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CGHY.TO vs. ZHY.TO
Performance
Return for Risk
Dividends
Drawdowns
Volatility

CGHY.TO vs. ZHY.TO

Last updated Apr 2, 2026

Compare and contrast key facts about CI High Yield Bond Private Pool ETF C$ Series (CGHY.TO) and BMO High Yield US Corporate Bond Hedged to CAD Index ETF (ZHY.TO).

CGHY.TO and ZHY.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CGHY.TO is an actively managed fund by CI Global Asset Management. It was launched on Apr 1, 2022. ZHY.TO is a passively managed fund by BMO that tracks the performance of the Bloomberg U.S. High Yield Very Liquid Index CAD Hedged. It was launched on Oct 20, 2009.

Performance

CGHY.TO vs. ZHY.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI High Yield Bond Private Pool ETF C$ Series (CGHY.TO) and BMO High Yield US Corporate Bond Hedged to CAD Index ETF (ZHY.TO). The values are adjusted to include any dividend payments, if applicable.

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CGHY.TO vs. ZHY.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CGHY.TO
CI High Yield Bond Private Pool ETF C$ Series		-0.28%6.19%9.66%13.41%13.50%2.47%-1.13%10.73%-2.45%5.87%
ZHY.TO
BMO High Yield US Corporate Bond Hedged to CAD Index ETF		-0.64%6.27%6.04%11.48%-12.80%4.03%3.31%13.45%-3.88%5.06%

Returns By Period

In the year-to-date period, CGHY.TO achieves a -0.28% return, which is significantly higher than ZHY.TO's -0.64% return. Over the past 10 years, CGHY.TO has outperformed ZHY.TO with an annualized return of 6.78%, while ZHY.TO has yielded a comparatively lower 4.09% annualized return.

CGHY.TO

1D
-0.10%
1M
-0.25%
YTD
-0.28%
6M
-0.47%
1Y
4.36%
3Y*
8.24%
5Y*
9.01%
10Y*
6.78%

ZHY.TO

1D
0.46%
1M
-1.13%
YTD
-0.64%
6M
-0.18%
1Y
5.25%
3Y*
6.61%
5Y*
2.45%
10Y*
4.09%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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CI High Yield Bond Private Pool ETF C$ Series

BMO High Yield US Corporate Bond Hedged to CAD Index ETF

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Often compared with ZHY.TO:
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CGHY.TO vs. ZHY.TO - Expense Ratio Comparison

CGHY.TO has a 0.76% expense ratio, which is higher than ZHY.TO's 0.61% expense ratio.

CGHY.TO
CI High Yield Bond Private Pool ETF C$ Series
ZHY.TO
BMO High Yield US Corporate Bond Hedged to CAD Index ETF

Return for Risk

CGHY.TO vs. ZHY.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CGHY.TO
CGHY.TO Risk / Return Rank: 3333
Overall Rank
CGHY.TO Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
CGHY.TO Sortino Ratio Rank: 2727
Sortino Ratio Rank
CGHY.TO Omega Ratio Rank: 2424
Omega Ratio Rank
CGHY.TO Calmar Ratio Rank: 4141
Calmar Ratio Rank
CGHY.TO Martin Ratio Rank: 4444
Martin Ratio Rank
ZHY.TO
ZHY.TO Risk / Return Rank: 3636
Overall Rank
ZHY.TO Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
ZHY.TO Sortino Ratio Rank: 3434
Sortino Ratio Rank
ZHY.TO Omega Ratio Rank: 3333
Omega Ratio Rank
ZHY.TO Calmar Ratio Rank: 3333
Calmar Ratio Rank
ZHY.TO Martin Ratio Rank: 4242
Martin Ratio Rank
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.

CGHY.TO vs. ZHY.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI High Yield Bond Private Pool ETF C$ Series (CGHY.TO) and BMO High Yield US Corporate Bond Hedged to CAD Index ETF (ZHY.TO). 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.

CGHY.TOZHY.TODifference

Sharpe ratio

Return per unit of total volatility

0.59

0.74

-0.15

Sortino ratio

Return per unit of downside risk

0.86

1.07

-0.21

Omega ratio

Gain probability vs. loss probability

1.11

1.15

-0.04

Calmar ratio

Return relative to maximum drawdown

1.26

1.02

+0.24

Martin ratio

Return relative to average drawdown

4.95

4.72

+0.23

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CGHY.TO vs. ZHY.TO - Sharpe Ratio Comparison

The current CGHY.TO Sharpe Ratio is 0.59, which is comparable to the ZHY.TO Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of CGHY.TO and ZHY.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

CGHY.TOZHY.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.59

0.74

-0.15

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.62

0.26

+0.37

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.52

0.38

+0.15

Sharpe Ratio (All Time)

Calculated using the full available price history

0.44

0.45

-0.01

Correlation

The correlation between CGHY.TO and ZHY.TO is 0.15, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

CGHY.TO vs. ZHY.TO - Dividend Comparison

CGHY.TO's dividend yield for the trailing twelve months is around 5.50%, less than ZHY.TO's 6.34% yield.

TTM20252024202320222021202020192018201720162015
CGHY.TO
CI High Yield Bond Private Pool ETF C$ Series		5.50%5.40%4.99%5.14%5.08%6.32%6.08%5.65%5.91%5.45%5.57%5.23%
ZHY.TO
BMO High Yield US Corporate Bond Hedged to CAD Index ETF		6.34%6.10%6.13%6.43%6.71%5.49%6.09%6.50%6.25%6.10%5.84%7.12%

Drawdowns

CGHY.TO vs. ZHY.TO - Drawdown Comparison

The maximum CGHY.TO drawdown since its inception was -24.44%, smaller than the maximum ZHY.TO drawdown of -28.44%. Use the drawdown chart below to compare losses from any high point for CGHY.TO and ZHY.TO.

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Drawdown Indicators

CGHY.TOZHY.TODifference

Max Drawdown

Largest peak-to-trough decline

-24.44%

-28.44%

+4.00%

Max Drawdown (1Y)

Largest decline over 1 year

-3.59%

-5.25%

+1.66%

Max Drawdown (5Y)

Largest decline over 5 years

-9.81%

-17.11%

+7.30%

Max Drawdown (10Y)

Largest decline over 10 years

-24.44%

-28.44%

+4.00%

Current Drawdown

Current decline from peak

-1.85%

-1.53%

-0.32%

Average Drawdown

Average peak-to-trough decline

-2.08%

-2.89%

+0.81%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.96%

1.13%

-0.17%

Volatility

CGHY.TO vs. ZHY.TO - Volatility Comparison

The current volatility for CI High Yield Bond Private Pool ETF C$ Series (CGHY.TO) is 2.42%, while BMO High Yield US Corporate Bond Hedged to CAD Index ETF (ZHY.TO) has a volatility of 2.74%. This indicates that CGHY.TO experiences smaller price fluctuations and is considered to be less risky than ZHY.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CGHY.TOZHY.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.42%

2.74%

-0.32%

Volatility (6M)

Calculated over the trailing 6-month period

4.87%

3.85%

+1.02%

Volatility (1Y)

Calculated over the trailing 1-year period

7.49%

7.12%

+0.37%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.51%

9.51%

+5.00%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.00%

10.93%

+2.07%