ZHDG vs. GLDW
ZHDG (ZEGA Buy and Hedge ETF) and GLDW (Roundhill Gold WeeklyPay ETF) are both Derivative Income funds. Both are actively managed. At a 0.34 correlation, their price movements are largely independent. ZHDG charges 0.98%/yr vs 0.99%/yr for GLDW.
Performance
ZHDG vs. GLDW - Performance Comparison
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Returns By Period
In the year-to-date period, ZHDG achieves a 5.12% return, which is significantly higher than GLDW's 1.00% return.
ZHDG
- 1D
- -0.60%
- 1M
- 4.65%
- YTD
- 5.12%
- 6M
- 5.49%
- 1Y
- 18.31%
- 3Y*
- 14.68%
- 5Y*
- —
- 10Y*
- —
GLDW
- 1D
- -1.20%
- 1M
- -2.48%
- YTD
- 1.00%
- 6M
- 3.47%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZHDG vs. GLDW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ZHDG ZEGA Buy and Hedge ETF | 5.12% | 0.09% |
GLDW Roundhill Gold WeeklyPay ETF | 1.00% | 7.63% |
Correlation
The correlation between ZHDG and GLDW is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 31, 2025 | 0.34 |
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Return for Risk
ZHDG vs. GLDW — Risk / Return Rank
ZHDG
GLDW
ZHDG vs. GLDW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ZEGA Buy and Hedge ETF (ZHDG) and Roundhill Gold WeeklyPay ETF (GLDW). 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 | GLDW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.32 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.15 | — | — |
| Martin ratioReturn relative to average drawdown | 8.97 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZHDG | GLDW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.79 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.51 | 0.42 | +0.09 |
Drawdowns
ZHDG vs. GLDW - Drawdown Comparison
The maximum ZHDG drawdown since its inception was -23.27%, roughly equal to the maximum GLDW drawdown of -23.59%. Use the drawdown chart below to compare losses from any high point for ZHDG and GLDW.
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Drawdown Indicators
| ZHDG | GLDW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.27% | -23.59% | +0.32% |
Max Drawdown (1Y)Largest decline over 1 year | -8.56% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -11.63% | — | — |
Current DrawdownCurrent decline from peak | -0.60% | -22.51% | +21.91% |
Average DrawdownAverage peak-to-trough decline | -8.16% | -8.93% | +0.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.05% | — | — |
Volatility
ZHDG vs. GLDW - Volatility Comparison
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Volatility by Period
| ZHDG | GLDW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.80% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 8.06% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 10.27% | 36.90% | -26.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.75% | 36.90% | -25.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.75% | 36.90% | -25.15% |
ZHDG vs. GLDW - Expense Ratio Comparison
ZHDG has a 0.98% expense ratio, which is lower than GLDW's 0.99% expense ratio.
Dividends
ZHDG vs. GLDW - Dividend Comparison
ZHDG's dividend yield for the trailing twelve months is around 2.44%, less than GLDW's 19.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
GLDW Roundhill Gold WeeklyPay ETF | 19.48% | 3.75% | 0.00% | 0.00% | 0.00% | 0.00% |
ZHDG ZEGA Buy and Hedge ETF | 2.44% | 2.57% | 2.59% | 1.52% | 3.58% | 1.33% |
Frequently Asked Questions
ZHDG and GLDW have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZHDG is cheaper at 0.98% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZHDG is cheaper with a 0.98% expense ratio, compared with 0.99% for GLDW.
GLDW has the higher dividend yield at 19.48%, compared with 2.44% for ZHDG.
They also come from different issuers: ZEGA and State Street. Their fees differ too: 0.98% for ZHDG and 0.99% for GLDW.
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