ZHDG vs. SPYI

Last updated Jun 3, 2026

ZHDG (ZEGA Buy and Hedge ETF) and SPYI (NEOS S&P 500 High Income ETF) are both Derivative Income funds. Both are actively managed. Over the past 3 years, ZHDG returned 14.91%/yr vs 16.61%/yr for SPYI. Their correlation of 0.83 suggests significant overlap in exposure. ZHDG charges 0.98%/yr vs 0.68%/yr for SPYI.

Performance

ZHDG vs. SPYI - Performance Comparison

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

Returns By Period

In the year-to-date period, ZHDG achieves a 5.76% return, which is significantly lower than SPYI's 8.26% return.

ZHDG

• 1D: 0.23%
• 1M: 4.94%
• YTD: 5.76%
• 6M: 6.33%
• 1Y: 19.67%
• 3Y*: 14.91%
• 5Y*: —
• 10Y*: —

SPYI

• 1D: 0.14%
• 1M: 4.01%
• YTD: 8.26%
• 6M: 9.24%
• 1Y: 23.93%
• 3Y*: 16.61%
• 5Y*: —
• 10Y*: —

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

ZHDG vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ZHDG ZEGA Buy and Hedge ETF	5.76%	14.34%	18.02%	13.14%	-5.05%
SPYI NEOS S&P 500 High Income ETF	8.26%	16.67%	19.03%	18.09%	-2.44%

Correlation

The correlation between ZHDG and SPYI is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (All Time) Calculated using the full available price history since Aug 31, 2022	0.83

The correlation between ZHDG and SPYI has been stable across timeframes, ranging from 0.83 to 0.91 - a consistent structural relationship.

ZHDG vs. SPYI - Sectors Allocation Comparison

Sectors	ZHDG	SPYI
Technology	33.1%	35.5%
Financial Services	12.3%	11.8%
Communication Services	10.7%	11.2%
Consumer Cyclical	10.1%	10.1%
Healthcare	9.8%	8.5%
Industrials	8.7%	8.4%
Consumer Defensive	5.4%	4.9%
Energy	3.5%	3.5%
Utilities	2.5%	2.3%
Real Estate	2.0%	2.0%
Basic Materials	1.9%	1.8%

Return for Risk

ZHDG vs. SPYI — Risk / Return Rank

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

ZHDG

ZHDG Risk / Return Rank: 53
ZHDG Sharpe Ratio Rank: 55
ZHDG Sortino Ratio Rank: 54
ZHDG Omega Ratio Rank: 54
ZHDG Calmar Ratio Rank: 46
ZHDG Martin Ratio Rank: 54

SPYI

SPYI Risk / Return Rank: 75
SPYI Sharpe Ratio Rank: 76
SPYI Sortino Ratio Rank: 75
SPYI Omega Ratio Rank: 81
SPYI Calmar Ratio Rank: 63
SPYI Martin Ratio Rank: 82

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. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ZEGA Buy and Hedge ETF (ZHDG) and NEOS S&P 500 High Income ETF (SPYI). 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	SPYI	Difference
Sharpe ratio Return per unit of total volatility	1.93	2.50	-0.57
Sortino ratio Return per unit of downside risk	2.68	3.42	-0.74
Omega ratio Gain probability vs. loss probability	1.34	1.49	-0.15
Calmar ratio Return relative to maximum drawdown	2.31	3.17	-0.86
Martin ratio Return relative to average drawdown	9.65	16.55	-6.90
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. SPYI - Sharpe Ratio Comparison

The current ZHDG Sharpe Ratio is 1.93, which is comparable to the SPYI Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of ZHDG and SPYI, 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	SPYI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.93	2.50	-0.57
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	1.23	-0.70

Drawdowns

ZHDG vs. SPYI - Drawdown Comparison

The maximum ZHDG drawdown since its inception was -23.27%, which is greater than SPYI's maximum drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for ZHDG and SPYI.

Drawdown Indicators

	ZHDG	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-23.27%	-16.47%	-6.80%
Max Drawdown (1Y) Largest decline over 1 year	-8.56%	-7.72%	-0.84%
Max Drawdown (3Y) Largest decline over 3 years	-11.63%	-16.47%	+4.84%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.17%	-1.80%	-6.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	1.48%	+0.57%

Volatility

ZHDG vs. SPYI - Volatility Comparison

ZEGA Buy and Hedge ETF (ZHDG) has a higher volatility of 2.73% compared to NEOS S&P 500 High Income ETF (SPYI) at 1.73%. This indicates that ZHDG's price experiences larger fluctuations and is considered to be riskier than SPYI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZHDG	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.73%	1.73%	+1.00%
Volatility (6M) Calculated over the trailing 6-month period	8.05%	7.40%	+0.65%
Volatility (1Y) Calculated over the trailing 1-year period	10.25%	9.61%	+0.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.75%	12.92%	-1.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.75%	12.92%	-1.17%

ZHDG vs. SPYI - Expense Ratio Comparison

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

Dividends

ZHDG vs. SPYI - Dividend Comparison

ZHDG's dividend yield for the trailing twelve months is around 2.43%, less than SPYI's 11.58% yield.

Position	TTM	2025	2024	2023	2022	2021
SPYI NEOS S&P 500 High Income ETF	11.58%	11.70%	12.04%	12.01%	4.10%	0.00%
ZHDG ZEGA Buy and Hedge ETF	2.43%	2.57%	2.59%	1.52%	3.58%	1.33%

Frequently Asked Questions

Can I hold both ZHDG and SPYI in my portfolio?

With a correlation of 0.91, ZHDG and SPYI 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 SPYI?

ZHDG has higher volatility (2.73%) compared to SPYI (1.73%). In terms of maximum drawdown, ZHDG dropped -23.27% vs SPYI's -16.47%.

Which ETF is better, ZHDG or SPYI?

On 3-year performance, SPYI leads with 16.61% vs 14.91% for ZHDG. On fees, SPYI is cheaper at 0.68% per year. On volatility, SPYI has been the lower-risk option at 1.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZHDG or SPYI?

Over the 3-year period, SPYI has performed better with a 16.61% return vs 14.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZHDG or SPYI?

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

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

SPYI has the higher dividend yield at 11.58%, compared with 2.43% for ZHDG.

What is the main difference between ZHDG and SPYI?

They also come from different issuers: ZEGA and Neos. Their fees differ too: 0.98% for ZHDG and 0.68% for SPYI.

Which has better risk-adjusted returns?

SPYI currently has the higher Sharpe Ratio (2.50 vs 1.93), 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.