ZFH.TO vs. HY3M.DE
ZFH.TO (BMO Floating Rate High Yield ETF) and HY3M.DE (VanEck Emerging Markets High Yield Bond UCITS ETF) are both exchange-traded funds - ZFH.TO is a High Yield Bonds fund actively managed by BMO, while HY3M.DE is a Emerging Markets Bonds fund tracking the ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index. ZFH.TO is actively managed, while HY3M.DE is passively managed. Over the past 5 years, ZFH.TO returned 6.69%/yr vs 5.04%/yr for HY3M.DE. At a 0.03 correlation, their price movements are largely independent. Both charge a 0.40% expense ratio.
Performance
ZFH.TO vs. HY3M.DE - Performance Comparison
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Different Trading Currencies
ZFH.TO is traded in CAD, while HY3M.DE is traded in EUR. To make them comparable, the HY3M.DE 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 HY3M.DE's 6.46% return.
ZFH.TO
- 1D
- -0.13%
- 1M
- 0.33%
- 6M
- 1.97%
- YTD
- 2.58%
- 1Y
- 4.83%
- 3Y*
- 8.87%
- 5Y*
- 6.69%
- 10Y*
- 5.46%
HY3M.DE
- 1D
- 0.00%
- 1M
- 0.59%
- 6M
- 3.73%
- YTD
- 6.46%
- 1Y
- 10.70%
- 3Y*
- 12.10%
- 5Y*
- 5.04%
- 10Y*
- —
ZFH.TO vs. HY3M.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ZFH.TO BMO Floating Rate High Yield ETF | 2.58% | 5.61% | 11.66% | 13.66% | -0.89% | 4.79% | -3.87% | 11.18% | 1.13% |
HY3M.DE VanEck Emerging Markets High Yield Bond UCITS ETF | 6.46% | 3.74% | 21.38% | 4.86% | -7.50% | -1.42% | 3.71% | 10.60% | -16.96% |
Correlation
The correlation between ZFH.TO and HY3M.DE is -0.13, 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 | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Mar 20, 2018 | 0.03 |
The correlation between ZFH.TO and HY3M.DE shifts across timeframes, from -0.13 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ZFH.TO vs. HY3M.DE — Risk / Return Rank
ZFH.TO
HY3M.DE
ZFH.TO vs. HY3M.DE - 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 Emerging Markets High Yield Bond UCITS ETF (HY3M.DE). 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 | HY3M.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.13 | ||
| Sortino ratioReturn per unit of downside risk | -0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.25 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.48 | 3.85 | -2.36 |
| Martin ratioReturn relative to average drawdown | 5.14 | 10.82 | -5.68 |
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Drawdowns
ZFH.TO vs. HY3M.DE - Drawdown Comparison
The maximum ZFH.TO drawdown since its inception was -21.41%, smaller than the maximum HY3M.DE drawdown of -25.98%. Use the drawdown chart below to compare losses from any high point for ZFH.TO and HY3M.DE.
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Drawdown Indicators
| ZFH.TO | HY3M.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.41% | -25.98% | +4.57% |
Max Drawdown (1Y)Largest decline over 1 year | -3.27% | -2.77% | -0.50% |
Max Drawdown (3Y)Largest decline over 3 years | -6.39% | -8.16% | +1.77% |
Max Drawdown (5Y)Largest decline over 5 years | -9.75% | -22.72% | +12.97% |
Max Drawdown (10Y)Largest decline over 10 years | -21.41% | — | — |
Current DrawdownCurrent decline from peak | -0.26% | -1.77% | +1.51% |
Average DrawdownAverage peak-to-trough decline | -2.04% | -9.61% | +7.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 0.99% | -0.05% |
Volatility
ZFH.TO vs. HY3M.DE - Volatility Comparison
The current volatility for BMO Floating Rate High Yield ETF (ZFH.TO) is 0.55%, while VanEck Emerging Markets High Yield Bond UCITS ETF (HY3M.DE) has a volatility of 1.98%. This indicates that ZFH.TO experiences smaller price fluctuations and is considered to be less risky than HY3M.DE 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 | HY3M.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.55% | 1.98% | -1.43% |
Volatility (6M)Calculated over the trailing 6-month period | 2.78% | 6.04% | -3.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.73% | 7.47% | -3.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.10% | 9.88% | -1.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.42% | 14.14% | -4.72% |
ZFH.TO vs. HY3M.DE - Expense Ratio Comparison
Both ZFH.TO and HY3M.DE have an expense ratio of 0.40%.
Dividends
ZFH.TO vs. HY3M.DE - Dividend Comparison
ZFH.TO's dividend yield for the trailing twelve months is around 5.17%, while HY3M.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HY3M.DE VanEck Emerging Markets 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 | 5.17% | 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 HY3M.DE have a correlation of -0.13, 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 HY3M.DE have the same expense ratio: 0.40% per year.
ZFH.TO is categorized as High Yield Bonds, while HY3M.DE is Emerging Markets Bonds. They also come from different issuers: BMO and VanEck.
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