ZHDG vs. SCHD
ZHDG (ZEGA Buy and Hedge ETF) and SCHD (Schwab U.S. Dividend Equity ETF) are both exchange-traded funds - ZHDG is a Derivative Income fund actively managed by Tidal, while SCHD is a Dividend fund tracking the Dow Jones U.S. Dividend 100 Index. ZHDG is actively managed, while SCHD is passively managed. Over the past 5 years, ZHDG returned 5.87%/yr vs 9.66%/yr for SCHD. Their 0.59 correlation means they have sometimes moved together and sometimes differently. ZHDG charges 0.98%/yr vs 0.06%/yr for SCHD.
Performance
ZHDG vs. SCHD - Performance Comparison
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Returns By Period
In the year-to-date period, ZHDG achieves a 5.26% return, which is significantly lower than SCHD's 24.36% return.
ZHDG
- 1D
- 1.51%
- 1M
- 1.94%
- 6M
- 4.64%
- YTD
- 5.26%
- 1Y
- 14.34%
- 3Y*
- 12.95%
- 5Y*
- 5.87%
- 10Y*
- —
- ALL TIME*
- 5.78%
SCHD
- 1D
- 0.27%
- 1M
- 3.61%
- 6M
- 13.71%
- YTD
- 24.36%
- 1Y
- 31.89%
- 3Y*
- 14.88%
- 5Y*
- 9.66%
- 10Y*
- 12.70%
- ALL TIME*
- 13.40%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $806.58M | $724.91M | $690.35M | |
| $49.11K | $84.95K | $93.94K |
ZHDG vs. SCHD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ZHDG ZEGA Buy and Hedge ETF | 5.26% | 14.34% | 18.02% | 13.14% | -22.07% | 6.20% |
SCHD Schwab U.S. Dividend Equity ETF | 24.36% | 4.34% | 11.66% | 4.54% | -3.26% | 9.12% |
Correlation
The correlation between ZHDG and SCHD is 0.21, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.21 |
Correlation (3Y) Balances recent behavior with more history. | 0.41 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.58 |
Correlation (All Time) Calculated using the full available price history since Jul 7, 2021 | 0.59 |
Over the past year, the correlation between ZHDG and SCHD has dropped to 0.21 - well below their long-term average of 0.59, suggesting their price drivers have been diverging.
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Return for Risk
ZHDG vs. SCHD — Risk / Return Rank
ZHDG
SCHD
ZHDG vs. SCHD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ZEGA Buy and Hedge ETF (ZHDG) and Schwab U.S. Dividend Equity ETF (SCHD). 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 | SCHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.62 | ||
| Sortino ratioReturn per unit of downside risk | -2.66 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.52 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | 1.68 | 6.94 | -5.26 |
| Martin ratioReturn relative to average drawdown | 6.41 | 17.53 | -11.11 |
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Drawdowns
ZHDG vs. SCHD - Drawdown Comparison
The maximum ZHDG drawdown since its inception was -23.27%, smaller than the maximum SCHD drawdown of -33.37%. Use the drawdown chart below to compare losses from any high point for ZHDG and SCHD.
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Drawdown Indicators
| ZHDG | SCHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.27% | -33.37% | +10.10% |
Max Drawdown (1Y)Largest decline over 1 year | -8.56% | -4.61% | -3.95% |
Max Drawdown (3Y)Largest decline over 3 years | -11.63% | -16.13% | +4.50% |
Max Drawdown (5Y)Largest decline over 5 years | -23.27% | -16.85% | -6.42% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.37% | — |
Current DrawdownCurrent decline from peak | -0.46% | -0.97% | +0.51% |
Average DrawdownAverage peak-to-trough decline | -7.96% | -3.29% | -4.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.24% | 1.82% | +0.42% |
Volatility
ZHDG vs. SCHD - Volatility Comparison
ZEGA Buy and Hedge ETF (ZHDG) and Schwab U.S. Dividend Equity ETF (SCHD) have volatilities of 3.73% and 3.82%, 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.
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Volatility by Period
| ZHDG | SCHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.73% | 3.82% | -0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 9.23% | 7.99% | +1.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.22% | 11.06% | +0.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.86% | 14.39% | -2.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.81% | 16.73% | -4.92% |
ZHDG vs. SCHD - Expense Ratio Comparison
ZHDG has a 0.98% expense ratio, which is higher than SCHD's 0.06% expense ratio.
Dividends
ZHDG vs. SCHD - Dividend Comparison
ZHDG's dividend yield for the trailing twelve months is around 2.44%, less than SCHD's 3.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SCHD Schwab U.S. Dividend Equity ETF | 3.12% | 3.82% | 3.64% | 3.49% | 3.39% | 2.78% | 3.16% | 2.98% | 3.06% | 2.63% | 2.89% | 2.97% |
ZHDG ZEGA Buy and Hedge ETF | 2.44% | 2.57% | 2.59% | 1.52% | 3.58% | 1.33% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZHDG and SCHD have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SCHD has higher volatility (3.82%) compared to ZHDG (3.73%). In terms of maximum drawdown, ZHDG dropped -23.27% vs SCHD's -33.37%.
On 5-year performance, SCHD leads with 9.66% vs 5.87% for ZHDG. On fees, SCHD is cheaper at 0.06% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SCHD has performed better with a 9.66% return vs 5.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCHD is cheaper with a 0.06% expense ratio, compared with 0.98% for ZHDG.
SCHD has the higher dividend yield at 3.12%, compared with 2.44% for ZHDG.
ZHDG is categorized as Derivative Income, while SCHD is Dividend. They also come from different issuers: Tidal and Charles Schwab. Their fees differ too: 0.98% for ZHDG and 0.06% for SCHD.
SCHD currently has the higher Sharpe Ratio (2.90 vs 1.29), 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.
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