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

ZHY.TO vs. TUHY.TO

Last updated Jul 18, 2026
Documentation

ZHY.TO (BMO High Yield US Corporate Bond Hedged to CAD Index ETF) and TUHY.TO (TD Active U.S. High Yield Bond ETF) are both High Yield Bonds funds. ZHY.TO is passively managed, while TUHY.TO is actively managed. Over the past 5 years, ZHY.TO returned 2.36%/yr vs 2.38%/yr for TUHY.TO. At a 0.20 correlation, their price movements are largely independent.

Performance

ZHY.TO vs. TUHY.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 TD Active U.S. High Yield Bond ETF (TUHY.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 0.88% return, which is significantly higher than TUHY.TO's 0.21% return.

ZHY.TO

1D
-0.18%
1M
-0.46%
6M
0.07%
YTD
0.88%
1Y
3.75%
3Y*
6.60%
5Y*
2.36%
10Y*
3.53%

TUHY.TO

1D
-0.25%
1M
0.15%
6M
-0.22%
YTD
0.21%
1Y
3.28%
3Y*
5.94%
5Y*
2.38%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)2025202420232022202120202019
ZHY.TO
BMO High Yield US Corporate Bond Hedged to CAD Index ETF		0.88%6.27%6.04%11.48%-12.79%4.03%3.31%2.63%
TUHY.TO
TD Active U.S. High Yield Bond ETF		0.21%6.40%5.72%9.99%-10.86%4.57%-0.23%1.52%

Correlation

The correlation between ZHY.TO and TUHY.TO is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.43

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

0.35

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

0.24

Correlation (All Time)
Calculated using the full available price history since Nov 19, 2019

0.20

Over the past year, ZHY.TO and TUHY.TO have become more correlated (0.43) than their long-term average of 0.20, meaning their price movements have been converging.

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BMO High Yield US Corporate Bond Hedged to CAD Index ETF

TD Active U.S. High Yield Bond ETF

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Often compared with TUHY.TO:
TUHY.TO vs. CGHY.TOTUHY.TO vs. CVD.TOTUHY.TO vs. DXO.TOTUHY.TO vs. NHYB.TOTUHY.TO vs. TBAL.TOTUHY.TO vs. TBNK.TOTUHY.TO vs. TCSH.TO

Return for Risk

ZHY.TO vs. TUHY.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: 2828
Overall Rank
ZHY.TO Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
ZHY.TO Sortino Ratio Rank: 2323
Sortino Ratio Rank
ZHY.TO Omega Ratio Rank: 2323
Omega Ratio Rank
ZHY.TO Calmar Ratio Rank: 3131
Calmar Ratio Rank
ZHY.TO Martin Ratio Rank: 3838
Martin Ratio Rank
TUHY.TO
TUHY.TO Risk / Return Rank: 2626
Overall Rank
TUHY.TO Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
TUHY.TO Sortino Ratio Rank: 2222
Sortino Ratio Rank
TUHY.TO Omega Ratio Rank: 2222
Omega Ratio Rank
TUHY.TO Calmar Ratio Rank: 2929
Calmar Ratio Rank
TUHY.TO Martin Ratio Rank: 3636
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. TUHY.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 TD Active U.S. High Yield Bond ETF (TUHY.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.TOTUHY.TODifference
Sharpe ratioReturn per unit of total volatility
0.70
0.65

+0.05

Sortino ratioReturn per unit of downside risk
1.03
0.94

+0.09

Omega ratioGain probability vs. loss probability

1.13

1.12

+0.01

Calmar ratioReturn relative to maximum drawdown

1.27

1.07

+0.20

Martin ratioReturn relative to average drawdown

4.79

4.15

+0.63

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

The current ZHY.TO Sharpe Ratio is 0.70, which is comparable to the TUHY.TO Sharpe Ratio of 0.65. The chart below compares the historical Sharpe Ratios of ZHY.TO and TUHY.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. TUHY.TO - Drawdown Comparison

The maximum ZHY.TO drawdown since its inception was -28.44%, which is greater than TUHY.TO's maximum drawdown of -19.23%. Use the drawdown chart below to compare losses from any high point for ZHY.TO and TUHY.TO.

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Drawdown Indicators

ZHY.TOTUHY.TODifference

Max Drawdown

Largest peak-to-trough decline

-28.44%

-19.23%

-9.21%

Max Drawdown (1Y)

Largest decline over 1 year

-2.96%

-3.09%

+0.13%

Max Drawdown (3Y)

Largest decline over 3 years

-5.65%

-4.87%

-0.78%

Max Drawdown (5Y)

Largest decline over 5 years

-17.11%

-14.79%

-2.32%

Max Drawdown (10Y)

Largest decline over 10 years

-28.44%

—

—

Current Drawdown

Current decline from peak

-1.00%

-0.64%

-0.36%

Average Drawdown

Average peak-to-trough decline

-2.85%

-3.87%

+1.02%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.78%

0.79%

-0.01%

Volatility

ZHY.TO vs. TUHY.TO - Volatility Comparison

The current volatility for BMO High Yield US Corporate Bond Hedged to CAD Index ETF (ZHY.TO) is 0.98%, while TD Active U.S. High Yield Bond ETF (TUHY.TO) has a volatility of 1.45%. This indicates that ZHY.TO experiences smaller price fluctuations and is considered to be less risky than TUHY.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.TOTUHY.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.98%

1.45%

-0.47%

Volatility (6M)

Calculated over the trailing 6-month period

4.23%

4.15%

+0.08%

Volatility (1Y)

Calculated over the trailing 1-year period

5.38%

5.07%

+0.31%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.55%

8.71%

+0.84%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

10.86%

9.70%

+1.16%

Dividends

ZHY.TO vs. TUHY.TO - Dividend Comparison

ZHY.TO's dividend yield for the trailing twelve months is around 6.43%, more than TUHY.TO's 5.76% yield.

PositionTTM20252024202320222021202020192018201720162015
TUHY.TO
TD Active U.S. High Yield Bond ETF		5.76%6.05%6.64%6.57%4.90%5.10%4.22%0.32%0.00%0.00%0.00%0.00%
ZHY.TO
BMO High Yield US Corporate Bond Hedged to CAD Index ETF		6.43%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 TUHY.TO have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: BMO and TD.

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