Price path indexed to 100: two index funds and their covered call counterparts, month ends
Answered against 22 years of US equities and 12 years of US options data and published with the query that produced it. This result is stored as of 2026-08-01, from Covered Call ETFs: the Real Tradeoff.
| month | nasdaq_fund_price | nasdaq_covered_call_price | sp500_fund_price | sp500_covered_call_price |
|---|---|---|---|---|
| 2023-07 | 100 | 100 | 100 | 100 |
| 2023-08 | 98.4 | 96.8 | 98.4 | 97.4 |
| 2023-09 | 93.4 | 93 | 93.4 | 94.1 |
| 2023-10 | 91.4 | 92.1 | 91.4 | 92.3 |
| 2023-11 | 101.3 | 94.5 | 99.7 | 94.2 |
| 2023-12 | 106.7 | 96.2 | 103.8 | 95.4 |
| 2024-01 | 108.6 | 97.8 | 105.5 | 96.3 |
| 2024-02 | 114.4 | 99 | 111 | 97.2 |
| 2024-03 | 115.7 | 99.4 | 114.3 | 98.6 |
| 2024-04 | 110.6 | 96.5 | 109.7 | 96.4 |
| 2024-05 | 117.7 | 97.2 | 115.2 | 96.8 |
| 2024-06 | 124.8 | 98 | 118.9 | 97.7 |
| 2024-07 | 122.7 | 97.4 | 120.2 | 98 |
| 2024-08 | 124.1 | 99.2 | 123.1 | 99.8 |
| 2024-09 | 127.1 | 100 | 125.4 | 100.3 |
| 2024-10 | 126.1 | 99.6 | 124.2 | 98.9 |
| 2024-11 | 132.8 | 101.1 | 131.6 | 101.9 |
| 2024-12 | 133.2 | 101 | 128 | 101.3 |
| 2025-01 | 136.1 | 102.4 | 131.5 | 102.4 |
| 2025-02 | 132.4 | 99.4 | 129.8 | 101 |
| 2025-03 | 122.2 | 92.2 | 122.1 | 95.4 |
| 2025-04 | 123.9 | 90.4 | 121.1 | 92.7 |
| 2025-05 | 135.2 | 90.7 | 128.8 | 92.7 |
| 2025-06 | 143.7 | 92.7 | 135 | 94.1 |
| 2025-07 | 147.2 | 92.9 | 138 | 94.1 |
| 2025-08 | 148.6 | 92.3 | 140.9 | 94.1 |
| 2025-09 | 156.4 | 94.3 | 145.5 | 95 |
| 2025-10 | 163.9 | 96.7 | 149 | 96.5 |
| 2025-11 | 161.3 | 96.9 | 149.3 | 97.5 |
| 2025-12 | 160 | 98 | 148.9 | 98.3 |
| 2026-01 | 162 | 98.6 | 151.1 | 98.5 |
| 2026-02 | 158.3 | 97.6 | 149.9 | 98.5 |
| 2026-03 | 150.4 | 95.1 | 142 | 94.7 |
| 2026-04 | 173.9 | 99.8 | 156.9 | 97.4 |
| 2026-05 | 192.3 | 100.3 | 165.2 | 98.5 |
| 2026-06 | 191.7 | 102.2 | 163 | 98.7 |
- Rows × columns
- 36 × 5
- Period covered
- to
- Computed
- Completeness
- No missing values
- Source
- US exchange, SIP and OPRA market data
- Licence
- Strasmore terms · free, no signup
What each column holds
| Column | Type | Range | Notes |
|---|---|---|---|
month |
date | 2023-07 to 2026-06 | |
nasdaq_fund_price |
number | 91.4 to 192.3 | US dollars |
nasdaq_covered_call_price |
number | 90.4 to 102.4 | US dollars |
sp500_fund_price |
number | 91.4 to 165.2 | US dollars |
sp500_covered_call_price |
number | 92.3 to 102.4 | US dollars |
Computed from Strasmore's warehouse of US exchange, SIP and OPRA market data. Equity prices are delayed; options greeks and implied volatility are end-of-day. This result is stored, not recomputed on load — it is exactly the numbers that were returned on , and the query below is what returned them.
the exact SQL behind every number
WITH px AS (
SELECT toStartOfMonth(toDate(toTimeZone(window_start, 'America/New_York'))) AS m,
ticker,
argMax(close, window_start) AS price
FROM global_markets.delayed_stocks_minute_aggs
WHERE ticker IN ('QYLD', 'XYLD', 'QQQ', 'SPY')
AND toDate(toTimeZone(window_start, 'America/New_York')) BETWEEN toDate('2023-07-01') AND toDate('2026-06-30')
AND (toHour(toTimeZone(window_start, 'America/New_York')) * 60
+ toMinute(toTimeZone(window_start, 'America/New_York'))) BETWEEN 570 AND 959
GROUP BY m, ticker
),
base AS (
SELECT ticker, argMin(price, m) AS p0
FROM px
GROUP BY ticker
)
SELECT formatDateTime(px.m, '%Y-%m') AS month,
round(maxIf(px.price / base.p0 * 100, px.ticker = 'QQQ'), 1) AS nasdaq_fund_price,
round(maxIf(px.price / base.p0 * 100, px.ticker = 'QYLD'), 1) AS nasdaq_covered_call_price,
round(maxIf(px.price / base.p0 * 100, px.ticker = 'SPY'), 1) AS sp500_fund_price,
round(maxIf(px.price / base.p0 * 100, px.ticker = 'XYLD'), 1) AS sp500_covered_call_price
FROM px
INNER JOIN base ON px.ticker = base.ticker
GROUP BY px.m
ORDER BY px.m
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