ZTOP vs. FDHY

Last updated Jul 12, 2026

ZTOP (F/m High Yield 100 ETF) and FDHY (Fidelity Enhanced High Yield ETF) are both High Yield Bonds funds. ZTOP is passively managed, while FDHY is actively managed. Over the past year, ZTOP returned 5.71% vs 7.39% for FDHY. A 0.79 correlation means they provide meaningful diversification when combined. ZTOP charges 0.39%/yr vs 0.35%/yr for FDHY.

Performance

ZTOP vs. FDHY - Performance Comparison

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

Returns By Period

In the year-to-date period, ZTOP achieves a 1.90% return, which is significantly lower than FDHY's 2.75% return.

ZTOP

• 1D: -0.08%
• 1M: 0.12%
• 6M: 1.44%
• YTD: 1.90%
• 1Y: 5.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FDHY

• 1D: -0.12%
• 1M: 0.35%
• 6M: 2.46%
• YTD: 2.75%
• 1Y: 7.39%
• 3Y*: 8.86%
• 5Y*: 3.80%
• 10Y*: —

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

ZTOP vs. FDHY - Yearly Performance Comparison

	2026 (YTD)	2025
ZTOP F/m High Yield 100 ETF	1.90%	8.06%
FDHY Fidelity Enhanced High Yield ETF	2.75%	10.53%

Correlation

The correlation between ZTOP and FDHY is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (All Time) Calculated using the full available price history since Apr 15, 2025	0.79

The correlation between ZTOP and FDHY has been stable across timeframes, ranging from 0.79 to 0.80 - a consistent structural relationship.

Return for Risk

ZTOP vs. FDHY — Risk / Return Rank

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

ZTOP

ZTOP Risk / Return Rank: 66
ZTOP Sharpe Ratio Rank: 65
ZTOP Sortino Ratio Rank: 70
ZTOP Omega Ratio Rank: 72
ZTOP Calmar Ratio Rank: 55
ZTOP Martin Ratio Rank: 69

FDHY

FDHY Risk / Return Rank: 84
FDHY Sharpe Ratio Rank: 81
FDHY Sortino Ratio Rank: 87
FDHY Omega Ratio Rank: 86
FDHY Calmar Ratio Rank: 81
FDHY Martin Ratio Rank: 87

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. FDHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for F/m High Yield 100 ETF (ZTOP) and Fidelity Enhanced High Yield ETF (FDHY). 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	FDHY	Difference
Sharpe ratio: Return per unit of total volatility	1.69	2.04	-0.36
Sortino ratio: Return per unit of downside risk	2.53	3.12	-0.59
Omega ratio: Gain probability vs. loss probability	1.34	1.41	-0.07
Calmar ratio: Return relative to maximum drawdown	2.19	3.41	-1.22
Martin ratio: Return relative to average drawdown	10.01	14.38	-4.37

ZTOP vs. FDHY - Sharpe Ratio Comparison

The current ZTOP Sharpe Ratio is 1.69, which is comparable to the FDHY Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of ZTOP and FDHY, 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. FDHY - Drawdown Comparison

The maximum ZTOP drawdown since its inception was -2.52%, smaller than the maximum FDHY drawdown of -20.01%. Use the drawdown chart below to compare losses from any high point for ZTOP and FDHY.

Drawdown Indicators

	ZTOP	FDHY	Difference
Max Drawdown Largest peak-to-trough decline	-2.52%	-20.01%	+17.49%
Max Drawdown (1Y) Largest decline over 1 year	-2.52%	-2.12%	-0.40%
Max Drawdown (3Y) Largest decline over 3 years	—	-5.26%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-16.38%	—
Current Drawdown Current decline from peak	-0.15%	-0.20%	+0.05%
Average Drawdown Average peak-to-trough decline	-0.28%	-2.84%	+2.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.55%	0.50%	+0.05%

Volatility

ZTOP vs. FDHY - Volatility Comparison

F/m High Yield 100 ETF (ZTOP) and Fidelity Enhanced High Yield ETF (FDHY) have volatilities of 0.68% and 0.67%, 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

	ZTOP	FDHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.68%	0.67%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	2.64%	2.77%	-0.13%
Volatility (1Y) Calculated over the trailing 1-year period	3.28%	3.55%	-0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.41%	7.14%	-3.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.41%	8.00%	-4.59%

ZTOP vs. FDHY - Expense Ratio Comparison

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

Dividends

ZTOP vs. FDHY - Dividend Comparison

ZTOP's dividend yield for the trailing twelve months is around 6.26%, less than FDHY's 6.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FDHY Fidelity Enhanced High Yield ETF	6.51%	6.56%	6.58%	6.26%	5.34%	6.09%	5.78%	4.94%	2.55%
ZTOP F/m High Yield 100 ETF	6.26%	4.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZTOP and FDHY in my portfolio?

ZTOP and FDHY have a correlation of 0.80, 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 FDHY?

ZTOP has higher volatility (0.68%) compared to FDHY (0.67%). In terms of maximum drawdown, ZTOP dropped -2.52% vs FDHY's -20.01%.

Which ETF is better, ZTOP or FDHY?

On 1-year performance, FDHY leads with 7.39% vs 5.71% for ZTOP. On fees, FDHY is cheaper at 0.35% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZTOP or FDHY?

Over the 1-year period, FDHY has performed better with a 7.39% return vs 5.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZTOP or FDHY?

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

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

FDHY has the higher dividend yield at 6.51%, compared with 6.26% for ZTOP.

What is the main difference between ZTOP and FDHY?

They also come from different issuers: F/m Investments and Fidelity. Their fees differ too: 0.39% for ZTOP and 0.35% for FDHY.

Which has better risk-adjusted returns?

FDHY currently has the higher Sharpe Ratio (2.04 vs 1.69), 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.