ZFH.TO vs. GFGB.L
ZFH.TO (BMO Floating Rate High Yield ETF) and GFGB.L (VanEck Global Fallen Angel High Yield Bond UCITS ETF) are both High Yield Bonds funds. ZFH.TO is actively managed, while GFGB.L is passively managed. Over the past 5 years, ZFH.TO returned 6.72%/yr vs 6.11%/yr for GFGB.L. At a 0.05 correlation, their price movements are largely independent. Both charge a 0.40% expense ratio.
Performance
ZFH.TO vs. GFGB.L - Performance Comparison
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Different Trading Currencies
ZFH.TO is traded in CAD, while GFGB.L is traded in GBP. To make them comparable, the GFGB.L 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 2.17% return, which is significantly lower than GFGB.L's 4.63% return.
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%
GFGB.L
- 1D
- 0.28%
- 1M
- 2.65%
- YTD
- 4.63%
- 6M
- 3.25%
- 1Y
- 10.47%
- 3Y*
- 10.51%
- 5Y*
- 6.11%
- 10Y*
- —
ZFH.TO vs. GFGB.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ZFH.TO BMO Floating Rate High Yield ETF | 2.17% | 5.53% | 11.55% | 13.55% | -0.94% | 4.73% | -3.93% | 11.12% | 1.75% |
GFGB.L VanEck Global Fallen Angel High Yield Bond UCITS ETF | 4.63% | 5.09% | 15.18% | 7.35% | -6.54% | 1.44% | 14.57% | 8.56% | 1.85% |
Correlation
The correlation between ZFH.TO and GFGB.L is 0.04, 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 | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Mar 26, 2018 | 0.05 |
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Return for Risk
ZFH.TO vs. GFGB.L — Risk / Return Rank
ZFH.TO
GFGB.L
ZFH.TO vs. GFGB.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Floating Rate High Yield ETF (ZFH.TO) and VanEck Global Fallen Angel High Yield Bond UCITS ETF (GFGB.L). 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.
| ZFH.TO | GFGB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.29 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.84 | 3.78 | -1.94 |
| Martin ratioReturn relative to average drawdown | 6.33 | 10.56 | -4.22 |
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
| ZFH.TO | GFGB.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.54 | 1.46 | +0.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.05 | 0.79 | +0.26 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.68 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.64 | 0.73 | -0.09 |
Drawdowns
ZFH.TO vs. GFGB.L - Drawdown Comparison
The maximum ZFH.TO drawdown since its inception was -20.98%, which is greater than GFGB.L's maximum drawdown of -17.97%. Use the drawdown chart below to compare losses from any high point for ZFH.TO and GFGB.L.
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Drawdown Indicators
| ZFH.TO | GFGB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.98% | -17.97% | -3.01% |
Max Drawdown (1Y)Largest decline over 1 year | -3.27% | -2.76% | -0.51% |
Max Drawdown (3Y)Largest decline over 3 years | -6.40% | -6.06% | -0.34% |
Max Drawdown (5Y)Largest decline over 5 years | -9.53% | -17.97% | +8.44% |
Max Drawdown (10Y)Largest decline over 10 years | -20.98% | — | — |
Current DrawdownCurrent decline from peak | -0.20% | -0.29% | +0.09% |
Average DrawdownAverage peak-to-trough decline | -1.80% | -3.24% | +1.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.95% | 0.99% | -0.04% |
Volatility
ZFH.TO vs. GFGB.L - Volatility Comparison
The current volatility for BMO Floating Rate High Yield ETF (ZFH.TO) is 0.96%, while VanEck Global Fallen Angel High Yield Bond UCITS ETF (GFGB.L) has a volatility of 3.75%. This indicates that ZFH.TO experiences smaller price fluctuations and is considered to be less risky than GFGB.L 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 | GFGB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.96% | 3.75% | -2.79% |
Volatility (6M)Calculated over the trailing 6-month period | 3.01% | 6.13% | -3.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.92% | 7.12% | -3.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.42% | 7.75% | -1.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.33% | 8.42% | -0.09% |
ZFH.TO vs. GFGB.L - Expense Ratio Comparison
Both ZFH.TO and GFGB.L have an expense ratio of 0.40%.
Dividends
ZFH.TO vs. GFGB.L - Dividend Comparison
ZFH.TO's dividend yield for the trailing twelve months is around 5.21%, while GFGB.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GFGB.L VanEck Global Fallen Angel High Yield Bond UCITS ETF | 0.00% | 0.00% | 0.00% | 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 | 5.21% | 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
ZFH.TO and GFGB.L have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.40% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
ZFH.TO and GFGB.L have the same expense ratio: 0.40% per year.
They also come from different issuers: BMO and VanEck.
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