ZTOP vs. HYZD

Last updated Aug 2, 2026

ZTOP (F/m High Yield 100 ETF) and HYZD (WisdomTree Interest Rate Hedged High Yield Bond Fund) are both High Yield Bonds funds - ZTOP tracks the Bloomberg U.S. High Yield Top 100 Quality Select Equal Weighted Index while HYZD tracks the WisdomTree U.S. High Yield Corporate Bond, Zero Duration Index. Both are passively managed. Over the past year, ZTOP returned 4.87% vs 7.45% for HYZD. Their 0.38 correlation means their historical movements had little consistent relationship. ZTOP charges 0.39%/yr vs 0.43%/yr for HYZD.

Performance

ZTOP vs. HYZD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in F/m High Yield 100 ETF (ZTOP) and WisdomTree Interest Rate Hedged High Yield Bond Fund (HYZD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZTOP achieves a 1.62% return, which is significantly lower than HYZD's 3.50% return.

ZTOP

• 1D: 0.09%
• 1M: -0.35%
• 6M: 1.01%
• YTD: 1.62%
• 1Y: 4.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.51%

HYZD

• 1D: 0.15%
• 1M: 0.51%
• 6M: 2.66%
• YTD: 3.50%
• 1Y: 7.45%
• 3Y*: 8.44%
• 5Y*: 6.27%
• 10Y*: 5.36%
• ALL TIME*: 4.40%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HYZD WisdomTree Interest Rate Hedged High Yield Bond Fund	$1.53M	$1.90M	$1.53M
ZTOP F/m High Yield 100 ETF	$9.29K	$12.01K	$41.65K

ZTOP vs. HYZD - Yearly Performance Comparison

	2026 (YTD)	2025
ZTOP F/m High Yield 100 ETF	1.62%	8.06%
HYZD WisdomTree Interest Rate Hedged High Yield Bond Fund	3.50%	9.50%

Correlation

The correlation between ZTOP and HYZD is 0.37, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.37
Correlation (All Time) Calculated using the full available price history since Apr 15, 2025	0.38

Return for Risk

ZTOP vs. HYZD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ZTOP

ZTOP Risk / Return Rank: 65
ZTOP Sharpe Ratio Rank: 64
ZTOP Sortino Ratio Rank: 67
ZTOP Omega Ratio Rank: 69
ZTOP Calmar Ratio Rank: 54
ZTOP Martin Ratio Rank: 70

HYZD

HYZD Risk / Return Rank: 92
HYZD Sharpe Ratio Rank: 91
HYZD Sortino Ratio Rank: 94
HYZD Omega Ratio Rank: 93
HYZD Calmar Ratio Rank: 89
HYZD Martin Ratio Rank: 92

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ZTOP vs. HYZD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for F/m High Yield 100 ETF (ZTOP) and WisdomTree Interest Rate Hedged High Yield Bond Fund (HYZD). 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	HYZD	Difference
Sharpe ratio: Return per unit of total volatility	1.48	2.32	-0.84
Sortino ratio: Return per unit of downside risk	2.23	3.73	-1.50
Omega ratio: Gain probability vs. loss probability	1.29	1.48	-0.18
Calmar ratio: Return relative to maximum drawdown	1.94	3.66	-1.71
Martin ratio: Return relative to average drawdown	8.69	15.97	-7.28

ZTOP vs. HYZD - Sharpe Ratio Comparison

The current ZTOP Sharpe Ratio is 1.48, which is lower than the HYZD Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of ZTOP and HYZD, 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. HYZD - Drawdown Comparison

The maximum ZTOP drawdown since its inception was -2.52%, smaller than the maximum HYZD drawdown of -25.66%. Use the drawdown chart below to compare losses from any high point for ZTOP and HYZD.

Drawdown Indicators

	ZTOP	HYZD	Difference
Max Drawdown Largest peak-to-trough decline	-2.52%	-25.66%	+23.14%
Max Drawdown (1Y) Largest decline over 1 year	-2.52%	-1.91%	-0.61%
Max Drawdown (3Y) Largest decline over 3 years	—	-5.85%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-8.97%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-25.66%	—
Current Drawdown Current decline from peak	-0.46%	0.00%	-0.46%
Average Drawdown Average peak-to-trough decline	-0.29%	-2.18%	+1.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.56%	0.44%	+0.12%

Volatility

ZTOP vs. HYZD - Volatility Comparison

F/m High Yield 100 ETF (ZTOP) has a higher volatility of 0.72% compared to WisdomTree Interest Rate Hedged High Yield Bond Fund (HYZD) at 0.44%. This indicates that ZTOP's price experiences larger fluctuations and is considered to be riskier than HYZD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZTOP	HYZD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.72%	0.44%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	2.69%	2.39%	+0.30%
Volatility (1Y) Calculated over the trailing 1-year period	3.30%	3.01%	+0.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.38%	6.69%	-3.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.38%	8.50%	-5.12%

ZTOP vs. HYZD - Expense Ratio Comparison

ZTOP has a 0.39% expense ratio, which is lower than HYZD's 0.43% expense ratio.

Dividends

ZTOP vs. HYZD - Dividend Comparison

ZTOP's dividend yield for the trailing twelve months is around 6.29%, more than HYZD's 5.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYZD WisdomTree Interest Rate Hedged High Yield Bond Fund	5.89%	6.05%	6.08%	5.94%	5.14%	4.02%	5.13%	5.50%	5.58%	4.94%	5.07%	4.38%
ZTOP F/m High Yield 100 ETF	6.29%	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 HYZD in my portfolio?

ZTOP and HYZD have a correlation of 0.37, 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 HYZD?

ZTOP has higher volatility (0.72%) compared to HYZD (0.44%). In terms of maximum drawdown, ZTOP dropped -2.52% vs HYZD's -25.66%.

Which ETF is better, ZTOP or HYZD?

On 1-year performance, HYZD leads with 7.45% vs 4.87% for ZTOP. On fees, ZTOP is cheaper at 0.39% per year. On volatility, HYZD has been the lower-risk option at 0.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZTOP or HYZD?

Over the 1-year period, HYZD has performed better with a 7.45% return vs 4.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZTOP or HYZD?

ZTOP is cheaper with a 0.39% expense ratio, compared with 0.43% for HYZD.

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

ZTOP has the higher dividend yield at 6.29%, compared with 5.89% for HYZD.

What is the main difference between ZTOP and HYZD?

ZTOP tracks Bloomberg U.S. High Yield Top 100 Quality Select Equal Weighted Index, while HYZD tracks WisdomTree U.S. High Yield Corporate Bond, Zero Duration Index. They also come from different issuers: F/m and WisdomTree. Their fees differ too: 0.39% for ZTOP and 0.43% for HYZD.

Which has better risk-adjusted returns?

HYZD currently has the higher Sharpe Ratio (2.32 vs 1.48), 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.