ZEGA Buy and Hedge ETF (ZHDG) belongs to the Derivative Income category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with ZHDG. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to ZHDG
ZHDG charges 0.98% annually. There are 139 ETFs in the Derivative Income category with lower expense ratios, going as low as 0.10%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| Parametric Equity Plus ETF | 0.10% | 29.28M | Nov 2024 | ZHDG vs PEPS | |
| iShares S&P 500 BuyWrite ETF | 0.25% | 324.77M | Mar 2024 | ZHDG vs IVVW | |
| State Street US Equity Premium Income ETF | 0.25% | 45.73M | Sep 2024 | ZHDG vs SPIN | |
| Fidelity Yield Enhanced Equity ETF | 0.28% | 198.84M | Apr 2024 | ZHDG vs FYEE | |
| Invesco S&P 500 BuyWrite ETF | 0.29% | 352.13M | Dec 2007 | ZHDG vs PBP |
Best Risk-Adjusted Alternatives to ZHDG
ZHDG has a PortfoliosLab risk / return rank of 41. There are 82 ETFs in the Derivative Income category with higher risk-adjusted ranks, going as high as 96.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| Simplify Treasury Option Income ETF | 96 | 474.96M | Oct 2022 | ZHDG vs BUCK | |
| SoFi Enhanced Yield ETF | 96 | 34.73M | Nov 2023 | ZHDG vs THTA | |
| YieldMax GOOGL Option Income Strategy ETF | 94 | 246.95M | Jul 2023 | ZHDG vs GOOY | |
| YieldMax Semiconductor Portfolio Option Income ETF | 94 | 1.16B | Apr 2025 | ZHDG vs CHPY | |
| First Trust Nasdaq BuyWrite Income ETF | 92 | 938.31M | Jan 2014 | ZHDG vs FTQI |
Top Performing ZHDG Alternatives (YTD)
ZHDG is at 4.76% YTD. There are 132 ETFs in the Derivative Income category with higher YTD returns, going as high as 182.49%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Roundhill ARM WeeklyPay ETF | 182.49% | 27.86M | Oct 2025 | ZHDG vs ARMW | |
| Roundhill AMD WeeklyPay ETF | 181.24% | 116.76M | Jul 2025 | ZHDG vs AMDW | |
| YieldMax AMD Option Income Strategy ETF | 107.90% | 443.39M | Sep 2023 | ZHDG vs AMDY | |
| YieldMax MRNA Option Income Strategy ETF | 93.46% | 127.56M | Oct 2023 | ZHDG vs MRNY | |
| YieldMax Semiconductor Portfolio Option Income ETF | 70.62% | 1.16B | Apr 2025 | ZHDG vs CHPY |
Lowest Volatility Alternatives to ZHDG
ZHDG has 10.87% 1-year volatility. There are 55 ETFs in the Derivative Income category with lower 1-year volatility, going as low as 2.80%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Simplify Treasury Option Income ETF | 2.80% | 474.96M | Oct 2022 | ZHDG vs BUCK | |
| FT Vest Laddered Autocallable Barrier & Resilient ... | 3.41% | 206.17M | Apr 2026 | ZHDG vs ACYS | |
| FT Vest High Yield & Target Income ETF | 3.86% | 88.48M | Feb 2025 | ZHDG vs HYTI | |
| Main Buywrite ETF | 4.85% | 1.26B | Dec 2015 | ZHDG vs BUYW | |
| GraniteShares YieldBOOST 20Y+ Treasuries ETF | 5.00% | 726.94K | May 2026 | ZHDG vs FIYY |
Lowest Drawdown Alternatives to ZHDG
ZHDG has a 1-year max drawdown of -8.56%. There are 62 ETFs in the Derivative Income category with shallower 1-year drawdowns, going as shallow as -0.84%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Simplify Treasury Option Income ETF | -0.84% | 474.96M | Oct 2022 | ZHDG vs BUCK | |
| FT Vest High Yield & Target Income ETF | -2.38% | 88.48M | Feb 2025 | ZHDG vs HYTI | |
| Main Buywrite ETF | -2.59% | 1.26B | Dec 2015 | ZHDG vs BUYW | |
| SoFi Enhanced Yield ETF | -2.64% | 34.73M | Nov 2023 | ZHDG vs THTA | |
| VistaShares Target 15™ Berkshire Select Income ETF | -3.00% | 774.36M | Mar 2025 | ZHDG vs OMAH |
Often Compared With ZHDG
Investors most often compare ZHDG with BALI, FTHI, JEPQ. These 20 comparison targets span 7 categories, based on PortfoliosLab usage data.
Compare ZHDG with Any Fund or Stock
Compare ZHDG with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair ZHDG with funds that move differently
ZEGA Buy and Hedge ETF alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to ZHDG.
Explore ZHDG Diversifiers