BALI vs. ZHDG

Last updated Jun 3, 2026

BALI (Blackrock Advantage Large Cap Income ETF) and ZHDG (ZEGA Buy and Hedge ETF) are both Derivative Income funds. Both are actively managed. Over the past year, BALI returned 27.25% vs 19.67% for ZHDG. Their correlation of 0.83 suggests significant overlap in exposure. BALI charges 0.35%/yr vs 0.98%/yr for ZHDG.

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.

Returns By Period

In the year-to-date period, BALI achieves a 11.68% return, which is significantly higher than ZHDG's 5.76% return.

BALI

• 1D: 0.09%
• 1M: 4.49%
• YTD: 11.68%
• 6M: 12.49%
• 1Y: 27.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZHDG

• 1D: 0.23%
• 1M: 4.94%
• YTD: 5.76%
• 6M: 6.33%
• 1Y: 19.67%
• 3Y*: 14.91%
• 5Y*: —
• 10Y*: —

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

BALI vs. ZHDG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BALI Blackrock Advantage Large Cap Income ETF	11.68%	14.51%	22.38%	9.52%
ZHDG ZEGA Buy and Hedge ETF	5.76%	14.34%	18.02%	5.23%

Correlation

The correlation between BALI and ZHDG is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (All Time) Calculated using the full available price history since Sep 29, 2023	0.83

The correlation between BALI and ZHDG has been stable across timeframes, ranging from 0.83 to 0.89 - a consistent structural relationship.

BALI vs. ZHDG - Sectors Allocation Comparison

Sectors	BALI	ZHDG
Technology	35.0%	33.1%
Communication Services	10.6%	10.7%
Consumer Cyclical	10.2%	10.1%
Healthcare	9.4%	9.8%
Financial Services	9.0%	12.3%
Industrials	8.0%	8.7%
Consumer Defensive	6.1%	5.4%
Energy	4.3%	3.5%
Utilities	1.9%	2.5%
Basic Materials	1.4%	1.9%
Real Estate	0.9%	2.0%

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: 84
BALI Sharpe Ratio Rank: 84
BALI Sortino Ratio Rank: 85
BALI Omega Ratio Rank: 84
BALI Calmar Ratio Rank: 80
BALI Martin Ratio Rank: 90

ZHDG

ZHDG Risk / Return Rank: 53
ZHDG Sharpe Ratio Rank: 55
ZHDG Sortino Ratio Rank: 54
ZHDG Omega Ratio Rank: 54
ZHDG Calmar Ratio Rank: 46
ZHDG Martin Ratio Rank: 54

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	2.77	1.93	+0.84
Sortino ratio Return per unit of downside risk	3.84	2.68	+1.16
Omega ratio Gain probability vs. loss probability	1.52	1.34	+0.18
Calmar ratio Return relative to maximum drawdown	4.15	2.31	+1.84
Martin ratio Return relative to average drawdown	20.75	9.65	+11.11
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 2.77, which is higher than the ZHDG Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of BALI 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

	BALI	ZHDG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.77	1.93	+0.84
Sharpe Ratio (All Time) Calculated using the full available price history	1.74	0.52	+1.21

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	-6.71%	-8.56%	+1.85%
Max Drawdown (3Y) Largest decline over 3 years	—	-11.63%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.63%	-8.17%	+6.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.34%	2.05%	-0.71%

Volatility

BALI vs. ZHDG - Volatility Comparison

The current volatility for Blackrock Advantage Large Cap Income ETF (BALI) is 1.93%, while ZEGA Buy and Hedge ETF (ZHDG) has a volatility of 2.73%. This indicates that BALI experiences smaller price fluctuations and is considered to be less risky than ZHDG based on this measure. 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	1.93%	2.73%	-0.80%
Volatility (6M) Calculated over the trailing 6-month period	7.47%	8.05%	-0.58%
Volatility (1Y) Calculated over the trailing 1-year period	9.91%	10.25%	-0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.94%	11.75%	+1.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.94%	11.75%	+1.19%

BALI vs. ZHDG - Expense Ratio Comparison

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

Dividends

BALI vs. ZHDG - Dividend Comparison

BALI's dividend yield for the trailing twelve months is around 7.63%, more than ZHDG's 2.43% yield.

Position	TTM	2025	2024	2023	2022	2021
BALI Blackrock Advantage Large Cap Income ETF	7.63%	8.51%	7.13%	2.13%	0.00%	0.00%
ZHDG ZEGA Buy and Hedge ETF	2.43%	2.57%	2.59%	1.52%	3.58%	1.33%

Frequently Asked Questions

Can I hold both BALI and ZHDG in my portfolio?

BALI and ZHDG have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BALI or ZHDG?

ZHDG has higher volatility (2.73%) compared to BALI (1.93%). In terms of maximum drawdown, BALI dropped -16.65% vs ZHDG's -23.27%.

Which ETF is better, BALI or ZHDG?

On 1-year performance, BALI leads with 27.25% vs 19.67% for ZHDG. On fees, BALI is cheaper at 0.35% per year. On volatility, BALI has been the lower-risk option at 1.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BALI or ZHDG?

Over the 1-year period, BALI has performed better with a 27.25% return vs 19.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BALI or ZHDG?

BALI is cheaper with a 0.35% expense ratio, compared with 0.98% for ZHDG.

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

BALI has the higher dividend yield at 7.63%, compared with 2.43% for ZHDG.

What is the main difference between BALI and ZHDG?

They also come from different issuers: BlackRock and ZEGA. Their fees differ too: 0.35% for BALI and 0.98% for ZHDG.

Which has better risk-adjusted returns?

BALI currently has the higher Sharpe Ratio (2.77 vs 1.93), 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.