VXZ vs ZHDG

Comparison between iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ, ETF) and ZEGA BUY AND HEDGE ETF (ZHDG, ETF).

5-Year PerformanceZHDG has outperformed VXZ, delivering a return of +5.5% compared to -12.6%

VXZ vs ZHDG - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	VXZ(ETF)	ZHDG(ETF)
Net Assets	$36M	$36M
Expense Ratio	0.89%	0.97%
Max Drawdown	69.00%	25.92%
Sharpe Ratio	-0.63	1.15
5Y Beta	-1.49	0.61

Net Assets

VXZ

$36M

ZHDG

$36M

Expense Ratio

Winner

VXZ

0.89%

ZHDG

0.97%

Max Drawdown

VXZ

69.00%

Winner

ZHDG

25.92%

Sharpe Ratio

VXZ

-0.63

Winner

ZHDG

1.15

5Y Beta

Winner

VXZ

-1.49

ZHDG

0.61

VXZ vs ZHDG - Historical Returns

Returns include dividend reinvestment.

Period	VXZ	ZHDG
1 month	-2.79%	+0.02%
3 months	-5.68%	+4.93%
6 months	-2.55%	+3.40%
1 year	-8.27%	+15.28%
5 years(CAGR)	-12.63%	+5.53%
10 years(CAGR)	-2.66%	N/A
Max(CAGR)	-2.66%	+5.53%

VXZ

-2.79%

Winner

ZHDG

+0.02%

VXZ

-5.68%

Winner

ZHDG

+4.93%

VXZ

-2.55%

Winner

ZHDG

+3.40%

VXZ

-8.27%

Winner

ZHDG

+15.28%

5Y(CAGR)

VXZ

-12.63%

Winner

ZHDG

+5.53%

10Y(CAGR)

VXZ

-2.66%

ZHDG

N/A

Max(CAGR)

VXZ

-2.66%

Winner

ZHDG

+5.53%

VXZ vs ZHDG - Annual Returns (2018 - 2026)

Returns include dividend reinvestment.

Year	VXZ	ZHDG
2026	+1.35%	+3.72%
2025	+5.13%	+15.11%
2024	-12.29%	+18.03%
2023	-43.19%	+13.42%
2022	+1.69%	-22.18%
2021	-18.73%	+6.40%
2020	+76.74%	N/A
2019	-19.12%	N/A
2018	+31.89%	N/A

VXZ vs ZHDG Drawdown Comparison

The maximum drawdown for VXZ was -69.00%, occurring on Nov 29, 2024. This drawdown has not yet recovered.

The maximum drawdown for ZHDG was -23.27%, occurring on Dec 28, 2022. Recovery took 684 trading sessions.

The current VXZ drawdown is -65.01%. The current ZHDG drawdown is -2.62%.

Rank	VXZ	ZHDG
#1	-69.00% Mar 18, 2020 - Nov 29, 2024	-23.27% Dec 29, 2021 - Sep 19, 2024
#2	-28.77% Apr 4, 2018 - Mar 9, 2020	-11.65% Dec 6, 2024 - Jun 24, 2025
#3	-6.59% Mar 2, 2018 - Apr 2, 2018	-8.56% Jan 27, 2026 - Apr 30, 2026
#4	-6.05% Feb 14, 2018 - Mar 1, 2018	-4.47% Sep 3, 2021 - Oct 26, 2021
#5	-4.85% Mar 12, 2020 - Mar 16, 2020	-3.79% Oct 28, 2025 - Jan 7, 2026
#6	-3.49% Mar 9, 2020 - Mar 11, 2020	-2.95% Nov 5, 2021 - Dec 8, 2021
#7	-1.07% Jan 18, 2018 - Jan 23, 2018	-2.80% Oct 14, 2024 - Nov 6, 2024
#8	N/A	-2.62% Jun 2, 2026 - Jun 8, 2026
#9	N/A	-2.34% Jan 7, 2026 - Jan 27, 2026
#10	N/A	-2.30% Jul 25, 2025 - Aug 12, 2025
#11	N/A	-2.23% Oct 8, 2025 - Oct 24, 2025
#12	N/A	-1.94% Dec 10, 2021 - Dec 23, 2021
#13	N/A	-1.87% Nov 11, 2024 - Nov 26, 2024
#14	N/A	-1.86% May 14, 2026 - May 26, 2026
#15	N/A	-1.71% Jul 14, 2021 - Jul 23, 2021

Correlation

Correlation between VXZ and ZHDG is -0.61 which considered as a moderate negative correlation - the stocks show some tendency to move in opposite directions.

-0.61

-101