ZHY.TO vs. XHY.TO

Last updated Apr 2, 2026

Compare and contrast key facts about BMO High Yield US Corporate Bond Hedged to CAD Index ETF (ZHY.TO) and iShares U.S. High Yield Bond Index ETF (CAD-Hedged) (XHY.TO).

ZHY.TO and XHY.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZHY.TO is a passively managed fund by BMO that tracks the performance of the Bloomberg U.S. High Yield Very Liquid Index CAD Hedged. It was launched on Oct 20, 2009. XHY.TO is a passively managed fund by iShares that tracks the performance of the Morningstar Gbl HY Bd GR CAD. It was launched on Jan 21, 2010. Both ZHY.TO and XHY.TO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

ZHY.TO vs. XHY.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 iShares U.S. High Yield Bond Index ETF (CAD-Hedged) (XHY.TO). The values are adjusted to include any dividend payments, if applicable.

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZHY.TO BMO High Yield US Corporate Bond Hedged to CAD Index ETF	-0.64%	6.27%	6.04%	11.48%	-12.80%	4.03%	3.31%	13.45%	-3.88%	5.06%
XHY.TO iShares U.S. High Yield Bond Index ETF (CAD-Hedged)	-0.19%	6.33%	7.05%	11.06%	-11.10%	3.51%	2.65%	13.83%	-3.89%	5.35%

Returns By Period

In the year-to-date period, ZHY.TO achieves a -0.64% return, which is significantly lower than XHY.TO's -0.19% return. Over the past 10 years, ZHY.TO has underperformed XHY.TO with an annualized return of 4.09%, while XHY.TO has yielded a comparatively higher 4.34% annualized return.

ZHY.TO

• 1D: 0.46%
• 1M: -1.13%
• YTD: -0.64%
• 6M: -0.18%
• 1Y: 5.25%
• 3Y*: 6.61%
• 5Y*: 2.45%
• 10Y*: 4.09%

XHY.TO

• 1D: 0.18%
• 1M: -1.00%
• YTD: -0.19%
• 6M: 0.11%
• 1Y: 4.86%
• 3Y*: 6.89%
• 5Y*: 2.88%
• 10Y*: 4.34%

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

ZHY.TO vs. XHY.TO - Expense Ratio Comparison

ZHY.TO has a 0.61% expense ratio, which is higher than XHY.TO's 0.56% expense ratio.

ZHY.TO

BMO High Yield US Corporate Bond Hedged to CAD Index ETF

XHY.TO

iShares U.S. High Yield Bond Index ETF (CAD-Hedged)

Return for Risk

ZHY.TO vs. XHY.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: 36
ZHY.TO Sharpe Ratio Rank: 36
ZHY.TO Sortino Ratio Rank: 34
ZHY.TO Omega Ratio Rank: 33
ZHY.TO Calmar Ratio Rank: 33
ZHY.TO Martin Ratio Rank: 42

XHY.TO

XHY.TO Risk / Return Rank: 42
XHY.TO Sharpe Ratio Rank: 38
XHY.TO Sortino Ratio Rank: 36
XHY.TO Omega Ratio Rank: 38
XHY.TO Calmar Ratio Rank: 41
XHY.TO Martin Ratio Rank: 54

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. XHY.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 U.S. High Yield Bond Index ETF (CAD-Hedged) (XHY.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.

	ZHY.TO	XHY.TO	Difference
Sharpe ratio Return per unit of total volatility	0.74	0.77	-0.03
Sortino ratio Return per unit of downside risk	1.07	1.11	-0.04
Omega ratio Gain probability vs. loss probability	1.15	1.16	-0.01
Calmar ratio Return relative to maximum drawdown	1.02	1.15	-0.13
Martin ratio Return relative to average drawdown	4.72	5.63	-0.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current ZHY.TO Sharpe Ratio is 0.74, which is comparable to the XHY.TO Sharpe Ratio of 0.77. The chart below compares the historical Sharpe Ratios of ZHY.TO and XHY.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ZHY.TO	XHY.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.74	0.77	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	0.34	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	0.41	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.49	-0.05

Correlation

The correlation between ZHY.TO and XHY.TO is 0.56, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

ZHY.TO vs. XHY.TO - Dividend Comparison

ZHY.TO's dividend yield for the trailing twelve months is around 6.34%, more than XHY.TO's 6.14% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ZHY.TO BMO High Yield US Corporate Bond Hedged to CAD Index ETF	6.34%	6.10%	6.13%	6.43%	6.71%	5.49%	6.09%	6.50%	6.25%	6.10%	5.84%	7.12%
XHY.TO iShares U.S. High Yield Bond Index ETF (CAD-Hedged)	6.14%	6.04%	5.87%	5.56%	5.70%	4.72%	5.18%	5.38%	5.87%	5.46%	5.64%	6.83%

Drawdowns

ZHY.TO vs. XHY.TO - Drawdown Comparison

The maximum ZHY.TO drawdown since its inception was -28.44%, roughly equal to the maximum XHY.TO drawdown of -28.48%. Use the drawdown chart below to compare losses from any high point for ZHY.TO and XHY.TO.

Drawdown Indicators

	ZHY.TO	XHY.TO	Difference
Max Drawdown Largest peak-to-trough decline	-28.44%	-28.48%	+0.04%
Max Drawdown (1Y) Largest decline over 1 year	-5.25%	-4.62%	-0.63%
Max Drawdown (5Y) Largest decline over 5 years	-17.11%	-16.67%	-0.44%
Max Drawdown (10Y) Largest decline over 10 years	-28.44%	-28.48%	+0.04%
Current Drawdown Current decline from peak	-1.53%	-1.30%	-0.23%
Average Drawdown Average peak-to-trough decline	-2.89%	-2.57%	-0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.13%	0.94%	+0.19%

Volatility

ZHY.TO vs. XHY.TO - Volatility Comparison

BMO High Yield US Corporate Bond Hedged to CAD Index ETF (ZHY.TO) has a higher volatility of 2.74% compared to iShares U.S. High Yield Bond Index ETF (CAD-Hedged) (XHY.TO) at 2.49%. This indicates that ZHY.TO's price experiences larger fluctuations and is considered to be riskier than XHY.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZHY.TO	XHY.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.74%	2.49%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	3.85%	3.36%	+0.49%
Volatility (1Y) Calculated over the trailing 1-year period	7.12%	6.38%	+0.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.51%	8.64%	+0.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.93%	10.64%	+0.29%