ZTOP vs. CPAG

Last updated Jun 4, 2026

ZTOP (F/m High Yield 100 ETF) and CPAG (F/m Compoundr U.S. Aggregate Bond 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 CPAG is a Total Bond Market fund tracking the Nasdaq Compoundr U.S. Aggregate Bond Index. Both are passively managed. A 0.62 correlation means they provide meaningful diversification when combined. ZTOP charges 0.39%/yr vs 0.31%/yr for CPAG.

Performance

ZTOP vs. CPAG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in F/m High Yield 100 ETF (ZTOP) and F/m Compoundr U.S. Aggregate Bond ETF (CPAG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZTOP achieves a 1.53% return, which is significantly higher than CPAG's -0.02% return.

ZTOP

• 1D: -0.22%
• 1M: 0.35%
• YTD: 1.53%
• 6M: 2.09%
• 1Y: 6.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPAG

• 1D: -0.21%
• 1M: 0.14%
• YTD: -0.02%
• 6M: -0.26%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZTOP vs. CPAG - Yearly Performance Comparison

	2026 (YTD)	2025
ZTOP F/m High Yield 100 ETF	1.53%	2.68%
CPAG F/m Compoundr U.S. Aggregate Bond ETF	-0.02%	2.22%

Correlation

The correlation between ZTOP and CPAG is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 13, 2025	0.62

Return for Risk

ZTOP vs. CPAG — Risk / Return Rank

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

ZTOP

ZTOP Risk / Return Rank: 63
ZTOP Sharpe Ratio Rank: 60
ZTOP Sortino Ratio Rank: 66
ZTOP Omega Ratio Rank: 68
ZTOP Calmar Ratio Rank: 53
ZTOP Martin Ratio Rank: 66

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. CPAG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for F/m High Yield 100 ETF (ZTOP) and F/m Compoundr U.S. Aggregate Bond ETF (CPAG). 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.

	ZTOP	CPAG	Difference
Sharpe ratio: Return per unit of total volatility	2.00	—	—
Sortino ratio: Return per unit of downside risk	3.00	—	—
Omega ratio: Gain probability vs. loss probability	1.40	—	—
Calmar ratio: Return relative to maximum drawdown	2.61	—	—
Martin ratio: Return relative to average drawdown	11.86	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	ZTOP	CPAG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.00	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.48	0.75	+1.73

Drawdowns

ZTOP vs. CPAG - Drawdown Comparison

The maximum ZTOP drawdown since its inception was -2.52%, smaller than the maximum CPAG drawdown of -2.78%. Use the drawdown chart below to compare losses from any high point for ZTOP and CPAG.

Drawdown Indicators

	ZTOP	CPAG	Difference
Max Drawdown Largest peak-to-trough decline	-2.52%	-2.78%	+0.26%
Max Drawdown (1Y) Largest decline over 1 year	-2.52%	—	—
Current Drawdown Current decline from peak	-0.27%	-1.68%	+1.41%
Average Drawdown Average peak-to-trough decline	-0.29%	-0.74%	+0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.55%	—	—

Volatility

Volatility by Period

	ZTOP	CPAG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.04%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.59%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.29%	3.67%	-0.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.49%	3.67%	-0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.49%	3.67%	-0.18%

ZTOP vs. CPAG - Expense Ratio Comparison

ZTOP has a 0.39% expense ratio, which is higher than CPAG's 0.31% expense ratio.

Dividends

ZTOP vs. CPAG - Dividend Comparison

ZTOP's dividend yield for the trailing twelve months is around 6.24%, while CPAG has not paid dividends to shareholders.

Position	TTM	2025
CPAG F/m Compoundr U.S. Aggregate Bond ETF	0.00%	0.00%
ZTOP F/m High Yield 100 ETF	6.24%	4.39%

Frequently Asked Questions

Can I hold both ZTOP and CPAG in my portfolio?

ZTOP and CPAG have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZTOP or CPAG?

On fees, CPAG is cheaper at 0.31% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZTOP or CPAG?

CPAG is cheaper with a 0.31% expense ratio, compared with 0.39% for ZTOP.

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

ZTOP has the higher dividend yield at 6.24%, compared with 0.00% for CPAG.

What is the main difference between ZTOP and CPAG?

ZTOP is categorized as High Yield Bonds, while CPAG is Total Bond Market. ZTOP tracks Bloomberg U.S. High Yield Top 100 Quality Select Equal Weighted Index, while CPAG tracks Nasdaq Compoundr U.S. Aggregate Bond Index. Their fees differ too: 0.39% for ZTOP and 0.31% for CPAG.