ZHDG vs. BUYW

Last updated Jun 4, 2026

ZHDG (ZEGA Buy and Hedge ETF) and BUYW (Main Buywrite ETF) are both Derivative Income funds. Both are actively managed. Over the past 3 years, ZHDG returned 14.68%/yr vs 8.73%/yr for BUYW. A 0.55 correlation means they provide meaningful diversification when combined. ZHDG charges 0.98%/yr vs 1.29%/yr for BUYW.

Performance

ZHDG vs. BUYW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ZEGA Buy and Hedge ETF (ZHDG) and Main Buywrite ETF (BUYW). 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 higher than BUYW's 3.39% return.

ZHDG

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

BUYW

• 1D: 0.35%
• 1M: 0.99%
• YTD: 3.39%
• 6M: 4.27%
• 1Y: 9.76%
• 3Y*: 8.73%
• 5Y*: —
• 10Y*: —

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

ZHDG vs. BUYW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ZHDG ZEGA Buy and Hedge ETF	5.12%	14.34%	18.02%	13.14%	-7.25%
BUYW Main Buywrite ETF	3.39%	9.08%	9.82%	12.80%	1.46%

Correlation

The correlation between ZHDG and BUYW is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (All Time) Calculated using the full available price history since Sep 13, 2022	0.55

The correlation between ZHDG and BUYW has been stable across timeframes, ranging from 0.49 to 0.55 - a consistent structural relationship.

ZHDG vs. BUYW - Sectors Allocation Comparison

Sectors	ZHDG	BUYW
Technology	33.1%	24.0%
Financial Services	12.3%	15.3%
Communication Services	10.7%	16.9%
Consumer Cyclical	10.1%	6.4%
Healthcare	9.8%	13.0%
Industrials	8.7%	4.4%
Consumer Defensive	5.4%	3.2%
Energy	3.5%	13.6%
Utilities	2.5%	1.3%
Real Estate	2.0%	1.0%
Basic Materials	1.9%	1.0%

Return for Risk

ZHDG vs. BUYW — 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

BUYW

BUYW Risk / Return Rank: 71
BUYW Sharpe Ratio Rank: 59
BUYW Sortino Ratio Rank: 66
BUYW Omega Ratio Rank: 66
BUYW Calmar Ratio Rank: 75
BUYW Martin Ratio Rank: 89

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. BUYW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ZEGA Buy and Hedge ETF (ZHDG) and Main Buywrite ETF (BUYW). 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	BUYW	Difference
Sharpe ratio: Return per unit of total volatility	1.79	2.03	-0.23
Sortino ratio: Return per unit of downside risk	2.50	3.08	-0.58
Omega ratio: Gain probability vs. loss probability	1.32	1.40	-0.09
Calmar ratio: Return relative to maximum drawdown	2.15	3.79	-1.64
Martin ratio: Return relative to average drawdown	8.97	20.24	-11.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZHDG vs. BUYW - Sharpe Ratio Comparison

The current ZHDG Sharpe Ratio is 1.79, which is comparable to the BUYW Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of ZHDG and BUYW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ZHDG	BUYW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.79	2.03	-0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	1.17	-0.65

Drawdowns

ZHDG vs. BUYW - Drawdown Comparison

The maximum ZHDG drawdown since its inception was -23.27%, which is greater than BUYW's maximum drawdown of -9.36%. Use the drawdown chart below to compare losses from any high point for ZHDG and BUYW.

Drawdown Indicators

	ZHDG	BUYW	Difference
Max Drawdown Largest peak-to-trough decline	-23.27%	-9.36%	-13.91%
Max Drawdown (1Y) Largest decline over 1 year	-8.56%	-2.59%	-5.97%
Max Drawdown (3Y) Largest decline over 3 years	-11.63%	-9.36%	-2.27%
Current Drawdown Current decline from peak	-0.60%	-0.21%	-0.39%
Average Drawdown Average peak-to-trough decline	-8.16%	-0.61%	-7.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	0.48%	+1.57%

Volatility

ZHDG vs. BUYW - Volatility Comparison

ZEGA Buy and Hedge ETF (ZHDG) has a higher volatility of 2.80% compared to Main Buywrite ETF (BUYW) at 1.02%. This indicates that ZHDG's price experiences larger fluctuations and is considered to be riskier than BUYW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZHDG	BUYW	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.80%	1.02%	+1.78%
Volatility (6M) Calculated over the trailing 6-month period	8.06%	4.03%	+4.03%
Volatility (1Y) Calculated over the trailing 1-year period	10.27%	4.85%	+5.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.75%	8.47%	+3.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.75%	8.47%	+3.28%

ZHDG vs. BUYW - Expense Ratio Comparison

ZHDG has a 0.98% expense ratio, which is lower than BUYW's 1.29% expense ratio.

Dividends

ZHDG vs. BUYW - Dividend Comparison

ZHDG's dividend yield for the trailing twelve months is around 2.44%, less than BUYW's 5.91% yield.

Position	TTM	2025	2024	2023	2022	2021
BUYW Main Buywrite ETF	5.91%	5.89%	5.93%	5.95%	0.50%	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 BUYW in my portfolio?

ZHDG and BUYW have a correlation of 0.49, 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 BUYW?

ZHDG has higher volatility (2.80%) compared to BUYW (1.02%). In terms of maximum drawdown, ZHDG dropped -23.27% vs BUYW's -9.36%.

Which ETF is better, ZHDG or BUYW?

On 3-year performance, ZHDG leads with 14.68% vs 8.73% for BUYW. On fees, ZHDG is cheaper at 0.98% per year. On volatility, BUYW has been the lower-risk option at 1.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZHDG or BUYW?

Over the 3-year period, ZHDG has performed better with a 14.68% return vs 8.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZHDG or BUYW?

ZHDG is cheaper with a 0.98% expense ratio, compared with 1.29% for BUYW.

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

BUYW has the higher dividend yield at 5.91%, compared with 2.44% for ZHDG.

What is the main difference between ZHDG and BUYW?

They also come from different issuers: ZEGA and Main Funds. Their fees differ too: 0.98% for ZHDG and 1.29% for BUYW.

Which has better risk-adjusted returns?

BUYW currently has the higher Sharpe Ratio (2.03 vs 1.79), 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.