ZTOP vs. THY

Last updated Aug 2, 2026

ZTOP (F/m High Yield 100 ETF) and THY (Agility Shares Dynamic Tactical Income ETF) are both High Yield Bonds funds. ZTOP is passively managed, while THY is actively managed. Over the past year, ZTOP returned 4.87% vs 2.01% for THY. Their 0.76 correlation means they have sometimes moved together and sometimes differently. ZTOP charges 0.39%/yr vs 1.36%/yr for THY.

Performance

ZTOP vs. THY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in F/m High Yield 100 ETF (ZTOP) and Agility Shares Dynamic Tactical Income ETF (THY). 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 higher than THY's 0.23% return.

ZTOP

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

THY

• 1D: -0.02%
• 1M: -0.87%
• 6M: -0.36%
• YTD: 0.23%
• 1Y: 2.01%
• 3Y*: 4.67%
• 5Y*: 1.60%
• 10Y*: —
• ALL TIME*: 1.97%

*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)
THY Agility Shares Dynamic Tactical Income ETF	$188.15K	$205.85K	$258.13K
ZTOP F/m High Yield 100 ETF	$9.29K	$12.01K	$41.65K

ZTOP vs. THY - Yearly Performance Comparison

	2026 (YTD)	2025
ZTOP F/m High Yield 100 ETF	1.62%	8.06%
THY Agility Shares Dynamic Tactical Income ETF	0.23%	5.45%

Correlation

The correlation between ZTOP and THY is 0.73, 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.	0.73
Correlation (All Time) Calculated using the full available price history since Apr 15, 2025	0.76

The correlation between ZTOP and THY has been stable across timeframes, ranging from 0.73 to 0.76 - a consistent structural relationship.

Return for Risk

ZTOP vs. THY — 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

THY

THY Risk / Return Rank: 30
THY Sharpe Ratio Rank: 29
THY Sortino Ratio Rank: 27
THY Omega Ratio Rank: 26
THY Calmar Ratio Rank: 36
THY Martin Ratio Rank: 32

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. THY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for F/m High Yield 100 ETF (ZTOP) and Agility Shares Dynamic Tactical Income ETF (THY). 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	THY	Difference
Sharpe ratio: Return per unit of total volatility	1.48	0.69	+0.79
Sortino ratio: Return per unit of downside risk	2.23	1.02	+1.21
Omega ratio: Gain probability vs. loss probability	1.29	1.13	+0.17
Calmar ratio: Return relative to maximum drawdown	1.94	1.26	+0.69
Martin ratio: Return relative to average drawdown	8.69	2.87	+5.82

ZTOP vs. THY - Sharpe Ratio Comparison

The current ZTOP Sharpe Ratio is 1.48, which is higher than the THY Sharpe Ratio of 0.69. The chart below compares the historical Sharpe Ratios of ZTOP and THY, 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. THY - Drawdown Comparison

The maximum ZTOP drawdown since its inception was -2.52%, smaller than the maximum THY drawdown of -8.56%. Use the drawdown chart below to compare losses from any high point for ZTOP and THY.

Drawdown Indicators

	ZTOP	THY	Difference
Max Drawdown Largest peak-to-trough decline	-2.52%	-8.56%	+6.04%
Max Drawdown (1Y) Largest decline over 1 year	-2.52%	-1.60%	-0.92%
Max Drawdown (3Y) Largest decline over 3 years	—	-2.74%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-8.09%	—
Current Drawdown Current decline from peak	-0.46%	-1.05%	+0.59%
Average Drawdown Average peak-to-trough decline	-0.29%	-2.56%	+2.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.56%	0.70%	-0.14%

Volatility

ZTOP vs. THY - Volatility Comparison

F/m High Yield 100 ETF (ZTOP) and Agility Shares Dynamic Tactical Income ETF (THY) have volatilities of 0.72% and 0.74%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZTOP	THY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.72%	0.74%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	2.69%	1.99%	+0.70%
Volatility (1Y) Calculated over the trailing 1-year period	3.30%	2.91%	+0.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.38%	4.55%	-1.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.38%	4.44%	-1.06%

ZTOP vs. THY - Expense Ratio Comparison

ZTOP has a 0.39% expense ratio, which is lower than THY's 1.36% expense ratio.

Dividends

ZTOP vs. THY - Dividend Comparison

ZTOP's dividend yield for the trailing twelve months is around 6.29%, more than THY's 5.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
THY Agility Shares Dynamic Tactical Income ETF	5.50%	6.00%	5.09%	4.59%	2.56%	3.46%	2.53%
ZTOP F/m High Yield 100 ETF	6.29%	4.39%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZTOP and THY in my portfolio?

ZTOP and THY have a correlation of 0.73, 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 THY?

THY has higher volatility (0.74%) compared to ZTOP (0.72%). In terms of maximum drawdown, ZTOP dropped -2.52% vs THY's -8.56%.

Which ETF is better, ZTOP or THY?

On 1-year performance, ZTOP leads with 4.87% vs 2.01% for THY. On fees, ZTOP is cheaper at 0.39% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZTOP or THY?

Over the 1-year period, ZTOP has performed better with a 4.87% return vs 2.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZTOP or THY?

ZTOP is cheaper with a 0.39% expense ratio, compared with 1.36% for THY.

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

ZTOP has the higher dividend yield at 6.29%, compared with 5.50% for THY.

What is the main difference between ZTOP and THY?

They also come from different issuers: F/m and Toews. Their fees differ too: 0.39% for ZTOP and 1.36% for THY.

Which has better risk-adjusted returns?

ZTOP currently has the higher Sharpe Ratio (1.48 vs 0.69), 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.