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BMO High Yield US Corporate Bond Hedged to CAD Index ETF (ZHY.TO) Diversifiers

ETF · Currency in CAD · Last updated Jul 1, 2026

The BMO High Yield US Corporate Bond Hedged to CAD Index ETF seeks to replicate the performance of the Bloomberg U.S. High Yield Very Liquid Index CAD Hedged, investing in U.S. dollar-denominated, non-investment grade, fixed-rate corporate bonds with maturities over one year, while hedging currency exposure back to Canadian dollars.

Looking to diversify beyond ZHY.TO? The ETFs below have the lowest correlation with ZHY.TO — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from ZHY.TO.

Best Diversifiers for ZHY.TO

6 ETFs have low correlation with ZHY.TO (below 0.3), 1 of which are negatively correlated. The least correlated is Evolve Canadian Utilities Enhanced Yield Index Fund ETF (UTES.TO) (Derivative Income) with a 1Y correlation of -0.08, down from 0.08 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
UTES.TO
Evolve Canadian Utilities Enhanced Yield Index Fun...-0.080.080.08
79
Derivative IncomeZHY.TO vs UTES.TO
ZMMK.TO
BMO Money Market Fund ETF Series0.060.040.02
99
Money MarketZHY.TO vs ZMMK.TO
ZPR.TO
BMO Laddered Preferred Share Index ETF0.200.260.23
97
Preferred Stock/Convertible BondsZHY.TO vs ZPR.TO
VDY.TO
Vanguard FTSE Canadian High Dividend Yield Index E...0.250.390.36
98
DividendZHY.TO vs VDY.TO
BND.TO
Purpose Global Bond Fund0.260.230.27
55
Global BondsZHY.TO vs BND.TO
See all 15 diversifiers for ZHY.TO

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Diversification Analysis

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