ZHDG vs. XSPI

Last updated Apr 2, 2026

Compare and contrast key facts about ZEGA Buy and Hedge ETF (ZHDG) and NEOS Boosted S&P 500 High Income ETF (XSPI).

ZHDG and XSPI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZHDG is an actively managed fund by ZEGA. It was launched on Jul 6, 2021. XSPI is a passively managed fund by NEOS Investments that tracks the performance of the S&P 500. It was launched on Feb 2, 2026.

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.

ZHDG vs. XSPI - Yearly Performance Comparison

	2026 (YTD)
ZHDG ZEGA Buy and Hedge ETF	-5.44%
XSPI NEOS Boosted S&P 500 High Income ETF	-6.01%

Returns By Period

ZHDG

• 1D: 1.21%
• 1M: -4.81%
• YTD: -5.54%
• 6M: -3.88%
• 1Y: 12.97%
• 3Y*: 11.41%
• 5Y*: —
• 10Y*: —

XSPI

• 1D: 0.96%
• 1M: -5.82%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZHDG vs. XSPI - Expense Ratio Comparison

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

ZHDG

ZEGA Buy and Hedge ETF

XSPI

NEOS Boosted S&P 500 High Income ETF

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: 57
ZHDG Sharpe Ratio Rank: 59
ZHDG Sortino Ratio Rank: 59
ZHDG Omega Ratio Rank: 52
ZHDG Calmar Ratio Rank: 54
ZHDG Martin Ratio Rank: 61

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.

	ZHDG	XSPI	Difference
Sharpe ratio Return per unit of total volatility	1.10	—	—
Sortino ratio Return per unit of downside risk	1.62	—	—
Omega ratio Gain probability vs. loss probability	1.21	—	—
Calmar ratio Return relative to maximum drawdown	1.55	—	—
Martin ratio Return relative to average drawdown	6.76	—	—
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	XSPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.10	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	-1.48	+1.81

Correlation

The correlation between ZHDG and XSPI is 0.96, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

ZHDG vs. XSPI - Dividend Comparison

ZHDG's dividend yield for the trailing twelve months is around 2.72%, less than XSPI's 3.05% yield.

	TTM	2025	2024	2023	2022	2021
ZHDG ZEGA Buy and Hedge ETF	2.72%	2.57%	2.59%	1.52%	3.58%	1.33%
XSPI NEOS Boosted S&P 500 High Income ETF	3.05%	0.00%	0.00%	0.00%	0.00%	0.00%

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 -11.59%. 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%	-11.59%	-11.68%
Max Drawdown (1Y) Largest decline over 1 year	-8.56%	—	—
Current Drawdown Current decline from peak	-6.25%	-6.88%	+0.63%
Average Drawdown Average peak-to-trough decline	-8.40%	-3.57%	-4.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	—	—

Volatility

Volatility by Period

	ZHDG	XSPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.62%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.10%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.80%	22.09%	-10.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.80%	22.09%	-10.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.80%	22.09%	-10.29%