HYHG vs. ZTOP

Last updated Jun 4, 2026

HYHG (ProShares High Yield-Interest Rate Hedged) and ZTOP (F/m High Yield 100 ETF) are both High Yield Bonds funds - HYHG tracks the Citi High Yield (Treasury Rate-Hedged) Index while ZTOP tracks the Bloomberg U.S. High Yield Top 100 Quality Select Equal Weighted Index. Both are passively managed. Over the past year, HYHG returned 7.32% vs 6.55% for ZTOP. At a 0.35 correlation, their price movements are largely independent. HYHG charges 0.50%/yr vs 0.39%/yr for ZTOP.

Performance

HYHG vs. ZTOP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares High Yield-Interest Rate Hedged (HYHG) 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, HYHG achieves a 2.90% return, which is significantly higher than ZTOP's 1.53% return.

HYHG

• 1D: -0.45%
• 1M: 0.22%
• YTD: 2.90%
• 6M: 3.60%
• 1Y: 7.32%
• 3Y*: 9.69%
• 5Y*: 6.96%
• 10Y*: 6.17%

ZTOP

• 1D: -0.22%
• 1M: 0.35%
• YTD: 1.53%
• 6M: 2.09%
• 1Y: 6.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HYHG vs. ZTOP - Yearly Performance Comparison

	2026 (YTD)	2025
HYHG ProShares High Yield-Interest Rate Hedged	2.90%	8.74%
ZTOP F/m High Yield 100 ETF	1.53%	8.13%

Correlation

The correlation between HYHG and ZTOP is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (All Time) Calculated using the full available price history since Apr 16, 2025	0.35

Return for Risk

HYHG vs. ZTOP — Risk / Return Rank

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

HYHG

HYHG Risk / Return Rank: 49
HYHG Sharpe Ratio Rank: 36
HYHG Sortino Ratio Rank: 36
HYHG Omega Ratio Rank: 35
HYHG Calmar Ratio Rank: 72
HYHG Martin Ratio Rank: 65

ZTOP

ZTOP Risk / Return Rank: 63
ZTOP Sharpe Ratio Rank: 60
ZTOP Sortino Ratio Rank: 66
ZTOP Omega Ratio Rank: 68
ZTOP Calmar Ratio Rank: 53
ZTOP Martin Ratio Rank: 66

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.

HYHG vs. ZTOP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares High Yield-Interest Rate Hedged (HYHG) 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.

	HYHG	ZTOP	Difference
Sharpe ratio: Return per unit of total volatility	1.32	2.00	-0.68
Sortino ratio: Return per unit of downside risk	1.93	3.00	-1.08
Omega ratio: Gain probability vs. loss probability	1.24	1.40	-0.16
Calmar ratio: Return relative to maximum drawdown	3.64	2.61	+1.03
Martin ratio: Return relative to average drawdown	11.96	11.86	+0.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYHG vs. ZTOP - Sharpe Ratio Comparison

The current HYHG Sharpe Ratio is 1.32, which is lower than the ZTOP Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of HYHG and ZTOP, 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

	HYHG	ZTOP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.32	2.00	-0.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.86	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	2.48	-2.02

Drawdowns

HYHG vs. ZTOP - Drawdown Comparison

The maximum HYHG drawdown since its inception was -25.71%, which is greater than ZTOP's maximum drawdown of -2.52%. Use the drawdown chart below to compare losses from any high point for HYHG and ZTOP.

Drawdown Indicators

	HYHG	ZTOP	Difference
Max Drawdown Largest peak-to-trough decline	-25.71%	-2.52%	-23.19%
Max Drawdown (1Y) Largest decline over 1 year	-2.02%	-2.52%	+0.50%
Max Drawdown (3Y) Largest decline over 3 years	-7.47%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-9.21%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-25.71%	—	—
Current Drawdown Current decline from peak	-0.45%	-0.27%	-0.18%
Average Drawdown Average peak-to-trough decline	-3.04%	-0.29%	-2.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.61%	0.55%	+0.06%

Volatility

HYHG vs. ZTOP - Volatility Comparison

ProShares High Yield-Interest Rate Hedged (HYHG) has a higher volatility of 1.45% compared to F/m High Yield 100 ETF (ZTOP) at 1.04%. This indicates that HYHG's price experiences larger fluctuations and is considered to be riskier than ZTOP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYHG	ZTOP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.45%	1.04%	+0.41%
Volatility (6M) Calculated over the trailing 6-month period	4.33%	2.59%	+1.74%
Volatility (1Y) Calculated over the trailing 1-year period	5.56%	3.29%	+2.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.16%	3.49%	+4.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.15%	3.49%	+5.66%

HYHG vs. ZTOP - Expense Ratio Comparison

HYHG has a 0.50% expense ratio, which is higher than ZTOP's 0.39% expense ratio.

Dividends

HYHG vs. ZTOP - Dividend Comparison

HYHG's dividend yield for the trailing twelve months is around 6.79%, more than ZTOP's 6.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYHG ProShares High Yield-Interest Rate Hedged	6.79%	6.97%	6.57%	6.07%	5.58%	4.54%	5.21%	6.06%	6.45%	5.57%	5.37%	6.37%
ZTOP F/m High Yield 100 ETF	6.24%	4.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HYHG and ZTOP in my portfolio?

HYHG and ZTOP have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYHG or ZTOP?

HYHG has higher volatility (1.45%) compared to ZTOP (1.04%). In terms of maximum drawdown, HYHG dropped -25.71% vs ZTOP's -2.52%.

Which ETF is better, HYHG or ZTOP?

On 1-year performance, HYHG leads with 7.32% vs 6.55% for ZTOP. On fees, ZTOP is cheaper at 0.39% per year. On volatility, ZTOP has been the lower-risk option at 1.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HYHG or ZTOP?

Over the 1-year period, HYHG has performed better with a 7.32% return vs 6.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYHG or ZTOP?

ZTOP is cheaper with a 0.39% expense ratio, compared with 0.50% for HYHG.

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

HYHG has the higher dividend yield at 6.79%, compared with 6.24% for ZTOP.

What is the main difference between HYHG and ZTOP?

HYHG tracks Citi High Yield (Treasury Rate-Hedged) Index, while ZTOP tracks Bloomberg U.S. High Yield Top 100 Quality Select Equal Weighted Index. They also come from different issuers: ProShares and F/m Investments. Their fees differ too: 0.50% for HYHG and 0.39% for ZTOP.

Which has better risk-adjusted returns?

ZTOP currently has the higher Sharpe Ratio (2.00 vs 1.32), 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.