ZHDG vs VXZ

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

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

ZHDG vs VXZ - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

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

Net Assets

ZHDG

$36M

VXZ

$36M

Expense Ratio

ZHDG

0.97%

Winner

VXZ

0.89%

Max Drawdown

Winner

ZHDG

25.92%

VXZ

69.00%

Sharpe Ratio

Winner

ZHDG

1.15

VXZ

-0.63

5Y Beta

ZHDG

0.61

Winner

VXZ

-1.49

ZHDG vs VXZ - Historical Returns

Returns include dividend reinvestment.

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

Winner

ZHDG

+0.02%

VXZ

-2.79%

Winner

ZHDG

+4.93%

VXZ

-5.68%

Winner

ZHDG

+3.40%

VXZ

-2.55%

Winner

ZHDG

+15.28%

VXZ

-8.27%

5Y(CAGR)

Winner

ZHDG

+5.53%

VXZ

-12.63%

10Y(CAGR)

ZHDG

N/A

VXZ

-2.66%

Max(CAGR)

Winner

ZHDG

+5.53%

VXZ

-2.66%

ZHDG vs VXZ - Annual Returns (2018 - 2026)

Returns include dividend reinvestment.

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

ZHDG vs VXZ Drawdown Comparison

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

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

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

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

Correlation

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

-0.61

-101