ZTOP vs. FTSL

Last updated Jun 23, 2026

ZTOP (F/m High Yield 100 ETF) and FTSL (First Trust Senior Loan Fund) are both High Yield Bonds funds. ZTOP is passively managed, while FTSL is actively managed. Over the past year, ZTOP returned 6.01% vs 4.21% for FTSL. A 0.51 correlation means they provide meaningful diversification when combined. ZTOP charges 0.39%/yr vs 0.86%/yr for FTSL.

Performance

ZTOP vs. FTSL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in F/m High Yield 100 ETF (ZTOP) and First Trust Senior Loan Fund (FTSL). 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 higher than FTSL's 0.66% return.

ZTOP

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

FTSL

• 1D: -0.02%
• 1M: 0.21%
• YTD: 0.66%
• 6M: 0.71%
• 1Y: 4.21%
• 3Y*: 7.15%
• 5Y*: 5.02%
• 10Y*: 4.45%

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

ZTOP vs. FTSL - Yearly Performance Comparison

	2026 (YTD)	2025
ZTOP F/m High Yield 100 ETF	1.72%	8.06%
FTSL First Trust Senior Loan Fund	0.66%	6.48%

Correlation

The correlation between ZTOP and FTSL is 0.51, 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	0.51
Correlation (All Time) Calculated using the full available price history since Apr 15, 2025	0.51

The correlation between ZTOP and FTSL has been stable across timeframes, ranging from 0.51 to 0.51 - a consistent structural relationship.

Return for Risk

ZTOP vs. FTSL — 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

FTSL

FTSL Risk / Return Rank: 59
FTSL Sharpe Ratio Rank: 62
FTSL Sortino Ratio Rank: 72
FTSL Omega Ratio Rank: 80
FTSL Calmar Ratio Rank: 37
FTSL Martin Ratio Rank: 42

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. FTSL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for F/m High Yield 100 ETF (ZTOP) and First Trust Senior Loan Fund (FTSL). 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	FTSL	Difference
Sharpe ratio: Return per unit of total volatility	1.81	1.99	-0.18
Sortino ratio: Return per unit of downside risk	2.72	3.11	-0.39
Omega ratio: Gain probability vs. loss probability	1.36	1.46	-0.10
Calmar ratio: Return relative to maximum drawdown	2.39	1.81	+0.58
Martin ratio: Return relative to average drawdown	10.83	6.74	+4.09

ZTOP vs. FTSL - Sharpe Ratio Comparison

The current ZTOP Sharpe Ratio is 1.81, which is comparable to the FTSL Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of ZTOP and FTSL, 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. FTSL - Drawdown Comparison

The maximum ZTOP drawdown since its inception was -2.52%, smaller than the maximum FTSL drawdown of -22.67%. Use the drawdown chart below to compare losses from any high point for ZTOP and FTSL.

Drawdown Indicators

	ZTOP	FTSL	Difference
Max Drawdown Largest peak-to-trough decline	-2.52%	-22.67%	+20.15%
Max Drawdown (1Y) Largest decline over 1 year	-2.52%	-2.33%	-0.19%
Max Drawdown (3Y) Largest decline over 3 years	—	-2.66%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-6.96%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-22.67%	—
Current Drawdown Current decline from peak	-0.25%	-0.02%	-0.23%
Average Drawdown Average peak-to-trough decline	-0.29%	-0.76%	+0.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.56%	0.63%	-0.07%

Volatility

ZTOP vs. FTSL - Volatility Comparison

F/m High Yield 100 ETF (ZTOP) has a higher volatility of 0.83% compared to First Trust Senior Loan Fund (FTSL) at 0.33%. This indicates that ZTOP's price experiences larger fluctuations and is considered to be riskier than FTSL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZTOP	FTSL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.83%	0.33%	+0.50%
Volatility (6M) Calculated over the trailing 6-month period	2.66%	1.96%	+0.70%
Volatility (1Y) Calculated over the trailing 1-year period	3.33%	2.12%	+1.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.47%	3.35%	+0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.47%	5.19%	-1.72%

ZTOP vs. FTSL - Expense Ratio Comparison

ZTOP has a 0.39% expense ratio, which is lower than FTSL's 0.86% expense ratio.

Dividends

ZTOP vs. FTSL - Dividend Comparison

ZTOP's dividend yield for the trailing twelve months is around 6.27%, less than FTSL's 6.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTSL First Trust Senior Loan Fund	6.46%	6.59%	7.56%	7.59%	4.77%	3.17%	3.48%	4.44%	4.29%	3.64%	3.70%	3.95%
ZTOP F/m High Yield 100 ETF	6.27%	4.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZTOP and FTSL in my portfolio?

ZTOP and FTSL have a correlation of 0.51, 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 FTSL?

ZTOP has higher volatility (0.83%) compared to FTSL (0.33%). In terms of maximum drawdown, ZTOP dropped -2.52% vs FTSL's -22.67%.

Which ETF is better, ZTOP or FTSL?

On 1-year performance, ZTOP leads with 6.01% vs 4.21% for FTSL. On fees, ZTOP is cheaper at 0.39% per year. On volatility, FTSL has been the lower-risk option at 0.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZTOP or FTSL?

Over the 1-year period, ZTOP has performed better with a 6.01% return vs 4.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZTOP or FTSL?

ZTOP is cheaper with a 0.39% expense ratio, compared with 0.86% for FTSL.

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

FTSL has the higher dividend yield at 6.46%, compared with 6.27% for ZTOP.

What is the main difference between ZTOP and FTSL?

They also come from different issuers: F/m Investments and First Trust. Their fees differ too: 0.39% for ZTOP and 0.86% for FTSL.

Which has better risk-adjusted returns?

FTSL currently has the higher Sharpe Ratio (1.99 vs 1.81), 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.