ZHOG vs. BYLD
ZHOG (F/m Opportunistic Income ETF) and BYLD (iShares Yield Optimized Bond ETF) are both Intermediate Core-Plus Bond funds. ZHOG is actively managed, while BYLD is passively managed. Over the past year, ZHOG returned 5.54% vs 7.01% for BYLD. Their correlation of 0.82 suggests significant overlap in exposure. ZHOG charges 0.43%/yr vs 0.17%/yr for BYLD.
Performance
ZHOG vs. BYLD - Performance Comparison
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Returns By Period
In the year-to-date period, ZHOG achieves a 0.77% return, which is significantly lower than BYLD's 1.23% return.
ZHOG
- 1D
- -0.05%
- 1M
- 0.18%
- YTD
- 0.77%
- 6M
- 1.11%
- 1Y
- 5.54%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BYLD
- 1D
- -0.18%
- 1M
- 0.61%
- YTD
- 1.23%
- 6M
- 1.35%
- 1Y
- 7.01%
- 3Y*
- 6.49%
- 5Y*
- 2.21%
- 10Y*
- 3.01%
ZHOG vs. BYLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZHOG F/m Opportunistic Income ETF | 0.77% | 5.98% | 4.94% | 5.92% |
BYLD iShares Yield Optimized Bond ETF | 1.23% | 8.41% | 4.17% | 5.62% |
Correlation
The correlation between ZHOG and BYLD is 0.71, 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 | 0.71 |
Correlation (All Time) Calculated using the full available price history since Sep 7, 2023 | 0.82 |
The correlation between ZHOG and BYLD shifts across timeframes, from 0.71 (1 year) to 0.82 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ZHOG vs. BYLD — Risk / Return Rank
ZHOG
BYLD
ZHOG vs. BYLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for F/m Opportunistic Income ETF (ZHOG) and iShares Yield Optimized Bond ETF (BYLD). 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 | BYLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.66 | ||
| Sortino ratioReturn per unit of downside risk | +2.77 | ||
| Omega ratioGain probability vs. loss probability | 1.72 | 1.35 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 4.25 | 2.60 | +1.65 |
| Martin ratioReturn relative to average drawdown | 18.40 | 10.54 | +7.86 |
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
| ZHOG | BYLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.50 | 1.85 | +1.66 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.43 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.56 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.62 | 0.57 | +1.05 |
Drawdowns
ZHOG vs. BYLD - Drawdown Comparison
The maximum ZHOG drawdown since its inception was -3.66%, smaller than the maximum BYLD drawdown of -14.75%. Use the drawdown chart below to compare losses from any high point for ZHOG and BYLD.
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Drawdown Indicators
| ZHOG | BYLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.66% | -14.75% | +11.09% |
Max Drawdown (1Y)Largest decline over 1 year | -1.31% | -2.71% | +1.40% |
Max Drawdown (3Y)Largest decline over 3 years | — | -3.94% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -14.65% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.75% | — |
Current DrawdownCurrent decline from peak | -0.08% | -0.34% | +0.26% |
Average DrawdownAverage peak-to-trough decline | -0.70% | -2.51% | +1.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.30% | 0.67% | -0.37% |
Volatility
ZHOG vs. BYLD - Volatility Comparison
The current volatility for F/m Opportunistic Income ETF (ZHOG) is 0.45%, while iShares Yield Optimized Bond ETF (BYLD) has a volatility of 1.42%. This indicates that ZHOG experiences smaller price fluctuations and is considered to be less risky than BYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZHOG | BYLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.45% | 1.42% | -0.97% |
Volatility (6M)Calculated over the trailing 6-month period | 1.14% | 2.94% | -1.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.59% | 3.82% | -2.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.01% | 5.20% | -1.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.01% | 5.43% | -1.42% |
ZHOG vs. BYLD - Expense Ratio Comparison
ZHOG has a 0.43% expense ratio, which is higher than BYLD's 0.17% expense ratio.
Dividends
ZHOG vs. BYLD - Dividend Comparison
ZHOG's dividend yield for the trailing twelve months is around 5.11%, less than BYLD's 5.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BYLD iShares Yield Optimized Bond ETF | 5.36% | 5.32% | 5.31% | 4.45% | 3.39% | 2.18% | 3.41% | 3.67% | 4.22% | 3.22% | 3.14% | 3.37% |
ZHOG F/m Opportunistic Income ETF | 5.11% | 5.35% | 5.50% | 1.70% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZHOG and BYLD have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BYLD has higher volatility (1.42%) compared to ZHOG (0.45%). In terms of maximum drawdown, ZHOG dropped -3.66% vs BYLD's -14.75%.
On 1-year performance, BYLD leads with 7.01% vs 5.54% for ZHOG. On fees, BYLD is cheaper at 0.17% 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.
Over the 1-year period, BYLD has performed better with a 7.01% return vs 5.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BYLD is cheaper with a 0.17% expense ratio, compared with 0.43% for ZHOG.
BYLD has the higher dividend yield at 5.36%, compared with 5.11% for ZHOG.
They also come from different issuers: F/m Investments and iShares. Their fees differ too: 0.43% for ZHOG and 0.17% for BYLD.
ZHOG currently has the higher Sharpe Ratio (3.50 vs 1.85), 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.
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