CAAA vs. ZHOG

Last updated Jun 3, 2026

CAAA (First Trust Commercial Mortgage Opportunities ETF) and ZHOG (F/m Opportunistic Income ETF) are both Intermediate Core-Plus Bond funds. Both are actively managed. Over the past year, CAAA returned 5.48% vs 5.65% for ZHOG. A 0.63 correlation means they provide meaningful diversification when combined. CAAA charges 0.55%/yr vs 0.43%/yr for ZHOG.

Performance

CAAA vs. ZHOG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Commercial Mortgage Opportunities ETF (CAAA) and F/m Opportunistic Income ETF (ZHOG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CAAA achieves a 0.91% return, which is significantly higher than ZHOG's 0.82% return.

CAAA

• 1D: 0.31%
• 1M: 0.10%
• YTD: 0.91%
• 6M: 1.20%
• 1Y: 5.48%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZHOG

• 1D: -0.02%
• 1M: 0.22%
• YTD: 0.82%
• 6M: 1.22%
• 1Y: 5.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CAAA vs. ZHOG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CAAA First Trust Commercial Mortgage Opportunities ETF	0.91%	8.03%	4.65%
ZHOG F/m Opportunistic Income ETF	0.82%	5.98%	6.24%

Correlation

The correlation between CAAA and ZHOG is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.59
Correlation (All Time) Calculated using the full available price history since Feb 29, 2024	0.63

The correlation between CAAA and ZHOG has been stable across timeframes, ranging from 0.59 to 0.63 - a consistent structural relationship.

Return for Risk

CAAA vs. ZHOG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CAAA

CAAA Risk / Return Rank: 53
CAAA Sharpe Ratio Rank: 52
CAAA Sortino Ratio Rank: 57
CAAA Omega Ratio Rank: 53
CAAA Calmar Ratio Rank: 53
CAAA Martin Ratio Rank: 49

ZHOG

ZHOG Risk / Return Rank: 90
ZHOG Sharpe Ratio Rank: 93
ZHOG Sortino Ratio Rank: 96
ZHOG Omega Ratio Rank: 95
ZHOG Calmar Ratio Rank: 81
ZHOG Martin Ratio Rank: 86

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CAAA vs. ZHOG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Commercial Mortgage Opportunities ETF (CAAA) and F/m Opportunistic Income ETF (ZHOG). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	CAAA	ZHOG	Difference
Sharpe ratio Return per unit of total volatility	1.81	3.58	-1.77
Sortino ratio Return per unit of downside risk	2.75	5.64	-2.89
Omega ratio Gain probability vs. loss probability	1.33	1.74	-0.41
Calmar ratio Return relative to maximum drawdown	2.66	4.27	-1.60
Martin ratio Return relative to average drawdown	8.29	18.51	-10.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CAAA vs. ZHOG - Sharpe Ratio Comparison

The current CAAA Sharpe Ratio is 1.81, which is lower than the ZHOG Sharpe Ratio of 3.58. The chart below compares the historical Sharpe Ratios of CAAA and ZHOG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CAAA	ZHOG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.81	3.58	-1.77
Sharpe Ratio (All Time) Calculated using the full available price history	1.89	1.63	+0.26

Drawdowns

CAAA vs. ZHOG - Drawdown Comparison

The maximum CAAA drawdown since its inception was -2.24%, smaller than the maximum ZHOG drawdown of -3.66%. Use the drawdown chart below to compare losses from any high point for CAAA and ZHOG.

Drawdown Indicators

	CAAA	ZHOG	Difference
Max Drawdown Largest peak-to-trough decline	-2.24%	-3.66%	+1.42%
Max Drawdown (1Y) Largest decline over 1 year	-2.08%	-1.31%	-0.77%
Current Drawdown Current decline from peak	-0.69%	-0.03%	-0.66%
Average Drawdown Average peak-to-trough decline	-0.56%	-0.70%	+0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	0.30%	+0.37%

Volatility

CAAA vs. ZHOG - Volatility Comparison

First Trust Commercial Mortgage Opportunities ETF (CAAA) has a higher volatility of 0.99% compared to F/m Opportunistic Income ETF (ZHOG) at 0.44%. This indicates that CAAA's price experiences larger fluctuations and is considered to be riskier than ZHOG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAAA	ZHOG	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.99%	0.44%	+0.55%
Volatility (6M) Calculated over the trailing 6-month period	2.24%	1.14%	+1.10%
Volatility (1Y) Calculated over the trailing 1-year period	3.04%	1.59%	+1.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.20%	4.01%	-0.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.20%	4.01%	-0.81%

CAAA vs. ZHOG - Expense Ratio Comparison

CAAA has a 0.55% expense ratio, which is higher than ZHOG's 0.43% expense ratio.

Dividends

CAAA vs. ZHOG - Dividend Comparison

CAAA's dividend yield for the trailing twelve months is around 5.28%, more than ZHOG's 5.11% yield.

Position	TTM	2025	2024	2023
CAAA First Trust Commercial Mortgage Opportunities ETF	5.28%	6.09%	4.01%	0.00%
ZHOG F/m Opportunistic Income ETF	5.11%	5.35%	5.50%	1.70%

Frequently Asked Questions

Can I hold both CAAA and ZHOG in my portfolio?

CAAA and ZHOG have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CAAA or ZHOG?

CAAA has higher volatility (0.99%) compared to ZHOG (0.44%). In terms of maximum drawdown, CAAA dropped -2.24% vs ZHOG's -3.66%.

Which ETF is better, CAAA or ZHOG?

On 1-year performance, ZHOG leads with 5.65% vs 5.48% for CAAA. On fees, ZHOG is cheaper at 0.43% per year. On volatility, ZHOG has been the lower-risk option at 0.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CAAA or ZHOG?

Over the 1-year period, ZHOG has performed better with a 5.65% return vs 5.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CAAA or ZHOG?

ZHOG is cheaper with a 0.43% expense ratio, compared with 0.55% for CAAA.

Which ETF pays a higher dividend yield, CAAA or ZHOG?

CAAA has the higher dividend yield at 5.28%, compared with 5.11% for ZHOG.

What is the main difference between CAAA and ZHOG?

They also come from different issuers: First Trust and F/m Investments. Their fees differ too: 0.55% for CAAA and 0.43% for ZHOG.

Which has better risk-adjusted returns?

ZHOG currently has the higher Sharpe Ratio (3.58 vs 1.81), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.