WARP vs ZHOG

Comparison between VANECK SPACE ETF (WARP, ETF) and F/m Opportunistic Income ETF (ZHOG, ETF).

WARP vs ZHOG - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	WARP(ETF)	ZHOG(ETF)
Net Assets	$46M	$46M
Expense Ratio	0.50%	0.43%
Max Drawdown	28.83%	5.60%
Sharpe Ratio	1.43	0.91
5Y Beta	4.24	0.07
P/E Ratio	-44.30	N/A
Debt to Equity	-3.95%	N/A
P/S Ratio	6.88	N/A
P/B Ratio	6.02	N/A

Net Assets

Winner

WARP

$46M

ZHOG

$46M

Expense Ratio

WARP

0.50%

Winner

ZHOG

0.43%

Max Drawdown

WARP

28.83%

Winner

ZHOG

5.60%

Sharpe Ratio

Winner

WARP

1.43

ZHOG

0.91

5Y Beta

WARP

4.24

Winner

ZHOG

0.07

P/E Ratio

WARP

-44.30

ZHOG

N/A

Debt to Equity

WARP

-3.95%

ZHOG

N/A

P/S Ratio

WARP

6.88

ZHOG

N/A

P/B Ratio

WARP

6.02

ZHOG

N/A

WARP vs ZHOG - Holdings Comparison

WARP and ZHOG have 1 common holdings. Overlap is -2.63%

WARP's top 25 holdings weight is 100.01%. ZHOG's top 25 holdings weight is 68.61%.

Rank	WARP	ZHOG
#1	ROCKET LAB CORP (RKLB) - 9.25%	F/M HIGH YIELD 100 ETF (ZTOP) - 10.03%
#2	PLANET LABS PBC CLASS A (PL) - 7.53%	F/M 3-YR INVMT GRD CORP BD ETF (ZTRE) - 8.23%
#3	VIASAT INC (VSAT) - 7.34%	GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 6% (n/a) - 5.98%
#4	ECHOSTAR CORP CLASS A (SATS) - 6.40%	UNITED STATES TREASURY NOTES 4.13% (n/a) - 5.60%
#5	AST SPACEMOBILE INC ORDINARY SHARES CLASS A (ASTS) - 6.19%	FEDERAL NATIONAL MORTGAGE ASSOCIATION 5% (n/a) - 3.20%
#6	IRIDIUM COMMUNICATIONS INC (IRDM) - 6.16%	U.S. BANK MONEY MARKET DEPOSIT ACCOUNT (n/a) - 2.64%
#7	MDA SPACE LTD (MDA) - 5.62%	UNITED STATES TREASURY NOTES 4.25% (n/a) - 2.63%
#8	FIREFLY AEROSPACE INC (FLY) - 5.62%	ANTARES HOLDINGS LP 6.35% (n/a) - 2.30%
#9	INTUITIVE MACHINES INC ORDINARY SHARES CLASS A (LUNR) - 5.15%	PROVIDENT FUNDING MORTGAGE TRUST 2025-2 5.5% (n/a) - 2.24%
#10	REDWIRE CORP (RDW) - 4.92%	ARES CAPITAL CORP. 5.8% (n/a) - 1.92%
#11	GLOBALSTAR INC (GSAT) - 4.87%	FEDERAL NATIONAL MORTGAGE ASSOCIATION 4% (n/a) - 1.84%
#12	ASTROSCALE HOLDINGS INC (n/a) - 4.84%	GXO LOGISTICS INC. 6.25% (n/a) - 1.81%
#13	VOYAGER TECHNOLOGIES INC CLASS A (VOYG) - 4.72%	ATHENE HOLDING LTD 6.88% (n/a) - 1.70%
#14	NEXTNAV INC (NN) - 4.03%	UNITED STATES TREASURY NOTES 3.88% (n/a) - 1.68%
#15	SKY PERFECT JSAT CORP (n/a) - 4.02%	CVS HEALTH CORP 7.51% (n/a) - 1.65%
#16	AVIO SPA (n/a) - 3.35%	NORTHWEST TEX INDPT SCH DIST 5.25% (n/a) - 1.63%
#17	EUTELSAT COMMUNICATIONS (n/a) - 3.14%	JP MORGAN MORTGAGE TRUST 2024-12 6% (n/a) - 1.62%
#18	SYNSPECTIVE INC (n/a) - 2.72%	PHILLIPS 66 PARTNERS LP 3.75% (n/a) - 1.59%
#19	GILAT SATELLITE NETWORKS LTD (GILT) - 2.32%	PRINCETON TEX INDPT SCH DIST 5% (n/a) - 1.55%
#20	SES RECEIPT (n/a) - 1.82%	FLAGSHIP CREDIT AUTO TRST 1.65% (n/a) - 1.52%
#21	N/A	JP MORGAN MTG 2025-CES2 5.59% (n/a) - 1.47%
#22	N/A	COTY INC. 4.75% (n/a) - 1.47%
#23	N/A	THE BANK OF NEW YORK MELLON CORP. 3.75% (n/a) - 1.44%
#24	N/A	SEMPRA 4.13% (n/a) - 1.44%
#25	N/A	FORD MOTOR COMPANY 3.25% (n/a) - 1.43%
Total Holdings	20	42

WARP vs ZHOG - Historical Returns

Returns include dividend reinvestment.

Period	WARP	ZHOG
1 month	-4.04%	+0.31%
3 months	N/A	+0.93%
6 months	N/A	+1.23%
1 year	N/A	+5.15%
Max(CAGR)	+158.46%	+6.44%

WARP

-4.04%

Winner

ZHOG

+0.31%

WARP

N/A

ZHOG

+0.93%

WARP

N/A

ZHOG

+1.23%

WARP

N/A

ZHOG

+5.15%

Max(CAGR)

Winner

WARP

+158.46%

ZHOG

+6.44%

WARP vs ZHOG - Annual Returns (2023 - 2026)

Returns include dividend reinvestment.

Year	WARP	ZHOG
2026	+9.81%	+0.69%
2025	N/A	+5.98%
2024	N/A	+5.56%
2023	N/A	+5.90%

WARP vs ZHOG Drawdown Comparison

The maximum drawdown for WARP was -28.83%, occurring on Jun 10, 2026. This drawdown has not yet recovered.

The maximum drawdown for ZHOG was -3.66%, occurring on Oct 19, 2023. Recovery took 52 trading sessions.

The current WARP drawdown is -27.67%.

Rank	WARP	ZHOG
#1	-28.83% May 28, 2026 - Jun 10, 2026	-3.66% Sep 8, 2023 - Nov 21, 2023
#2	-3.25% May 14, 2026 - May 20, 2026	-2.62% Sep 17, 2024 - Jun 18, 2025
#3	-1.35% May 11, 2026 - May 13, 2026	-2.52% Mar 28, 2024 - May 15, 2024
#4	-0.57% May 20, 2026 - May 22, 2026	-1.99% Feb 1, 2024 - Mar 27, 2024
#5	N/A	-1.47% Dec 27, 2023 - Feb 1, 2024
#6	N/A	-1.31% Feb 24, 2026 - Apr 17, 2026
#7	N/A	-1.19% Aug 2, 2024 - Aug 16, 2024
#8	N/A	-1.05% May 15, 2024 - Jun 3, 2024
#9	N/A	-0.97% Jun 18, 2024 - Jul 3, 2024
#10	N/A	-0.75% Jun 5, 2024 - Jun 13, 2024
#11	N/A	-0.72% Jul 16, 2024 - Jul 31, 2024
#12	N/A	-0.68% Apr 20, 2026 - Jun 11, 2026
#13	N/A	-0.43% Oct 27, 2025 - Nov 25, 2025
#14	N/A	-0.42% Jan 6, 2026 - Feb 6, 2026
#15	N/A	-0.37% Jul 3, 2025 - Jul 21, 2025

Correlation

Correlation between WARP and ZHOG is -1.00 which considered as a very strong negative correlation - the stocks move almost identically in opposite directions.

-1.00

-101