CBH.TO vs. CPD.TO
CBH.TO (iShares 1-10 Year Laddered Corporate Bond Index ETF) and CPD.TO (iShares S&P/TSX Canadian Preferred Share Index ETF) are both exchange-traded funds - CBH.TO is a Corporate Bonds fund tracking the Morningstar Can Corp Bd GR CAD, while CPD.TO is a Preferred Stock/Convertible Bonds fund tracking the S&P/TSX Preferred Share TR. Both are passively managed. Over the past 10 years, CBH.TO returned 2.27%/yr vs 6.55%/yr for CPD.TO. At a correlation of -0.02, they often move in opposite directions. CBH.TO charges 0.28%/yr vs 0.50%/yr for CPD.TO.
Performance
CBH.TO vs. CPD.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CBH.TO achieves a 1.13% return, which is significantly lower than CPD.TO's 5.80% return. Over the past 10 years, CBH.TO has underperformed CPD.TO with an annualized return of 2.27%, while CPD.TO has yielded a comparatively higher 6.55% annualized return.
CBH.TO
- 1D
- 0.00%
- 1M
- -0.27%
- 6M
- 0.68%
- YTD
- 1.13%
- 1Y
- 4.00%
- 3Y*
- 5.53%
- 5Y*
- 2.08%
- 10Y*
- 2.27%
CPD.TO
- 1D
- 0.21%
- 1M
- 2.01%
- 6M
- 5.65%
- YTD
- 5.80%
- 1Y
- 12.28%
- 3Y*
- 16.88%
- 5Y*
- 6.21%
- 10Y*
- 6.55%
CBH.TO vs. CPD.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CBH.TO iShares 1-10 Year Laddered Corporate Bond Index ETF | 1.13% | 4.60% | 6.19% | 6.48% | -6.85% | -2.08% | 7.99% | 5.62% | 0.92% | 0.65% |
CPD.TO iShares S&P/TSX Canadian Preferred Share Index ETF | 5.80% | 16.10% | 23.31% | 6.23% | -19.19% | 18.85% | 5.35% | 3.35% | -9.05% | 13.44% |
Correlation
The correlation between CBH.TO and CPD.TO is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Oct 25, 2011 | -0.02 |
The correlation between CBH.TO and CPD.TO shifts across timeframes, from -0.02 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CBH.TO vs. CPD.TO — Risk / Return Rank
CBH.TO
CPD.TO
CBH.TO vs. CPD.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 1-10 Year Laddered Corporate Bond Index ETF (CBH.TO) and iShares S&P/TSX Canadian Preferred Share Index ETF (CPD.TO). 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.
| CBH.TO | CPD.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.68 | ||
| Sortino ratioReturn per unit of downside risk | -2.20 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.63 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | 1.88 | 4.57 | -2.69 |
| Martin ratioReturn relative to average drawdown | 5.63 | 22.76 | -17.13 |
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Drawdowns
CBH.TO vs. CPD.TO - Drawdown Comparison
The maximum CBH.TO drawdown since its inception was -16.36%, smaller than the maximum CPD.TO drawdown of -40.92%. Use the drawdown chart below to compare losses from any high point for CBH.TO and CPD.TO.
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Drawdown Indicators
| CBH.TO | CPD.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.36% | -40.92% | +24.56% |
Max Drawdown (1Y)Largest decline over 1 year | -2.14% | -2.70% | +0.56% |
Max Drawdown (3Y)Largest decline over 3 years | -2.14% | -7.65% | +5.51% |
Max Drawdown (5Y)Largest decline over 5 years | -10.50% | -24.12% | +13.62% |
Max Drawdown (10Y)Largest decline over 10 years | -16.36% | -40.92% | +24.56% |
Current DrawdownCurrent decline from peak | -0.61% | 0.00% | -0.61% |
Average DrawdownAverage peak-to-trough decline | -1.86% | -6.71% | +4.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.71% | 0.54% | +0.17% |
Volatility
CBH.TO vs. CPD.TO - Volatility Comparison
iShares 1-10 Year Laddered Corporate Bond Index ETF (CBH.TO) has a higher volatility of 0.83% compared to iShares S&P/TSX Canadian Preferred Share Index ETF (CPD.TO) at 0.70%. This indicates that CBH.TO's price experiences larger fluctuations and is considered to be riskier than CPD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CBH.TO | CPD.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.83% | 0.70% | +0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 2.26% | 2.72% | -0.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.11% | 4.14% | -1.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.05% | 7.70% | -3.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.47% | 10.57% | -4.10% |
CBH.TO vs. CPD.TO - Expense Ratio Comparison
CBH.TO has a 0.28% expense ratio, which is lower than CPD.TO's 0.50% expense ratio.
Dividends
CBH.TO vs. CPD.TO - Dividend Comparison
CBH.TO's dividend yield for the trailing twelve months is around 3.39%, less than CPD.TO's 4.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CBH.TO iShares 1-10 Year Laddered Corporate Bond Index ETF | 3.39% | 3.32% | 3.21% | 3.28% | 3.17% | 2.91% | 2.92% | 3.33% | 3.65% | 3.82% | 2.59% | 2.94% |
CPD.TO iShares S&P/TSX Canadian Preferred Share Index ETF | 4.96% | 4.96% | 5.11% | 5.88% | 5.53% | 4.17% | 4.96% | 5.02% | 4.74% | 4.33% | 4.85% | 5.44% |
Frequently Asked Questions
CBH.TO and CPD.TO have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CBH.TO is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CBH.TO is cheaper with a 0.28% expense ratio, compared with 0.50% for CPD.TO.
CBH.TO is categorized as Corporate Bonds, while CPD.TO is Preferred Stock/Convertible Bonds. CBH.TO tracks Morningstar Can Corp Bd GR CAD, while CPD.TO tracks S&P/TSX Preferred Share TR. Their fees differ too: 0.28% for CBH.TO and 0.50% for CPD.TO.
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