JOYT vs. ZHDG

Last updated Jun 3, 2026

JOYT (JPMorgan Equity And Options Total Return ETF) and ZHDG (ZEGA Buy and Hedge ETF) are both Derivative Income funds. Both are actively managed. Their correlation of 0.83 suggests significant overlap in exposure. JOYT charges 0.35%/yr vs 0.98%/yr for ZHDG.

Performance

JOYT vs. ZHDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Equity And Options Total Return ETF (JOYT) 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, JOYT achieves a 5.28% return, which is significantly lower than ZHDG's 5.76% return.

JOYT

• 1D: 0.14%
• 1M: 2.95%
• YTD: 5.28%
• 6M: 7.38%
• 1Y: —
• 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)

JOYT vs. ZHDG - Yearly Performance Comparison

	2026 (YTD)	2025
JOYT JPMorgan Equity And Options Total Return ETF	5.28%	9.58%
ZHDG ZEGA Buy and Hedge ETF	5.76%	6.17%

Correlation

The correlation between JOYT and ZHDG is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 20, 2025	0.83

JOYT vs. ZHDG - Sectors Allocation Comparison

Sectors	JOYT	ZHDG
Technology	35.9%	33.1%
Financial Services	11.6%	12.3%
Communication Services	10.3%	10.7%
Consumer Cyclical	9.7%	10.1%
Healthcare	8.2%	9.8%
Industrials	6.2%	8.7%
Consumer Defensive	4.6%	5.4%
Energy	3.6%	3.5%
Utilities	3.1%	2.5%
Real Estate	1.6%	2.0%
Basic Materials	0.8%	1.9%

Return for Risk

JOYT vs. ZHDG — Risk / Return Rank

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

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.

JOYT vs. ZHDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Equity And Options Total Return ETF (JOYT) 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.

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

Sharpe Ratios by Period

	JOYT	ZHDG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.93	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.14	0.52	+1.61

Drawdowns

JOYT vs. ZHDG - Drawdown Comparison

The maximum JOYT drawdown since its inception was -6.99%, smaller than the maximum ZHDG drawdown of -23.27%. Use the drawdown chart below to compare losses from any high point for JOYT and ZHDG.

Drawdown Indicators

	JOYT	ZHDG	Difference
Max Drawdown Largest peak-to-trough decline	-6.99%	-23.27%	+16.28%
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	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.88%	-8.17%	+7.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.05%	—

Volatility

Volatility by Period

	JOYT	ZHDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.73%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.05%	—
Volatility (1Y) Calculated over the trailing 1-year period	9.41%	10.25%	-0.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.41%	11.75%	-2.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.41%	11.75%	-2.34%

JOYT vs. ZHDG - Expense Ratio Comparison

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

Dividends

JOYT vs. ZHDG - Dividend Comparison

JOYT's dividend yield for the trailing twelve months is around 0.45%, less than ZHDG's 2.43% yield.

Position	TTM	2025	2024	2023	2022	2021
JOYT JPMorgan Equity And Options Total Return ETF	0.45%	0.28%	0.00%	0.00%	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 JOYT and ZHDG in my portfolio?

JOYT and ZHDG have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, JOYT or ZHDG?

On fees, JOYT is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, JOYT or ZHDG?

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

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

ZHDG has the higher dividend yield at 2.43%, compared with 0.45% for JOYT.

What is the main difference between JOYT and ZHDG?

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