ZHY.TO vs. ZAAA.NEO
ZHY.TO (BMO High Yield US Corporate Bond Hedged to CAD Index ETF) and ZAAA.NEO (BMO AAA CLO ETF) 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 ZAAA.NEO is a CLO fund actively managed by BMO. ZHY.TO is passively managed, while ZAAA.NEO is actively managed. Over the past year, ZHY.TO returned 3.75% vs 6.94% for ZAAA.NEO. At a correlation of -0.17, they often move in opposite directions. ZHY.TO charges 0.61%/yr vs 0.23%/yr for ZAAA.NEO.
Performance
ZHY.TO vs. ZAAA.NEO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ZHY.TO achieves a 0.88% return, which is significantly lower than ZAAA.NEO's 4.50% 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%
ZAAA.NEO
- 1D
- -0.20%
- 1M
- 0.51%
- 6M
- 2.85%
- YTD
- 4.50%
- 1Y
- 6.94%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZHY.TO vs. ZAAA.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ZHY.TO BMO High Yield US Corporate Bond Hedged to CAD Index ETF | 0.88% | 5.87% |
ZAAA.NEO BMO AAA CLO ETF | 4.50% | 3.10% |
Correlation
The correlation between ZHY.TO and ZAAA.NEO is -0.16, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.16 |
Correlation (All Time) Calculated using the full available price history since May 5, 2025 | -0.17 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ZHY.TO vs. ZAAA.NEO — Risk / Return Rank
ZHY.TO
ZAAA.NEO
ZHY.TO vs. ZAAA.NEO - 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 BMO AAA CLO ETF (ZAAA.NEO). 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 | ZAAA.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.83 | ||
| Sortino ratioReturn per unit of downside risk | -1.20 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.31 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.27 | 2.32 | -1.05 |
| Martin ratioReturn relative to average drawdown | 4.79 | 5.62 | -0.83 |
Loading charts...
Drawdowns
ZHY.TO vs. ZAAA.NEO - Drawdown Comparison
The maximum ZHY.TO drawdown since its inception was -28.44%, which is greater than ZAAA.NEO's maximum drawdown of -3.01%. Use the drawdown chart below to compare losses from any high point for ZHY.TO and ZAAA.NEO.
Loading charts...
Drawdown Indicators
| ZHY.TO | ZAAA.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.44% | -3.01% | -25.43% |
Max Drawdown (1Y)Largest decline over 1 year | -2.96% | -3.01% | +0.05% |
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% | -1.31% | +0.31% |
Average DrawdownAverage peak-to-trough decline | -2.85% | -1.00% | -1.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 1.24% | -0.46% |
Volatility
ZHY.TO vs. ZAAA.NEO - Volatility Comparison
The current volatility for BMO High Yield US Corporate Bond Hedged to CAD Index ETF (ZHY.TO) is 0.98%, while BMO AAA CLO ETF (ZAAA.NEO) has a volatility of 1.51%. This indicates that ZHY.TO experiences smaller price fluctuations and is considered to be less risky than ZAAA.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ZHY.TO | ZAAA.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.98% | 1.51% | -0.53% |
Volatility (6M)Calculated over the trailing 6-month period | 4.23% | 3.39% | +0.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.38% | 4.59% | +0.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.55% | 4.64% | +4.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.86% | 4.64% | +6.22% |
ZHY.TO vs. ZAAA.NEO - Expense Ratio Comparison
ZHY.TO has a 0.61% expense ratio, which is higher than ZAAA.NEO's 0.23% expense ratio.
Dividends
ZHY.TO vs. ZAAA.NEO - Dividend Comparison
ZHY.TO's dividend yield for the trailing twelve months is around 6.43%, more than ZAAA.NEO's 5.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZAAA.NEO BMO AAA CLO ETF | 5.13% | 3.16% | 0.00% | 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 ZAAA.NEO have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZAAA.NEO is cheaper at 0.23% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZAAA.NEO is cheaper with a 0.23% expense ratio, compared with 0.61% for ZHY.TO.
ZHY.TO is categorized as High Yield Bonds, while ZAAA.NEO is CLO. Their fees differ too: 0.61% for ZHY.TO and 0.23% for ZAAA.NEO.
Find the right allocation for ZHY.TO and ZAAA.NEO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer