ZHDG vs. XSPI

Last updated Jul 16, 2026

ZHDG (ZEGA Buy and Hedge ETF) and XSPI (NEOS Boosted S&P 500 High Income ETF) are both Derivative Income funds. ZHDG is actively managed, while XSPI is passively managed. Their correlation of 0.94 suggests significant overlap in exposure. Both charge a 0.98% expense ratio.

Performance

ZHDG vs. XSPI - Performance Comparison

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

Returns By Period

ZHDG

• 1D: -0.29%
• 1M: -0.16%
• 6M: 5.04%
• YTD: 4.76%
• 1Y: 13.53%
• 3Y*: 12.83%
• 5Y*: 5.92%
• 10Y*: —

XSPI

• 1D: 0.57%
• 1M: 0.76%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZHDG vs. XSPI - Yearly Performance Comparison

	2026 (YTD)
ZHDG ZEGA Buy and Hedge ETF	4.14%
XSPI NEOS Boosted S&P 500 High Income ETF	7.78%

Correlation

The correlation between ZHDG and XSPI is 0.94, 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 Feb 3, 2026	0.94

Return for Risk

ZHDG vs. XSPI — Risk / Return Rank

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

ZHDG

ZHDG Risk / Return Rank: 41
ZHDG Sharpe Ratio Rank: 42
ZHDG Sortino Ratio Rank: 40
ZHDG Omega Ratio Rank: 39
ZHDG Calmar Ratio Rank: 37
ZHDG Martin Ratio Rank: 46

XSPI

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. XSPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ZEGA Buy and Hedge ETF (ZHDG) and NEOS Boosted S&P 500 High Income ETF (XSPI). 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	XSPI	Difference
Sharpe ratio: Return per unit of total volatility	1.25	—	—
Sortino ratio: Return per unit of downside risk	1.78	—	—
Omega ratio: Gain probability vs. loss probability	1.22	—	—
Calmar ratio: Return relative to maximum drawdown	1.59	—	—
Martin ratio: Return relative to average drawdown	6.22	—	—

Drawdowns

ZHDG vs. XSPI - Drawdown Comparison

The maximum ZHDG drawdown since its inception was -23.27%, which is greater than XSPI's maximum drawdown of -11.78%. Use the drawdown chart below to compare losses from any high point for ZHDG and XSPI.

Drawdown Indicators

	ZHDG	XSPI	Difference
Max Drawdown Largest peak-to-trough decline	-23.27%	-11.78%	-11.49%
Max Drawdown (1Y) Largest decline over 1 year	-8.56%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-11.63%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-23.27%	—	—
Current Drawdown Current decline from peak	-0.94%	-0.16%	-0.78%
Average Drawdown Average peak-to-trough decline	-8.02%	-2.32%	-5.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.18%	—	—

Volatility

Volatility by Period

	ZHDG	XSPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.66%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.01%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.87%	17.91%	-7.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.80%	17.91%	-6.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.78%	17.91%	-6.13%

ZHDG vs. XSPI - Expense Ratio Comparison

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

Dividends

ZHDG vs. XSPI - Dividend Comparison

ZHDG's dividend yield for the trailing twelve months is around 2.45%, less than XSPI's 8.29% yield.

Position	TTM	2025	2024	2023	2022	2021
XSPI NEOS Boosted S&P 500 High Income ETF	8.29%	0.00%	0.00%	0.00%	0.00%	0.00%
ZHDG ZEGA Buy and Hedge ETF	2.45%	2.57%	2.59%	1.52%	3.58%	1.33%

Frequently Asked Questions

Can I hold both ZHDG and XSPI in my portfolio?

With a correlation of 0.94, ZHDG and XSPI 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 ETF is better, ZHDG or XSPI?

Both ETFs have the same 0.98% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZHDG or XSPI?

ZHDG and XSPI have the same expense ratio: 0.98% per year.

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

XSPI has the higher dividend yield at 8.29%, compared with 2.45% for ZHDG.

What is the main difference between ZHDG and XSPI?

They also come from different issuers: ZEGA and NEOS Investments.