XSPI vs. ZHDG

Last updated Jul 17, 2026

XSPI (NEOS Boosted S&P 500 High Income ETF) and ZHDG (ZEGA Buy and Hedge ETF) are both Derivative Income funds. XSPI is passively managed, while ZHDG is actively managed. Their correlation of 0.94 suggests significant overlap in exposure. Both charge a 0.98% expense ratio.

Performance

XSPI vs. ZHDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Boosted S&P 500 High Income ETF (XSPI) and ZEGA Buy and Hedge ETF (ZHDG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

XSPI

• 1D: -0.58%
• 1M: 0.60%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZHDG

• 1D: -0.55%
• 1M: -0.42%
• 6M: 3.81%
• YTD: 4.18%
• 1Y: 12.63%
• 3Y*: 12.53%
• 5Y*: 5.80%
• 10Y*: —

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

XSPI vs. ZHDG - Yearly Performance Comparison

	2026 (YTD)
XSPI NEOS Boosted S&P 500 High Income ETF	7.15%
ZHDG ZEGA Buy and Hedge ETF	3.56%

Correlation

The correlation between XSPI and ZHDG is 0.94, 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 Feb 3, 2026	0.94

Return for Risk

XSPI vs. ZHDG — Risk / Return Rank

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

XSPI

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

ZHDG

ZHDG Risk / Return Rank: 39
ZHDG Sharpe Ratio Rank: 39
ZHDG Sortino Ratio Rank: 38
ZHDG Omega Ratio Rank: 37
ZHDG Calmar Ratio Rank: 35
ZHDG Martin Ratio Rank: 44

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.

XSPI vs. ZHDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Boosted S&P 500 High Income ETF (XSPI) 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.

	XSPI	ZHDG	Difference
Sharpe ratio: Return per unit of total volatility	—	1.17	—
Sortino ratio: Return per unit of downside risk	—	1.67	—
Omega ratio: Gain probability vs. loss probability	—	1.21	—
Calmar ratio: Return relative to maximum drawdown	—	1.48	—
Martin ratio: Return relative to average drawdown	—	5.80	—

Drawdowns

XSPI vs. ZHDG - Drawdown Comparison

The maximum XSPI drawdown since its inception was -11.78%, smaller than the maximum ZHDG drawdown of -23.27%. Use the drawdown chart below to compare losses from any high point for XSPI and ZHDG.

Drawdown Indicators

	XSPI	ZHDG	Difference
Max Drawdown Largest peak-to-trough decline	-11.78%	-23.27%	+11.49%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.56%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-11.63%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-23.27%	—
Current Drawdown Current decline from peak	-0.73%	-1.49%	+0.76%
Average Drawdown Average peak-to-trough decline	-2.30%	-8.02%	+5.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.18%	—

Volatility

Volatility by Period

	XSPI	ZHDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.13%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.03%	—
Volatility (1Y) Calculated over the trailing 1-year period	17.86%	10.88%	+6.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.86%	11.80%	+6.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.86%	11.78%	+6.08%

XSPI vs. ZHDG - Expense Ratio Comparison

Both XSPI and ZHDG have an expense ratio of 0.98%.

Dividends

XSPI vs. ZHDG - Dividend Comparison

XSPI's dividend yield for the trailing twelve months is around 8.34%, more than ZHDG's 2.46% yield.

Position	TTM	2025	2024	2023	2022	2021
XSPI NEOS Boosted S&P 500 High Income ETF	8.34%	0.00%	0.00%	0.00%	0.00%	0.00%
ZHDG ZEGA Buy and Hedge ETF	2.46%	2.57%	2.59%	1.52%	3.58%	1.33%

Frequently Asked Questions

Can I hold both XSPI and ZHDG in my portfolio?

With a correlation of 0.94, XSPI and ZHDG move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, XSPI or ZHDG?

Both ETFs have the same 0.98% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XSPI or ZHDG?

XSPI and ZHDG have the same expense ratio: 0.98% per year.

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

XSPI has the higher dividend yield at 8.34%, compared with 2.46% for ZHDG.

What is the main difference between XSPI and ZHDG?

They also come from different issuers: NEOS Investments and ZEGA.