ZHDG vs. ARMW

Last updated Jun 4, 2026

ZHDG (ZEGA Buy and Hedge ETF) and ARMW (Roundhill ARM WeeklyPay ETF) are both Derivative Income funds. Both are actively managed. A 0.53 correlation means they provide meaningful diversification when combined. ZHDG charges 0.98%/yr vs 0.99%/yr for ARMW.

Performance

ZHDG vs. ARMW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ZEGA Buy and Hedge ETF (ZHDG) and Roundhill ARM WeeklyPay ETF (ARMW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZHDG achieves a 5.12% return, which is significantly lower than ARMW's 363.23% return.

ZHDG

• 1D: -0.60%
• 1M: 4.65%
• YTD: 5.12%
• 6M: 5.49%
• 1Y: 18.31%
• 3Y*: 14.68%
• 5Y*: —
• 10Y*: —

ARMW

• 1D: 3.44%
• 1M: 128.75%
• YTD: 363.23%
• 6M: 245.13%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZHDG vs. ARMW - Yearly Performance Comparison

	2026 (YTD)	2025
ZHDG ZEGA Buy and Hedge ETF	5.12%	2.00%
ARMW Roundhill ARM WeeklyPay ETF	363.23%	-40.49%

Correlation

The correlation between ZHDG and ARMW 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 24, 2025	0.53

ZHDG vs. ARMW - Sectors Allocation Comparison

Sectors	ZHDG	ARMW
Technology	33.1%	36.0%
Financial Services	12.3%	-
Communication Services	10.7%	-
Consumer Cyclical	10.1%	-
Healthcare	9.8%	-
Industrials	8.7%	-
Consumer Defensive	5.4%	-
Energy	3.5%	-
Utilities	2.5%	-
Real Estate	2.0%	-
Basic Materials	1.9%	-

Return for Risk

ZHDG vs. ARMW — Risk / Return Rank

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

ZHDG

ZHDG Risk / Return Rank: 51
ZHDG Sharpe Ratio Rank: 53
ZHDG Sortino Ratio Rank: 52
ZHDG Omega Ratio Rank: 51
ZHDG Calmar Ratio Rank: 44
ZHDG Martin Ratio Rank: 53

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.

ZHDG vs. ARMW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ZEGA Buy and Hedge ETF (ZHDG) and Roundhill ARM WeeklyPay ETF (ARMW). 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.

	ZHDG	ARMW	Difference
Sharpe ratio: Return per unit of total volatility	1.79	—	—
Sortino ratio: Return per unit of downside risk	2.50	—	—
Omega ratio: Gain probability vs. loss probability	1.32	—	—
Calmar ratio: Return relative to maximum drawdown	2.15	—	—
Martin ratio: Return relative to average drawdown	8.97	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	ZHDG	ARMW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.79	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	4.96	-4.45

Drawdowns

ZHDG vs. ARMW - Drawdown Comparison

The maximum ZHDG drawdown since its inception was -23.27%, smaller than the maximum ARMW drawdown of -48.47%. Use the drawdown chart below to compare losses from any high point for ZHDG and ARMW.

Drawdown Indicators

	ZHDG	ARMW	Difference
Max Drawdown Largest peak-to-trough decline	-23.27%	-48.47%	+25.20%
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	-0.60%	0.00%	-0.60%
Average Drawdown Average peak-to-trough decline	-8.16%	-26.55%	+18.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	—	—

Volatility

Volatility by Period

	ZHDG	ARMW	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.80%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.06%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.27%	88.46%	-78.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.75%	88.46%	-76.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.75%	88.46%	-76.71%

ZHDG vs. ARMW - Expense Ratio Comparison

ZHDG has a 0.98% expense ratio, which is lower than ARMW's 0.99% expense ratio.

Dividends

ZHDG vs. ARMW - Dividend Comparison

ZHDG's dividend yield for the trailing twelve months is around 2.44%, less than ARMW's 15.20% yield.

Position	TTM	2025	2024	2023	2022	2021
ARMW Roundhill ARM WeeklyPay ETF	15.20%	16.38%	0.00%	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 ZHDG and ARMW in my portfolio?

ZHDG and ARMW 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, ZHDG or ARMW?

On fees, ZHDG is cheaper at 0.98% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZHDG or ARMW?

ZHDG is cheaper with a 0.98% expense ratio, compared with 0.99% for ARMW.

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

ARMW has the higher dividend yield at 15.20%, compared with 2.44% for ZHDG.

What is the main difference between ZHDG and ARMW?

They also come from different issuers: ZEGA and Roundhill Investments. Their fees differ too: 0.98% for ZHDG and 0.99% for ARMW.