2019 AMC 12A Problem 12

Let $a = \log_2 x$ and $b = \log_2 y.$ Then $\log_y 16 = \dfrac{4}{b},$ so $a = \dfrac{4}{b},$ giving $ab = 4.$ Since $xy = 64,$ we have $a + b = 6.$ Therefore $$\begin{aligned} \left(\log_2 \tfrac{x}{y}\right)^2 &= (a - b)^2 \\ &= (a + b)^2 - 4ab \\ &= 36 - 16 = 20. \end{aligned}$$ Thus, the correct answer is B.