ZTOP vs. HYLB

Last updated Jun 4, 2026

ZTOP (F/m High Yield 100 ETF) and HYLB (Xtrackers USD High Yield Corporate Bond ETF) are both High Yield Bonds funds - ZTOP tracks the Bloomberg U.S. High Yield Top 100 Quality Select Equal Weighted Index while HYLB tracks the Solactive USD High Yield Corporates Total Market Index. Both are passively managed. Over the past year, ZTOP returned 6.55% vs 6.87% for HYLB. Their correlation of 0.93 suggests significant overlap in exposure. ZTOP charges 0.39%/yr vs 0.15%/yr for HYLB.

Performance

ZTOP vs. HYLB - Performance Comparison

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

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with ZTOP at 1.53% and HYLB at 1.53%.

ZTOP

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

HYLB

• 1D: -0.18%
• 1M: 0.38%
• YTD: 1.53%
• 6M: 2.00%
• 1Y: 6.87%
• 3Y*: 8.72%
• 5Y*: 4.04%
• 10Y*: —

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

ZTOP vs. HYLB - Yearly Performance Comparison

	2026 (YTD)	2025
ZTOP F/m High Yield 100 ETF	1.53%	8.13%
HYLB Xtrackers USD High Yield Corporate Bond ETF	1.53%	9.06%

Correlation

The correlation between ZTOP and HYLB is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (All Time) Calculated using the full available price history since Apr 16, 2025	0.93

The correlation between ZTOP and HYLB has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

Return for Risk

ZTOP vs. HYLB — 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

HYLB

HYLB Risk / Return Rank: 60
HYLB Sharpe Ratio Rank: 53
HYLB Sortino Ratio Rank: 59
HYLB Omega Ratio Rank: 59
HYLB Calmar Ratio Rank: 60
HYLB Martin Ratio Rank: 70

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. HYLB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for F/m High Yield 100 ETF (ZTOP) and Xtrackers USD High Yield Corporate Bond ETF (HYLB). 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	HYLB	Difference
Sharpe ratio: Return per unit of total volatility	2.00	1.86	+0.13
Sortino ratio: Return per unit of downside risk	3.00	2.83	+0.18
Omega ratio: Gain probability vs. loss probability	1.40	1.37	+0.04
Calmar ratio: Return relative to maximum drawdown	2.61	3.04	-0.43
Martin ratio: Return relative to average drawdown	11.86	13.06	-1.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZTOP vs. HYLB - Sharpe Ratio Comparison

The current ZTOP Sharpe Ratio is 2.00, which is comparable to the HYLB Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of ZTOP and HYLB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ZTOP	HYLB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.00	1.86	+0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.54	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.48	0.58	+1.90

Drawdowns

ZTOP vs. HYLB - Drawdown Comparison

The maximum ZTOP drawdown since its inception was -2.52%, smaller than the maximum HYLB drawdown of -22.91%. Use the drawdown chart below to compare losses from any high point for ZTOP and HYLB.

Drawdown Indicators

	ZTOP	HYLB	Difference
Max Drawdown Largest peak-to-trough decline	-2.52%	-22.91%	+20.39%
Max Drawdown (1Y) Largest decline over 1 year	-2.52%	-2.27%	-0.25%
Max Drawdown (3Y) Largest decline over 3 years	—	-4.51%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.54%	—
Current Drawdown Current decline from peak	-0.27%	-0.19%	-0.08%
Average Drawdown Average peak-to-trough decline	-0.29%	-2.43%	+2.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.55%	0.53%	+0.02%

Volatility

ZTOP vs. HYLB - Volatility Comparison

The current volatility for F/m High Yield 100 ETF (ZTOP) is 1.04%, while Xtrackers USD High Yield Corporate Bond ETF (HYLB) has a volatility of 1.20%. This indicates that ZTOP experiences smaller price fluctuations and is considered to be less risky than HYLB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZTOP	HYLB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.04%	1.20%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	2.59%	2.93%	-0.34%
Volatility (1Y) Calculated over the trailing 1-year period	3.29%	3.70%	-0.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.49%	7.47%	-3.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.49%	8.18%	-4.69%

ZTOP vs. HYLB - Expense Ratio Comparison

ZTOP has a 0.39% expense ratio, which is higher than HYLB's 0.15% expense ratio.

Dividends

ZTOP vs. HYLB - Dividend Comparison

ZTOP's dividend yield for the trailing twelve months is around 6.24%, less than HYLB's 6.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
HYLB Xtrackers USD High Yield Corporate Bond ETF	6.49%	6.29%	6.31%	5.84%	5.53%	4.45%	5.22%	5.71%	5.95%	5.85%	0.27%
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%

Frequently Asked Questions

Can I hold both ZTOP and HYLB in my portfolio?

With a correlation of 0.92, ZTOP and HYLB 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 is riskier, ZTOP or HYLB?

HYLB has higher volatility (1.20%) compared to ZTOP (1.04%). In terms of maximum drawdown, ZTOP dropped -2.52% vs HYLB's -22.91%.

Which ETF is better, ZTOP or HYLB?

On 1-year performance, HYLB leads with 6.87% vs 6.55% for ZTOP. On fees, HYLB is cheaper at 0.15% per year. On volatility, ZTOP has been the lower-risk option at 1.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZTOP or HYLB?

Over the 1-year period, HYLB has performed better with a 6.87% return vs 6.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZTOP or HYLB?

HYLB is cheaper with a 0.15% expense ratio, compared with 0.39% for ZTOP.

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

HYLB has the higher dividend yield at 6.49%, compared with 6.24% for ZTOP.

What is the main difference between ZTOP and HYLB?

ZTOP tracks Bloomberg U.S. High Yield Top 100 Quality Select Equal Weighted Index, while HYLB tracks Solactive USD High Yield Corporates Total Market Index. They also come from different issuers: F/m Investments and DWS. Their fees differ too: 0.39% for ZTOP and 0.15% for HYLB.

Which has better risk-adjusted returns?

ZTOP currently has the higher Sharpe Ratio (2.00 vs 1.86), 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.