ZJK.TO vs. CVD.TO
ZJK.TO (BMO High Yield US Corporate Bond Index ETF) and CVD.TO (iShares Convertible Bond Index ETF) are both High Yield Bonds funds. Over the past 5 years, ZJK.TO returned 6.26%/yr vs 4.41%/yr for CVD.TO. At a 0.02 correlation, their price movements are largely independent.
Performance
ZJK.TO vs. CVD.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZJK.TO achieves a 5.30% return, which is significantly higher than CVD.TO's 4.18% return.
ZJK.TO
- 1D
- -0.05%
- 1M
- 3.11%
- YTD
- 5.30%
- 6M
- 5.36%
- 1Y
- 10.21%
- 3Y*
- 10.73%
- 5Y*
- 6.26%
- 10Y*
- —
CVD.TO
- 1D
- -0.49%
- 1M
- 0.64%
- YTD
- 4.18%
- 6M
- 3.31%
- 1Y
- 7.12%
- 3Y*
- 8.34%
- 5Y*
- 4.41%
- 10Y*
- 4.49%
ZJK.TO vs. CVD.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZJK.TO BMO High Yield US Corporate Bond Index ETF | 5.30% | 3.22% | 16.76% | 10.33% | -6.46% | 3.60% | 3.27% | 9.18% | 3.97% | 0.47% |
CVD.TO iShares Convertible Bond Index ETF | 4.18% | 7.09% | 12.68% | 3.64% | -4.63% | 5.33% | 3.67% | 10.28% | -2.68% | 2.09% |
Correlation
The correlation between ZJK.TO and CVD.TO is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2017 | 0.02 |
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Return for Risk
ZJK.TO vs. CVD.TO — Risk / Return Rank
ZJK.TO
CVD.TO
ZJK.TO vs. CVD.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO High Yield US Corporate Bond Index ETF (ZJK.TO) and iShares Convertible Bond Index ETF (CVD.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.
| ZJK.TO | CVD.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.75 | ||
| Sortino ratioReturn per unit of downside risk | +1.16 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.20 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.78 | 1.81 | +0.97 |
| Martin ratioReturn relative to average drawdown | 8.05 | 5.12 | +2.93 |
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Drawdowns
ZJK.TO vs. CVD.TO - Drawdown Comparison
The maximum ZJK.TO drawdown since its inception was -19.40%, smaller than the maximum CVD.TO drawdown of -23.51%. Use the drawdown chart below to compare losses from any high point for ZJK.TO and CVD.TO.
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Drawdown Indicators
| ZJK.TO | CVD.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.40% | -23.51% | +4.11% |
Max Drawdown (1Y)Largest decline over 1 year | -3.69% | -3.95% | +0.26% |
Max Drawdown (3Y)Largest decline over 3 years | -7.69% | -11.46% | +3.77% |
Max Drawdown (5Y)Largest decline over 5 years | -14.93% | -14.62% | -0.31% |
Max Drawdown (10Y)Largest decline over 10 years | — | -23.51% | — |
Current DrawdownCurrent decline from peak | -0.56% | -1.10% | +0.54% |
Average DrawdownAverage peak-to-trough decline | -2.65% | -2.38% | -0.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.27% | 1.39% | -0.12% |
Volatility
ZJK.TO vs. CVD.TO - Volatility Comparison
BMO High Yield US Corporate Bond Index ETF (ZJK.TO) has a higher volatility of 1.76% compared to iShares Convertible Bond Index ETF (CVD.TO) at 1.64%. This indicates that ZJK.TO's price experiences larger fluctuations and is considered to be riskier than CVD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZJK.TO | CVD.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.76% | 1.64% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 4.52% | 4.53% | -0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.93% | 7.33% | -1.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.82% | 9.40% | -1.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.09% | 9.50% | +0.59% |
Dividends
ZJK.TO vs. CVD.TO - Dividend Comparison
ZJK.TO's dividend yield for the trailing twelve months is around 6.18%, more than CVD.TO's 4.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CVD.TO iShares Convertible Bond Index ETF | 4.94% | 4.91% | 5.14% | 5.33% | 5.05% | 4.61% | 4.48% | 4.52% | 4.97% | 4.65% | 4.51% | 4.94% |
ZJK.TO BMO High Yield US Corporate Bond Index ETF | 6.18% | 5.97% | 5.59% | 6.15% | 6.37% | 5.60% | 5.94% | 6.32% | 5.45% | 0.88% | 0.00% | 0.00% |
Frequently Asked Questions
ZJK.TO and CVD.TO have a correlation of 0.04, 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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