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ZJK.TO vs. XHY.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZJK.TO vs. XHY.TO

Last updated Jul 1, 2026
See Documentation

ZJK.TO (BMO High Yield US Corporate Bond Index ETF) and XHY.TO (iShares U.S. High Yield Bond Index ETF (CAD-Hedged)) are both High Yield Bonds funds. Over the past 5 years, ZJK.TO returned 6.26%/yr vs 2.70%/yr for XHY.TO. At a 0.21 correlation, their price movements are largely independent.

Performance

ZJK.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 Index ETF (ZJK.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.

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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 XHY.TO's 1.22% 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*
—

XHY.TO

1D
0.12%
1M
0.08%
YTD
1.22%
6M
1.16%
1Y
3.36%
3Y*
7.33%
5Y*
2.70%
10Y*
3.93%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
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%
XHY.TO
iShares U.S. High Yield Bond Index ETF (CAD-Hedged)		1.22%6.33%7.05%11.06%-11.10%3.51%2.65%13.83%-3.89%-0.08%

Correlation

The correlation between ZJK.TO and XHY.TO is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.40

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

0.37

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

0.32

Correlation (All Time)
Calculated using the full available price history since Oct 11, 2017

0.21

The correlation between ZJK.TO and XHY.TO shifts across timeframes, from 0.21 (all time) to 0.40 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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BMO High Yield US Corporate Bond Index ETF

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

Often compared with XHY.TO:
XHY.TO vs. XBBXHY.TO vs. XIG.TOXHY.TO vs. CVD.TOXHY.TO vs. XFR.TOXHY.TO vs. HYGXHY.TO vs. XHB.TOXHY.TO vs. ZHY.TO

Return for Risk

ZJK.TO vs. XHY.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZJK.TO
ZJK.TO Risk / Return Rank: 6262
Overall Rank
ZJK.TO Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
ZJK.TO Sortino Ratio Rank: 6464
Sortino Ratio Rank
ZJK.TO Omega Ratio Rank: 6464
Omega Ratio Rank
ZJK.TO Calmar Ratio Rank: 6565
Calmar Ratio Rank
ZJK.TO Martin Ratio Rank: 5454
Martin Ratio Rank
XHY.TO
XHY.TO Risk / Return Rank: 2525
Overall Rank
XHY.TO Sharpe Ratio Rank: 2121
Sharpe Ratio Rank
XHY.TO Sortino Ratio Rank: 2020
Sortino Ratio Rank
XHY.TO Omega Ratio Rank: 2020
Omega Ratio Rank
XHY.TO Calmar Ratio Rank: 2626
Calmar Ratio Rank
XHY.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.

ZJK.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 Index ETF (ZJK.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.

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.TOXHY.TODifference
Sharpe ratioReturn per unit of total volatility
1.73
0.71

+1.02

Sortino ratioReturn per unit of downside risk
2.55
1.06

+1.49

Omega ratioGain probability vs. loss probability

1.33

1.13

+0.20

Calmar ratioReturn relative to maximum drawdown

2.78

1.17

+1.60

Martin ratioReturn relative to average drawdown

8.05

4.94

+3.11

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

The current ZJK.TO Sharpe Ratio is 1.73, which is higher than the XHY.TO Sharpe Ratio of 0.71. The chart below compares the historical Sharpe Ratios of ZJK.TO and XHY.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

ZJK.TO vs. XHY.TO - Drawdown Comparison

The maximum ZJK.TO drawdown since its inception was -19.40%, smaller than the maximum XHY.TO drawdown of -28.48%. Use the drawdown chart below to compare losses from any high point for ZJK.TO and XHY.TO.

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Drawdown Indicators

ZJK.TOXHY.TODifference

Max Drawdown

Largest peak-to-trough decline

-19.40%

-28.48%

+9.08%

Max Drawdown (1Y)

Largest decline over 1 year

-3.69%

-2.87%

-0.82%

Max Drawdown (3Y)

Largest decline over 3 years

-7.69%

-4.94%

-2.75%

Max Drawdown (5Y)

Largest decline over 5 years

-14.93%

-16.67%

+1.74%

Max Drawdown (10Y)

Largest decline over 10 years

—

-28.48%

—

Current Drawdown

Current decline from peak

-0.56%

-0.22%

-0.34%

Average Drawdown

Average peak-to-trough decline

-2.65%

-2.54%

-0.11%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.27%

0.68%

+0.59%

Volatility

ZJK.TO vs. XHY.TO - Volatility Comparison

BMO High Yield US Corporate Bond Index ETF (ZJK.TO) has a higher volatility of 1.76% compared to iShares U.S. High Yield Bond Index ETF (CAD-Hedged) (XHY.TO) at 1.36%. This indicates that ZJK.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.

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Volatility by Period

ZJK.TOXHY.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.76%

1.36%

+0.40%

Volatility (6M)

Calculated over the trailing 6-month period

4.52%

3.66%

+0.86%

Volatility (1Y)

Calculated over the trailing 1-year period

5.93%

4.75%

+1.18%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.82%

8.66%

-0.84%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

10.09%

10.59%

-0.50%

Dividends

ZJK.TO vs. XHY.TO - Dividend Comparison

ZJK.TO's dividend yield for the trailing twelve months is around 6.18%, which matches XHY.TO's 6.13% yield.

PositionTTM20252024202320222021202020192018201720162015
XHY.TO
iShares U.S. High Yield Bond Index ETF (CAD-Hedged)		6.13%6.04%5.87%5.56%5.70%4.72%5.18%5.38%5.87%5.46%5.64%6.83%
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 XHY.TO have a correlation of 0.40, 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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