EHY vs. ZHDG

Last updated Jun 25, 2026

EHY (Amplify Ethereum Max Income Covered Call ETF) and ZHDG (ZEGA Buy and Hedge ETF) are both exchange-traded funds - EHY is a Cryptocurrency fund actively managed by Amplify, while ZHDG is a Derivative Income fund actively managed by ZEGA. Both are actively managed. A 0.53 correlation means they provide meaningful diversification when combined. EHY charges 0.75%/yr vs 0.98%/yr for ZHDG.

Performance

EHY vs. ZHDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify Ethereum Max Income Covered Call ETF (EHY) 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, EHY achieves a -47.40% return, which is significantly lower than ZHDG's 2.23% return.

EHY

• 1D: -5.18%
• 1M: -27.85%
• YTD: -47.40%
• 6M: -46.05%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZHDG

• 1D: -0.31%
• 1M: -1.67%
• YTD: 2.23%
• 6M: 2.00%
• 1Y: 13.02%
• 3Y*: 12.93%
• 5Y*: —
• 10Y*: —

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

EHY vs. ZHDG - Yearly Performance Comparison

	2026 (YTD)	2025
EHY Amplify Ethereum Max Income Covered Call ETF	-47.40%	-25.56%
ZHDG ZEGA Buy and Hedge ETF	2.23%	1.19%

Correlation

The correlation between EHY and ZHDG is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 9, 2025	0.53

Return for Risk

EHY vs. ZHDG — Risk / Return Rank

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

EHY

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

ZHDG

ZHDG Risk / Return Rank: 37
ZHDG Sharpe Ratio Rank: 37
ZHDG Sortino Ratio Rank: 36
ZHDG Omega Ratio Rank: 36
ZHDG Calmar Ratio Rank: 34
ZHDG Martin Ratio Rank: 42

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.

EHY vs. ZHDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify Ethereum Max Income Covered Call ETF (EHY) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	EHY	ZHDG	Difference
Sharpe ratio: Return per unit of total volatility	—	1.21	—
Sortino ratio: Return per unit of downside risk	—	1.71	—
Omega ratio: Gain probability vs. loss probability	—	1.22	—
Calmar ratio: Return relative to maximum drawdown	—	1.53	—
Martin ratio: Return relative to average drawdown	—	6.13	—

Drawdowns

EHY vs. ZHDG - Drawdown Comparison

The maximum EHY drawdown since its inception was -60.92%, which is greater than ZHDG's maximum drawdown of -23.27%. Use the drawdown chart below to compare losses from any high point for EHY and ZHDG.

Drawdown Indicators

	EHY	ZHDG	Difference
Max Drawdown Largest peak-to-trough decline	-60.92%	-23.27%	-37.65%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.56%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-11.63%	—
Current Drawdown Current decline from peak	-60.92%	-3.33%	-57.59%
Average Drawdown Average peak-to-trough decline	-34.87%	-8.09%	-26.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.13%	—

Volatility

Volatility by Period

	EHY	ZHDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.16%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.93%	—
Volatility (1Y) Calculated over the trailing 1-year period	60.88%	10.83%	+50.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.88%	11.81%	+49.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.88%	11.81%	+49.07%

EHY vs. ZHDG - Expense Ratio Comparison

EHY has a 0.75% expense ratio, which is lower than ZHDG's 0.98% expense ratio.

Dividends

EHY vs. ZHDG - Dividend Comparison

EHY's dividend yield for the trailing twelve months is around 56.77%, more than ZHDG's 2.51% yield.

Position	TTM	2025	2024	2023	2022	2021
EHY Amplify Ethereum Max Income Covered Call ETF	56.77%	8.87%	0.00%	0.00%	0.00%	0.00%
ZHDG ZEGA Buy and Hedge ETF	2.51%	2.57%	2.59%	1.52%	3.58%	1.33%

Frequently Asked Questions

Can I hold both EHY and ZHDG in my portfolio?

EHY and ZHDG have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EHY or ZHDG?

On fees, EHY is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EHY or ZHDG?

EHY is cheaper with a 0.75% expense ratio, compared with 0.98% for ZHDG.

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

EHY has the higher dividend yield at 56.77%, compared with 2.51% for ZHDG.

What is the main difference between EHY and ZHDG?

EHY is categorized as Cryptocurrency, while ZHDG is Derivative Income. They also come from different issuers: Amplify and ZEGA. Their fees differ too: 0.75% for EHY and 0.98% for ZHDG.