ZTOP vs. IBHE

Last updated Jul 12, 2026

ZTOP (F/m High Yield 100 ETF) and IBHE (iShares iBonds 2025 Term High Yield & Income ETF) are both High Yield Bonds funds - ZTOP tracks the Bloomberg U.S. High Yield Top 100 Quality Select Equal Weighted Index while IBHE tracks the Bloomberg 2025 Term High Yield and Income Index. Both are passively managed. At a 0.07 correlation, their price movements are largely independent. ZTOP charges 0.39%/yr vs 0.35%/yr for IBHE.

Performance

ZTOP vs. IBHE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in F/m High Yield 100 ETF (ZTOP) and iShares iBonds 2025 Term High Yield & Income ETF (IBHE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ZTOP

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

IBHE

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZTOP vs. IBHE - Yearly Performance Comparison

	2026 (YTD)	2025
ZTOP F/m High Yield 100 ETF	1.90%	8.06%
IBHE iShares iBonds 2025 Term High Yield & Income ETF	0.00%	3.19%

Correlation

The correlation between ZTOP and IBHE is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Apr 15, 2025	0.07

Return for Risk

ZTOP vs. IBHE — 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

IBHE

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. IBHE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for F/m High Yield 100 ETF (ZTOP) and iShares iBonds 2025 Term High Yield & Income ETF (IBHE). 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	IBHE	Difference
Sharpe ratio: Return per unit of total volatility	1.69	—	—
Sortino ratio: Return per unit of downside risk	2.53	—	—
Omega ratio: Gain probability vs. loss probability	1.34	—	—
Calmar ratio: Return relative to maximum drawdown	2.19	—	—
Martin ratio: Return relative to average drawdown	10.01	—	—

Drawdowns

Drawdown Indicators

	ZTOP	IBHE	Difference
Max Drawdown Largest peak-to-trough decline	-2.52%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-2.52%	—	—
Current Drawdown Current decline from peak	-0.15%	—	—
Average Drawdown Average peak-to-trough decline	-0.28%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.55%	—	—

Volatility

Volatility by Period

	ZTOP	IBHE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.68%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.64%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.28%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.41%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.41%	—	—

ZTOP vs. IBHE - Expense Ratio Comparison

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

Dividends

ZTOP vs. IBHE - Dividend Comparison

ZTOP's dividend yield for the trailing twelve months is around 6.26%, while IBHE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
IBHE iShares iBonds 2025 Term High Yield & Income ETF	1.87%	4.53%	6.92%	7.17%	5.77%	4.84%	5.74%	3.73%
ZTOP F/m High Yield 100 ETF	6.26%	4.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZTOP and IBHE in my portfolio?

ZTOP and IBHE have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZTOP or IBHE?

On fees, IBHE is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZTOP or IBHE?

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

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

ZTOP has the higher dividend yield at 6.26%, compared with 1.87% for IBHE.

What is the main difference between ZTOP and IBHE?

ZTOP tracks Bloomberg U.S. High Yield Top 100 Quality Select Equal Weighted Index, while IBHE tracks Bloomberg 2025 Term High Yield and Income Index. They also come from different issuers: F/m Investments and iShares. Their fees differ too: 0.39% for ZTOP and 0.35% for IBHE.