ZTRE vs. ZHOG

Last updated Aug 2, 2026

ZTRE (F/M 3-Year Investment Grade Corporate Bond ETF) and ZHOG (F/m Opportunistic Income ETF) are both exchange-traded funds - ZTRE is a Short-Term Bond fund tracking the ICE 3-Year US Target Maturity Corporate Index - Benchmark TR Gross, while ZHOG is a Intermediate Core-Plus Bond fund actively managed by F/m. ZTRE is passively managed, while ZHOG is actively managed. Over the past year, ZTRE returned 3.03% vs 3.61% for ZHOG. Their 0.76 correlation means they have sometimes moved together and sometimes differently. ZTRE charges 0.15%/yr vs 0.43%/yr for ZHOG.

Performance

ZTRE vs. ZHOG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in F/M 3-Year Investment Grade Corporate Bond ETF (ZTRE) and F/m Opportunistic Income ETF (ZHOG). 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 ZTRE having a 0.80% return and ZHOG slightly higher at 0.84%.

ZTRE

• 1D: -0.04%
• 1M: -0.06%
• 6M: 0.41%
• YTD: 0.80%
• 1Y: 3.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.76%

ZHOG

• 1D: -0.02%
• 1M: -0.29%
• 6M: 0.45%
• YTD: 0.84%
• 1Y: 3.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.12%

*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)
ZHOG F/m Opportunistic Income ETF	$58.62K	$55.64K	$69.45K
ZTRE F/M 3-Year Investment Grade Corporate Bond ETF	$361.74K	$257.68K	$173.89K

ZTRE vs. ZHOG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZTRE F/M 3-Year Investment Grade Corporate Bond ETF	0.80%	6.60%	0.32%
ZHOG F/m Opportunistic Income ETF	0.84%	5.98%	0.12%

Correlation

The correlation between ZTRE and ZHOG is 0.75, 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.	0.75
Correlation (All Time) Calculated using the full available price history since Dec 19, 2024	0.76

The correlation between ZTRE and ZHOG has been stable across timeframes, ranging from 0.75 to 0.76 - a consistent structural relationship.

Return for Risk

ZTRE vs. ZHOG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ZTRE

ZTRE Risk / Return Rank: 79
ZTRE Sharpe Ratio Rank: 80
ZTRE Sortino Ratio Rank: 85
ZTRE Omega Ratio Rank: 84
ZTRE Calmar Ratio Rank: 70
ZTRE Martin Ratio Rank: 76

ZHOG

ZHOG Risk / Return Rank: 89
ZHOG Sharpe Ratio Rank: 92
ZHOG Sortino Ratio Rank: 93
ZHOG Omega Ratio Rank: 93
ZHOG Calmar Ratio Rank: 82
ZHOG Martin Ratio Rank: 86

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.

ZTRE vs. ZHOG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for F/M 3-Year Investment Grade Corporate Bond ETF (ZTRE) and F/m Opportunistic Income ETF (ZHOG). 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.

	ZTRE	ZHOG	Difference
Sharpe ratio: Return per unit of total volatility	1.86	2.43	-0.57
Sortino ratio: Return per unit of downside risk	2.80	3.59	-0.78
Omega ratio: Gain probability vs. loss probability	1.36	1.46	-0.10
Calmar ratio: Return relative to maximum drawdown	2.47	3.01	-0.54
Martin ratio: Return relative to average drawdown	9.68	12.31	-2.62

ZTRE vs. ZHOG - Sharpe Ratio Comparison

The current ZTRE Sharpe Ratio is 1.86, which is comparable to the ZHOG Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of ZTRE and ZHOG, 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

ZTRE vs. ZHOG - Drawdown Comparison

The maximum ZTRE drawdown since its inception was -1.45%, smaller than the maximum ZHOG drawdown of -3.66%. Use the drawdown chart below to compare losses from any high point for ZTRE and ZHOG.

Drawdown Indicators

	ZTRE	ZHOG	Difference
Max Drawdown Largest peak-to-trough decline	-1.45%	-3.66%	+2.21%
Max Drawdown (1Y) Largest decline over 1 year	-1.45%	-1.31%	-0.14%
Current Drawdown Current decline from peak	-0.10%	-0.54%	+0.44%
Average Drawdown Average peak-to-trough decline	-0.21%	-0.67%	+0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.37%	0.32%	+0.05%

Volatility

ZTRE vs. ZHOG - Volatility Comparison

F/M 3-Year Investment Grade Corporate Bond ETF (ZTRE) and F/m Opportunistic Income ETF (ZHOG) have volatilities of 0.65% and 0.66%, 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

	ZTRE	ZHOG	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.65%	0.66%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	1.58%	1.29%	+0.29%
Volatility (1Y) Calculated over the trailing 1-year period	1.93%	1.62%	+0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.10%	3.93%	-1.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.10%	3.93%	-1.83%

ZTRE vs. ZHOG - Expense Ratio Comparison

ZTRE has a 0.15% expense ratio, which is lower than ZHOG's 0.43% expense ratio.

Dividends

ZTRE vs. ZHOG - Dividend Comparison

ZTRE's dividend yield for the trailing twelve months is around 4.56%, less than ZHOG's 5.52% yield.

Position	TTM	2025	2024	2023
ZHOG F/m Opportunistic Income ETF	5.04%	5.35%	5.50%	1.70%
ZTRE F/M 3-Year Investment Grade Corporate Bond ETF	4.23%	4.37%	0.39%	0.00%

Frequently Asked Questions

Can I hold both ZTRE and ZHOG in my portfolio?

ZTRE and ZHOG have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZTRE or ZHOG?

ZHOG has higher volatility (0.66%) compared to ZTRE (0.65%). In terms of maximum drawdown, ZTRE dropped -1.45% vs ZHOG's -3.66%.

Which ETF is better, ZTRE or ZHOG?

On 1-year performance, ZHOG leads with 3.61% vs 3.03% for ZTRE. On fees, ZTRE is cheaper at 0.15% 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, ZTRE or ZHOG?

Over the 1-year period, ZHOG has performed better with a 3.61% return vs 3.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZTRE or ZHOG?

ZTRE is cheaper with a 0.15% expense ratio, compared with 0.43% for ZHOG.

Which ETF pays a higher dividend yield, ZTRE or ZHOG?

ZHOG has the higher dividend yield at 5.04%, compared with 4.23% for ZTRE.

What is the main difference between ZTRE and ZHOG?

ZTRE is categorized as Short-Term Bond, while ZHOG is Intermediate Core-Plus Bond. Their fees differ too: 0.15% for ZTRE and 0.43% for ZHOG.

Which has better risk-adjusted returns?

ZHOG currently has the higher Sharpe Ratio (2.43 vs 1.86), 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.