ZHDG vs. BTCI

Last updated Aug 6, 2026

ZHDG (ZEGA Buy and Hedge ETF) and BTCI (NEOS Bitcoin High Income ETF) are both exchange-traded funds - ZHDG is a Derivative Income fund actively managed by Tidal, while BTCI is a Cryptocurrency fund actively managed by Neos. Both are actively managed. Over the past year, ZHDG returned 15.23% vs -38.83% for BTCI. Their 0.43 correlation means their historical movements had little consistent relationship. ZHDG charges 0.98%/yr vs 0.99%/yr for BTCI.

Performance

ZHDG vs. BTCI - Performance Comparison

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

Returns By Period

In the year-to-date period, ZHDG achieves a 7.19% return, which is significantly higher than BTCI's -23.79% return.

ZHDG

• 1D: 0.30%
• 1M: 2.77%
• 6M: 7.68%
• YTD: 7.19%
• 1Y: 15.23%
• 3Y*: 13.63%
• 5Y*: 6.11%
• 10Y*: —
• ALL TIME*: 6.16%

BTCI

• 1D: 0.42%
• 1M: 2.32%
• 6M: -10.60%
• YTD: -23.79%
• 1Y: -38.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -2.77%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BTCI NEOS Bitcoin High Income ETF	$11.16M	$12.17M	$21.35M
ZHDG ZEGA Buy and Hedge ETF	$62.13K	$88.20K	$94.43K

ZHDG vs. BTCI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZHDG ZEGA Buy and Hedge ETF	7.19%	14.34%	0.38%
BTCI NEOS Bitcoin High Income ETF	-23.79%	-1.09%	26.12%

Correlation

The correlation between ZHDG and BTCI is 0.42, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.42
Correlation (All Time) Calculated using the full available price history since Oct 17, 2024	0.43

Return for Risk

ZHDG vs. BTCI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ZHDG

ZHDG Risk / Return Rank: 47
ZHDG Sharpe Ratio Rank: 47
ZHDG Sortino Ratio Rank: 46
ZHDG Omega Ratio Rank: 44
ZHDG Calmar Ratio Rank: 43
ZHDG Martin Ratio Rank: 52

BTCI

BTCI Risk / Return Rank: 2
BTCI Sharpe Ratio Rank: 2
BTCI Sortino Ratio Rank: 2
BTCI Omega Ratio Rank: 2
BTCI Calmar Ratio Rank: 3
BTCI Martin Ratio Rank: 2

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ZHDG vs. BTCI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ZEGA Buy and Hedge ETF (ZHDG) and NEOS Bitcoin High Income ETF (BTCI). 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	BTCI	Difference
Sharpe ratio: Return per unit of total volatility	1.36	-0.98	+2.34
Sortino ratio: Return per unit of downside risk	1.94	-1.37	+3.31
Omega ratio: Gain probability vs. loss probability	1.24	0.84	+0.40
Calmar ratio: Return relative to maximum drawdown	1.79	-0.80	+2.59
Martin ratio: Return relative to average drawdown	6.81	-1.25	+8.06

ZHDG vs. BTCI - Sharpe Ratio Comparison

The current ZHDG Sharpe Ratio is 1.36, which is higher than the BTCI Sharpe Ratio of -0.98. The chart below compares the historical Sharpe Ratios of ZHDG and BTCI, 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. BTCI - Drawdown Comparison

The maximum ZHDG drawdown since its inception was -23.27%, smaller than the maximum BTCI drawdown of -48.42%. Use the drawdown chart below to compare losses from any high point for ZHDG and BTCI.

Drawdown Indicators

	ZHDG	BTCI	Difference
Max Drawdown Largest peak-to-trough decline	-23.27%	-48.42%	+25.15%
Max Drawdown (1Y) Largest decline over 1 year	-8.56%	-48.42%	+39.86%
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	0.00%	-43.65%	+43.65%
Average Drawdown Average peak-to-trough decline	-7.95%	-17.99%	+10.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	31.16%	-28.92%

Volatility

ZHDG vs. BTCI - Volatility Comparison

The current volatility for ZEGA Buy and Hedge ETF (ZHDG) is 3.86%, while NEOS Bitcoin High Income ETF (BTCI) has a volatility of 6.58%. This indicates that ZHDG experiences smaller price fluctuations and is considered to be less risky than BTCI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZHDG	BTCI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.86%	6.58%	-2.72%
Volatility (6M) Calculated over the trailing 6-month period	9.30%	30.03%	-20.73%
Volatility (1Y) Calculated over the trailing 1-year period	11.22%	39.95%	-28.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.88%	39.56%	-27.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.82%	39.56%	-27.74%

ZHDG vs. BTCI - Expense Ratio Comparison

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

Dividends

ZHDG vs. BTCI - Dividend Comparison

ZHDG's dividend yield for the trailing twelve months is around 2.39%, less than BTCI's 40.21% yield.

Position	TTM	2025	2024	2023	2022	2021
BTCI NEOS Bitcoin High Income ETF	40.21%	36.46%	6.76%	0.00%	0.00%	0.00%
ZHDG ZEGA Buy and Hedge ETF	2.39%	2.57%	2.59%	1.52%	3.58%	1.33%

Frequently Asked Questions

Can I hold both ZHDG and BTCI in my portfolio?

ZHDG and BTCI have a correlation of 0.42, 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 BTCI?

BTCI has higher volatility (6.58%) compared to ZHDG (3.86%). In terms of maximum drawdown, ZHDG dropped -23.27% vs BTCI's -48.42%.

Which ETF is better, ZHDG or BTCI?

On 1-year performance, ZHDG leads with 15.23% vs -38.83% for BTCI. On fees, ZHDG is cheaper at 0.98% per year. On volatility, ZHDG has been the lower-risk option at 3.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZHDG or BTCI?

Over the 1-year period, ZHDG has performed better with a 15.23% return vs -38.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZHDG or BTCI?

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

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

BTCI has the higher dividend yield at 40.21%, compared with 2.39% for ZHDG.

What is the main difference between ZHDG and BTCI?

ZHDG is categorized as Derivative Income, while BTCI is Cryptocurrency. They also come from different issuers: Tidal and Neos. Their fees differ too: 0.98% for ZHDG and 0.99% for BTCI.

Which has better risk-adjusted returns?

ZHDG currently has the higher Sharpe Ratio (1.36 vs -0.98), 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.