ZHDG vs. BAMU

Last updated Jun 21, 2026

ZHDG (ZEGA Buy and Hedge ETF) and BAMU (Brookstone Ultra-Short Bond ETF) are both exchange-traded funds - ZHDG is a Derivative Income fund actively managed by ZEGA, while BAMU is a Ultrashort Bond fund actively managed by Brookstone. Both are actively managed. Over the past year, ZHDG returned 17.15% vs 2.89% for BAMU. At a 0.01 correlation, their price movements are largely independent. ZHDG charges 0.98%/yr vs 1.09%/yr for BAMU.

Performance

ZHDG vs. BAMU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ZEGA Buy and Hedge ETF (ZHDG) and Brookstone Ultra-Short Bond ETF (BAMU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZHDG achieves a 4.08% return, which is significantly higher than BAMU's 1.16% return.

ZHDG

• 1D: 0.89%
• 1M: 0.73%
• YTD: 4.08%
• 6M: 5.46%
• 1Y: 17.15%
• 3Y*: 13.19%
• 5Y*: —
• 10Y*: —

BAMU

• 1D: 0.00%
• 1M: 0.18%
• YTD: 1.16%
• 6M: 1.27%
• 1Y: 2.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZHDG vs. BAMU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ZHDG ZEGA Buy and Hedge ETF	4.08%	14.34%	18.02%	6.10%
BAMU Brookstone Ultra-Short Bond ETF	1.16%	3.21%	4.14%	1.20%

Correlation

The correlation between ZHDG and BAMU is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.09
Correlation (All Time) Calculated using the full available price history since Sep 27, 2023	0.01

The correlation between ZHDG and BAMU shifts across timeframes, from -0.09 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ZHDG vs. BAMU — Risk / Return Rank

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

ZHDG

ZHDG Risk / Return Rank: 46
ZHDG Sharpe Ratio Rank: 47
ZHDG Sortino Ratio Rank: 46
ZHDG Omega Ratio Rank: 45
ZHDG Calmar Ratio Rank: 41
ZHDG Martin Ratio Rank: 49

BAMU

BAMU Risk / Return Rank: 98
BAMU Sharpe Ratio Rank: 98
BAMU Sortino Ratio Rank: 98
BAMU Omega Ratio Rank: 98
BAMU Calmar Ratio Rank: 99
BAMU Martin Ratio Rank: 99

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. BAMU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ZEGA Buy and Hedge ETF (ZHDG) and Brookstone Ultra-Short Bond ETF (BAMU). 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	BAMU	Difference
Sharpe ratio: Return per unit of total volatility	1.58	5.01	-3.43
Sortino ratio: Return per unit of downside risk	2.20	8.84	-6.64
Omega ratio: Gain probability vs. loss probability	1.28	2.43	-1.15
Calmar ratio: Return relative to maximum drawdown	1.99	24.72	-22.73
Martin ratio: Return relative to average drawdown	8.06	97.89	-89.84

ZHDG vs. BAMU - Sharpe Ratio Comparison

The current ZHDG Sharpe Ratio is 1.58, which is lower than the BAMU Sharpe Ratio of 5.01. The chart below compares the historical Sharpe Ratios of ZHDG and BAMU, 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. BAMU - Drawdown Comparison

The maximum ZHDG drawdown since its inception was -23.27%, which is greater than BAMU's maximum drawdown of -0.36%. Use the drawdown chart below to compare losses from any high point for ZHDG and BAMU.

Drawdown Indicators

	ZHDG	BAMU	Difference
Max Drawdown Largest peak-to-trough decline	-23.27%	-0.36%	-22.91%
Max Drawdown (1Y) Largest decline over 1 year	-8.56%	-0.12%	-8.44%
Max Drawdown (3Y) Largest decline over 3 years	-11.63%	—	—
Current Drawdown Current decline from peak	-1.58%	0.00%	-1.58%
Average Drawdown Average peak-to-trough decline	-8.10%	-0.02%	-8.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.11%	0.03%	+2.08%

Volatility

ZHDG vs. BAMU - Volatility Comparison

ZEGA Buy and Hedge ETF (ZHDG) has a higher volatility of 4.13% compared to Brookstone Ultra-Short Bond ETF (BAMU) at 0.09%. This indicates that ZHDG's price experiences larger fluctuations and is considered to be riskier than BAMU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZHDG	BAMU	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.13%	0.09%	+4.04%
Volatility (6M) Calculated over the trailing 6-month period	8.86%	0.40%	+8.46%
Volatility (1Y) Calculated over the trailing 1-year period	10.78%	0.58%	+10.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.81%	0.87%	+10.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.81%	0.87%	+10.94%

ZHDG vs. BAMU - Expense Ratio Comparison

ZHDG has a 0.98% expense ratio, which is lower than BAMU's 1.09% expense ratio.

Dividends

ZHDG vs. BAMU - Dividend Comparison

ZHDG's dividend yield for the trailing twelve months is around 2.46%, less than BAMU's 3.05% yield.

Position	TTM	2025	2024	2023	2022	2021
BAMU Brookstone Ultra-Short Bond ETF	3.05%	3.20%	3.97%	0.84%	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 ZHDG and BAMU in my portfolio?

ZHDG and BAMU have a correlation of -0.09, 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 BAMU?

ZHDG has higher volatility (4.13%) compared to BAMU (0.09%). In terms of maximum drawdown, ZHDG dropped -23.27% vs BAMU's -0.36%.

Which ETF is better, ZHDG or BAMU?

On 1-year performance, ZHDG leads with 17.15% vs 2.89% for BAMU. On fees, ZHDG is cheaper at 0.98% per year. On volatility, BAMU has been the lower-risk option at 0.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZHDG or BAMU?

Over the 1-year period, ZHDG has performed better with a 17.15% return vs 2.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZHDG or BAMU?

ZHDG is cheaper with a 0.98% expense ratio, compared with 1.09% for BAMU.

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

BAMU has the higher dividend yield at 3.05%, compared with 2.46% for ZHDG.

What is the main difference between ZHDG and BAMU?

ZHDG is categorized as Derivative Income, while BAMU is Ultrashort Bond. They also come from different issuers: ZEGA and Brookstone. Their fees differ too: 0.98% for ZHDG and 1.09% for BAMU.

Which has better risk-adjusted returns?

BAMU currently has the higher Sharpe Ratio (5.01 vs 1.58), 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.