- CUSIP
- 886364660
- Issuer
- ZEGA
- Inception Date
- Jul 6, 2021
- Category
- Derivative Income
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Multi-Asset
- Assets Under Management
- $33M
Share Price Chart
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Performance
ZHDG Performance Chart
ZEGA Buy and Hedge ETF (ZHDG) is up 5.1% since the beginning of the year. ZHDG is currently trading at $24 per share.
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Returns By Period
ZEGA Buy and Hedge ETF (ZHDG) has returned 5.12% so far this year and 18.31% over the past 12 months.
ZEGA Buy and Hedge ETF
- 1D
- -0.60%
- 1M
- 4.65%
- YTD
- 5.12%
- 6M
- 5.49%
- 1Y
- 18.31%
- 3Y*
- 14.68%
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.74%
- 1M
- 4.90%
- YTD
- 10.35%
- 6M
- 10.28%
- 1Y
- 26.52%
- 3Y*
- 20.83%
- 5Y*
- 12.30%
- 10Y*
- 13.66%
ZHDG Monthly Returns History
Based on dividend-adjusted daily data since Jul 7, 2021, ZHDG's average daily return is +0.03%, while the average monthly return is +0.54%. At this rate, an investment would double in approximately 10.7 years.
Historically, 58% of months were positive and 42% were negative. The best month was Apr 2026 with a return of +8.0%, while the worst month was Jun 2022 at -8.4%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 3 months.
On a daily basis, ZHDG closed higher 54% of trading days. The best single day was Nov 10, 2022 with a return of +3.6%, while the worst single day was Aug 5, 2024 at -3.0%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -0.03% | -0.97% | -5.73% | 8.02% | 4.51% | -0.22% | 5.12% | ||||||
| 2025 | 1.67% | -1.34% | -4.92% | 0.67% | 5.18% | 3.95% | 1.76% | 1.47% | 3.29% | 2.39% | -0.54% | 0.28% | 14.34% |
| 2024 | 0.85% | 2.98% | 2.95% | -3.87% | 3.90% | 3.73% | 1.02% | 1.77% | 2.03% | -0.77% | 5.16% | -2.67% | 18.02% |
| 2023 | 4.30% | -2.42% | 2.48% | 0.50% | -0.08% | 5.16% | 2.72% | -0.61% | -4.55% | -2.35% | 6.27% | 1.59% | 13.14% |
| 2022 | -5.09% | -2.65% | 1.95% | -7.27% | -0.49% | -8.41% | 6.02% | -3.43% | -5.07% | 4.55% | 2.23% | -5.76% | -22.07% |
| 2021 | 0.47% | 2.06% | -3.40% | 4.33% | -0.60% | 3.60% | 6.41% |
Benchmark Metrics
ZEGA Buy and Hedge ETF has an annualized alpha of -1.17%, beta of 0.61, and R2 of 0.78 versus S&P 500 Index. Calculated based on daily prices since July 08, 2021.
- This ETF participated in 87.19% of S&P 500 Index downside but only 67.00% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.61 indicates this ETF moves significantly less than S&P 500 Index - a genuinely defensive profile with reduced participation in both market rallies and downturns.
- Alpha
- -1.17%
- Beta
- 0.61
- R²
- 0.78
- Upside Capture
- 67.00%
- Downside Capture
- 87.19%
Expense Ratio
ZHDG has a high expense ratio of 0.98%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
ZHDG ranks 51 for risk / return — on par with similar ETFs. You're getting a typical balance of risk and reward. Not a standout, but not a red flag either — a reasonable choice if other factors align with your goals.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for ZEGA Buy and Hedge ETF (ZHDG) and compare them to S&P 500 Index.
| ZHDG | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.45 | ||
| Sortino ratioReturn per unit of downside risk | -0.57 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.41 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.15 | 2.93 | -0.78 |
| Martin ratioReturn relative to average drawdown | 8.97 | 13.52 | -4.55 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Dividends
Dividend History
ZEGA Buy and Hedge ETF provided a 2.44% dividend yield over the last twelve months, with an annual payout of $0.58 per share. The fund has been increasing its distributions for 2 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Dividend | $0.58 | $0.58 | $0.53 | $0.27 | $0.57 | $0.28 |
Dividend yield | 2.44% | 2.57% | 2.59% | 1.52% | 3.58% | 1.33% |
Monthly Dividends
The table displays the monthly dividend distributions for ZEGA Buy and Hedge ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.58 | $0.58 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.53 | $0.53 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.27 | $0.27 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.57 | $0.57 |
| 2021 | $0.28 | $0.28 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the ZEGA Buy and Hedge ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the ZEGA Buy and Hedge ETF was 23.27%, occurring on Dec 28, 2022. Recovery took 387 trading sessions.
The current ZEGA Buy and Hedge ETF drawdown is 0.60%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -23.27%Dec 2022 | 12mo 3d | 1y 6mo | 2y 6moDec 2021 - Jul 2024 |
2025 selloff2025 | -11.63%Apr 2025 | 4mo 13d | 2mo 4d | 6mo 17dDec 2024 - Jun 2025 |
2026 pullback2026 | -8.56%Mar 2026 | 2mo | 1mo 1d | 3mo 1dJan 2026 - Apr 2026 |
2024 pullback2024 | -6.83%Aug 2024 | 20d | 1mo 14d | 2mo 4dJul 2024 - Sep 2024 |
2021 pullback2021 | -4.47%Oct 2021 | 27d | 21d | 1mo 18dSep 2021 - Oct 2021 |
Drawdown Indicators
| ZHDG | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.27% | -56.78% | +33.51% |
Max Drawdown (1Y)Largest decline over 1 year | -8.56% | -9.10% | +0.54% |
Max Drawdown (3Y)Largest decline over 3 years | -11.63% | -18.90% | +7.27% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -0.60% | -0.74% | +0.14% |
Average DrawdownAverage peak-to-trough decline | -8.16% | -10.72% | +2.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.05% | 1.97% | +0.08% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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