ZHDG vs. ICOI

Last updated Apr 1, 2026

Compare and contrast key facts about ZEGA Buy and Hedge ETF (ZHDG) and Bitwise COIN Option Income Strategy ETF (ICOI).

ZHDG and ICOI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZHDG is an actively managed fund by ZEGA. It was launched on Jul 6, 2021. ICOI is an actively managed fund by Bitwise. It was launched on Apr 1, 2025.

Performance

ZHDG vs. ICOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ZEGA Buy and Hedge ETF (ZHDG) and Bitwise COIN Option Income Strategy ETF (ICOI). The values are adjusted to include any dividend payments, if applicable.

ZHDG vs. ICOI - Yearly Performance Comparison

	2026 (YTD)	2025
ZHDG ZEGA Buy and Hedge ETF	-6.67%	22.38%
ICOI Bitwise COIN Option Income Strategy ETF	-21.92%	-7.98%

Returns By Period

In the year-to-date period, ZHDG achieves a -6.67% return, which is significantly higher than ICOI's -21.92% return.

ZHDG

• 1D: 1.31%
• 1M: -5.73%
• YTD: -6.67%
• 6M: -4.69%
• 1Y: 11.89%
• 3Y*: 10.96%
• 5Y*: —
• 10Y*: —

ICOI

• 1D: 5.32%
• 1M: -7.30%
• YTD: -21.92%
• 6M: -47.03%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZHDG vs. ICOI - Expense Ratio Comparison

Both ZHDG and ICOI have an expense ratio of 0.98%.

ZHDG

ZEGA Buy and Hedge ETF

ICOI

Bitwise COIN Option Income Strategy ETF

Return for Risk

ZHDG vs. ICOI — Risk / Return Rank

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

ZHDG

ZHDG Risk / Return Rank: 56
ZHDG Sharpe Ratio Rank: 57
ZHDG Sortino Ratio Rank: 56
ZHDG Omega Ratio Rank: 49
ZHDG Calmar Ratio Rank: 56
ZHDG Martin Ratio Rank: 63

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. ICOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ZEGA Buy and Hedge ETF (ZHDG) and Bitwise COIN Option Income Strategy ETF (ICOI). 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	ICOI	Difference
Sharpe ratio Return per unit of total volatility	1.02	—	—
Sortino ratio Return per unit of downside risk	1.49	—	—
Omega ratio Gain probability vs. loss probability	1.19	—	—
Calmar ratio Return relative to maximum drawdown	1.45	—	—
Martin ratio Return relative to average drawdown	6.48	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	ZHDG	ICOI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.02	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	-0.55	+0.85

Correlation

The correlation between ZHDG and ICOI is 0.57, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

ZHDG vs. ICOI - Dividend Comparison

ZHDG's dividend yield for the trailing twelve months is around 2.75%, less than ICOI's 373.22% yield.

	TTM	2025	2024	2023	2022	2021
ZHDG ZEGA Buy and Hedge ETF	2.75%	2.57%	2.59%	1.52%	3.58%	1.33%
ICOI Bitwise COIN Option Income Strategy ETF	373.22%	247.40%	0.00%	0.00%	0.00%	0.00%

Drawdowns

ZHDG vs. ICOI - Drawdown Comparison

The maximum ZHDG drawdown since its inception was -23.27%, smaller than the maximum ICOI drawdown of -58.10%. Use the drawdown chart below to compare losses from any high point for ZHDG and ICOI.

Drawdown Indicators

	ZHDG	ICOI	Difference
Max Drawdown Largest peak-to-trough decline	-23.27%	-58.10%	+34.83%
Max Drawdown (1Y) Largest decline over 1 year	-8.56%	—	—
Current Drawdown Current decline from peak	-7.37%	-55.07%	+47.70%
Average Drawdown Average peak-to-trough decline	-8.40%	-23.12%	+14.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	—	—

Volatility

Volatility by Period

	ZHDG	ICOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.44%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.02%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.75%	52.11%	-40.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.79%	52.11%	-40.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.79%	52.11%	-40.32%