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ZHY.TO vs. BND.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZHY.TO vs. BND.TO

Last updated Jul 1, 2026
See Documentation

ZHY.TO (BMO High Yield US Corporate Bond Hedged to CAD Index ETF) and BND.TO (Purpose Global Bond Fund) are both exchange-traded funds - ZHY.TO is a High Yield Bonds fund tracking the Bloomberg U.S. High Yield Very Liquid Index CAD Hedged, while BND.TO is a Global Bonds fund. ZHY.TO is passively managed, while BND.TO is actively managed. Over the past 10 years, ZHY.TO returned 3.75%/yr vs 3.02%/yr for BND.TO. At a 0.20 correlation, their price movements are largely independent.

Performance

ZHY.TO vs. BND.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO High Yield US Corporate Bond Hedged to CAD Index ETF (ZHY.TO) and Purpose Global Bond Fund (BND.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ZHY.TO achieves a 1.07% return, which is significantly lower than BND.TO's 1.70% return. Over the past 10 years, ZHY.TO has outperformed BND.TO with an annualized return of 3.75%, while BND.TO has yielded a comparatively lower 3.02% annualized return.

ZHY.TO

1D
0.00%
1M
-0.01%
YTD
1.07%
6M
0.88%
1Y
4.12%
3Y*
6.76%
5Y*
2.33%
10Y*
3.75%

BND.TO

1D
0.06%
1M
0.43%
YTD
1.70%
6M
1.76%
1Y
5.25%
3Y*
7.54%
5Y*
3.23%
10Y*
3.02%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZHY.TO vs. BND.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ZHY.TO
BMO High Yield US Corporate Bond Hedged to CAD Index ETF		1.07%6.27%6.04%11.48%-12.79%4.03%3.31%13.45%-3.88%5.06%
BND.TO
Purpose Global Bond Fund		1.70%7.26%7.49%8.45%-7.80%2.62%6.14%4.16%-0.91%1.72%

Correlation

The correlation between ZHY.TO and BND.TO is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.27

Correlation (3Y)
Calculated over the trailing 3-year period

0.24

Correlation (5Y)
Calculated over the trailing 5-year period

0.27

Correlation (10Y)
Calculated over the trailing 10-year period

0.20

Correlation (All Time)
Calculated using the full available price history since Oct 28, 2015

0.20

Compare stocks, funds, or ETFs

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BMO High Yield US Corporate Bond Hedged to CAD Index ETF

Purpose Global Bond Fund

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Often compared with BND.TO:
BND.TO vs. SGOVBND.TO vs. SCHDBND.TO vs. SPYBND.TO vs. JEPIBND.TO vs. BNDBND.TO vs. SCHIBND.TO vs. FALN

Return for Risk

ZHY.TO vs. BND.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZHY.TO
ZHY.TO Risk / Return Rank: 2626
Overall Rank
ZHY.TO Sharpe Ratio Rank: 2222
Sharpe Ratio Rank
ZHY.TO Sortino Ratio Rank: 2121
Sortino Ratio Rank
ZHY.TO Omega Ratio Rank: 2121
Omega Ratio Rank
ZHY.TO Calmar Ratio Rank: 3131
Calmar Ratio Rank
ZHY.TO Martin Ratio Rank: 3737
Martin Ratio Rank
BND.TO
BND.TO Risk / Return Rank: 5555
Overall Rank
BND.TO Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
BND.TO Sortino Ratio Rank: 6262
Sortino Ratio Rank
BND.TO Omega Ratio Rank: 6262
Omega Ratio Rank
BND.TO Calmar Ratio Rank: 4141
Calmar Ratio Rank
BND.TO Martin Ratio Rank: 5252
Martin Ratio Rank
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.

ZHY.TO vs. BND.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO High Yield US Corporate Bond Hedged to CAD Index ETF (ZHY.TO) and Purpose Global Bond Fund (BND.TO). 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.

ZHY.TOBND.TODifference
Sharpe ratioReturn per unit of total volatility
0.74
1.69

-0.95

Sortino ratioReturn per unit of downside risk
1.09
2.47

-1.38

Omega ratioGain probability vs. loss probability

1.14

1.32

-0.19

Calmar ratioReturn relative to maximum drawdown

1.40

1.84

-0.44

Martin ratioReturn relative to average drawdown

5.06

7.57

-2.51

ZHY.TO vs. BND.TO - Sharpe Ratio Comparison

The current ZHY.TO Sharpe Ratio is 0.74, which is lower than the BND.TO Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of ZHY.TO and BND.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

ZHY.TO vs. BND.TO - Drawdown Comparison

The maximum ZHY.TO drawdown since its inception was -28.44%, which is greater than BND.TO's maximum drawdown of -16.55%. Use the drawdown chart below to compare losses from any high point for ZHY.TO and BND.TO.

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Drawdown Indicators

ZHY.TOBND.TODifference

Max Drawdown

Largest peak-to-trough decline

-28.44%

-16.55%

-11.89%

Max Drawdown (1Y)

Largest decline over 1 year

-2.96%

-2.87%

-0.09%

Max Drawdown (3Y)

Largest decline over 3 years

-5.65%

-4.46%

-1.19%

Max Drawdown (5Y)

Largest decline over 5 years

-17.11%

-12.43%

-4.68%

Max Drawdown (10Y)

Largest decline over 10 years

-28.44%

-16.55%

-11.89%

Current Drawdown

Current decline from peak

-0.82%

0.00%

-0.82%

Average Drawdown

Average peak-to-trough decline

-2.86%

-2.10%

-0.76%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.82%

0.70%

+0.12%

Volatility

ZHY.TO vs. BND.TO - Volatility Comparison

BMO High Yield US Corporate Bond Hedged to CAD Index ETF (ZHY.TO) has a higher volatility of 1.69% compared to Purpose Global Bond Fund (BND.TO) at 1.16%. This indicates that ZHY.TO's price experiences larger fluctuations and is considered to be riskier than BND.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZHY.TOBND.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.69%

1.16%

+0.53%

Volatility (6M)

Calculated over the trailing 6-month period

4.22%

2.71%

+1.51%

Volatility (1Y)

Calculated over the trailing 1-year period

5.60%

3.12%

+2.48%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.57%

5.10%

+4.47%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

10.88%

5.15%

+5.73%

Dividends

ZHY.TO vs. BND.TO - Dividend Comparison

ZHY.TO's dividend yield for the trailing twelve months is around 6.42%, more than BND.TO's 5.84% yield.

PositionTTM20252024202320222021202020192018201720162015
BND.TO
Purpose Global Bond Fund		5.84%5.70%5.24%5.20%4.14%3.67%3.48%3.11%3.96%3.47%3.26%0.53%
ZHY.TO
BMO High Yield US Corporate Bond Hedged to CAD Index ETF		6.42%6.10%6.13%6.43%6.71%5.49%6.09%6.50%6.25%6.10%5.84%7.12%

Frequently Asked Questions

ZHY.TO and BND.TO have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ZHY.TO is categorized as High Yield Bonds, while BND.TO is Global Bonds.

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