XFLI.TO vs. ZFH.TO
XFLI.TO (iShares Flexible Monthly Income ETF CAD) and ZFH.TO (BMO Floating Rate High Yield ETF) are both High Yield Bonds funds. Both are actively managed. Over the past year, XFLI.TO returned 7.23% vs 4.00% for ZFH.TO. At a 0.06 correlation, their price movements are largely independent.
Performance
XFLI.TO vs. ZFH.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XFLI.TO achieves a 3.13% return, which is significantly higher than ZFH.TO's 2.38% return.
XFLI.TO
- 1D
- 0.10%
- 1M
- -1.53%
- 6M
- 2.95%
- YTD
- 3.13%
- 1Y
- 7.23%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 6.32%
ZFH.TO
- 1D
- -0.20%
- 1M
- 0.13%
- 6M
- 1.77%
- YTD
- 2.38%
- 1Y
- 4.00%
- 3Y*
- 8.44%
- 5Y*
- 6.65%
- 10Y*
- 5.44%
- ALL TIME*
- 5.24%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$99.87K | CA$131.75K | CA$126.08K | |
| CA$246.87K | CA$222.58K | CA$258.07K |
XFLI.TO vs. ZFH.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
XFLI.TO iShares Flexible Monthly Income ETF CAD | 3.13% | 2.07% | 6.23% |
ZFH.TO BMO Floating Rate High Yield ETF | 2.38% | 5.61% | 2.78% |
Correlation
The correlation between XFLI.TO and ZFH.TO is 0.09, 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 | 0.09 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2024 | 0.06 |
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Return for Risk
XFLI.TO vs. ZFH.TO — Risk / Return Rank
XFLI.TO
ZFH.TO
XFLI.TO vs. ZFH.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Flexible Monthly Income ETF CAD (XFLI.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.
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.
| XFLI.TO | ZFH.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.21 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | 1.23 | +0.52 |
| Martin ratioReturn relative to average drawdown | 3.69 | 4.25 | -0.56 |
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Drawdowns
XFLI.TO vs. ZFH.TO - Drawdown Comparison
The maximum XFLI.TO drawdown since its inception was -6.92%, smaller than the maximum ZFH.TO drawdown of -21.41%. Use the drawdown chart below to compare losses from any high point for XFLI.TO and ZFH.TO.
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Drawdown Indicators
| XFLI.TO | ZFH.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.92% | -21.41% | +14.49% |
Max Drawdown (1Y)Largest decline over 1 year | -4.15% | -3.27% | -0.88% |
Max Drawdown (3Y)Largest decline over 3 years | — | -6.39% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -9.75% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -21.41% | — |
Current DrawdownCurrent decline from peak | -2.13% | -0.46% | -1.67% |
Average DrawdownAverage peak-to-trough decline | -2.05% | -2.04% | -0.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.96% | 0.94% | +1.02% |
Volatility
XFLI.TO vs. ZFH.TO - Volatility Comparison
iShares Flexible Monthly Income ETF CAD (XFLI.TO) has a higher volatility of 1.06% compared to BMO Floating Rate High Yield ETF (ZFH.TO) at 0.54%. This indicates that XFLI.TO's price experiences larger fluctuations and is considered to be riskier than ZFH.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XFLI.TO | ZFH.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 0.54% | +0.52% |
Volatility (6M)Calculated over the trailing 6-month period | 4.24% | 2.62% | +1.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.59% | 3.72% | +1.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.31% | 8.09% | -1.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.31% | 9.41% | -3.10% |
Dividends
XFLI.TO vs. ZFH.TO - Dividend Comparison
XFLI.TO's dividend yield for the trailing twelve months is around 5.45%, more than ZFH.TO's 5.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XFLI.TO iShares Flexible Monthly Income ETF CAD | 5.45% | 5.69% | 2.07% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZFH.TO BMO Floating Rate High Yield ETF | 5.18% | 5.58% | 7.82% | 7.07% | 4.81% | 4.54% | 4.57% | 4.32% | 4.51% | 4.64% | 4.70% | 5.01% |
Frequently Asked Questions
XFLI.TO and ZFH.TO have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: iShares and BMO.
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