ZTOP vs. SPHY
ZTOP (F/m High Yield 100 ETF) and SPHY (SPDR Portfolio High Yield Bond ETF) are both High Yield Bonds funds - ZTOP tracks the Bloomberg U.S. High Yield Top 100 Quality Select Equal Weighted Index while SPHY tracks the ICE BofA US High Yield Index. Both are passively managed. Over the past year, ZTOP returned 6.55% vs 7.16% for SPHY. Their correlation of 0.93 suggests significant overlap in exposure. ZTOP charges 0.39%/yr vs 0.05%/yr for SPHY.
Performance
ZTOP vs. SPHY - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with ZTOP having a 1.53% return and SPHY slightly higher at 1.54%.
ZTOP
- 1D
- -0.22%
- 1M
- 0.35%
- YTD
- 1.53%
- 6M
- 2.09%
- 1Y
- 6.55%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPHY
- 1D
- -0.21%
- 1M
- 0.42%
- YTD
- 1.54%
- 6M
- 1.93%
- 1Y
- 7.16%
- 3Y*
- 8.97%
- 5Y*
- 4.39%
- 10Y*
- 5.15%
ZTOP vs. SPHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ZTOP F/m High Yield 100 ETF | 1.53% | 8.13% |
SPHY SPDR Portfolio High Yield Bond ETF | 1.54% | 9.44% |
Correlation
The correlation between ZTOP and SPHY 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 SPHY has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.
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Return for Risk
ZTOP vs. SPHY — Risk / Return Rank
ZTOP
SPHY
ZTOP vs. SPHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for F/m High Yield 100 ETF (ZTOP) and SPDR Portfolio High Yield Bond ETF (SPHY). 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 | SPHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.39 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.61 | 2.98 | -0.37 |
| Martin ratioReturn relative to average drawdown | 11.86 | 13.52 | -1.65 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZTOP | SPHY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.00 | 1.96 | +0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.62 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.65 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.48 | 0.64 | +1.84 |
Drawdowns
ZTOP vs. SPHY - Drawdown Comparison
The maximum ZTOP drawdown since its inception was -2.52%, smaller than the maximum SPHY drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for ZTOP and SPHY.
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Drawdown Indicators
| ZTOP | SPHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.52% | -21.97% | +19.45% |
Max Drawdown (1Y)Largest decline over 1 year | -2.52% | -2.41% | -0.11% |
Max Drawdown (3Y)Largest decline over 3 years | — | -4.85% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -15.29% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -21.97% | — |
Current DrawdownCurrent decline from peak | -0.27% | -0.22% | -0.05% |
Average DrawdownAverage peak-to-trough decline | -0.29% | -2.29% | +2.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.55% | 0.53% | +0.02% |
Volatility
ZTOP vs. SPHY - Volatility Comparison
The current volatility for F/m High Yield 100 ETF (ZTOP) is 1.04%, while SPDR Portfolio High Yield Bond ETF (SPHY) has a volatility of 1.14%. This indicates that ZTOP experiences smaller price fluctuations and is considered to be less risky than SPHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZTOP | SPHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.04% | 1.14% | -0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 2.59% | 2.91% | -0.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.29% | 3.68% | -0.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.49% | 7.17% | -3.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.49% | 7.89% | -4.40% |
ZTOP vs. SPHY - Expense Ratio Comparison
ZTOP has a 0.39% expense ratio, which is higher than SPHY's 0.05% expense ratio.
Dividends
ZTOP vs. SPHY - Dividend Comparison
ZTOP's dividend yield for the trailing twelve months is around 6.24%, less than SPHY's 7.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPHY SPDR Portfolio High Yield Bond ETF | 7.27% | 7.38% | 7.80% | 7.30% | 6.47% | 5.13% | 5.63% | 5.73% | 4.09% | 4.41% | 4.27% | 4.29% |
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% | 0.00% |
Frequently Asked Questions
With a correlation of 0.92, ZTOP and SPHY 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.
SPHY has higher volatility (1.14%) compared to ZTOP (1.04%). In terms of maximum drawdown, ZTOP dropped -2.52% vs SPHY's -21.97%.
On 1-year performance, SPHY leads with 7.16% vs 6.55% for ZTOP. On fees, SPHY is cheaper at 0.05% 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.
Over the 1-year period, SPHY has performed better with a 7.16% return vs 6.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPHY is cheaper with a 0.05% expense ratio, compared with 0.39% for ZTOP.
SPHY has the higher dividend yield at 7.27%, compared with 6.24% for ZTOP.
ZTOP tracks Bloomberg U.S. High Yield Top 100 Quality Select Equal Weighted Index, while SPHY tracks ICE BofA US High Yield Index. They also come from different issuers: F/m Investments and State Street. Their fees differ too: 0.39% for ZTOP and 0.05% for SPHY.
ZTOP currently has the higher Sharpe Ratio (2.00 vs 1.96), 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.
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