ZHOG vs. BNDS

Last updated Jun 4, 2026

ZHOG (F/m Opportunistic Income ETF) and BNDS (Infrastructure Capital Bond Income ETF) are both Intermediate Core-Plus Bond funds. Both are actively managed. Over the past year, ZHOG returned 5.54% vs 12.86% for BNDS. A 0.59 correlation means they provide meaningful diversification when combined. ZHOG charges 0.43%/yr vs 0.81%/yr for BNDS.

Performance

ZHOG vs. BNDS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in F/m Opportunistic Income ETF (ZHOG) and Infrastructure Capital Bond Income ETF (BNDS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZHOG achieves a 0.77% return, which is significantly lower than BNDS's 4.23% return.

ZHOG

• 1D: -0.05%
• 1M: 0.18%
• YTD: 0.77%
• 6M: 1.11%
• 1Y: 5.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNDS

• 1D: -0.20%
• 1M: 0.17%
• YTD: 4.23%
• 6M: 4.33%
• 1Y: 12.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ZHOG vs. BNDS - Yearly Performance Comparison

	2026 (YTD)	2025
ZHOG F/m Opportunistic Income ETF	0.77%	6.30%
BNDS Infrastructure Capital Bond Income ETF	4.23%	8.30%

Correlation

The correlation between ZHOG and BNDS is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (All Time) Calculated using the full available price history since Jan 16, 2025	0.59

The correlation between ZHOG and BNDS has been stable across timeframes, ranging from 0.51 to 0.59 - a consistent structural relationship.

Return for Risk

ZHOG vs. BNDS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZHOG

ZHOG Risk / Return Rank: 90
ZHOG Sharpe Ratio Rank: 93
ZHOG Sortino Ratio Rank: 96
ZHOG Omega Ratio Rank: 95
ZHOG Calmar Ratio Rank: 82
ZHOG Martin Ratio Rank: 87

BNDS

BNDS Risk / Return Rank: 89
BNDS Sharpe Ratio Rank: 94
BNDS Sortino Ratio Rank: 96
BNDS Omega Ratio Rank: 96
BNDS Calmar Ratio Rank: 75
BNDS Martin Ratio Rank: 84

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.

ZHOG vs. BNDS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for F/m Opportunistic Income ETF (ZHOG) and Infrastructure Capital Bond Income ETF (BNDS). 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.

	ZHOG	BNDS	Difference
Sharpe ratio: Return per unit of total volatility	3.50	3.65	-0.14
Sortino ratio: Return per unit of downside risk	5.53	5.40	+0.13
Omega ratio: Gain probability vs. loss probability	1.72	1.78	-0.05
Calmar ratio: Return relative to maximum drawdown	4.25	3.75	+0.50
Martin ratio: Return relative to average drawdown	18.40	17.29	+1.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZHOG vs. BNDS - Sharpe Ratio Comparison

The current ZHOG Sharpe Ratio is 3.50, which is comparable to the BNDS Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of ZHOG and BNDS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ZHOG	BNDS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.50	3.65	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	1.62	1.75	-0.13

Drawdowns

ZHOG vs. BNDS - Drawdown Comparison

The maximum ZHOG drawdown since its inception was -3.66%, smaller than the maximum BNDS drawdown of -6.96%. Use the drawdown chart below to compare losses from any high point for ZHOG and BNDS.

Drawdown Indicators

	ZHOG	BNDS	Difference
Max Drawdown Largest peak-to-trough decline	-3.66%	-6.96%	+3.30%
Max Drawdown (1Y) Largest decline over 1 year	-1.31%	-3.45%	+2.14%
Current Drawdown Current decline from peak	-0.08%	-0.34%	+0.26%
Average Drawdown Average peak-to-trough decline	-0.70%	-0.82%	+0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	0.75%	-0.45%

Volatility

ZHOG vs. BNDS - Volatility Comparison

The current volatility for F/m Opportunistic Income ETF (ZHOG) is 0.45%, while Infrastructure Capital Bond Income ETF (BNDS) has a volatility of 0.86%. This indicates that ZHOG experiences smaller price fluctuations and is considered to be less risky than BNDS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZHOG	BNDS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.45%	0.86%	-0.41%
Volatility (6M) Calculated over the trailing 6-month period	1.14%	2.74%	-1.60%
Volatility (1Y) Calculated over the trailing 1-year period	1.59%	3.55%	-1.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.01%	5.29%	-1.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.01%	5.29%	-1.28%

ZHOG vs. BNDS - Expense Ratio Comparison

ZHOG has a 0.43% expense ratio, which is lower than BNDS's 0.81% expense ratio.

Dividends

ZHOG vs. BNDS - Dividend Comparison

ZHOG's dividend yield for the trailing twelve months is around 5.11%, less than BNDS's 7.97% yield.

Position	TTM	2025	2024	2023
BNDS Infrastructure Capital Bond Income ETF	7.97%	7.98%	0.00%	0.00%
ZHOG F/m Opportunistic Income ETF	5.11%	5.35%	5.50%	1.70%

Frequently Asked Questions

Can I hold both ZHOG and BNDS in my portfolio?

ZHOG and BNDS have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZHOG or BNDS?

BNDS has higher volatility (0.86%) compared to ZHOG (0.45%). In terms of maximum drawdown, ZHOG dropped -3.66% vs BNDS's -6.96%.

Which ETF is better, ZHOG or BNDS?

On 1-year performance, BNDS leads with 12.86% vs 5.54% for ZHOG. On fees, ZHOG is cheaper at 0.43% per year. On volatility, ZHOG has been the lower-risk option at 0.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZHOG or BNDS?

Over the 1-year period, BNDS has performed better with a 12.86% return vs 5.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZHOG or BNDS?

ZHOG is cheaper with a 0.43% expense ratio, compared with 0.81% for BNDS.

Which ETF pays a higher dividend yield, ZHOG or BNDS?

BNDS has the higher dividend yield at 7.97%, compared with 5.11% for ZHOG.

What is the main difference between ZHOG and BNDS?

They also come from different issuers: F/m Investments and InfraCap. Their fees differ too: 0.43% for ZHOG and 0.81% for BNDS.

Which has better risk-adjusted returns?

BNDS currently has the higher Sharpe Ratio (3.65 vs 3.50), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.