ZHDG vs. JOYT

Last updated Jun 4, 2026

ZHDG (ZEGA Buy and Hedge ETF) and JOYT (JPMorgan Equity And Options Total Return ETF) are both Derivative Income funds. Both are actively managed. Their correlation of 0.83 suggests significant overlap in exposure. ZHDG charges 0.98%/yr vs 0.35%/yr for JOYT.

Performance

ZHDG vs. JOYT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ZEGA Buy and Hedge ETF (ZHDG) and JPMorgan Equity And Options Total Return ETF (JOYT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with ZHDG having a 5.12% return and JOYT slightly lower at 5.08%.

ZHDG

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

JOYT

• 1D: -0.20%
• 1M: 2.91%
• YTD: 5.08%
• 6M: 7.03%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZHDG vs. JOYT - Yearly Performance Comparison

	2026 (YTD)	2025
ZHDG ZEGA Buy and Hedge ETF	5.12%	6.17%
JOYT JPMorgan Equity And Options Total Return ETF	5.08%	9.58%

Correlation

The correlation between ZHDG and JOYT is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 20, 2025	0.83

ZHDG vs. JOYT - Sectors Allocation Comparison

Sectors	ZHDG	JOYT
Technology	33.1%	35.9%
Financial Services	12.3%	11.6%
Communication Services	10.7%	10.3%
Consumer Cyclical	10.1%	9.7%
Healthcare	9.8%	8.2%
Industrials	8.7%	6.2%
Consumer Defensive	5.4%	4.6%
Energy	3.5%	3.6%
Utilities	2.5%	3.1%
Real Estate	2.0%	1.6%
Basic Materials	1.9%	0.8%

Return for Risk

ZHDG vs. JOYT — 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

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. JOYT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ZEGA Buy and Hedge ETF (ZHDG) and JPMorgan Equity And Options Total Return ETF (JOYT). 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	JOYT	Difference
Sharpe ratio: Return per unit of total volatility	1.79	—	—
Sortino ratio: Return per unit of downside risk	2.50	—	—
Omega ratio: Gain probability vs. loss probability	1.32	—	—
Calmar ratio: Return relative to maximum drawdown	2.15	—	—
Martin ratio: Return 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.

Sharpe Ratios by Period

	ZHDG	JOYT	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	2.10	-1.59

Drawdowns

ZHDG vs. JOYT - Drawdown Comparison

The maximum ZHDG drawdown since its inception was -23.27%, which is greater than JOYT's maximum drawdown of -6.99%. Use the drawdown chart below to compare losses from any high point for ZHDG and JOYT.

Drawdown Indicators

	ZHDG	JOYT	Difference
Max Drawdown Largest peak-to-trough decline	-23.27%	-6.99%	-16.28%
Max Drawdown (1Y) Largest decline over 1 year	-8.56%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-11.63%	—	—
Current Drawdown Current decline from peak	-0.60%	-0.20%	-0.40%
Average Drawdown Average peak-to-trough decline	-8.16%	-0.87%	-7.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	—	—

Volatility

Volatility by Period

	ZHDG	JOYT	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%	9.39%	+0.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.75%	9.39%	+2.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.75%	9.39%	+2.36%

ZHDG vs. JOYT - Expense Ratio Comparison

ZHDG has a 0.98% expense ratio, which is higher than JOYT's 0.35% expense ratio.

Dividends

ZHDG vs. JOYT - Dividend Comparison

ZHDG's dividend yield for the trailing twelve months is around 2.44%, more than JOYT's 0.45% yield.

Position	TTM	2025	2024	2023	2022	2021
JOYT JPMorgan Equity And Options Total Return ETF	0.45%	0.28%	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

Can I hold both ZHDG and JOYT in my portfolio?

ZHDG and JOYT have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZHDG or JOYT?

On fees, JOYT is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZHDG or JOYT?

JOYT is cheaper with a 0.35% expense ratio, compared with 0.98% for ZHDG.

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

ZHDG has the higher dividend yield at 2.44%, compared with 0.45% for JOYT.

What is the main difference between ZHDG and JOYT?

They also come from different issuers: ZEGA and JPMorgan. Their fees differ too: 0.98% for ZHDG and 0.35% for JOYT.