ZFH.TO vs. IBHE
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. At a 0.00 correlation, their price movements are largely independent. ZFH.TO charges 0.40%/yr vs 0.35%/yr for IBHE.
Performance
ZFH.TO vs. IBHE - Performance Comparison
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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
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%
IBHE
- 1D
- —
- 1M
- —
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZFH.TO vs. IBHE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ZFH.TO BMO Floating Rate High Yield ETF | 2.58% | 5.61% | 11.66% | 13.66% | -0.89% | 4.79% | -3.87% | 5.21% |
IBHE iShares iBonds 2025 Term High Yield & Income ETF | 1.00% | 0.21% | 16.73% | 7.70% | 2.00% | 4.35% | 1.69% | 2.27% |
Correlation
The correlation between ZFH.TO and IBHE is -0.19, 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 | -0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since May 9, 2019 | 0.00 |
The correlation between ZFH.TO and IBHE shifts across timeframes, from -0.19 (1 year) to 0.02 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZFH.TO vs. IBHE — Risk / Return Rank
ZFH.TO
IBHE
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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.
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 | IBHE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.24 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.40 | — | — |
| Martin ratioReturn relative to average drawdown | 4.84 | — | — |
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Drawdowns
ZFH.TO vs. IBHE - Drawdown Comparison
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Drawdown Indicators
| ZFH.TO | IBHE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.41% | — | — |
Max Drawdown (1Y)Largest decline over 1 year | -3.27% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -6.39% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -9.75% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -21.41% | — | — |
Current DrawdownCurrent decline from peak | -0.26% | — | — |
Average DrawdownAverage peak-to-trough decline | -2.05% | — | — |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | — | — |
Volatility
ZFH.TO vs. IBHE - Volatility Comparison
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Volatility by Period
| ZFH.TO | IBHE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.57% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.78% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.74% | — | — |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.11% | — | — |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.43% | — | — |
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 5.17%, while IBHE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBHE iShares iBonds 2025 Term High Yield & Income ETF | 1.87% | 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 | 5.17% | 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 IBHE have a correlation of -0.19, 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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