ZFH.TO vs. IBHG
ZFH.TO (BMO Floating Rate High Yield ETF) and IBHG (iShares iBonds 2027 Term High Yield and Income ETF) are both High Yield Bonds funds. ZFH.TO is actively managed, while IBHG is passively managed. Over the past 3 years, ZFH.TO returned 9.31%/yr vs 8.75%/yr for IBHG. At a 0.04 correlation, their price movements are largely independent. ZFH.TO charges 0.40%/yr vs 0.35%/yr for IBHG.
Performance
ZFH.TO vs. IBHG - Performance Comparison
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Different Trading Currencies
ZFH.TO is traded in CAD, while IBHG is traded in USD. To make them comparable, the IBHG 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 2.14% return, which is significantly lower than IBHG's 2.49% return.
ZFH.TO
- 1D
- -0.03%
- 1M
- 0.72%
- YTD
- 2.14%
- 6M
- 1.17%
- 1Y
- 5.81%
- 3Y*
- 9.31%
- 5Y*
- 6.71%
- 10Y*
- 5.56%
IBHG
- 1D
- 0.24%
- 1M
- 2.47%
- YTD
- 2.49%
- 6M
- 1.23%
- 1Y
- 6.49%
- 3Y*
- 8.75%
- 5Y*
- —
- 10Y*
- —
ZFH.TO vs. IBHG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ZFH.TO BMO Floating Rate High Yield ETF | 2.14% | 5.53% | 11.55% | 13.55% | -0.94% | 1.22% |
IBHG iShares iBonds 2027 Term High Yield and Income ETF | 2.49% | 2.00% | 16.65% | 8.82% | -2.39% | 2.68% |
Correlation
The correlation between ZFH.TO and IBHG 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 | 0.08 |
Correlation (All Time) Calculated using the full available price history since Jul 12, 2021 | 0.04 |
The correlation between ZFH.TO and IBHG shifts across timeframes, from -0.02 (1 year) to 0.08 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZFH.TO vs. IBHG — Risk / Return Rank
ZFH.TO
IBHG
ZFH.TO vs. IBHG - 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 2027 Term High Yield and Income ETF (IBHG). 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 | IBHG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.14 | ||
| Sortino ratioReturn per unit of downside risk | +0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.25 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.78 | 1.74 | +0.04 |
| Martin ratioReturn relative to average drawdown | 6.14 | 4.79 | +1.36 |
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 | IBHG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.49 | 1.35 | +0.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.05 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.67 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.64 | 0.91 | -0.27 |
Drawdowns
ZFH.TO vs. IBHG - Drawdown Comparison
The maximum ZFH.TO drawdown since its inception was -20.98%, which is greater than IBHG's maximum drawdown of -12.75%. Use the drawdown chart below to compare losses from any high point for ZFH.TO and IBHG.
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Drawdown Indicators
| ZFH.TO | IBHG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.98% | -12.75% | -8.23% |
Max Drawdown (1Y)Largest decline over 1 year | -3.27% | -3.75% | +0.48% |
Max Drawdown (3Y)Largest decline over 3 years | -6.40% | -6.02% | -0.38% |
Max Drawdown (5Y)Largest decline over 5 years | -9.53% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -20.98% | — | — |
Current DrawdownCurrent decline from peak | -0.23% | 0.00% | -0.23% |
Average DrawdownAverage peak-to-trough decline | -1.80% | -2.27% | +0.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.95% | 1.36% | -0.41% |
Volatility
ZFH.TO vs. IBHG - Volatility Comparison
BMO Floating Rate High Yield ETF (ZFH.TO) and iShares iBonds 2027 Term High Yield and Income ETF (IBHG) have volatilities of 0.95% and 0.93%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZFH.TO | IBHG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.95% | 0.93% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 3.01% | 3.72% | -0.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.91% | 4.82% | -0.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.42% | 6.62% | -0.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.33% | 6.62% | +1.71% |
ZFH.TO vs. IBHG - Expense Ratio Comparison
ZFH.TO has a 0.40% expense ratio, which is higher than IBHG's 0.35% expense ratio.
Dividends
ZFH.TO vs. IBHG - Dividend Comparison
ZFH.TO's dividend yield for the trailing twelve months is around 5.21%, less than IBHG's 6.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBHG iShares iBonds 2027 Term High Yield and Income ETF | 6.07% | 6.33% | 7.02% | 6.66% | 5.62% | 2.13% | 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 IBHG 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.
On fees, IBHG is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBHG 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 IBHG.
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