ZTOP vs. HYGH
ZTOP (F/m High Yield 100 ETF) and HYGH (iShares Interest Rate Hedged High Yield Bond ETF) are both High Yield Bonds funds. ZTOP is passively managed, while HYGH is actively managed. Over the past year, ZTOP returned 6.44% vs 7.78% for HYGH. A 0.63 correlation means they provide meaningful diversification when combined. ZTOP charges 0.39%/yr vs 0.53%/yr for HYGH.
Performance
ZTOP vs. HYGH - Performance Comparison
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Returns By Period
In the year-to-date period, ZTOP achieves a 1.64% return, which is significantly lower than HYGH's 2.94% return.
ZTOP
- 1D
- 0.10%
- 1M
- 0.31%
- YTD
- 1.64%
- 6M
- 2.30%
- 1Y
- 6.44%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HYGH
- 1D
- 0.10%
- 1M
- 0.66%
- YTD
- 2.94%
- 6M
- 3.59%
- 1Y
- 7.78%
- 3Y*
- 9.83%
- 5Y*
- 6.97%
- 10Y*
- 6.31%
ZTOP vs. HYGH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ZTOP F/m High Yield 100 ETF | 1.64% | 8.13% |
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 2.94% | 8.89% |
Correlation
The correlation between ZTOP and HYGH is 0.61, 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 | 0.61 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2025 | 0.63 |
The correlation between ZTOP and HYGH has been stable across timeframes, ranging from 0.61 to 0.63 - a consistent structural relationship.
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Return for Risk
ZTOP vs. HYGH — Risk / Return Rank
ZTOP
HYGH
ZTOP vs. HYGH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for F/m High Yield 100 ETF (ZTOP) and iShares Interest Rate Hedged High Yield Bond ETF (HYGH). 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 | HYGH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.40 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.56 | 4.82 | -2.26 |
| Martin ratioReturn relative to average drawdown | 11.67 | 18.86 | -7.19 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZTOP | HYGH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.97 | 2.14 | -0.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.99 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.76 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.50 | 0.56 | +1.95 |
Drawdowns
ZTOP vs. HYGH - Drawdown Comparison
The maximum ZTOP drawdown since its inception was -2.52%, smaller than the maximum HYGH drawdown of -23.88%. Use the drawdown chart below to compare losses from any high point for ZTOP and HYGH.
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Drawdown Indicators
| ZTOP | HYGH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.52% | -23.88% | +21.36% |
Max Drawdown (1Y)Largest decline over 1 year | -2.52% | -1.62% | -0.90% |
Max Drawdown (3Y)Largest decline over 3 years | — | -8.06% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -8.24% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -23.88% | — |
Current DrawdownCurrent decline from peak | -0.17% | -0.13% | -0.04% |
Average DrawdownAverage peak-to-trough decline | -0.29% | -2.23% | +1.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.55% | 0.41% | +0.14% |
Volatility
ZTOP vs. HYGH - Volatility Comparison
F/m High Yield 100 ETF (ZTOP) has a higher volatility of 1.03% compared to iShares Interest Rate Hedged High Yield Bond ETF (HYGH) at 0.61%. This indicates that ZTOP's price experiences larger fluctuations and is considered to be riskier than HYGH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZTOP | HYGH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.03% | 0.61% | +0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 2.59% | 2.84% | -0.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.29% | 3.65% | -0.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.48% | 7.07% | -3.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.48% | 8.35% | -4.87% |
ZTOP vs. HYGH - Expense Ratio Comparison
ZTOP has a 0.39% expense ratio, which is lower than HYGH's 0.53% expense ratio.
Dividends
ZTOP vs. HYGH - Dividend Comparison
ZTOP's dividend yield for the trailing twelve months is around 6.24%, less than HYGH's 6.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 6.62% | 6.86% | 7.85% | 8.95% | 6.21% | 3.74% | 4.06% | 4.89% | 6.45% | 4.79% | 4.60% | 5.75% |
ZTOP F/m High Yield 100 ETF | 6.24% | 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
ZTOP and HYGH have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZTOP has higher volatility (1.03%) compared to HYGH (0.61%). In terms of maximum drawdown, ZTOP dropped -2.52% vs HYGH's -23.88%.
On 1-year performance, HYGH leads with 7.78% vs 6.44% for ZTOP. On fees, ZTOP is cheaper at 0.39% per year. On volatility, HYGH has been the lower-risk option at 0.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, HYGH has performed better with a 7.78% return vs 6.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ZTOP is cheaper with a 0.39% expense ratio, compared with 0.53% for HYGH.
HYGH has the higher dividend yield at 6.62%, compared with 6.24% for ZTOP.
They also come from different issuers: F/m Investments and iShares. Their fees differ too: 0.39% for ZTOP and 0.53% for HYGH.
HYGH currently has the higher Sharpe Ratio (2.14 vs 1.97), 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.
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