ZFH.TO vs. ZAAA.NEO
ZFH.TO (BMO Floating Rate High Yield ETF) and ZAAA.NEO (BMO AAA CLO ETF) are both exchange-traded funds - ZFH.TO is a High Yield Bonds fund actively managed by BMO, while ZAAA.NEO is a CLO fund actively managed by BMO. Both are actively managed. Over the past year, ZFH.TO returned 4.55% vs 7.68% for ZAAA.NEO. At a correlation of -0.11, they often move in opposite directions. ZFH.TO charges 0.40%/yr vs 0.23%/yr for ZAAA.NEO.
Performance
ZFH.TO vs. ZAAA.NEO - Performance Comparison
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Returns By Period
In the year-to-date period, ZFH.TO achieves a 2.58% return, which is significantly lower than ZAAA.NEO's 4.84% return.
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%
ZAAA.NEO
- 1D
- -0.65%
- 1M
- 1.60%
- 6M
- 3.53%
- YTD
- 4.84%
- 1Y
- 7.68%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZFH.TO vs. ZAAA.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ZFH.TO BMO Floating Rate High Yield ETF | 2.58% | 6.42% |
ZAAA.NEO BMO AAA CLO ETF | 4.84% | 3.10% |
Correlation
The correlation between ZFH.TO and ZAAA.NEO is -0.11, 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 | -0.11 |
Correlation (All Time) Calculated using the full available price history since May 5, 2025 | -0.11 |
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Return for Risk
ZFH.TO vs. ZAAA.NEO — Risk / Return Rank
ZFH.TO
ZAAA.NEO
ZFH.TO vs. ZAAA.NEO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Floating Rate High Yield ETF (ZFH.TO) and BMO AAA CLO ETF (ZAAA.NEO). 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 | ZAAA.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.48 | ||
| Sortino ratioReturn per unit of downside risk | -0.75 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.34 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.40 | 2.57 | -1.18 |
| Martin ratioReturn relative to average drawdown | 4.84 | 6.24 | -1.40 |
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Drawdowns
ZFH.TO vs. ZAAA.NEO - Drawdown Comparison
The maximum ZFH.TO drawdown since its inception was -21.41%, which is greater than ZAAA.NEO's maximum drawdown of -3.01%. Use the drawdown chart below to compare losses from any high point for ZFH.TO and ZAAA.NEO.
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Drawdown Indicators
| ZFH.TO | ZAAA.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.41% | -3.01% | -18.40% |
Max Drawdown (1Y)Largest decline over 1 year | -3.27% | -3.01% | -0.26% |
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% | -0.98% | +0.72% |
Average DrawdownAverage peak-to-trough decline | -2.05% | -1.00% | -1.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 1.24% | -0.30% |
Volatility
ZFH.TO vs. ZAAA.NEO - Volatility Comparison
The current volatility for BMO Floating Rate High Yield ETF (ZFH.TO) is 0.57%, while BMO AAA CLO ETF (ZAAA.NEO) has a volatility of 1.52%. This indicates that ZFH.TO experiences smaller price fluctuations and is considered to be less risky than ZAAA.NEO 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 | ZAAA.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.57% | 1.52% | -0.95% |
Volatility (6M)Calculated over the trailing 6-month period | 2.78% | 3.35% | -0.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.74% | 4.57% | -0.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.11% | 4.63% | +3.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.43% | 4.63% | +4.80% |
ZFH.TO vs. ZAAA.NEO - Expense Ratio Comparison
ZFH.TO has a 0.40% expense ratio, which is higher than ZAAA.NEO's 0.23% expense ratio.
Dividends
ZFH.TO vs. ZAAA.NEO - Dividend Comparison
ZFH.TO's dividend yield for the trailing twelve months is around 5.17%, which matches ZAAA.NEO's 5.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZAAA.NEO BMO AAA CLO ETF | 5.12% | 3.16% | 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 ZAAA.NEO have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZAAA.NEO is cheaper at 0.23% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZAAA.NEO is cheaper with a 0.23% expense ratio, compared with 0.40% for ZFH.TO.
ZFH.TO is categorized as High Yield Bonds, while ZAAA.NEO is CLO. Their fees differ too: 0.40% for ZFH.TO and 0.23% for ZAAA.NEO.
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