ZEGA Buy and Hedge ETF (ZHDG) Performance
ZHDG total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +5.1% since Dec 31, 2025
- 1 year
- +7.2% total return
- 5 years
- +5.5% a year
- Since first price
- +5.5% a year since 2021
ZHDG trailing returns vs SPY, QQQ, AGG
| Period | ZHDG total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −0.8% | −0.8% | −1.0% | −5.0% | +0.9% |
| 3 months | +2.5% | +2.5% | +3.2% | +1.9% | −0.4% |
| 6 months | +5.7% | +5.7% | +7.8% | +8.4% | −1.5% |
| YTD | +5.1% | +5.1% | +12.3% | +15.1% | −1.0% |
| 1 year | +7.2% | +4.5% | +14.4% | +15.9% | −1.1% |
| 3 years | +51.1%+14.7%/yr | +41.4% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +30.4%+5.5%/yr | +16.3% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionJul 7, 2021 | +33.0%+5.5%/yr | +18.6% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: ZHDG vs SPY
From Jul 7, 2021: ZHDG grew to $13,304, SPY to $18,762.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
ZHDG returns by calendar year
3 of 4 full years positive. Best 2024 (+18.0%), worst 2022 (−22.1%). 2026 is year to date.
ZHDG annual returns table
| Year | ZHDG | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +5.1% | −8.6% | +12.3% | +15.1% | −1.0% |
| 2025 | +14.3% | −11.6% | +17.7% | +20.8% | +7.2% |
| 2024 | +18.0% | −6.8% | +24.9% | +25.6% | +1.3% |
| 2023 | +13.1% | −8.4% | +26.2% | +54.9% | +5.7% |
| 2022 | −22.1% | −23.1% | −18.2% | −32.6% | −13.0% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
ZHDG largest drawdowns
Now 2.4% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Dec 29, 2021 | −23.3% | Dec 28, 2022 | Jul 16, 2024 | 12 months | 2.5 years |
| Dec 6, 2024 | −11.6% | Apr 21, 2025 | Jun 24, 2025 | 4 months | 7 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
ZHDG risk statistics
| Statistic | 3 years | 5 years | Since 2021 |
|---|---|---|---|
| Annualized return | +14.5% | +6.2% | +5.7% |
| Volatility (annualized) | 10.5% | 12.5% | 12.4% |
| Sharpe ratio | 0.94 | 0.26 | 0.23 |
| Sortino ratio | 1.63 | 0.37 | 0.33 |
| Best month | +8.0% | +8.0% | +8.0% |
| Worst month | −5.7% | −8.4% | −8.4% |
| Best 12 months | +24.5% | +24.5% | +24.5% |
| Worst 12 months | +5.3% | −22.1% | −22.1% |
| Positive months | 64% | 57% | 56% |
| Beta vs S&P 500 | 0.82 | 0.78 | — |
| Correlation with S&P 500 | 0.97 | 0.98 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
ZHDG rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 52 | −22.1% | +11.6% | +24.5% | 79% |
| 3-year (a year) | 28 | +1.3% | +11.3% | +15.4% | 100% |
| 5-year (a year) | 4 | +5.2% | +5.5% | +6.2% | 100% |
Every holding period starting at a month-end since 2021. Returns for 3 years and longer are annualized.
ZHDG performance overview
ZEGA Buy and Hedge ETF (ZHDG) returned +7.2% over the past year and +5.5% a year over five years, with distributions reinvested. Since its first recorded price in 2021 it has returned +5.5% a year, turning $10,000 into about $13,304. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −23.3%, from Dec 29, 2021 to Dec 28, 2022, and it took 1.5 years to get back to the old high. ZHDG finished 3 of its 4 full calendar years with a gain; the best year was 2024 (+18.0%) and the worst 2022 (−22.1%). Volatility has been 12.4% a year.
Related: ZHDG chart, ZHDG dividends. See the ZHDG overview for the latest quote and fund facts.
ZHDG performance FAQ
What is the ZHDG return over the past year?
ZHDG returned +7.2% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 4.5%.
What is the average annual return of ZHDG?
ZHDG has returned +5.5% a year over 5 years, +5.5% a year since July 7, 2021 (total return, distributions reinvested).
How much would $10,000 invested in ZHDG be worth?
$10,000 invested in ZHDG at its first recorded close on July 7, 2021 would be worth about $13,304 on October 23, 2026 with distributions reinvested.
What was the worst year for ZHDG?
The worst calendar year was 2022, with a total return of −22.1%. The best was 2024 at +18.0%.
What is the biggest drawdown of ZHDG?
The largest peak-to-trough decline was −23.3% between December 29, 2021 and December 28, 2022. It recovered to the old high on July 16, 2024, 1.5 years after the bottom.
How volatile is ZHDG?
Over the past 3 years ZHDG had an annualized volatility of 10.5% and a Sharpe ratio of 0.94 (excess return over 1–3 month T-bills per unit of risk).