ZHY.TO vs. XFLI.TO
ZHY.TO (BMO High Yield US Corporate Bond Hedged to CAD Index ETF) and XFLI.TO (iShares Flexible Monthly Income ETF CAD) are both High Yield Bonds funds. ZHY.TO is passively managed, while XFLI.TO is actively managed. Over the past year, ZHY.TO returned 3.75% vs 6.40% for XFLI.TO. At a 0.08 correlation, their price movements are largely independent.
Performance
ZHY.TO vs. XFLI.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZHY.TO achieves a 0.88% return, which is significantly lower than XFLI.TO's 3.03% 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%
XFLI.TO
- 1D
- -0.30%
- 1M
- -0.67%
- 6M
- 1.29%
- YTD
- 3.03%
- 1Y
- 6.40%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZHY.TO vs. XFLI.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ZHY.TO BMO High Yield US Corporate Bond Hedged to CAD Index ETF | 0.88% | 6.27% | -0.41% |
XFLI.TO iShares Flexible Monthly Income ETF CAD | 3.03% | 2.07% | 6.23% |
Correlation
The correlation between ZHY.TO and XFLI.TO is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2024 | 0.08 |
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Return for Risk
ZHY.TO vs. XFLI.TO — Risk / Return Rank
ZHY.TO
XFLI.TO
ZHY.TO vs. XFLI.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 iShares Flexible Monthly Income ETF CAD (XFLI.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.TO | XFLI.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.45 | ||
| Sortino ratioReturn per unit of downside risk | -0.61 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.23 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.27 | 1.55 | -0.28 |
| Martin ratioReturn relative to average drawdown | 4.79 | 3.30 | +1.49 |
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Drawdowns
ZHY.TO vs. XFLI.TO - Drawdown Comparison
The maximum ZHY.TO drawdown since its inception was -28.44%, which is greater than XFLI.TO's maximum drawdown of -6.92%. Use the drawdown chart below to compare losses from any high point for ZHY.TO and XFLI.TO.
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Drawdown Indicators
| ZHY.TO | XFLI.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.44% | -6.92% | -21.52% |
Max Drawdown (1Y)Largest decline over 1 year | -2.96% | -4.15% | +1.19% |
Max Drawdown (3Y)Largest decline over 3 years | -5.65% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -17.11% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -28.44% | — | — |
Current DrawdownCurrent decline from peak | -1.00% | -2.23% | +1.23% |
Average DrawdownAverage peak-to-trough decline | -2.85% | -2.05% | -0.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 1.95% | -1.17% |
Volatility
ZHY.TO vs. XFLI.TO - Volatility Comparison
The current volatility for BMO High Yield US Corporate Bond Hedged to CAD Index ETF (ZHY.TO) is 0.98%, while iShares Flexible Monthly Income ETF CAD (XFLI.TO) has a volatility of 2.20%. This indicates that ZHY.TO experiences smaller price fluctuations and is considered to be less risky than XFLI.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.TO | XFLI.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.98% | 2.20% | -1.22% |
Volatility (6M)Calculated over the trailing 6-month period | 4.23% | 4.50% | -0.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.38% | 5.61% | -0.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.55% | 6.33% | +3.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.86% | 6.33% | +4.53% |
Dividends
ZHY.TO vs. XFLI.TO - Dividend Comparison
ZHY.TO's dividend yield for the trailing twelve months is around 6.43%, more than XFLI.TO's 5.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XFLI.TO iShares Flexible Monthly Income ETF CAD | 5.45% | 5.69% | 2.07% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 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 XFLI.TO have a correlation of 0.14, 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 iShares.
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