ZHDG vs. FTQI
ZHDG (ZEGA Buy and Hedge ETF) and FTQI (First Trust Nasdaq BuyWrite Income ETF) are both exchange-traded funds - ZHDG is a Derivative Income fund actively managed by ZEGA, while FTQI is a Nasdaq-100 fund tracking the NASDAQ-100 Index. ZHDG is actively managed, while FTQI is passively managed. Over the past 5 years, ZHDG returned 5.92%/yr vs 12.43%/yr for FTQI. A 0.77 correlation means they provide meaningful diversification when combined. ZHDG charges 0.98%/yr vs 0.75%/yr for FTQI.
Performance
ZHDG vs. FTQI - Performance Comparison
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Returns By Period
In the year-to-date period, ZHDG achieves a 4.76% return, which is significantly lower than FTQI's 13.57% return.
ZHDG
- 1D
- -0.29%
- 1M
- -0.16%
- 6M
- 5.04%
- YTD
- 4.76%
- 1Y
- 13.53%
- 3Y*
- 12.83%
- 5Y*
- 5.92%
- 10Y*
- —
FTQI
- 1D
- 0.09%
- 1M
- 1.97%
- 6M
- 12.76%
- YTD
- 13.57%
- 1Y
- 27.70%
- 3Y*
- 16.98%
- 5Y*
- 12.43%
- 10Y*
- 7.68%
ZHDG vs. FTQI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ZHDG ZEGA Buy and Hedge ETF | 4.76% | 14.34% | 18.02% | 13.14% | -22.07% | 6.20% |
FTQI First Trust Nasdaq BuyWrite Income ETF | 13.57% | 12.68% | 18.30% | 23.63% | -8.77% | 2.54% |
Correlation
The correlation between ZHDG and FTQI is 0.85, 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 | 0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Jul 7, 2021 | 0.77 |
The correlation between ZHDG and FTQI has been stable across timeframes, ranging from 0.77 to 0.85 - a consistent structural relationship.
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Return for Risk
ZHDG vs. FTQI — Risk / Return Rank
ZHDG
FTQI
ZHDG vs. FTQI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ZEGA Buy and Hedge ETF (ZHDG) and First Trust Nasdaq BuyWrite Income ETF (FTQI). 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 | FTQI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.32 | ||
| Sortino ratioReturn per unit of downside risk | -1.76 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.48 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | 1.59 | 4.46 | -2.87 |
| Martin ratioReturn relative to average drawdown | 6.22 | 21.13 | -14.91 |
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Drawdowns
ZHDG vs. FTQI - Drawdown Comparison
The maximum ZHDG drawdown since its inception was -23.27%, which is greater than FTQI's maximum drawdown of -19.42%. Use the drawdown chart below to compare losses from any high point for ZHDG and FTQI.
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Drawdown Indicators
| ZHDG | FTQI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.27% | -19.42% | -3.85% |
Max Drawdown (1Y)Largest decline over 1 year | -8.56% | -6.24% | -2.32% |
Max Drawdown (3Y)Largest decline over 3 years | -11.63% | -19.42% | +7.79% |
Max Drawdown (5Y)Largest decline over 5 years | -23.27% | -19.42% | -3.85% |
Max Drawdown (10Y)Largest decline over 10 years | — | -19.42% | — |
Current DrawdownCurrent decline from peak | -0.94% | -0.13% | -0.81% |
Average DrawdownAverage peak-to-trough decline | -8.02% | -3.73% | -4.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.18% | 1.31% | +0.87% |
Volatility
ZHDG vs. FTQI - Volatility Comparison
ZEGA Buy and Hedge ETF (ZHDG) has a higher volatility of 3.66% compared to First Trust Nasdaq BuyWrite Income ETF (FTQI) at 2.86%. This indicates that ZHDG's price experiences larger fluctuations and is considered to be riskier than FTQI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZHDG | FTQI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.66% | 2.86% | +0.80% |
Volatility (6M)Calculated over the trailing 6-month period | 9.01% | 8.79% | +0.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.87% | 10.84% | +0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.80% | 14.82% | -3.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.78% | 12.98% | -1.20% |
ZHDG vs. FTQI - Expense Ratio Comparison
ZHDG has a 0.98% expense ratio, which is higher than FTQI's 0.75% expense ratio.
Dividends
ZHDG vs. FTQI - Dividend Comparison
ZHDG's dividend yield for the trailing twelve months is around 2.45%, less than FTQI's 10.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FTQI First Trust Nasdaq BuyWrite Income ETF | 10.84% | 11.46% | 11.66% | 11.49% | 9.85% | 3.05% | 3.27% | 2.95% | 3.27% | 2.74% | 3.02% | 3.54% |
ZHDG ZEGA Buy and Hedge ETF | 2.45% | 2.57% | 2.59% | 1.52% | 3.58% | 1.33% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZHDG and FTQI have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZHDG has higher volatility (3.66%) compared to FTQI (2.86%). In terms of maximum drawdown, ZHDG dropped -23.27% vs FTQI's -19.42%.
On 5-year performance, FTQI leads with 12.43% vs 5.92% for ZHDG. On fees, FTQI is cheaper at 0.75% per year. On volatility, FTQI has been the lower-risk option at 2.86%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FTQI has performed better with a 12.43% return vs 5.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FTQI is cheaper with a 0.75% expense ratio, compared with 0.98% for ZHDG.
FTQI has the higher dividend yield at 10.84%, compared with 2.45% for ZHDG.
ZHDG is categorized as Derivative Income, while FTQI is Nasdaq-100. They also come from different issuers: ZEGA and First Trust. Their fees differ too: 0.98% for ZHDG and 0.75% for FTQI.
FTQI currently has the higher Sharpe Ratio (2.57 vs 1.25), 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.
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