ZHDG vs. BALI

Last updated Jun 24, 2026

ZHDG (ZEGA Buy and Hedge ETF) and BALI (Blackrock Advantage Large Cap Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, ZHDG returned 14.55% vs 22.98% for BALI. Their correlation of 0.83 suggests significant overlap in exposure. ZHDG charges 0.98%/yr vs 0.35%/yr for BALI.

Performance

ZHDG vs. BALI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ZEGA Buy and Hedge ETF (ZHDG) and Blackrock Advantage Large Cap Income ETF (BALI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZHDG achieves a 2.55% return, which is significantly lower than BALI's 8.90% return.

ZHDG

• 1D: -1.11%
• 1M: -1.37%
• YTD: 2.55%
• 6M: 2.66%
• 1Y: 14.55%
• 3Y*: 13.05%
• 5Y*: —
• 10Y*: —

BALI

• 1D: -1.07%
• 1M: -1.38%
• YTD: 8.90%
• 6M: 8.29%
• 1Y: 22.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZHDG vs. BALI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ZHDG ZEGA Buy and Hedge ETF	2.55%	14.34%	18.02%	5.83%
BALI Blackrock Advantage Large Cap Income ETF	8.90%	14.51%	22.38%	9.71%

Correlation

The correlation between ZHDG and BALI is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (All Time) Calculated using the full available price history since Sep 28, 2023	0.83

The correlation between ZHDG and BALI has been stable across timeframes, ranging from 0.83 to 0.89 - a consistent structural relationship.

Return for Risk

ZHDG vs. BALI — Risk / Return Rank

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

ZHDG

ZHDG Risk / Return Rank: 40
ZHDG Sharpe Ratio Rank: 41
ZHDG Sortino Ratio Rank: 39
ZHDG Omega Ratio Rank: 39
ZHDG Calmar Ratio Rank: 37
ZHDG Martin Ratio Rank: 45

BALI

BALI Risk / Return Rank: 74
BALI Sharpe Ratio Rank: 72
BALI Sortino Ratio Rank: 70
BALI Omega Ratio Rank: 73
BALI Calmar Ratio Rank: 71
BALI Martin Ratio Rank: 83

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. BALI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ZEGA Buy and Hedge ETF (ZHDG) and Blackrock Advantage Large Cap Income ETF (BALI). 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.

	ZHDG	BALI	Difference
Sharpe ratio: Return per unit of total volatility	1.35	2.21	-0.86
Sortino ratio: Return per unit of downside risk	1.90	3.03	-1.13
Omega ratio: Gain probability vs. loss probability	1.24	1.41	-0.17
Calmar ratio: Return relative to maximum drawdown	1.71	3.44	-1.73
Martin ratio: Return relative to average drawdown	6.88	16.45	-9.56

ZHDG vs. BALI - Sharpe Ratio Comparison

The current ZHDG Sharpe Ratio is 1.35, which is lower than the BALI Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of ZHDG and BALI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ZHDG vs. BALI - Drawdown Comparison

The maximum ZHDG drawdown since its inception was -23.27%, which is greater than BALI's maximum drawdown of -16.65%. Use the drawdown chart below to compare losses from any high point for ZHDG and BALI.

Drawdown Indicators

	ZHDG	BALI	Difference
Max Drawdown Largest peak-to-trough decline	-23.27%	-16.65%	-6.62%
Max Drawdown (1Y) Largest decline over 1 year	-8.56%	-6.71%	-1.85%
Max Drawdown (3Y) Largest decline over 3 years	-11.63%	—	—
Current Drawdown Current decline from peak	-3.03%	-2.49%	-0.54%
Average Drawdown Average peak-to-trough decline	-8.09%	-1.63%	-6.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.12%	1.40%	+0.72%

Volatility

ZHDG vs. BALI - Volatility Comparison

ZEGA Buy and Hedge ETF (ZHDG) and Blackrock Advantage Large Cap Income ETF (BALI) have volatilities of 4.21% and 4.07%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZHDG	BALI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.21%	4.07%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	8.92%	8.30%	+0.62%
Volatility (1Y) Calculated over the trailing 1-year period	10.85%	10.49%	+0.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.81%	13.02%	-1.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.81%	13.02%	-1.21%

ZHDG vs. BALI - Expense Ratio Comparison

ZHDG has a 0.98% expense ratio, which is higher than BALI's 0.35% expense ratio.

Dividends

ZHDG vs. BALI - Dividend Comparison

ZHDG's dividend yield for the trailing twelve months is around 2.50%, less than BALI's 7.83% yield.

Position	TTM	2025	2024	2023	2022	2021
BALI Blackrock Advantage Large Cap Income ETF	7.83%	8.51%	7.13%	2.13%	0.00%	0.00%
ZHDG ZEGA Buy and Hedge ETF	2.50%	2.57%	2.59%	1.52%	3.58%	1.33%

Frequently Asked Questions

Can I hold both ZHDG and BALI in my portfolio?

ZHDG and BALI have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZHDG or BALI?

ZHDG has higher volatility (4.21%) compared to BALI (4.07%). In terms of maximum drawdown, ZHDG dropped -23.27% vs BALI's -16.65%.

Which ETF is better, ZHDG or BALI?

On 1-year performance, BALI leads with 22.98% vs 14.55% for ZHDG. On fees, BALI is cheaper at 0.35% per year. On volatility, BALI has been the lower-risk option at 4.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZHDG or BALI?

Over the 1-year period, BALI has performed better with a 22.98% return vs 14.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZHDG or BALI?

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

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

BALI has the higher dividend yield at 7.83%, compared with 2.50% for ZHDG.

What is the main difference between ZHDG and BALI?

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

Which has better risk-adjusted returns?

BALI currently has the higher Sharpe Ratio (2.21 vs 1.35), 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.