ZHDG vs. GPIX

Last updated Jun 26, 2026

ZHDG (ZEGA Buy and Hedge ETF) and GPIX (Goldman Sachs S&P 500 Premium Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, ZHDG returned 13.14% vs 20.94% for GPIX. Their correlation of 0.84 suggests significant overlap in exposure. ZHDG charges 0.98%/yr vs 0.29%/yr for GPIX.

Performance

ZHDG vs. GPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ZEGA Buy and Hedge ETF (ZHDG) and Goldman Sachs S&P 500 Premium Income ETF (GPIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZHDG achieves a 2.19% return, which is significantly lower than GPIX's 7.95% return.

ZHDG

• 1D: -0.04%
• 1M: -2.34%
• YTD: 2.19%
• 6M: 1.96%
• 1Y: 13.14%
• 3Y*: 13.03%
• 5Y*: —
• 10Y*: —

GPIX

• 1D: 0.04%
• 1M: -1.33%
• YTD: 7.95%
• 6M: 6.98%
• 1Y: 20.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZHDG vs. GPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ZHDG ZEGA Buy and Hedge ETF	2.19%	14.34%	18.02%	7.35%
GPIX Goldman Sachs S&P 500 Premium Income ETF	7.95%	16.25%	21.77%	13.04%

Correlation

The correlation between ZHDG and GPIX is 0.92, 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	0.92
Correlation (All Time) Calculated using the full available price history since Oct 26, 2023	0.84

The correlation between ZHDG and GPIX has been stable across timeframes, ranging from 0.84 to 0.92 - a consistent structural relationship.

Return for Risk

ZHDG vs. GPIX — Risk / Return Rank

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

ZHDG

ZHDG Risk / Return Rank: 36
ZHDG Sharpe Ratio Rank: 37
ZHDG Sortino Ratio Rank: 35
ZHDG Omega Ratio Rank: 35
ZHDG Calmar Ratio Rank: 33
ZHDG Martin Ratio Rank: 42

GPIX

GPIX Risk / Return Rank: 71
GPIX Sharpe Ratio Rank: 71
GPIX Sortino Ratio Rank: 68
GPIX Omega Ratio Rank: 72
GPIX Calmar Ratio Rank: 64
GPIX Martin Ratio Rank: 79

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. GPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ZEGA Buy and Hedge ETF (ZHDG) and Goldman Sachs S&P 500 Premium Income ETF (GPIX). 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	GPIX	Difference
Sharpe ratio: Return per unit of total volatility	1.22	1.95	-0.73
Sortino ratio: Return per unit of downside risk	1.73	2.68	-0.96
Omega ratio: Gain probability vs. loss probability	1.22	1.37	-0.15
Calmar ratio: Return relative to maximum drawdown	1.54	2.73	-1.19
Martin ratio: Return relative to average drawdown	6.16	13.16	-7.00

ZHDG vs. GPIX - Sharpe Ratio Comparison

The current ZHDG Sharpe Ratio is 1.22, which is lower than the GPIX Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of ZHDG and GPIX, 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. GPIX - Drawdown Comparison

The maximum ZHDG drawdown since its inception was -23.27%, which is greater than GPIX's maximum drawdown of -17.50%. Use the drawdown chart below to compare losses from any high point for ZHDG and GPIX.

Drawdown Indicators

	ZHDG	GPIX	Difference
Max Drawdown Largest peak-to-trough decline	-23.27%	-17.50%	-5.77%
Max Drawdown (1Y) Largest decline over 1 year	-8.56%	-7.71%	-0.85%
Max Drawdown (3Y) Largest decline over 3 years	-11.63%	—	—
Current Drawdown Current decline from peak	-3.37%	-2.25%	-1.12%
Average Drawdown Average peak-to-trough decline	-8.09%	-1.48%	-6.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.14%	1.60%	+0.54%

Volatility

ZHDG vs. GPIX - Volatility Comparison

ZEGA Buy and Hedge ETF (ZHDG) and Goldman Sachs S&P 500 Premium Income ETF (GPIX) have volatilities of 4.09% and 4.20%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZHDG	GPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.09%	4.20%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	8.89%	8.70%	+0.19%
Volatility (1Y) Calculated over the trailing 1-year period	10.78%	10.77%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.81%	13.87%	-2.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.81%	13.87%	-2.06%

ZHDG vs. GPIX - Expense Ratio Comparison

ZHDG has a 0.98% expense ratio, which is higher than GPIX's 0.29% expense ratio.

Dividends

ZHDG vs. GPIX - Dividend Comparison

ZHDG's dividend yield for the trailing twelve months is around 2.51%, less than GPIX's 8.14% yield.

Position	TTM	2025	2024	2023	2022	2021
GPIX Goldman Sachs S&P 500 Premium Income ETF	8.14%	8.01%	7.45%	1.40%	0.00%	0.00%
ZHDG ZEGA Buy and Hedge ETF	2.51%	2.57%	2.59%	1.52%	3.58%	1.33%

Frequently Asked Questions

Can I hold both ZHDG and GPIX in my portfolio?

With a correlation of 0.92, ZHDG and GPIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ZHDG or GPIX?

GPIX has higher volatility (4.20%) compared to ZHDG (4.09%). In terms of maximum drawdown, ZHDG dropped -23.27% vs GPIX's -17.50%.

Which ETF is better, ZHDG or GPIX?

On 1-year performance, GPIX leads with 20.94% vs 13.14% for ZHDG. On fees, GPIX is cheaper at 0.29% per year. On volatility, ZHDG has been the lower-risk option at 4.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZHDG or GPIX?

Over the 1-year period, GPIX has performed better with a 20.94% return vs 13.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZHDG or GPIX?

GPIX is cheaper with a 0.29% expense ratio, compared with 0.98% for ZHDG.

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

GPIX has the higher dividend yield at 8.14%, compared with 2.51% for ZHDG.

What is the main difference between ZHDG and GPIX?

They also come from different issuers: ZEGA and Goldman Sachs. Their fees differ too: 0.98% for ZHDG and 0.29% for GPIX.

Which has better risk-adjusted returns?

GPIX currently has the higher Sharpe Ratio (1.95 vs 1.22), 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.