ZTWO vs. ZTOP

Last updated Aug 2, 2026

ZTWO (F/M 2-Year Investment Grade Corporate Bond ETF) and ZTOP (F/m High Yield 100 ETF) are both exchange-traded funds - ZTWO is a Short-Term Bond fund tracking the ICE 2-Year US Target Maturity Corporate Index - Benchmark TR Gross, while ZTOP is a High Yield Bonds fund tracking the Bloomberg U.S. High Yield Top 100 Quality Select Equal Weighted Index. Both are passively managed. Over the past year, ZTWO returned 3.23% vs 4.87% for ZTOP. Their 0.50 correlation means they have sometimes moved together and sometimes differently. ZTWO charges 0.15%/yr vs 0.39%/yr for ZTOP.

Performance

ZTWO vs. ZTOP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in F/M 2-Year Investment Grade Corporate Bond ETF (ZTWO) and F/m High Yield 100 ETF (ZTOP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZTWO achieves a 1.30% return, which is significantly lower than ZTOP's 1.62% return.

ZTWO

• 1D: -0.12%
• 1M: -0.05%
• 6M: 0.87%
• YTD: 1.30%
• 1Y: 3.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.43%

ZTOP

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

*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)
ZTOP F/m High Yield 100 ETF	$9.29K	$12.01K	$41.65K
ZTWO F/M 2-Year Investment Grade Corporate Bond ETF	$88.61K	$63.37K	$67.56K

ZTWO vs. ZTOP - Yearly Performance Comparison

	2026 (YTD)	2025
ZTWO F/M 2-Year Investment Grade Corporate Bond ETF	1.30%	4.18%
ZTOP F/m High Yield 100 ETF	1.62%	8.06%

Correlation

The correlation between ZTWO and ZTOP is 0.55, 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.	0.55
Correlation (All Time) Calculated using the full available price history since Apr 15, 2025	0.50

The correlation between ZTWO and ZTOP has been stable across timeframes, ranging from 0.50 to 0.55 - a consistent structural relationship.

Return for Risk

ZTWO vs. ZTOP — Risk / Return Rank

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

ZTWO

ZTWO Risk / Return Rank: 94
ZTWO Sharpe Ratio Rank: 94
ZTWO Sortino Ratio Rank: 96
ZTWO Omega Ratio Rank: 95
ZTWO Calmar Ratio Rank: 90
ZTWO Martin Ratio Rank: 94

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

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.

ZTWO vs. ZTOP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for F/M 2-Year Investment Grade Corporate Bond ETF (ZTWO) and F/m High Yield 100 ETF (ZTOP). 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.

	ZTWO	ZTOP	Difference
Sharpe ratio: Return per unit of total volatility	2.67	1.48	+1.19
Sortino ratio: Return per unit of downside risk	4.26	2.23	+2.03
Omega ratio: Gain probability vs. loss probability	1.53	1.29	+0.24
Calmar ratio: Return relative to maximum drawdown	3.92	1.94	+1.98
Martin ratio: Return relative to average drawdown	18.21	8.69	+9.52

ZTWO vs. ZTOP - Sharpe Ratio Comparison

The current ZTWO Sharpe Ratio is 2.67, which is higher than the ZTOP Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of ZTWO and ZTOP, 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

ZTWO vs. ZTOP - Drawdown Comparison

The maximum ZTWO drawdown since its inception was -0.93%, smaller than the maximum ZTOP drawdown of -2.52%. Use the drawdown chart below to compare losses from any high point for ZTWO and ZTOP.

Drawdown Indicators

	ZTWO	ZTOP	Difference
Max Drawdown Largest peak-to-trough decline	-0.93%	-2.52%	+1.59%
Max Drawdown (1Y) Largest decline over 1 year	-0.93%	-2.52%	+1.59%
Current Drawdown Current decline from peak	-0.12%	-0.46%	+0.34%
Average Drawdown Average peak-to-trough decline	-0.10%	-0.29%	+0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.20%	0.56%	-0.36%

Volatility

ZTWO vs. ZTOP - Volatility Comparison

The current volatility for F/M 2-Year Investment Grade Corporate Bond ETF (ZTWO) is 0.41%, while F/m High Yield 100 ETF (ZTOP) has a volatility of 0.72%. This indicates that ZTWO experiences smaller price fluctuations and is considered to be less risky than ZTOP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZTWO	ZTOP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.41%	0.72%	-0.31%
Volatility (6M) Calculated over the trailing 6-month period	1.09%	2.69%	-1.60%
Volatility (1Y) Calculated over the trailing 1-year period	1.37%	3.30%	-1.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.49%	3.38%	-1.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.49%	3.38%	-1.89%

ZTWO vs. ZTOP - Expense Ratio Comparison

ZTWO has a 0.15% expense ratio, which is lower than ZTOP's 0.39% expense ratio.

Dividends

ZTWO vs. ZTOP - Dividend Comparison

ZTWO's dividend yield for the trailing twelve months is around 4.45%, less than ZTOP's 6.29% yield.

Position	TTM	2025	2024
ZTOP F/m High Yield 100 ETF	6.29%	4.39%	0.00%
ZTWO F/M 2-Year Investment Grade Corporate Bond ETF	4.13%	4.31%	0.39%

Frequently Asked Questions

Can I hold both ZTWO and ZTOP in my portfolio?

ZTWO and ZTOP have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZTWO or ZTOP?

ZTOP has higher volatility (0.72%) compared to ZTWO (0.41%). In terms of maximum drawdown, ZTWO dropped -0.93% vs ZTOP's -2.52%.

Which ETF is better, ZTWO or ZTOP?

On 1-year performance, ZTOP leads with 4.87% vs 3.23% for ZTWO. On fees, ZTWO is cheaper at 0.15% per year. On volatility, ZTWO has been the lower-risk option at 0.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZTWO or ZTOP?

Over the 1-year period, ZTOP has performed better with a 4.87% return vs 3.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZTWO or ZTOP?

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

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

ZTOP has the higher dividend yield at 6.29%, compared with 4.13% for ZTWO.

What is the main difference between ZTWO and ZTOP?

ZTWO is categorized as Short-Term Bond, while ZTOP is High Yield Bonds. ZTWO tracks ICE 2-Year US Target Maturity Corporate Index - Benchmark TR Gross, while ZTOP tracks Bloomberg U.S. High Yield Top 100 Quality Select Equal Weighted Index. Their fees differ too: 0.15% for ZTWO and 0.39% for ZTOP.

Which has better risk-adjusted returns?

ZTWO currently has the higher Sharpe Ratio (2.67 vs 1.48), 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.