BALI vs. ZHDG

Last updated Apr 2, 2026

Compare and contrast key facts about Blackrock Advantage Large Cap Income ETF (BALI) and ZEGA Buy and Hedge ETF (ZHDG).

BALI and ZHDG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BALI is an actively managed fund by BlackRock. It was launched on Sep 26, 2023. ZHDG is an actively managed fund by ZEGA. It was launched on Jul 6, 2021.

Performance

BALI vs. ZHDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Blackrock Advantage Large Cap Income ETF (BALI) and ZEGA Buy and Hedge ETF (ZHDG). The values are adjusted to include any dividend payments, if applicable.

BALI vs. ZHDG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BALI Blackrock Advantage Large Cap Income ETF	-0.91%	14.51%	22.38%	9.52%
ZHDG ZEGA Buy and Hedge ETF	-5.54%	14.34%	18.02%	5.23%

Returns By Period

In the year-to-date period, BALI achieves a -0.91% return, which is significantly higher than ZHDG's -5.54% return.

BALI

• 1D: 0.71%
• 1M: -3.34%
• YTD: -0.91%
• 6M: 1.25%
• 1Y: 17.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZHDG

• 1D: 1.21%
• 1M: -4.81%
• YTD: -5.54%
• 6M: -3.88%
• 1Y: 12.97%
• 3Y*: 11.41%
• 5Y*: —
• 10Y*: —

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

BALI vs. ZHDG - Expense Ratio Comparison

BALI has a 0.35% expense ratio, which is lower than ZHDG's 0.98% expense ratio.

ZHDG

ZEGA Buy and Hedge ETF

BALI

Blackrock Advantage Large Cap Income ETF

Return for Risk

BALI vs. ZHDG — Risk / Return Rank

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

BALI

BALI Risk / Return Rank: 66
BALI Sharpe Ratio Rank: 62
BALI Sortino Ratio Rank: 63
BALI Omega Ratio Rank: 69
BALI Calmar Ratio Rank: 62
BALI Martin Ratio Rank: 76

ZHDG

ZHDG Risk / Return Rank: 57
ZHDG Sharpe Ratio Rank: 59
ZHDG Sortino Ratio Rank: 59
ZHDG Omega Ratio Rank: 52
ZHDG Calmar Ratio Rank: 54
ZHDG Martin Ratio Rank: 61

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.

BALI vs. ZHDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Blackrock Advantage Large Cap Income ETF (BALI) 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.

	BALI	ZHDG	Difference
Sharpe ratio Return per unit of total volatility	1.13	1.10	+0.03
Sortino ratio Return per unit of downside risk	1.66	1.62	+0.04
Omega ratio Gain probability vs. loss probability	1.26	1.21	+0.06
Calmar ratio Return relative to maximum drawdown	1.64	1.55	+0.09
Martin ratio Return relative to average drawdown	8.32	6.76	+1.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BALI vs. ZHDG - Sharpe Ratio Comparison

The current BALI Sharpe Ratio is 1.13, which is comparable to the ZHDG Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of BALI and ZHDG, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BALI	ZHDG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.13	1.10	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	1.40	0.33	+1.07

Correlation

The correlation between BALI and ZHDG is 0.83, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

BALI vs. ZHDG - Dividend Comparison

BALI's dividend yield for the trailing twelve months is around 9.08%, more than ZHDG's 2.72% yield.

	TTM	2025	2024	2023	2022	2021
BALI Blackrock Advantage Large Cap Income ETF	9.08%	8.51%	7.13%	2.13%	0.00%	0.00%
ZHDG ZEGA Buy and Hedge ETF	2.72%	2.57%	2.59%	1.52%	3.58%	1.33%

Drawdowns

BALI vs. ZHDG - Drawdown Comparison

The maximum BALI drawdown since its inception was -16.65%, smaller than the maximum ZHDG drawdown of -23.27%. Use the drawdown chart below to compare losses from any high point for BALI and ZHDG.

Drawdown Indicators

	BALI	ZHDG	Difference
Max Drawdown Largest peak-to-trough decline	-16.65%	-23.27%	+6.62%
Max Drawdown (1Y) Largest decline over 1 year	-10.86%	-8.56%	-2.30%
Current Drawdown Current decline from peak	-3.64%	-6.25%	+2.61%
Average Drawdown Average peak-to-trough decline	-1.71%	-8.40%	+6.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.13%	1.96%	+0.17%

Volatility

BALI vs. ZHDG - Volatility Comparison

Blackrock Advantage Large Cap Income ETF (BALI) and ZEGA Buy and Hedge ETF (ZHDG) have volatilities of 4.62% and 4.62%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BALI	ZHDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.62%	4.62%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	7.96%	8.10%	-0.14%
Volatility (1Y) Calculated over the trailing 1-year period	15.60%	11.80%	+3.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.13%	11.80%	+1.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.13%	11.80%	+1.33%