ZTOP vs. USHY

Last updated Jun 23, 2026

ZTOP (F/m High Yield 100 ETF) and USHY (iShares Broad USD 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 USHY tracks the ICE BofA US High Yield Constrained Index. Both are passively managed. Over the past year, ZTOP returned 6.01% vs 6.67% for USHY. Their correlation of 0.91 suggests significant overlap in exposure. ZTOP charges 0.39%/yr vs 0.15%/yr for USHY.

Performance

ZTOP vs. USHY - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with ZTOP having a 1.72% return and USHY slightly higher at 1.78%.

ZTOP

• 1D: -0.15%
• 1M: 0.35%
• YTD: 1.72%
• 6M: 2.15%
• 1Y: 6.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USHY

• 1D: -0.05%
• 1M: 0.57%
• YTD: 1.78%
• 6M: 2.04%
• 1Y: 6.67%
• 3Y*: 9.21%
• 5Y*: 4.21%
• 10Y*: —

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

ZTOP vs. USHY - Yearly Performance Comparison

	2026 (YTD)	2025
ZTOP F/m High Yield 100 ETF	1.72%	8.06%
USHY iShares Broad USD High Yield Corporate Bond ETF	1.78%	9.65%

Correlation

The correlation between ZTOP and USHY 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 15, 2025	0.91

The correlation between ZTOP and USHY has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.

Return for Risk

ZTOP vs. USHY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZTOP

ZTOP Risk / Return Rank: 57
ZTOP Sharpe Ratio Rank: 55
ZTOP Sortino Ratio Rank: 59
ZTOP Omega Ratio Rank: 61
ZTOP Calmar Ratio Rank: 50
ZTOP Martin Ratio Rank: 62

USHY

USHY Risk / Return Rank: 60
USHY Sharpe Ratio Rank: 56
USHY Sortino Ratio Rank: 60
USHY Omega Ratio Rank: 59
USHY Calmar Ratio Rank: 57
USHY Martin Ratio Rank: 69

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. USHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for F/m High Yield 100 ETF (ZTOP) and iShares Broad USD High Yield Corporate Bond ETF (USHY). 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	USHY	Difference
Sharpe ratio: Return per unit of total volatility	1.81	1.82	-0.01
Sortino ratio: Return per unit of downside risk	2.72	2.74	-0.02
Omega ratio: Gain probability vs. loss probability	1.36	1.35	+0.01
Calmar ratio: Return relative to maximum drawdown	2.39	2.76	-0.37
Martin ratio: Return relative to average drawdown	10.83	12.34	-1.51

ZTOP vs. USHY - Sharpe Ratio Comparison

The current ZTOP Sharpe Ratio is 1.81, which is comparable to the USHY Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of ZTOP and USHY, 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. USHY - Drawdown Comparison

The maximum ZTOP drawdown since its inception was -2.52%, smaller than the maximum USHY drawdown of -22.44%. Use the drawdown chart below to compare losses from any high point for ZTOP and USHY.

Drawdown Indicators

	ZTOP	USHY	Difference
Max Drawdown Largest peak-to-trough decline	-2.52%	-22.44%	+19.92%
Max Drawdown (1Y) Largest decline over 1 year	-2.52%	-2.43%	-0.09%
Max Drawdown (3Y) Largest decline over 3 years	—	-4.66%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.56%	—
Current Drawdown Current decline from peak	-0.25%	-0.11%	-0.14%
Average Drawdown Average peak-to-trough decline	-0.29%	-2.65%	+2.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.56%	0.54%	+0.02%

Volatility

ZTOP vs. USHY - Volatility Comparison

The current volatility for F/m High Yield 100 ETF (ZTOP) is 0.83%, while iShares Broad USD High Yield Corporate Bond ETF (USHY) has a volatility of 0.94%. This indicates that ZTOP experiences smaller price fluctuations and is considered to be less risky than USHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZTOP	USHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.83%	0.94%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	2.66%	2.97%	-0.31%
Volatility (1Y) Calculated over the trailing 1-year period	3.33%	3.68%	-0.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.47%	7.35%	-3.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.47%	8.23%	-4.76%

ZTOP vs. USHY - Expense Ratio Comparison

ZTOP has a 0.39% expense ratio, which is higher than USHY's 0.15% expense ratio.

Dividends

ZTOP vs. USHY - Dividend Comparison

ZTOP's dividend yield for the trailing twelve months is around 6.27%, less than USHY's 6.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
USHY iShares Broad USD High Yield Corporate Bond ETF	6.90%	6.79%	6.89%	6.63%	6.08%	5.07%	5.30%	5.92%	6.30%	0.73%
ZTOP F/m High Yield 100 ETF	6.27%	4.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZTOP and USHY in my portfolio?

With a correlation of 0.92, ZTOP and USHY 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.

Which is riskier, ZTOP or USHY?

USHY has higher volatility (0.94%) compared to ZTOP (0.83%). In terms of maximum drawdown, ZTOP dropped -2.52% vs USHY's -22.44%.

Which ETF is better, ZTOP or USHY?

On 1-year performance, USHY leads with 6.67% vs 6.01% for ZTOP. On fees, USHY is cheaper at 0.15% per year. On volatility, ZTOP has been the lower-risk option at 0.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZTOP or USHY?

Over the 1-year period, USHY has performed better with a 6.67% return vs 6.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZTOP or USHY?

USHY is cheaper with a 0.15% expense ratio, compared with 0.39% for ZTOP.

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

USHY has the higher dividend yield at 6.90%, compared with 6.27% for ZTOP.

What is the main difference between ZTOP and USHY?

ZTOP tracks Bloomberg U.S. High Yield Top 100 Quality Select Equal Weighted Index, while USHY tracks ICE BofA US High Yield Constrained Index. They also come from different issuers: F/m Investments and iShares. Their fees differ too: 0.39% for ZTOP and 0.15% for USHY.

Which has better risk-adjusted returns?

USHY currently has the higher Sharpe Ratio (1.82 vs 1.81), 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.