ZFH.TO vs. FLOT
ZFH.TO (BMO Floating Rate High Yield ETF) and FLOT (iShares Floating Rate Bond ETF) are both exchange-traded funds - ZFH.TO is a High Yield Bonds fund actively managed by BMO, while FLOT is a Ultrashort Bond fund tracking the Bloomberg US Floating Rate Note < 5 Years Index. ZFH.TO is actively managed, while FLOT is passively managed. Over the past 10 years, ZFH.TO returned 5.48%/yr vs 4.00%/yr for FLOT. At a correlation of -0.11, they often move in opposite directions. ZFH.TO charges 0.40%/yr vs 0.15%/yr for FLOT.
Performance
ZFH.TO vs. FLOT - Performance Comparison
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Different Trading Currencies
ZFH.TO is traded in CAD, while FLOT is traded in USD. To make them comparable, the FLOT values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, ZFH.TO achieves a 2.58% return, which is significantly lower than FLOT's 5.69% return. Over the past 10 years, ZFH.TO has outperformed FLOT with an annualized return of 5.48%, while FLOT has yielded a comparatively lower 4.00% annualized return.
ZFH.TO
- 1D
- 0.00%
- 1M
- 0.26%
- 6M
- 1.97%
- YTD
- 2.58%
- 1Y
- 4.55%
- 3Y*
- 8.89%
- 5Y*
- 6.65%
- 10Y*
- 5.48%
FLOT
- 1D
- -0.12%
- 1M
- 1.57%
- 6M
- 4.17%
- YTD
- 5.69%
- 1Y
- 8.18%
- 3Y*
- 8.30%
- 5Y*
- 6.87%
- 10Y*
- 4.00%
ZFH.TO vs. FLOT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZFH.TO BMO Floating Rate High Yield ETF | 2.58% | 5.61% | 11.66% | 13.66% | -0.89% | 4.79% | -3.87% | 11.18% | 0.77% | 5.45% |
FLOT iShares Floating Rate Bond ETF | 5.69% | 0.12% | 15.55% | 3.90% | 7.70% | 0.40% | -1.52% | -0.32% | 10.02% | -5.24% |
Correlation
The correlation between ZFH.TO and FLOT is -0.20, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since Feb 14, 2014 | -0.11 |
The correlation between ZFH.TO and FLOT shifts across timeframes, from -0.20 (1 year) to -0.08 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZFH.TO vs. FLOT — Risk / Return Rank
ZFH.TO
FLOT
ZFH.TO vs. FLOT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Floating Rate High Yield ETF (ZFH.TO) and iShares Floating Rate Bond ETF (FLOT). 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.
| ZFH.TO | FLOT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.66 | ||
| Sortino ratioReturn per unit of downside risk | -0.95 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.35 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.40 | 2.27 | -0.87 |
| Martin ratioReturn relative to average drawdown | 4.84 | 6.29 | -1.44 |
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Drawdowns
ZFH.TO vs. FLOT - Drawdown Comparison
The maximum ZFH.TO drawdown since its inception was -21.41%, which is greater than FLOT's maximum drawdown of -14.45%. Use the drawdown chart below to compare losses from any high point for ZFH.TO and FLOT.
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Drawdown Indicators
| ZFH.TO | FLOT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.41% | -14.45% | -6.96% |
Max Drawdown (1Y)Largest decline over 1 year | -3.27% | -3.63% | +0.36% |
Max Drawdown (3Y)Largest decline over 3 years | -6.39% | -6.25% | -0.14% |
Max Drawdown (5Y)Largest decline over 5 years | -9.75% | -6.25% | -3.50% |
Max Drawdown (10Y)Largest decline over 10 years | -21.41% | -12.88% | -8.53% |
Current DrawdownCurrent decline from peak | -0.26% | -0.38% | +0.12% |
Average DrawdownAverage peak-to-trough decline | -2.05% | -3.94% | +1.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 1.30% | -0.36% |
Volatility
ZFH.TO vs. FLOT - Volatility Comparison
The current volatility for BMO Floating Rate High Yield ETF (ZFH.TO) is 0.57%, while iShares Floating Rate Bond ETF (FLOT) has a volatility of 1.14%. This indicates that ZFH.TO experiences smaller price fluctuations and is considered to be less risky than FLOT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZFH.TO | FLOT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.57% | 1.14% | -0.57% |
Volatility (6M)Calculated over the trailing 6-month period | 2.78% | 3.34% | -0.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.74% | 4.36% | -0.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.11% | 6.60% | +1.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.43% | 7.79% | +1.64% |
ZFH.TO vs. FLOT - Expense Ratio Comparison
ZFH.TO has a 0.40% expense ratio, which is higher than FLOT's 0.15% expense ratio.
Dividends
ZFH.TO vs. FLOT - Dividend Comparison
ZFH.TO's dividend yield for the trailing twelve months is around 5.17%, more than FLOT's 4.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FLOT iShares Floating Rate Bond ETF | 4.47% | 4.84% | 5.82% | 5.66% | 2.06% | 0.43% | 1.25% | 2.78% | 2.41% | 1.46% | 0.97% | 0.53% |
ZFH.TO BMO Floating Rate High Yield ETF | 5.17% | 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
ZFH.TO and FLOT have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FLOT is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FLOT is cheaper with a 0.15% expense ratio, compared with 0.40% for ZFH.TO.
ZFH.TO is categorized as High Yield Bonds, while FLOT is Ultrashort Bond. They also come from different issuers: BMO and iShares. Their fees differ too: 0.40% for ZFH.TO and 0.15% for FLOT.
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