ZHDG vs. QQQI

Last updated Jun 5, 2026

ZHDG (ZEGA Buy and Hedge ETF) and QQQI (NEOS Nasdaq-100 High Income ETF) are both exchange-traded funds - ZHDG is a Derivative Income fund actively managed by ZEGA, while QQQI is a Nasdaq-100 fund actively managed by Neos. Both are actively managed. Over the past year, ZHDG returned 18.66% vs 29.68% for QQQI. Their correlation of 0.84 suggests significant overlap in exposure. ZHDG charges 0.98%/yr vs 0.68%/yr for QQQI.

Performance

ZHDG vs. QQQI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ZEGA Buy and Hedge ETF (ZHDG) and NEOS Nasdaq-100 High Income ETF (QQQI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZHDG achieves a 5.32% return, which is significantly lower than QQQI's 13.04% return.

ZHDG

• 1D: 0.18%
• 1M: 4.17%
• YTD: 5.32%
• 6M: 5.70%
• 1Y: 18.66%
• 3Y*: 14.63%
• 5Y*: —
• 10Y*: —

QQQI

• 1D: -0.35%
• 1M: 5.60%
• YTD: 13.04%
• 6M: 12.57%
• 1Y: 29.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZHDG vs. QQQI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZHDG ZEGA Buy and Hedge ETF	5.32%	14.34%	17.25%
QQQI NEOS Nasdaq-100 High Income ETF	13.04%	18.62%	19.83%

Correlation

The correlation between ZHDG and QQQI is 0.89, 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	0.89
Correlation (All Time) Calculated using the full available price history since Jan 31, 2024	0.84

The correlation between ZHDG and QQQI has been stable across timeframes, ranging from 0.84 to 0.89 - a consistent structural relationship.

ZHDG vs. QQQI - Sectors Allocation Comparison

Sectors	ZHDG	QQQI
Technology	33.1%	53.3%
Financial Services	12.3%	0.3%
Communication Services	10.7%	15.7%
Consumer Cyclical	10.1%	12.1%
Healthcare	9.8%	4.3%
Industrials	8.7%	3.3%
Consumer Defensive	5.4%	7.7%
Energy	3.5%	0.7%
Utilities	2.5%	1.5%
Real Estate	2.0%	0.1%
Basic Materials	1.9%	1.2%

Return for Risk

ZHDG vs. QQQI — Risk / Return Rank

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

ZHDG

ZHDG Risk / Return Rank: 52
ZHDG Sharpe Ratio Rank: 54
ZHDG Sortino Ratio Rank: 54
ZHDG Omega Ratio Rank: 53
ZHDG Calmar Ratio Rank: 45
ZHDG Martin Ratio Rank: 54

QQQI

QQQI Risk / Return Rank: 70
QQQI Sharpe Ratio Rank: 72
QQQI Sortino Ratio Rank: 68
QQQI Omega Ratio Rank: 72
QQQI Calmar Ratio Rank: 63
QQQI Martin Ratio Rank: 74

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. QQQI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ZEGA Buy and Hedge ETF (ZHDG) and NEOS Nasdaq-100 High Income ETF (QQQI). 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	QQQI	Difference
Sharpe ratio: Return per unit of total volatility	1.83	2.30	-0.47
Sortino ratio: Return per unit of downside risk	2.55	3.05	-0.51
Omega ratio: Gain probability vs. loss probability	1.32	1.42	-0.10
Calmar ratio: Return relative to maximum drawdown	2.19	3.10	-0.91
Martin ratio: Return relative to average drawdown	9.14	13.93	-4.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZHDG vs. QQQI - Sharpe Ratio Comparison

The current ZHDG Sharpe Ratio is 1.83, which is comparable to the QQQI Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of ZHDG and QQQI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ZHDG	QQQI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.83	2.30	-0.47
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	1.32	-0.81

Drawdowns

ZHDG vs. QQQI - Drawdown Comparison

The maximum ZHDG drawdown since its inception was -23.27%, which is greater than QQQI's maximum drawdown of -20.00%. Use the drawdown chart below to compare losses from any high point for ZHDG and QQQI.

Drawdown Indicators

	ZHDG	QQQI	Difference
Max Drawdown Largest peak-to-trough decline	-23.27%	-20.00%	-3.27%
Max Drawdown (1Y) Largest decline over 1 year	-8.56%	-9.61%	+1.05%
Max Drawdown (3Y) Largest decline over 3 years	-11.63%	—	—
Current Drawdown Current decline from peak	-0.42%	-0.52%	+0.10%
Average Drawdown Average peak-to-trough decline	-8.15%	-2.19%	-5.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	2.14%	-0.09%

Volatility

ZHDG vs. QQQI - Volatility Comparison

ZEGA Buy and Hedge ETF (ZHDG) and NEOS Nasdaq-100 High Income ETF (QQQI) have volatilities of 2.77% and 2.69%, 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	QQQI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.77%	2.69%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	8.06%	9.85%	-1.79%
Volatility (1Y) Calculated over the trailing 1-year period	10.26%	12.98%	-2.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.74%	17.05%	-5.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.74%	17.05%	-5.31%

ZHDG vs. QQQI - Expense Ratio Comparison

ZHDG has a 0.98% expense ratio, which is higher than QQQI's 0.68% expense ratio.

Dividends

ZHDG vs. QQQI - Dividend Comparison

ZHDG's dividend yield for the trailing twelve months is around 2.44%, less than QQQI's 13.24% yield.

Position	TTM	2025	2024	2023	2022	2021
QQQI NEOS Nasdaq-100 High Income ETF	13.24%	13.82%	12.85%	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 QQQI in my portfolio?

ZHDG and QQQI have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZHDG or QQQI?

ZHDG has higher volatility (2.77%) compared to QQQI (2.69%). In terms of maximum drawdown, ZHDG dropped -23.27% vs QQQI's -20.00%.

Which ETF is better, ZHDG or QQQI?

On 1-year performance, QQQI leads with 29.68% vs 18.66% for ZHDG. On fees, QQQI is cheaper at 0.68% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZHDG or QQQI?

Over the 1-year period, QQQI has performed better with a 29.68% return vs 18.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZHDG or QQQI?

QQQI is cheaper with a 0.68% expense ratio, compared with 0.98% for ZHDG.

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

QQQI has the higher dividend yield at 13.24%, compared with 2.44% for ZHDG.

What is the main difference between ZHDG and QQQI?

ZHDG is categorized as Derivative Income, while QQQI is Nasdaq-100. They also come from different issuers: ZEGA and Neos. Their fees differ too: 0.98% for ZHDG and 0.68% for QQQI.

Which has better risk-adjusted returns?

QQQI currently has the higher Sharpe Ratio (2.30 vs 1.83), 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.