ZHOG vs. CAAA

Last updated Jun 4, 2026

ZHOG (F/m Opportunistic Income ETF) and CAAA (First Trust Commercial Mortgage Opportunities ETF) are both Intermediate Core-Plus Bond funds. Both are actively managed. Over the past year, ZHOG returned 5.54% vs 5.28% for CAAA. A 0.63 correlation means they provide meaningful diversification when combined. ZHOG charges 0.43%/yr vs 0.55%/yr for CAAA.

Performance

ZHOG vs. CAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in F/m Opportunistic Income ETF (ZHOG) and First Trust Commercial Mortgage Opportunities ETF (CAAA). 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 higher than CAAA's 0.56% return.

ZHOG

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

CAAA

• 1D: -0.34%
• 1M: -0.12%
• YTD: 0.56%
• 6M: 0.55%
• 1Y: 5.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZHOG vs. CAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZHOG F/m Opportunistic Income ETF	0.77%	5.98%	6.24%
CAAA First Trust Commercial Mortgage Opportunities ETF	0.56%	8.03%	4.65%

Correlation

The correlation between ZHOG and CAAA is 0.60, 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	0.60
Correlation (All Time) Calculated using the full available price history since Feb 29, 2024	0.63

The correlation between ZHOG and CAAA has been stable across timeframes, ranging from 0.60 to 0.63 - a consistent structural relationship.

Return for Risk

ZHOG vs. CAAA — 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

CAAA

CAAA Risk / Return Rank: 51
CAAA Sharpe Ratio Rank: 50
CAAA Sortino Ratio Rank: 55
CAAA Omega Ratio Rank: 51
CAAA Calmar Ratio Rank: 52
CAAA Martin Ratio Rank: 47

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. CAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for F/m Opportunistic Income ETF (ZHOG) and First Trust Commercial Mortgage Opportunities ETF (CAAA). 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	CAAA	Difference
Sharpe ratio: Return per unit of total volatility	3.50	1.73	+1.77
Sortino ratio: Return per unit of downside risk	5.53	2.62	+2.90
Omega ratio: Gain probability vs. loss probability	1.72	1.32	+0.41
Calmar ratio: Return relative to maximum drawdown	4.25	2.55	+1.70
Martin ratio: Return relative to average drawdown	18.40	7.88	+10.52
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. CAAA - Sharpe Ratio Comparison

The current ZHOG Sharpe Ratio is 3.50, which is higher than the CAAA Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of ZHOG and CAAA, 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	CAAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.50	1.73	+1.77
Sharpe Ratio (All Time) Calculated using the full available price history	1.62	1.83	-0.21

Drawdowns

ZHOG vs. CAAA - Drawdown Comparison

The maximum ZHOG drawdown since its inception was -3.66%, which is greater than CAAA's maximum drawdown of -2.24%. Use the drawdown chart below to compare losses from any high point for ZHOG and CAAA.

Drawdown Indicators

	ZHOG	CAAA	Difference
Max Drawdown Largest peak-to-trough decline	-3.66%	-2.24%	-1.42%
Max Drawdown (1Y) Largest decline over 1 year	-1.31%	-2.08%	+0.77%
Current Drawdown Current decline from peak	-0.08%	-1.04%	+0.96%
Average Drawdown Average peak-to-trough decline	-0.70%	-0.56%	-0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	0.67%	-0.37%

Volatility

ZHOG vs. CAAA - Volatility Comparison

The current volatility for F/m Opportunistic Income ETF (ZHOG) is 0.45%, while First Trust Commercial Mortgage Opportunities ETF (CAAA) has a volatility of 1.04%. This indicates that ZHOG experiences smaller price fluctuations and is considered to be less risky than CAAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZHOG	CAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.45%	1.04%	-0.59%
Volatility (6M) Calculated over the trailing 6-month period	1.14%	2.16%	-1.02%
Volatility (1Y) Calculated over the trailing 1-year period	1.59%	3.07%	-1.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.01%	3.21%	+0.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.01%	3.21%	+0.80%

ZHOG vs. CAAA - Expense Ratio Comparison

ZHOG has a 0.43% expense ratio, which is lower than CAAA's 0.55% expense ratio.

Dividends

ZHOG vs. CAAA - Dividend Comparison

ZHOG's dividend yield for the trailing twelve months is around 5.11%, less than CAAA's 5.30% yield.

Position	TTM	2025	2024	2023
CAAA First Trust Commercial Mortgage Opportunities ETF	5.30%	6.09%	4.01%	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 CAAA in my portfolio?

ZHOG and CAAA have a correlation of 0.60, 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 CAAA?

CAAA has higher volatility (1.04%) compared to ZHOG (0.45%). In terms of maximum drawdown, ZHOG dropped -3.66% vs CAAA's -2.24%.

Which ETF is better, ZHOG or CAAA?

On 1-year performance, ZHOG leads with 5.54% vs 5.28% for CAAA. 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 CAAA?

Over the 1-year period, ZHOG has performed better with a 5.54% return vs 5.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZHOG or CAAA?

ZHOG is cheaper with a 0.43% expense ratio, compared with 0.55% for CAAA.

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

CAAA has the higher dividend yield at 5.30%, compared with 5.11% for ZHOG.

What is the main difference between ZHOG and CAAA?

They also come from different issuers: F/m Investments and First Trust. Their fees differ too: 0.43% for ZHOG and 0.55% for CAAA.

Which has better risk-adjusted returns?

ZHOG currently has the higher Sharpe Ratio (3.50 vs 1.73), 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.