A Stacked, Hedged Multi-Asset Investment Approach
The ZEGA Stacked Hedged strategy is designed to deliver diversified, multi-asset exposure using capital efficiently by stacking complementary asset classes on top of one another within a single portfolio. Rather than reallocating capital between assets, the strategy seeks to provide simultaneous exposure to equities, gold, and U.S. Treasuries—enhanced through thoughtful hedging and historically low correlations.
How the Strategy Works
Using a stacked (portable alpha) approach, ZEGA employs synthetic options positions to replicate long ownership of multiple asset classes while preserving capital efficiency. This structure allows each invested dollar to target exposure across several return drivers without requiring the sale of one asset to fund another.
Performance
ZSTK
| as of 1/31/2026 | MTD | YTD | 1 Year | 3 Year | 5 Year | 10 Year | ITD |
| ZSTK Net* | 10.88% | 10.88% | 35.92% | ||||
| Bench (S&P 500) | 1.45% | 1.45% |
*Note: Returns are expressed in US Dollars and calculated net of actual fees. Performance includes reinvestment of dividends and other earnings. ZEGA Investments is a registered investment adviser and investment manager that specializes in derivatives. ZEGA is a separate accounts manager and all returns expressed herein are solely from the separate accounts business within ZEGA.
This strategy involves leverage and derivatives, which can increase volatility, create tracking error, and may generate short- or long-term capital gains; option pricing is sensitive to interest rates, implied volatility, and trading slippage. Diversification and hedging may fail in certain market environments—particularly if asset classes become highly correlated—potentially accelerating losses, and as a new strategy it lacks a long performance history and may expose investors to behavioral risks during drawdowns.
All investments involve the risk of potential investment losses as well as the potential for investment gains. Prior performance is no guarantee of future results and there can be no assurance, and clients should not assume, that future performance of any of the model portfolios will be comparable to past performance.
These results should not be viewed as indicative of the advisor’s skill. The prior performance figures indicated herein represent portfolio performance for only a short time period and may not be indicative of the returns or volatility each portfolio will generate over a long time period. The performance presented should also be viewed in the context of the broad market and general economic conditions prevailing during the periods covered by the performance information. The actual results for the comparable periods would also have varied from the presented results based upon the timing of contributions and withdrawals from individual client accounts. The performance figures contained herein should be viewed in the context of the various risk/return profiles and asset allocation methodologies utilized by the asset allocation strategists in developing their model portfolios and should be accompanied or preceded by the model. Standard deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. In finance, standard deviation is applied to the annual rate of return of an investment to measure the investment's volatility.
On July 1, 2024, ZEGA Financial spun off its wealth management-focused advisory business into a new firm ZEGA Investments. Consequently, ZEGA Investments acquired the Dividend Max strategy from ZEGA Financial. Prior to spin off, performance results for the period May 2023 through June 2024 were achieved at ZEGA Financial. ZEGA Financial no longer reports historical performance for this strategy. The lead manager primarily responsible for achieving prior performance began managing this strategy at ZEGA Financial and has continued in the same capacity at ZEGA Investments. Additionally, the accounts managed and the investment process employed for this strategy at the prior firm remain substantially similar. Therefore, ZEGA Investments uses May 2023 as the inception date for the Dividend Max strategy.