ZTOP vs. CERY

Last updated Jun 23, 2026

ZTOP (F/m High Yield 100 ETF) and CERY (SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF) are both exchange-traded funds - ZTOP is a High Yield Bonds fund tracking the Bloomberg U.S. High Yield Top 100 Quality Select Equal Weighted Index, while CERY is a Commodities fund tracking the Bloomberg Enhanced Roll Yield Total Return Index. Both are passively managed. Over the past year, ZTOP returned 6.01% vs 26.17% for CERY. At a correlation of -0.16, they often move in opposite directions. ZTOP charges 0.39%/yr vs 0.28%/yr for CERY.

Performance

ZTOP vs. CERY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in F/m High Yield 100 ETF (ZTOP) and SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZTOP achieves a 1.72% return, which is significantly lower than CERY's 19.54% return.

ZTOP

• 1D: -0.15%
• 1M: 0.35%
• YTD: 1.72%
• 6M: 2.15%
• 1Y: 6.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CERY

• 1D: -0.67%
• 1M: -8.39%
• YTD: 19.54%
• 6M: 18.91%
• 1Y: 26.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZTOP vs. CERY - Yearly Performance Comparison

	2026 (YTD)	2025
ZTOP F/m High Yield 100 ETF	1.72%	8.06%
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	19.54%	13.68%

Correlation

The correlation between ZTOP and CERY is -0.18, 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	-0.18
Correlation (All Time) Calculated using the full available price history since Apr 15, 2025	-0.16

Return for Risk

ZTOP vs. CERY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZTOP

ZTOP Risk / Return Rank: 57
ZTOP Sharpe Ratio Rank: 55
ZTOP Sortino Ratio Rank: 59
ZTOP Omega Ratio Rank: 61
ZTOP Calmar Ratio Rank: 50
ZTOP Martin Ratio Rank: 62

CERY

CERY Risk / Return Rank: 50
CERY Sharpe Ratio Rank: 50
CERY Sortino Ratio Rank: 47
CERY Omega Ratio Rank: 47
CERY Calmar Ratio Rank: 48
CERY Martin Ratio Rank: 58

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.

ZTOP vs. CERY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for F/m High Yield 100 ETF (ZTOP) and SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY). 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.

	ZTOP	CERY	Difference
Sharpe ratio: Return per unit of total volatility	1.81	1.68	+0.13
Sortino ratio: Return per unit of downside risk	2.72	2.26	+0.46
Omega ratio: Gain probability vs. loss probability	1.36	1.29	+0.06
Calmar ratio: Return relative to maximum drawdown	2.39	2.31	+0.08
Martin ratio: Return relative to average drawdown	10.83	9.93	+0.90

ZTOP vs. CERY - Sharpe Ratio Comparison

The current ZTOP Sharpe Ratio is 1.81, which is comparable to the CERY Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of ZTOP and CERY, 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

ZTOP vs. CERY - Drawdown Comparison

The maximum ZTOP drawdown since its inception was -2.52%, smaller than the maximum CERY drawdown of -11.37%. Use the drawdown chart below to compare losses from any high point for ZTOP and CERY.

Drawdown Indicators

	ZTOP	CERY	Difference
Max Drawdown Largest peak-to-trough decline	-2.52%	-11.37%	+8.85%
Max Drawdown (1Y) Largest decline over 1 year	-2.52%	-11.37%	+8.85%
Current Drawdown Current decline from peak	-0.25%	-11.37%	+11.12%
Average Drawdown Average peak-to-trough decline	-0.29%	-2.27%	+1.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.56%	2.83%	-2.27%

Volatility

ZTOP vs. CERY - Volatility Comparison

The current volatility for F/m High Yield 100 ETF (ZTOP) is 0.83%, while SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) has a volatility of 3.57%. This indicates that ZTOP experiences smaller price fluctuations and is considered to be less risky than CERY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZTOP	CERY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.83%	3.57%	-2.74%
Volatility (6M) Calculated over the trailing 6-month period	2.66%	13.57%	-10.91%
Volatility (1Y) Calculated over the trailing 1-year period	3.33%	15.63%	-12.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.47%	14.73%	-11.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.47%	14.73%	-11.26%

ZTOP vs. CERY - Expense Ratio Comparison

ZTOP has a 0.39% expense ratio, which is higher than CERY's 0.28% expense ratio.

Dividends

ZTOP vs. CERY - Dividend Comparison

ZTOP's dividend yield for the trailing twelve months is around 6.27%, more than CERY's 4.18% yield.

Position	TTM	2025	2024
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	4.18%	4.99%	0.52%
ZTOP F/m High Yield 100 ETF	6.27%	4.39%	0.00%

Frequently Asked Questions

Can I hold both ZTOP and CERY in my portfolio?

ZTOP and CERY have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZTOP or CERY?

CERY has higher volatility (3.57%) compared to ZTOP (0.83%). In terms of maximum drawdown, ZTOP dropped -2.52% vs CERY's -11.37%.

Which ETF is better, ZTOP or CERY?

On 1-year performance, CERY leads with 26.17% vs 6.01% for ZTOP. On fees, CERY is cheaper at 0.28% per year. On volatility, ZTOP has been the lower-risk option at 0.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZTOP or CERY?

Over the 1-year period, CERY has performed better with a 26.17% return vs 6.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZTOP or CERY?

CERY is cheaper with a 0.28% expense ratio, compared with 0.39% for ZTOP.

Which ETF pays a higher dividend yield, ZTOP or CERY?

ZTOP has the higher dividend yield at 6.27%, compared with 4.18% for CERY.

What is the main difference between ZTOP and CERY?

ZTOP is categorized as High Yield Bonds, while CERY is Commodities. ZTOP tracks Bloomberg U.S. High Yield Top 100 Quality Select Equal Weighted Index, while CERY tracks Bloomberg Enhanced Roll Yield Total Return Index. They also come from different issuers: F/m Investments and State Street. Their fees differ too: 0.39% for ZTOP and 0.28% for CERY.

Which has better risk-adjusted returns?

ZTOP currently has the higher Sharpe Ratio (1.81 vs 1.68), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.