CVD.TO vs. ZFH.TO
CVD.TO (iShares Convertible Bond Index ETF) and ZFH.TO (BMO Floating Rate High Yield ETF) are both High Yield Bonds funds. CVD.TO is passively managed, while ZFH.TO is actively managed. Over the past 10 years, CVD.TO returned 4.53%/yr vs 5.61%/yr for ZFH.TO. At a 0.08 correlation, their price movements are largely independent. CVD.TO charges 0.49%/yr vs 0.40%/yr for ZFH.TO.
Performance
CVD.TO vs. ZFH.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CVD.TO achieves a 3.23% return, which is significantly higher than ZFH.TO's 2.17% return. Over the past 10 years, CVD.TO has underperformed ZFH.TO with an annualized return of 4.53%, while ZFH.TO has yielded a comparatively higher 5.61% annualized return.
CVD.TO
- 1D
- -0.28%
- 1M
- 0.49%
- YTD
- 3.23%
- 6M
- 0.06%
- 1Y
- 7.61%
- 3Y*
- 7.90%
- 5Y*
- 4.33%
- 10Y*
- 4.53%
ZFH.TO
- 1D
- 0.00%
- 1M
- 0.62%
- YTD
- 2.17%
- 6M
- 1.34%
- 1Y
- 5.99%
- 3Y*
- 9.48%
- 5Y*
- 6.72%
- 10Y*
- 5.61%
CVD.TO vs. ZFH.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CVD.TO iShares Convertible Bond Index ETF | 3.23% | 7.09% | 12.68% | 3.64% | -4.63% | 5.33% | 3.67% | 10.28% | -2.68% | 4.06% |
ZFH.TO BMO Floating Rate High Yield ETF | 2.17% | 5.53% | 11.55% | 13.55% | -0.94% | 4.73% | -3.93% | 11.12% | 0.72% | 5.39% |
Correlation
The correlation between CVD.TO and ZFH.TO is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Feb 18, 2014 | 0.08 |
The correlation between CVD.TO and ZFH.TO shifts across timeframes, from -0.05 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.
CVD.TO vs. ZFH.TO - Sectors Allocation Comparison
Sectors
CVD.TO
ZFH.TO
Real Estate
Basic Materials
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Communication Services
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Consumer Cyclical
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Consumer Defensive
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Energy
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Financial Services
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-
Healthcare
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Industrials
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-
Technology
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Utilities
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Real Estate
CVD.TO
ZFH.TO
Basic Materials
CVD.TO
-
ZFH.TO
-
Communication Services
CVD.TO
-
ZFH.TO
-
Consumer Cyclical
CVD.TO
-
ZFH.TO
-
Consumer Defensive
CVD.TO
-
ZFH.TO
-
Energy
CVD.TO
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ZFH.TO
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Financial Services
CVD.TO
-
ZFH.TO
-
Healthcare
CVD.TO
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ZFH.TO
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Industrials
CVD.TO
-
ZFH.TO
-
Technology
CVD.TO
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ZFH.TO
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Utilities
CVD.TO
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ZFH.TO
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Return for Risk
CVD.TO vs. ZFH.TO — Risk / Return Rank
CVD.TO
ZFH.TO
CVD.TO vs. ZFH.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Convertible Bond Index ETF (CVD.TO) and BMO Floating Rate High Yield ETF (ZFH.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.
| CVD.TO | ZFH.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.49 | ||
| Sortino ratioReturn per unit of downside risk | -0.75 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.29 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.93 | 1.84 | +0.09 |
| Martin ratioReturn relative to average drawdown | 5.61 | 6.33 | -0.72 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CVD.TO | ZFH.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.05 | 1.54 | -0.49 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.47 | 1.05 | -0.58 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.48 | 0.68 | -0.19 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.46 | 0.64 | -0.18 |
Drawdowns
CVD.TO vs. ZFH.TO - Drawdown Comparison
The maximum CVD.TO drawdown since its inception was -23.51%, which is greater than ZFH.TO's maximum drawdown of -20.98%. Use the drawdown chart below to compare losses from any high point for CVD.TO and ZFH.TO.
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Drawdown Indicators
| CVD.TO | ZFH.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.51% | -20.98% | -2.53% |
Max Drawdown (1Y)Largest decline over 1 year | -3.95% | -3.27% | -0.68% |
Max Drawdown (3Y)Largest decline over 3 years | -11.47% | -6.40% | -5.07% |
Max Drawdown (5Y)Largest decline over 5 years | -14.62% | -9.53% | -5.09% |
Max Drawdown (10Y)Largest decline over 10 years | -23.51% | -20.98% | -2.53% |
Current DrawdownCurrent decline from peak | -2.00% | -0.20% | -1.80% |
Average DrawdownAverage peak-to-trough decline | -2.39% | -1.80% | -0.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.36% | 0.95% | +0.41% |
Volatility
CVD.TO vs. ZFH.TO - Volatility Comparison
iShares Convertible Bond Index ETF (CVD.TO) and BMO Floating Rate High Yield ETF (ZFH.TO) have volatilities of 0.95% and 0.96%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CVD.TO | ZFH.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.95% | 0.96% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 5.52% | 3.01% | +2.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.29% | 3.92% | +3.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.25% | 6.42% | +2.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.43% | 8.33% | +1.10% |
CVD.TO vs. ZFH.TO - Expense Ratio Comparison
CVD.TO has a 0.49% expense ratio, which is higher than ZFH.TO's 0.40% expense ratio.
Dividends
CVD.TO vs. ZFH.TO - Dividend Comparison
CVD.TO's dividend yield for the trailing twelve months is around 4.95%, less than ZFH.TO's 5.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CVD.TO iShares Convertible Bond Index ETF | 4.95% | 4.91% | 5.14% | 5.33% | 5.05% | 4.61% | 4.48% | 4.52% | 4.97% | 4.65% | 4.51% | 4.94% |
ZFH.TO BMO Floating Rate High Yield ETF | 5.21% | 5.52% | 7.72% | 6.98% | 4.75% | 4.48% | 4.51% | 4.27% | 4.45% | 4.58% | 4.64% | 4.94% |
Frequently Asked Questions
CVD.TO and ZFH.TO have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZFH.TO is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZFH.TO is cheaper with a 0.40% expense ratio, compared with 0.49% for CVD.TO.
They also come from different issuers: iShares and BMO. Their fees differ too: 0.49% for CVD.TO and 0.40% for ZFH.TO.
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