ZTOP vs. PHYD
ZTOP (F/m High Yield 100 ETF) and PHYD (Putnam ESG High Yield ETF -) are both High Yield Bonds funds. ZTOP is passively managed, while PHYD is actively managed. Their 0.78 correlation means they have sometimes moved together and sometimes differently. ZTOP charges 0.39%/yr vs 0.55%/yr for PHYD.
Performance
ZTOP vs. PHYD - Performance Comparison
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Returns By Period
ZTOP
- 1D
- 0.09%
- 1M
- -0.35%
- 6M
- 1.01%
- YTD
- 1.62%
- 1Y
- 4.87%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 7.51%
PHYD
- 1D
- —
- 1M
- —
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $9.29K | $12.01K | $41.65K |
ZTOP vs. PHYD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ZTOP F/m High Yield 100 ETF | 1.62% | 8.06% |
PHYD Putnam ESG High Yield ETF - | 2.32% | 9.68% |
Correlation
The correlation between ZTOP and PHYD is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.76 |
Correlation (All Time) Calculated using the full available price history since Apr 15, 2025 | 0.78 |
The correlation between ZTOP and PHYD has been stable across timeframes, ranging from 0.76 to 0.78 - a consistent structural relationship.
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Return for Risk
ZTOP vs. PHYD — Risk / Return Rank
ZTOP
PHYD
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
ZTOP vs. PHYD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for F/m High Yield 100 ETF (ZTOP) and Putnam ESG High Yield ETF - (PHYD). 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 | PHYD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.29 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.94 | — | — |
| Martin ratioReturn relative to average drawdown | 8.69 | — | — |
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Drawdowns
ZTOP vs. PHYD - Drawdown Comparison
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Drawdown Indicators
| ZTOP | PHYD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.52% | — | — |
Max Drawdown (1Y)Largest decline over 1 year | -2.52% | — | — |
Current DrawdownCurrent decline from peak | -0.46% | — | — |
Average DrawdownAverage peak-to-trough decline | -0.29% | — | — |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.56% | — | — |
Volatility
ZTOP vs. PHYD - Volatility Comparison
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Volatility by Period
| ZTOP | PHYD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.72% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.69% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.30% | — | — |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.38% | — | — |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.38% | — | — |
ZTOP vs. PHYD - Expense Ratio Comparison
ZTOP has a 0.39% expense ratio, which is lower than PHYD's 0.55% expense ratio.
Dividends
ZTOP vs. PHYD - Dividend Comparison
ZTOP's dividend yield for the trailing twelve months is around 6.29%, while PHYD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
PHYD Putnam ESG High Yield ETF - | 8.00% | 6.63% | 6.80% | 6.15% |
ZTOP F/m High Yield 100 ETF | 6.29% | 4.39% | 0.00% | 0.00% |
Frequently Asked Questions
ZTOP and PHYD have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZTOP is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZTOP is cheaper with a 0.39% expense ratio, compared with 0.55% for PHYD.
PHYD has the higher dividend yield at 8.00%, compared with 6.29% for ZTOP.
They also come from different issuers: F/m and Putnam. Their fees differ too: 0.39% for ZTOP and 0.55% for PHYD.
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