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ZFH.TO vs. HYEM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZFH.TO vs. HYEM

Last updated Jun 4, 2026

ZFH.TO (BMO Floating Rate High Yield ETF) and HYEM (VanEck Vectors Emerging Markets High Yield Bond ETF) are both High Yield Bonds funds. ZFH.TO is actively managed, while HYEM is passively managed. Over the past 10 years, ZFH.TO returned 5.61%/yr vs 5.41%/yr for HYEM. At a 0.04 correlation, their price movements are largely independent. Both charge a 0.40% expense ratio.

Performance

ZFH.TO vs. HYEM - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Floating Rate High Yield ETF (ZFH.TO) and VanEck Vectors Emerging Markets High Yield Bond ETF (HYEM). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

ZFH.TO is traded in CAD, while HYEM is traded in USD. To make them comparable, the HYEM 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 HYEM's 5.24% return. Both investments have delivered pretty close results over the past 10 years, with ZFH.TO having a 5.61% annualized return and HYEM not far behind at 5.41%.

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%

HYEM

1D
0.31%
1M
3.28%
YTD
5.24%
6M
4.47%
1Y
11.72%
3Y*
12.29%
5Y*
5.98%
10Y*
5.41%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZFH.TO vs. HYEM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ZFH.TO
BMO Floating Rate High Yield ETF		2.17%5.53%11.55%13.55%-0.94%4.73%-3.93%11.12%0.72%5.39%
HYEM
VanEck Vectors Emerging Markets High Yield Bond ETF		5.24%4.23%21.77%5.96%-7.21%-2.20%5.06%7.30%4.82%1.07%

Correlation

The correlation between ZFH.TO and HYEM is -0.02, 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

-0.02

Correlation (3Y)
Calculated over the trailing 3-year period

0.11

Correlation (5Y)
Calculated over the trailing 5-year period

0.04

Correlation (10Y)
Calculated over the trailing 10-year period

0.02

Correlation (All Time)
Calculated using the full available price history since Feb 18, 2014

0.04

The correlation between ZFH.TO and HYEM shifts across timeframes, from -0.02 (1 year) to 0.11 (3 years), reflecting how their relationship changes across market environments.

ZFH.TO vs. HYEM - Sectors Allocation Comparison

Sectors
ZFH.TO
HYEM

Real Estate

6.8%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-

Healthcare

-

-

Industrials

-

100.0%

Technology

-

-

Utilities

-

-

Real Estate

ZFH.TO
6.8%
HYEM

-

Basic Materials

ZFH.TO

-

HYEM

-

Communication Services

ZFH.TO

-

HYEM

-

Consumer Cyclical

ZFH.TO

-

HYEM

-

Consumer Defensive

ZFH.TO

-

HYEM

-

Energy

ZFH.TO

-

HYEM

-

Financial Services

ZFH.TO

-

HYEM

-

Healthcare

ZFH.TO

-

HYEM

-

Industrials

ZFH.TO

-

HYEM
100.0%

Technology

ZFH.TO

-

HYEM

-

Utilities

ZFH.TO

-

HYEM

-

Compare stocks, funds, or ETFs

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BMO Floating Rate High Yield ETF

VanEck Vectors Emerging Markets High Yield Bond ETF

Often compared with ZFH.TO:
ZFH.TO vs. DXV.TOZFH.TO vs. ZCS.TOZFH.TO vs. GFEA.DEZFH.TO vs. XSI.TOZFH.TO vs. XSH.TOZFH.TO vs. VAB.TOZFH.TO vs. XSB.TO
Often compared with HYEM:
HYEM vs. EMHYHYEM vs. EMLCHYEM vs. CEMBHYEM vs. IHYHYEM vs. EMBHYEM vs. HYZDHYEM vs. PGHY

Return for Risk

ZFH.TO vs. HYEM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZFH.TO
ZFH.TO Risk / Return Rank: 4343
Overall Rank
ZFH.TO Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
ZFH.TO Sortino Ratio Rank: 4444
Sortino Ratio Rank
ZFH.TO Omega Ratio Rank: 4747
Omega Ratio Rank
ZFH.TO Calmar Ratio Rank: 3838
Calmar Ratio Rank
ZFH.TO Martin Ratio Rank: 4040
Martin Ratio Rank
HYEM
HYEM Risk / Return Rank: 7676
Overall Rank
HYEM Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
HYEM Sortino Ratio Rank: 7777
Sortino Ratio Rank
HYEM Omega Ratio Rank: 7878
Omega Ratio Rank
HYEM Calmar Ratio Rank: 7575
Calmar Ratio Rank
HYEM Martin Ratio Rank: 7979
Martin Ratio Rank
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.

ZFH.TO vs. HYEM - 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 Vectors Emerging Markets High Yield Bond ETF (HYEM). 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.TOHYEMDifference
Sharpe ratioReturn per unit of total volatility
1.54
2.03

-0.50

Sortino ratioReturn per unit of downside risk
2.23
2.84

-0.61

Omega ratioGain probability vs. loss probability

1.29

1.38

-0.08

Calmar ratioReturn relative to maximum drawdown

1.84

4.59

-2.75

Martin ratioReturn relative to average drawdown

6.33

13.11

-6.78

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZFH.TO vs. HYEM - Sharpe Ratio Comparison

The current ZFH.TO Sharpe Ratio is 1.54, which is comparable to the HYEM Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of ZFH.TO and HYEM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

ZFH.TOHYEMDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.54

2.03

-0.50

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.05

0.77

+0.28

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.68

0.58

+0.10

Sharpe Ratio (All Time)

Calculated using the full available price history

0.64

0.76

-0.12

Drawdowns

ZFH.TO vs. HYEM - Drawdown Comparison

The maximum ZFH.TO drawdown since its inception was -20.98%, smaller than the maximum HYEM drawdown of -24.43%. Use the drawdown chart below to compare losses from any high point for ZFH.TO and HYEM.

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Drawdown Indicators

ZFH.TOHYEMDifference

Max Drawdown

Largest peak-to-trough decline

-20.98%

-24.43%

+3.45%

Max Drawdown (1Y)

Largest decline over 1 year

-3.27%

-2.57%

-0.70%

Max Drawdown (3Y)

Largest decline over 3 years

-6.40%

-8.04%

+1.64%

Max Drawdown (5Y)

Largest decline over 5 years

-9.53%

-24.31%

+14.78%

Max Drawdown (10Y)

Largest decline over 10 years

-20.98%

-24.43%

+3.45%

Current Drawdown

Current decline from peak

-0.20%

0.00%

-0.20%

Average Drawdown

Average peak-to-trough decline

-1.80%

-3.83%

+2.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.95%

0.90%

+0.05%

Volatility

ZFH.TO vs. HYEM - Volatility Comparison

The current volatility for BMO Floating Rate High Yield ETF (ZFH.TO) is 0.96%, while VanEck Vectors Emerging Markets High Yield Bond ETF (HYEM) has a volatility of 1.37%. This indicates that ZFH.TO experiences smaller price fluctuations and is considered to be less risky than HYEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZFH.TOHYEMDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.96%

1.37%

-0.41%

Volatility (6M)

Calculated over the trailing 6-month period

3.01%

4.43%

-1.42%

Volatility (1Y)

Calculated over the trailing 1-year period

3.92%

5.79%

-1.87%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.42%

7.83%

-1.41%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.33%

9.35%

-1.02%

ZFH.TO vs. HYEM - Expense Ratio Comparison

Both ZFH.TO and HYEM have an expense ratio of 0.40%.

Dividends

ZFH.TO vs. HYEM - Dividend Comparison

ZFH.TO's dividend yield for the trailing twelve months is around 5.21%, less than HYEM's 6.52% yield.

PositionTTM20252024202320222021202020192018201720162015
HYEM
VanEck Vectors Emerging Markets High Yield Bond ETF		6.52%6.67%6.34%6.27%6.47%5.33%5.56%6.14%5.71%5.86%6.25%7.64%
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 HYEM have a correlation of -0.02, 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 HYEM have the same expense ratio: 0.40% per year.

They also come from different issuers: BMO and VanEck.

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