DIVP vs. ZHDG

Last updated Jun 5, 2026

DIVP (Cullen Enhanced Equity Income ETF) and ZHDG (ZEGA Buy and Hedge ETF) are both Derivative Income funds. Both are actively managed. Over the past year, DIVP returned 15.53% vs 18.66% for ZHDG. At a 0.41 correlation, their price movements are largely independent. DIVP charges 0.55%/yr vs 0.98%/yr for ZHDG.

Performance

DIVP vs. ZHDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cullen Enhanced Equity Income ETF (DIVP) 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, DIVP achieves a 8.64% return, which is significantly higher than ZHDG's 5.32% return.

DIVP

• 1D: 0.69%
• 1M: 2.49%
• YTD: 8.64%
• 6M: 9.96%
• 1Y: 15.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZHDG

• 1D: 0.18%
• 1M: 4.17%
• YTD: 5.32%
• 6M: 5.70%
• 1Y: 18.66%
• 3Y*: 14.63%
• 5Y*: —
• 10Y*: —

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

DIVP vs. ZHDG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DIVP Cullen Enhanced Equity Income ETF	8.64%	7.76%	5.74%
ZHDG ZEGA Buy and Hedge ETF	5.32%	14.34%	12.52%

Correlation

The correlation between DIVP and ZHDG is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (All Time) Calculated using the full available price history since Mar 8, 2024	0.42

DIVP vs. ZHDG - Sectors Allocation Comparison

Sectors	DIVP	ZHDG
Healthcare	17.9%	9.8%
Financial Services	16.1%	12.3%
Energy	11.6%	3.5%
Industrials	9.3%	8.7%
Consumer Defensive	9.0%	5.4%
Technology	8.6%	33.1%
Communication Services	8.0%	10.7%
Real Estate	6.5%	2.0%
Utilities	6.3%	2.5%
Consumer Cyclical	4.4%	10.1%
Basic Materials	2.4%	1.9%

Return for Risk

DIVP vs. ZHDG — Risk / Return Rank

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

DIVP

DIVP Risk / Return Rank: 45
DIVP Sharpe Ratio Rank: 45
DIVP Sortino Ratio Rank: 46
DIVP Omega Ratio Rank: 41
DIVP Calmar Ratio Rank: 51
DIVP Martin Ratio Rank: 40

ZHDG

ZHDG Risk / Return Rank: 52
ZHDG Sharpe Ratio Rank: 54
ZHDG Sortino Ratio Rank: 54
ZHDG Omega Ratio Rank: 53
ZHDG Calmar Ratio Rank: 45
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.

DIVP vs. ZHDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cullen Enhanced Equity Income ETF (DIVP) 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.

	DIVP	ZHDG	Difference
Sharpe ratio: Return per unit of total volatility	1.54	1.83	-0.29
Sortino ratio: Return per unit of downside risk	2.27	2.55	-0.27
Omega ratio: Gain probability vs. loss probability	1.26	1.32	-0.06
Calmar ratio: Return relative to maximum drawdown	2.48	2.19	+0.30
Martin ratio: Return relative to average drawdown	6.06	9.14	-3.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DIVP vs. ZHDG - Sharpe Ratio Comparison

The current DIVP Sharpe Ratio is 1.54, which is comparable to the ZHDG Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of DIVP 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

	DIVP	ZHDG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.54	1.83	-0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	0.52	+0.34

Drawdowns

DIVP vs. ZHDG - Drawdown Comparison

The maximum DIVP drawdown since its inception was -12.26%, smaller than the maximum ZHDG drawdown of -23.27%. Use the drawdown chart below to compare losses from any high point for DIVP and ZHDG.

Drawdown Indicators

	DIVP	ZHDG	Difference
Max Drawdown Largest peak-to-trough decline	-12.26%	-23.27%	+11.01%
Max Drawdown (1Y) Largest decline over 1 year	-6.28%	-8.56%	+2.28%
Max Drawdown (3Y) Largest decline over 3 years	—	-11.63%	—
Current Drawdown Current decline from peak	-0.09%	-0.42%	+0.33%
Average Drawdown Average peak-to-trough decline	-2.43%	-8.15%	+5.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	2.05%	+0.52%

Volatility

DIVP vs. ZHDG - Volatility Comparison

The current volatility for Cullen Enhanced Equity Income ETF (DIVP) is 2.49%, while ZEGA Buy and Hedge ETF (ZHDG) has a volatility of 2.77%. This indicates that DIVP 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

	DIVP	ZHDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.49%	2.77%	-0.28%
Volatility (6M) Calculated over the trailing 6-month period	7.14%	8.06%	-0.92%
Volatility (1Y) Calculated over the trailing 1-year period	10.15%	10.26%	-0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.78%	11.74%	+0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.78%	11.74%	+0.04%

DIVP vs. ZHDG - Expense Ratio Comparison

DIVP has a 0.55% expense ratio, which is lower than ZHDG's 0.98% expense ratio.

Dividends

DIVP vs. ZHDG - Dividend Comparison

DIVP's dividend yield for the trailing twelve months is around 5.65%, more than ZHDG's 2.44% yield.

Position	TTM	2025	2024	2023	2022	2021
DIVP Cullen Enhanced Equity Income ETF	5.65%	6.06%	5.92%	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 DIVP and ZHDG in my portfolio?

DIVP and ZHDG have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DIVP or ZHDG?

ZHDG has higher volatility (2.77%) compared to DIVP (2.49%). In terms of maximum drawdown, DIVP dropped -12.26% vs ZHDG's -23.27%.

Which ETF is better, DIVP or ZHDG?

On 1-year performance, ZHDG leads with 18.66% vs 15.53% for DIVP. On fees, DIVP is cheaper at 0.55% per year. On volatility, DIVP has been the lower-risk option at 2.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DIVP or ZHDG?

Over the 1-year period, ZHDG has performed better with a 18.66% return vs 15.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DIVP or ZHDG?

DIVP is cheaper with a 0.55% expense ratio, compared with 0.98% for ZHDG.

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

DIVP has the higher dividend yield at 5.65%, compared with 2.44% for ZHDG.

What is the main difference between DIVP and ZHDG?

They also come from different issuers: Cullen and ZEGA. Their fees differ too: 0.55% for DIVP and 0.98% for ZHDG.

Which has better risk-adjusted returns?

ZHDG currently has the higher Sharpe Ratio (1.83 vs 1.54), 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.