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

ZFH.TO vs. IBHE

Last updated Jun 4, 2026

ZFH.TO (BMO Floating Rate High Yield ETF) and IBHE (iShares iBonds 2025 Term High Yield & Income ETF) are both High Yield Bonds funds. ZFH.TO is actively managed, while IBHE is passively managed. Over the past 5 years, ZFH.TO returned 6.72%/yr vs 6.86%/yr for IBHE. At a correlation of -0.08, they often move in opposite directions. ZFH.TO charges 0.40%/yr vs 0.35%/yr for IBHE.

Performance

ZFH.TO vs. IBHE - 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 iShares iBonds 2025 Term High Yield & Income ETF (IBHE). 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 IBHE is traded in USD. To make them comparable, the IBHE 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 higher than IBHE's 0.93% 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%

IBHE

1D
0.41%
1M
2.00%
YTD
0.93%
6M
-0.30%
1Y
3.63%
3Y*
7.30%
5Y*
6.86%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZFH.TO vs. IBHE - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
ZFH.TO
BMO Floating Rate High Yield ETF		2.17%5.53%11.55%13.55%-0.94%4.73%-3.93%5.52%
IBHE
iShares iBonds 2025 Term High Yield & Income ETF		0.93%-0.00%16.86%7.89%2.76%3.46%2.40%1.98%

Correlation

The correlation between ZFH.TO and IBHE is -0.10, 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

-0.10

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

-0.03

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

-0.08

Correlation (All Time)
Calculated using the full available price history since May 10, 2019

-0.08

ZFH.TO vs. IBHE - Sectors Allocation Comparison

Sectors
ZFH.TO
IBHE

Real Estate

6.8%
100.0%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-

Healthcare

-

-

Industrials

-

-

Technology

-

-

Utilities

-

-

Real Estate

ZFH.TO
6.8%
IBHE
100.0%

Basic Materials

ZFH.TO

-

IBHE

-

Communication Services

ZFH.TO

-

IBHE

-

Consumer Cyclical

ZFH.TO

-

IBHE

-

Consumer Defensive

ZFH.TO

-

IBHE

-

Energy

ZFH.TO

-

IBHE

-

Financial Services

ZFH.TO

-

IBHE

-

Healthcare

ZFH.TO

-

IBHE

-

Industrials

ZFH.TO

-

IBHE

-

Technology

ZFH.TO

-

IBHE

-

Utilities

ZFH.TO

-

IBHE

-

Compare stocks, funds, or ETFs

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BMO Floating Rate High Yield ETF

iShares iBonds 2025 Term High Yield & Income 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 IBHE:
IBHE vs. IBTEIBHE vs. IBHDIBHE vs. CLOAIBHE vs. EIFAXIBHE vs. NUHYIBHE vs. DBSCXIBHE vs. ICSH

Return for Risk

ZFH.TO vs. IBHE — 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
IBHE
IBHE Risk / Return Rank: 9797
Overall Rank
IBHE Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
IBHE Sortino Ratio Rank: 9797
Sortino Ratio Rank
IBHE Omega Ratio Rank: 9898
Omega Ratio Rank
IBHE Calmar Ratio Rank: 9898
Calmar Ratio Rank
IBHE Martin Ratio Rank: 9898
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. IBHE - 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 iBonds 2025 Term High Yield & Income ETF (IBHE). 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.TOIBHEDifference
Sharpe ratioReturn per unit of total volatility
1.54
0.97

+0.57

Sortino ratioReturn per unit of downside risk
2.23
1.33

+0.89

Omega ratioGain probability vs. loss probability

1.29

1.17

+0.13

Calmar ratioReturn relative to maximum drawdown

1.84

1.17

+0.67

Martin ratioReturn relative to average drawdown

6.33

2.61

+3.72

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. IBHE - Sharpe Ratio Comparison

The current ZFH.TO Sharpe Ratio is 1.54, which is higher than the IBHE Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of ZFH.TO and IBHE, 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.TOIBHEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.54

0.97

+0.57

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.05

1.15

-0.10

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

0.44

+0.20

Drawdowns

ZFH.TO vs. IBHE - Drawdown Comparison

The maximum ZFH.TO drawdown since its inception was -20.98%, roughly equal to the maximum IBHE drawdown of -21.00%. Use the drawdown chart below to compare losses from any high point for ZFH.TO and IBHE.

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Drawdown Indicators

ZFH.TOIBHEDifference

Max Drawdown

Largest peak-to-trough decline

-20.98%

-21.00%

+0.02%

Max Drawdown (1Y)

Largest decline over 1 year

-3.27%

-3.71%

+0.44%

Max Drawdown (3Y)

Largest decline over 3 years

-6.40%

-5.12%

-1.28%

Max Drawdown (5Y)

Largest decline over 5 years

-9.53%

-8.13%

-1.40%

Max Drawdown (10Y)

Largest decline over 10 years

-20.98%

—

—

Current Drawdown

Current decline from peak

-0.20%

-1.25%

+1.05%

Average Drawdown

Average peak-to-trough decline

-1.80%

-2.05%

+0.25%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.95%

2.11%

-1.16%

Volatility

ZFH.TO vs. IBHE - Volatility Comparison

BMO Floating Rate High Yield ETF (ZFH.TO) has a higher volatility of 0.96% compared to iShares iBonds 2025 Term High Yield & Income ETF (IBHE) at 0.80%. This indicates that ZFH.TO's price experiences larger fluctuations and is considered to be riskier than IBHE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZFH.TOIBHEDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.96%

0.80%

+0.16%

Volatility (6M)

Calculated over the trailing 6-month period

3.01%

3.13%

-0.12%

Volatility (1Y)

Calculated over the trailing 1-year period

3.92%

4.48%

-0.56%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.42%

6.21%

+0.21%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.33%

11.75%

-3.42%

ZFH.TO vs. IBHE - Expense Ratio Comparison

ZFH.TO has a 0.40% expense ratio, which is higher than IBHE's 0.35% expense ratio.

Dividends

ZFH.TO vs. IBHE - Dividend Comparison

ZFH.TO's dividend yield for the trailing twelve months is around 5.21%, more than IBHE's 2.29% yield.

PositionTTM20252024202320222021202020192018201720162015
IBHE
iShares iBonds 2025 Term High Yield & Income ETF		2.29%4.53%6.92%7.17%5.77%4.84%5.74%3.73%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 IBHE have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, IBHE is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

IBHE is cheaper with a 0.35% expense ratio, compared with 0.40% for ZFH.TO.

They also come from different issuers: BMO and iShares. Their fees differ too: 0.40% for ZFH.TO and 0.35% for IBHE.

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