ZJK.TO vs. ZHY.TO

Last updated Jul 1, 2026

ZJK.TO (BMO High Yield US Corporate Bond Index ETF) and ZHY.TO (BMO High Yield US Corporate Bond Hedged to CAD Index ETF) are both High Yield Bonds funds from BMO. Over the past 5 years, ZJK.TO returned 6.26%/yr vs 2.33%/yr for ZHY.TO. At a 0.27 correlation, their price movements are largely independent.

Performance

ZJK.TO vs. ZHY.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 BMO High Yield US Corporate Bond Hedged to CAD Index ETF (ZHY.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZJK.TO achieves a 5.30% return, which is significantly higher than ZHY.TO's 1.07% 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*: —

ZHY.TO

• 1D: 0.00%
• 1M: -0.01%
• YTD: 1.07%
• 6M: 0.88%
• 1Y: 4.12%
• 3Y*: 6.76%
• 5Y*: 2.33%
• 10Y*: 3.75%

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

ZJK.TO vs. ZHY.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%
ZHY.TO BMO High Yield US Corporate Bond Hedged to CAD Index ETF	1.07%	6.27%	6.04%	11.48%	-12.79%	4.03%	3.31%	13.45%	-3.88%	-0.65%

Correlation

The correlation between ZJK.TO and ZHY.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	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (All Time) Calculated using the full available price history since Oct 11, 2017	0.27

The correlation between ZJK.TO and ZHY.TO shifts across timeframes, from 0.27 (all time) to 0.41 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

ZJK.TO vs. ZHY.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: 62
ZJK.TO Sharpe Ratio Rank: 60
ZJK.TO Sortino Ratio Rank: 64
ZJK.TO Omega Ratio Rank: 64
ZJK.TO Calmar Ratio Rank: 65
ZJK.TO Martin Ratio Rank: 54

ZHY.TO

ZHY.TO Risk / Return Rank: 26
ZHY.TO Sharpe Ratio Rank: 22
ZHY.TO Sortino Ratio Rank: 21
ZHY.TO Omega Ratio Rank: 21
ZHY.TO Calmar Ratio Rank: 31
ZHY.TO Martin Ratio Rank: 37

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. ZHY.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 BMO High Yield US Corporate Bond Hedged to CAD Index ETF (ZHY.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	ZHY.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.73	0.74	+0.99
Sortino ratio: Return per unit of downside risk	2.55	1.09	+1.45
Omega ratio: Gain probability vs. loss probability	1.33	1.14	+0.20
Calmar ratio: Return relative to maximum drawdown	2.78	1.40	+1.38
Martin ratio: Return relative to average drawdown	8.05	5.06	+2.99

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

The current ZJK.TO Sharpe Ratio is 1.73, which is higher than the ZHY.TO Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of ZJK.TO and ZHY.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.

Drawdowns

ZJK.TO vs. ZHY.TO - Drawdown Comparison

The maximum ZJK.TO drawdown since its inception was -19.40%, smaller than the maximum ZHY.TO drawdown of -28.44%. Use the drawdown chart below to compare losses from any high point for ZJK.TO and ZHY.TO.

Drawdown Indicators

	ZJK.TO	ZHY.TO	Difference
Max Drawdown Largest peak-to-trough decline	-19.40%	-28.44%	+9.04%
Max Drawdown (1Y) Largest decline over 1 year	-3.69%	-2.96%	-0.73%
Max Drawdown (3Y) Largest decline over 3 years	-7.69%	-5.65%	-2.04%
Max Drawdown (5Y) Largest decline over 5 years	-14.93%	-17.11%	+2.18%
Max Drawdown (10Y) Largest decline over 10 years	—	-28.44%	—
Current Drawdown Current decline from peak	-0.56%	-0.82%	+0.26%
Average Drawdown Average peak-to-trough decline	-2.65%	-2.86%	+0.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.27%	0.82%	+0.45%

Volatility

ZJK.TO vs. ZHY.TO - Volatility Comparison

BMO High Yield US Corporate Bond Index ETF (ZJK.TO) and BMO High Yield US Corporate Bond Hedged to CAD Index ETF (ZHY.TO) have volatilities of 1.76% and 1.69%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZJK.TO	ZHY.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.76%	1.69%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	4.52%	4.22%	+0.30%
Volatility (1Y) Calculated over the trailing 1-year period	5.93%	5.60%	+0.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.82%	9.57%	-1.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.09%	10.88%	-0.79%

Dividends

ZJK.TO vs. ZHY.TO - Dividend Comparison

ZJK.TO's dividend yield for the trailing twelve months is around 6.18%, less than ZHY.TO's 6.42% yield.

Position	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	6.42%	6.10%	6.13%	6.43%	6.71%	5.49%	6.09%	6.50%	6.25%	6.10%	5.84%	7.12%
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

Can I hold both ZJK.TO and ZHY.TO in my portfolio?

ZJK.TO and ZHY.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.