ZTOP vs. CPHY

Last updated Jun 4, 2026

ZTOP (F/m High Yield 100 ETF) and CPHY (F/m Compoundr High Yield Bond ETF) are both High Yield Bonds funds from F/m Investments - ZTOP tracks the Bloomberg U.S. High Yield Top 100 Quality Select Equal Weighted Index while CPHY tracks the Nasdaq Compoundr U.S. High Yield Bond Index. Both are passively managed. Their correlation of 0.90 suggests significant overlap in exposure. ZTOP charges 0.39%/yr vs 0.35%/yr for CPHY.

Performance

ZTOP vs. CPHY - 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 High Yield Bond ETF (CPHY). 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 CPHY's 0.25% return.

ZTOP

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

CPHY

• 1D: -0.18%
• 1M: 0.31%
• YTD: 0.25%
• 6M: 0.62%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZTOP vs. CPHY - Yearly Performance Comparison

	2026 (YTD)	2025
ZTOP F/m High Yield 100 ETF	1.53%	2.68%
CPHY F/m Compoundr High Yield Bond ETF	0.25%	2.31%

Correlation

The correlation between ZTOP and CPHY is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 13, 2025	0.90

Return for Risk

ZTOP vs. CPHY — 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. CPHY - 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 High Yield Bond ETF (CPHY). 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	CPHY	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	CPHY	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	0.89	+1.59

Drawdowns

ZTOP vs. CPHY - Drawdown Comparison

The maximum ZTOP drawdown since its inception was -2.52%, roughly equal to the maximum CPHY drawdown of -2.51%. Use the drawdown chart below to compare losses from any high point for ZTOP and CPHY.

Drawdown Indicators

	ZTOP	CPHY	Difference
Max Drawdown Largest peak-to-trough decline	-2.52%	-2.51%	-0.01%
Max Drawdown (1Y) Largest decline over 1 year	-2.52%	—	—
Current Drawdown Current decline from peak	-0.27%	-0.74%	+0.47%
Average Drawdown Average peak-to-trough decline	-0.29%	-0.56%	+0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.55%	—	—

Volatility

Volatility by Period

	ZTOP	CPHY	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%	3.59%	-0.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.49%	3.59%	-0.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.49%	3.59%	-0.10%

ZTOP vs. CPHY - Expense Ratio Comparison

ZTOP has a 0.39% expense ratio, which is higher than CPHY's 0.35% expense ratio.

Dividends

ZTOP vs. CPHY - Dividend Comparison

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

Position	TTM	2025
CPHY F/m Compoundr High Yield 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 CPHY in my portfolio?

With a correlation of 0.90, ZTOP and CPHY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, ZTOP or CPHY?

On fees, CPHY is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZTOP or CPHY?

CPHY is cheaper with a 0.35% expense ratio, compared with 0.39% for ZTOP.

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

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

What is the main difference between ZTOP and CPHY?

ZTOP tracks Bloomberg U.S. High Yield Top 100 Quality Select Equal Weighted Index, while CPHY tracks Nasdaq Compoundr U.S. High Yield Bond Index. Their fees differ too: 0.39% for ZTOP and 0.35% for CPHY.