 6.29 |
Since Inception
3 Years
Pro only
1 Year
Pro only
3 Months
Pro only
| Metric | ISPY | XYLG |
|---|---|---|
| Expense Ratio | 0.550% | 0.600% |
| Inception Date | Mar 22, 2023 | Oct 5, 2020 |
| Issuer | ProShares | Global X |
| Distribution Frequency | Monthly | Monthly |
| Maturity Rating | 2/5 stars | 4/5 stars |
Daily calls leave 89% of S&P 500 upside but 111% of the downside, for a 5.3% yield.
Investor Profile:
ISPY holds 514 S&P 500 stocks and describes its approach as a covered call strategy using daily options. It aims for monthly income and long-term returns in line with the S&P 500, and its page compares it with the S&P 500 Daily Covered Call Index. The page does not say whether the options are on an index or an ETF, or how much of the portfolio is covered.
Captured 78% of S&P 500 upside and 76% of the downside; the 12.8% TTM yield includes a one-off, and the regular yield is 5.6%.
Investor Profile:
XYLG tracks the Cboe S&P 500 Half BuyWrite Index. It holds the S&P 500 stocks, 506 positions, and sells one-month at-the-money calls on up to half of each holding, which leaves the rest free to follow the index. It paid a one-time distribution of $2.14 per share on Dec 30, 2025. It pays monthly.
Both funds are scored on total return, downside protection, upside participation, distribution consistency, cost and liquidity, against the same benchmark and the same window.
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