ZTOP vs. NHYB

Last updated Jul 12, 2026

ZTOP (F/m High Yield 100 ETF) and NHYB (Nuveen 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 NHYB tracks the ICE BofA BB-B US Cash Pay High Yield Constrained Index. Both are passively managed. Their correlation of 0.88 suggests significant overlap in exposure. ZTOP charges 0.39%/yr vs 0.08%/yr for NHYB.

Performance

ZTOP vs. NHYB - Performance Comparison

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

Returns By Period

In the year-to-date period, ZTOP achieves a 1.90% return, which is significantly lower than NHYB's 2.15% return.

ZTOP

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

NHYB

• 1D: -0.12%
• 1M: 0.24%
• 6M: 1.81%
• YTD: 2.15%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZTOP vs. NHYB - Yearly Performance Comparison

	2026 (YTD)	2025
ZTOP F/m High Yield 100 ETF	1.90%	1.21%
NHYB Nuveen High Yield Corporate Bond ETF	2.15%	1.24%

Correlation

The correlation between ZTOP and NHYB is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 24, 2025	0.88

Return for Risk

ZTOP vs. NHYB — 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

NHYB

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. NHYB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for F/m High Yield 100 ETF (ZTOP) and Nuveen High Yield Corporate Bond ETF (NHYB). 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	NHYB	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

ZTOP vs. NHYB - Drawdown Comparison

The maximum ZTOP drawdown since its inception was -2.52%, roughly equal to the maximum NHYB drawdown of -2.40%. Use the drawdown chart below to compare losses from any high point for ZTOP and NHYB.

Drawdown Indicators

	ZTOP	NHYB	Difference
Max Drawdown Largest peak-to-trough decline	-2.52%	-2.40%	-0.12%
Max Drawdown (1Y) Largest decline over 1 year	-2.52%	—	—
Current Drawdown Current decline from peak	-0.15%	-0.24%	+0.09%
Average Drawdown Average peak-to-trough decline	-0.28%	-0.34%	+0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.55%	—	—

Volatility

Volatility by Period

	ZTOP	NHYB	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%	3.55%	-0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.41%	3.55%	-0.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.41%	3.55%	-0.14%

ZTOP vs. NHYB - Expense Ratio Comparison

ZTOP has a 0.39% expense ratio, which is higher than NHYB's 0.08% expense ratio.

Dividends

ZTOP vs. NHYB - Dividend Comparison

ZTOP's dividend yield for the trailing twelve months is around 6.26%, more than NHYB's 4.82% yield.

Position	TTM	2025
NHYB Nuveen High Yield Corporate Bond ETF	4.82%	1.28%
ZTOP F/m High Yield 100 ETF	6.26%	4.39%

Frequently Asked Questions

Can I hold both ZTOP and NHYB in my portfolio?

ZTOP and NHYB have a correlation of 0.88, 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 NHYB?

On fees, NHYB is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZTOP or NHYB?

NHYB is cheaper with a 0.08% expense ratio, compared with 0.39% for ZTOP.

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

ZTOP has the higher dividend yield at 6.26%, compared with 4.82% for NHYB.

What is the main difference between ZTOP and NHYB?

ZTOP tracks Bloomberg U.S. High Yield Top 100 Quality Select Equal Weighted Index, while NHYB tracks ICE BofA BB-B US Cash Pay High Yield Constrained Index. They also come from different issuers: F/m Investments and Nuveen. Their fees differ too: 0.39% for ZTOP and 0.08% for NHYB.