CPHY vs. ZTOP

Last updated Jun 5, 2026

CPHY (F/m Compoundr High Yield Bond ETF) and ZTOP (F/m High Yield 100 ETF) are both High Yield Bonds funds from F/m Investments - CPHY tracks the Nasdaq Compoundr U.S. High Yield Bond Index while ZTOP tracks the Bloomberg U.S. High Yield Top 100 Quality Select Equal Weighted Index. Both are passively managed. Their correlation of 0.90 suggests significant overlap in exposure. CPHY charges 0.35%/yr vs 0.39%/yr for ZTOP.

Performance

CPHY vs. ZTOP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in F/m Compoundr High Yield Bond ETF (CPHY) and F/m High Yield 100 ETF (ZTOP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPHY achieves a 0.42% return, which is significantly lower than ZTOP's 1.64% return.

CPHY

• 1D: 0.17%
• 1M: 0.38%
• YTD: 0.42%
• 6M: 0.83%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZTOP

• 1D: 0.10%
• 1M: 0.31%
• YTD: 1.64%
• 6M: 2.30%
• 1Y: 6.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPHY vs. ZTOP - Yearly Performance Comparison

	2026 (YTD)	2025
CPHY F/m Compoundr High Yield Bond ETF	0.42%	2.31%
ZTOP F/m High Yield 100 ETF	1.64%	2.68%

Correlation

The correlation between CPHY and ZTOP is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 13, 2025	0.90

Return for Risk

CPHY vs. ZTOP — Risk / Return Rank

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

ZTOP

ZTOP Risk / Return Rank: 62
ZTOP Sharpe Ratio Rank: 59
ZTOP Sortino Ratio Rank: 65
ZTOP Omega Ratio Rank: 67
ZTOP Calmar Ratio Rank: 53
ZTOP Martin Ratio Rank: 65

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.

CPHY vs. ZTOP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for F/m Compoundr High Yield Bond ETF (CPHY) and F/m High Yield 100 ETF (ZTOP). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	CPHY	ZTOP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.97	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.95	2.50	-1.55

Drawdowns

CPHY vs. ZTOP - Drawdown Comparison

The maximum CPHY drawdown since its inception was -2.51%, roughly equal to the maximum ZTOP drawdown of -2.52%. Use the drawdown chart below to compare losses from any high point for CPHY and ZTOP.

Drawdown Indicators

	CPHY	ZTOP	Difference
Max Drawdown Largest peak-to-trough decline	-2.51%	-2.52%	+0.01%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.52%	—
Current Drawdown Current decline from peak	-0.57%	-0.17%	-0.40%
Average Drawdown Average peak-to-trough decline	-0.56%	-0.29%	-0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.55%	—

Volatility

Volatility by Period

	CPHY	ZTOP	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.03%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.59%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.58%	3.29%	+0.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.58%	3.48%	+0.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.58%	3.48%	+0.10%

CPHY vs. ZTOP - Expense Ratio Comparison

CPHY has a 0.35% expense ratio, which is lower than ZTOP's 0.39% expense ratio.

Dividends

CPHY vs. ZTOP - Dividend Comparison

CPHY has not paid dividends to shareholders, while ZTOP's dividend yield for the trailing twelve months is around 6.24%.

Position	TTM	2025
CPHY F/m Compoundr High Yield Bond ETF	0.00%	0.00%
ZTOP F/m High Yield 100 ETF	6.24%	4.39%

Frequently Asked Questions

Can I hold both CPHY and ZTOP in my portfolio?

With a correlation of 0.90, CPHY and ZTOP move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, CPHY or ZTOP?

On fees, CPHY is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CPHY or ZTOP?

CPHY is cheaper with a 0.35% expense ratio, compared with 0.39% for ZTOP.

Which ETF pays a higher dividend yield, CPHY or ZTOP?

ZTOP has the higher dividend yield at 6.24%, compared with 0.00% for CPHY.

What is the main difference between CPHY and ZTOP?

CPHY tracks Nasdaq Compoundr U.S. High Yield Bond Index, while ZTOP tracks Bloomberg U.S. High Yield Top 100 Quality Select Equal Weighted Index. Their fees differ too: 0.35% for CPHY and 0.39% for ZTOP.