AIYY vs. ZHDG

Last updated Jun 4, 2026

AIYY (YieldMax AI Option Income Strategy ETF) and ZHDG (ZEGA Buy and Hedge ETF) are both Derivative Income funds. Both are actively managed. Over the past year, AIYY returned -57.47% vs 18.31% for ZHDG. At a 0.45 correlation, their price movements are largely independent. AIYY charges 0.99%/yr vs 0.98%/yr for ZHDG.

Performance

AIYY vs. ZHDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax AI Option Income Strategy ETF (AIYY) and ZEGA Buy and Hedge ETF (ZHDG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AIYY achieves a -24.26% return, which is significantly lower than ZHDG's 5.12% return.

AIYY

• 1D: -3.43%
• 1M: 9.34%
• YTD: -24.26%
• 6M: -29.50%
• 1Y: -57.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZHDG

• 1D: -0.60%
• 1M: 4.65%
• YTD: 5.12%
• 6M: 5.49%
• 1Y: 18.31%
• 3Y*: 14.68%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

AIYY vs. ZHDG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AIYY YieldMax AI Option Income Strategy ETF	-24.26%	-58.98%	-14.74%	-1.63%
ZHDG ZEGA Buy and Hedge ETF	5.12%	14.34%	18.02%	1.65%

Correlation

The correlation between AIYY and ZHDG is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (All Time) Calculated using the full available price history since Nov 29, 2023	0.45

Return for Risk

AIYY vs. ZHDG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AIYY

AIYY Risk / Return Rank: 2
AIYY Sharpe Ratio Rank: 1
AIYY Sortino Ratio Rank: 1
AIYY Omega Ratio Rank: 1
AIYY Calmar Ratio Rank: 2
AIYY Martin Ratio Rank: 3

ZHDG

ZHDG Risk / Return Rank: 51
ZHDG Sharpe Ratio Rank: 53
ZHDG Sortino Ratio Rank: 52
ZHDG Omega Ratio Rank: 51
ZHDG Calmar Ratio Rank: 44
ZHDG Martin Ratio Rank: 53

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AIYY vs. ZHDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax AI Option Income Strategy ETF (AIYY) and ZEGA Buy and Hedge ETF (ZHDG). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	AIYY	ZHDG	Difference
Sharpe ratio Return per unit of total volatility	-1.07	1.79	-2.86
Sortino ratio Return per unit of downside risk	-1.59	2.50	-4.09
Omega ratio Gain probability vs. loss probability	0.78	1.32	-0.54
Calmar ratio Return relative to maximum drawdown	-0.84	2.15	-2.99
Martin ratio Return relative to average drawdown	-1.21	8.97	-10.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AIYY vs. ZHDG - Sharpe Ratio Comparison

The current AIYY Sharpe Ratio is -1.07, which is lower than the ZHDG Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of AIYY and ZHDG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AIYY	ZHDG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.07	1.79	-2.86
Sharpe Ratio (All Time) Calculated using the full available price history	-0.83	0.51	-1.34

Drawdowns

AIYY vs. ZHDG - Drawdown Comparison

The maximum AIYY drawdown since its inception was -79.48%, which is greater than ZHDG's maximum drawdown of -23.27%. Use the drawdown chart below to compare losses from any high point for AIYY and ZHDG.

Drawdown Indicators

	AIYY	ZHDG	Difference
Max Drawdown Largest peak-to-trough decline	-79.48%	-23.27%	-56.21%
Max Drawdown (1Y) Largest decline over 1 year	-68.33%	-8.56%	-59.77%
Max Drawdown (3Y) Largest decline over 3 years	—	-11.63%	—
Current Drawdown Current decline from peak	-75.26%	-0.60%	-74.66%
Average Drawdown Average peak-to-trough decline	-41.04%	-8.16%	-32.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	47.63%	2.05%	+45.58%

Volatility

AIYY vs. ZHDG - Volatility Comparison

YieldMax AI Option Income Strategy ETF (AIYY) has a higher volatility of 15.67% compared to ZEGA Buy and Hedge ETF (ZHDG) at 2.80%. This indicates that AIYY's price experiences larger fluctuations and is considered to be riskier than ZHDG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AIYY	ZHDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.67%	2.80%	+12.87%
Volatility (6M) Calculated over the trailing 6-month period	39.16%	8.06%	+31.10%
Volatility (1Y) Calculated over the trailing 1-year period	53.83%	10.27%	+43.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.52%	11.75%	+38.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.52%	11.75%	+38.77%

AIYY vs. ZHDG - Expense Ratio Comparison

AIYY has a 0.99% expense ratio, which is higher than ZHDG's 0.98% expense ratio.

Dividends

AIYY vs. ZHDG - Dividend Comparison

AIYY's dividend yield for the trailing twelve months is around 158.78%, more than ZHDG's 2.44% yield.

Position	TTM	2025	2024	2023	2022	2021
AIYY YieldMax AI Option Income Strategy ETF	158.78%	168.33%	98.26%	0.00%	0.00%	0.00%
ZHDG ZEGA Buy and Hedge ETF	2.44%	2.57%	2.59%	1.52%	3.58%	1.33%

Frequently Asked Questions

Can I hold both AIYY and ZHDG in my portfolio?

AIYY and ZHDG have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AIYY or ZHDG?

AIYY has higher volatility (15.67%) compared to ZHDG (2.80%). In terms of maximum drawdown, AIYY dropped -79.48% vs ZHDG's -23.27%.

Which ETF is better, AIYY or ZHDG?

On 1-year performance, ZHDG leads with 18.31% vs -57.47% for AIYY. On fees, ZHDG is cheaper at 0.98% per year. On volatility, ZHDG has been the lower-risk option at 2.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AIYY or ZHDG?

Over the 1-year period, ZHDG has performed better with a 18.31% return vs -57.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AIYY or ZHDG?

ZHDG is cheaper with a 0.98% expense ratio, compared with 0.99% for AIYY.

Which ETF pays a higher dividend yield, AIYY or ZHDG?

AIYY has the higher dividend yield at 158.78%, compared with 2.44% for ZHDG.

What is the main difference between AIYY and ZHDG?

They also come from different issuers: YieldMax and ZEGA. Their fees differ too: 0.99% for AIYY and 0.98% for ZHDG.

Which has better risk-adjusted returns?

ZHDG currently has the higher Sharpe Ratio (1.79 vs -1.07), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.