CPLB vs. ZHOG

Last updated Jun 24, 2026

CPLB (NYLI MacKay Core Plus Bond ETF) and ZHOG (F/m Opportunistic Income ETF) are both Intermediate Core-Plus Bond funds. Both are actively managed. Over the past year, CPLB returned 4.46% vs 4.74% for ZHOG. A 0.73 correlation means they provide meaningful diversification when combined. CPLB charges 0.30%/yr vs 0.43%/yr for ZHOG.

Performance

CPLB vs. ZHOG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NYLI MacKay Core Plus Bond ETF (CPLB) and F/m Opportunistic Income ETF (ZHOG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with CPLB having a 0.79% return and ZHOG slightly higher at 0.81%.

CPLB

• 1D: 0.05%
• 1M: 0.57%
• YTD: 0.79%
• 6M: 1.02%
• 1Y: 4.46%
• 3Y*: 5.66%
• 5Y*: —
• 10Y*: —

ZHOG

• 1D: 0.06%
• 1M: 0.37%
• YTD: 0.81%
• 6M: 1.02%
• 1Y: 4.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPLB vs. ZHOG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CPLB NYLI MacKay Core Plus Bond ETF	0.79%	7.76%	4.19%	5.39%
ZHOG F/m Opportunistic Income ETF	0.81%	5.98%	4.94%	5.93%

Correlation

The correlation between CPLB and ZHOG is 0.71, 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	0.71
Correlation (All Time) Calculated using the full available price history since Sep 6, 2023	0.73

The correlation between CPLB and ZHOG has been stable across timeframes, ranging from 0.71 to 0.73 - a consistent structural relationship.

Return for Risk

CPLB vs. ZHOG — Risk / Return Rank

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

CPLB

CPLB Risk / Return Rank: 36
CPLB Sharpe Ratio Rank: 37
CPLB Sortino Ratio Rank: 37
CPLB Omega Ratio Rank: 35
CPLB Calmar Ratio Rank: 37
CPLB Martin Ratio Rank: 35

ZHOG

ZHOG Risk / Return Rank: 88
ZHOG Sharpe Ratio Rank: 92
ZHOG Sortino Ratio Rank: 95
ZHOG Omega Ratio Rank: 93
ZHOG Calmar Ratio Rank: 76
ZHOG Martin Ratio Rank: 83

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.

CPLB vs. ZHOG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NYLI MacKay Core Plus Bond ETF (CPLB) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CPLB	ZHOG	Difference
Sharpe ratio: Return per unit of total volatility	1.22	3.01	-1.79
Sortino ratio: Return per unit of downside risk	1.78	4.63	-2.86
Omega ratio: Gain probability vs. loss probability	1.22	1.60	-0.39
Calmar ratio: Return relative to maximum drawdown	1.72	3.64	-1.91
Martin ratio: Return relative to average drawdown	4.99	15.65	-10.66

CPLB vs. ZHOG - Sharpe Ratio Comparison

The current CPLB Sharpe Ratio is 1.22, which is lower than the ZHOG Sharpe Ratio of 3.01. The chart below compares the historical Sharpe Ratios of CPLB 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.

Drawdowns

CPLB vs. ZHOG - Drawdown Comparison

The maximum CPLB drawdown since its inception was -18.96%, which is greater than ZHOG's maximum drawdown of -3.66%. Use the drawdown chart below to compare losses from any high point for CPLB and ZHOG.

Drawdown Indicators

	CPLB	ZHOG	Difference
Max Drawdown Largest peak-to-trough decline	-18.96%	-3.66%	-15.30%
Max Drawdown (1Y) Largest decline over 1 year	-2.60%	-1.31%	-1.29%
Max Drawdown (3Y) Largest decline over 3 years	-5.90%	—	—
Current Drawdown Current decline from peak	-1.15%	-0.22%	-0.93%
Average Drawdown Average peak-to-trough decline	-7.01%	-0.69%	-6.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	0.30%	+0.60%

Volatility

CPLB vs. ZHOG - Volatility Comparison

NYLI MacKay Core Plus Bond ETF (CPLB) has a higher volatility of 0.99% compared to F/m Opportunistic Income ETF (ZHOG) at 0.47%. This indicates that CPLB'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

	CPLB	ZHOG	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.99%	0.47%	+0.52%
Volatility (6M) Calculated over the trailing 6-month period	2.79%	1.19%	+1.60%
Volatility (1Y) Calculated over the trailing 1-year period	3.69%	1.58%	+2.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.02%	3.98%	+1.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.02%	3.98%	+1.04%

CPLB vs. ZHOG - Expense Ratio Comparison

CPLB has a 0.30% expense ratio, which is lower than ZHOG's 0.43% expense ratio.

Dividends

CPLB vs. ZHOG - Dividend Comparison

CPLB's dividend yield for the trailing twelve months is around 5.49%, more than ZHOG's 5.11% yield.

Position	TTM	2025	2024	2023	2022	2021
CPLB NYLI MacKay Core Plus Bond ETF	5.49%	5.46%	5.40%	4.82%	3.17%	0.95%
ZHOG F/m Opportunistic Income ETF	5.11%	5.35%	5.50%	1.70%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CPLB and ZHOG in my portfolio?

CPLB and ZHOG have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPLB or ZHOG?

CPLB has higher volatility (0.99%) compared to ZHOG (0.47%). In terms of maximum drawdown, CPLB dropped -18.96% vs ZHOG's -3.66%.

Which ETF is better, CPLB or ZHOG?

On 1-year performance, ZHOG leads with 4.74% vs 4.46% for CPLB. On fees, CPLB is cheaper at 0.30% per year. On volatility, ZHOG has been the lower-risk option at 0.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPLB or ZHOG?

Over the 1-year period, ZHOG has performed better with a 4.74% return vs 4.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPLB or ZHOG?

CPLB is cheaper with a 0.30% expense ratio, compared with 0.43% for ZHOG.

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

CPLB has the higher dividend yield at 5.49%, compared with 5.11% for ZHOG.

What is the main difference between CPLB and ZHOG?

They also come from different issuers: NYLI and F/m Investments. Their fees differ too: 0.30% for CPLB and 0.43% for ZHOG.

Which has better risk-adjusted returns?

ZHOG currently has the higher Sharpe Ratio (3.01 vs 1.22), 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.