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CDZ.TO vs. CPD.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CDZ.TO vs. CPD.TO

Last updated Jul 22, 2026
Documentation

CDZ.TO (iShares S&P/TSX Canadian Dividend Aristocrats Index ETF) and CPD.TO (iShares S&P/TSX Canadian Preferred Share Index ETF) are both exchange-traded funds - CDZ.TO is a Canada Equities fund tracking the S&P/TSX Canadian Dividend Aristocrats Index, 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, CDZ.TO returned 9.29%/yr vs 6.42%/yr for CPD.TO. At a 0.28 correlation, their price movements are largely independent. CDZ.TO charges 0.66%/yr vs 0.50%/yr for CPD.TO.

Performance

CDZ.TO vs. CPD.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (CDZ.TO) and iShares S&P/TSX Canadian Preferred Share Index ETF (CPD.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CDZ.TO achieves a 13.24% return, which is significantly higher than CPD.TO's 6.17% return. Over the past 10 years, CDZ.TO has outperformed CPD.TO with an annualized return of 9.29%, while CPD.TO has yielded a comparatively lower 6.42% annualized return.

CDZ.TO

1D
0.15%
1M
3.67%
6M
14.97%
YTD
13.24%
1Y
18.86%
3Y*
16.14%
5Y*
10.20%
10Y*
9.29%
ALL TIME*
7.97%

CPD.TO

1D
0.07%
1M
2.15%
6M
6.33%
YTD
6.17%
1Y
12.42%
3Y*
16.47%
5Y*
6.31%
10Y*
6.42%
ALL TIME*
3.22%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CDZ.TO vs. CPD.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CDZ.TO
iShares S&P/TSX Canadian Dividend Aristocrats Index ETF		13.24%13.46%17.94%9.05%-4.39%22.95%-3.15%25.82%-8.72%5.06%
CPD.TO
iShares S&P/TSX Canadian Preferred Share Index ETF		6.17%16.10%23.31%6.23%-19.19%18.85%5.35%3.35%-9.05%13.44%

Correlation

The correlation between CDZ.TO and CPD.TO is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.13

Correlation (3Y)
Calculated over the trailing 3-year period

0.29

Correlation (5Y)
Calculated over the trailing 5-year period

0.34

Correlation (10Y)
Calculated over the trailing 10-year period

0.35

Correlation (All Time)
Calculated using the full available price history since Apr 10, 2007

0.28

The correlation between CDZ.TO and CPD.TO shifts across timeframes, from 0.13 (1 year) to 0.35 (10 years), reflecting how their relationship changes across market environments.

CDZ.TO vs. CPD.TO - Sectors Allocation Comparison

Sectors
CDZ.TO
CPD.TO

Energy

21.4%

-

Financial Services

18.6%
6.3%

Industrials

14.9%

-

Utilities

9.4%
100.0%

Real Estate

8.8%

-

Consumer Cyclical

7.4%

-

Communication Services

7.1%

-

Consumer Defensive

6.7%
0.5%

Basic Materials

3.1%

-

Technology

2.5%

-

Healthcare

-

-

Energy

CDZ.TO
21.4%
CPD.TO

-

Financial Services

CDZ.TO
18.6%
CPD.TO
6.3%

Industrials

CDZ.TO
14.9%
CPD.TO

-

Utilities

CDZ.TO
9.4%
CPD.TO
100.0%

Real Estate

CDZ.TO
8.8%
CPD.TO

-

Consumer Cyclical

CDZ.TO
7.4%
CPD.TO

-

Communication Services

CDZ.TO
7.1%
CPD.TO

-

Consumer Defensive

CDZ.TO
6.7%
CPD.TO
0.5%

Basic Materials

CDZ.TO
3.1%
CPD.TO

-

Technology

CDZ.TO
2.5%
CPD.TO

-

Healthcare

CDZ.TO

-

CPD.TO

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares S&P/TSX Canadian Dividend Aristocrats Index ETF

iShares S&P/TSX Canadian Preferred Share Index ETF

Often compared with CDZ.TO:
CDZ.TO vs. VDY.TOCDZ.TO vs. XDIV.TOCDZ.TO vs. XEI.TOCDZ.TO vs. XDV.TOCDZ.TO vs. XEQT.TOCDZ.TO vs. CUD.TOCDZ.TO vs. VEQT.TO
Often compared with CPD.TO:
CPD.TO vs. XEI.TOCPD.TO vs. VDY.TOCPD.TO vs. XDIV.TOCPD.TO vs. ZPR.TOCPD.TO vs. VFV.TOCPD.TO vs. fie.TOCPD.TO vs. XAW.TO

Return for Risk

CDZ.TO vs. CPD.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CDZ.TO
CDZ.TO Risk / Return Rank: 7171
Overall Rank
CDZ.TO Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
CDZ.TO Sortino Ratio Rank: 6060
Sortino Ratio Rank
CDZ.TO Omega Ratio Rank: 8686
Omega Ratio Rank
CDZ.TO Calmar Ratio Rank: 7070
Calmar Ratio Rank
CDZ.TO Martin Ratio Rank: 7070
Martin Ratio Rank
CPD.TO
CPD.TO Risk / Return Rank: 9595
Overall Rank
CPD.TO Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
CPD.TO Sortino Ratio Rank: 9595
Sortino Ratio Rank
CPD.TO Omega Ratio Rank: 9696
Omega Ratio Rank
CPD.TO Calmar Ratio Rank: 9292
Calmar Ratio Rank
CPD.TO Martin Ratio Rank: 9595
Martin Ratio Rank
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.

CDZ.TO vs. CPD.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (CDZ.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.

CDZ.TOCPD.TODifference
Sharpe ratioReturn per unit of total volatility
1.70
3.01

-1.32

Sortino ratioReturn per unit of downside risk
2.15
4.11

-1.95

Omega ratioGain probability vs. loss probability

1.39

1.64

-0.24

Calmar ratioReturn relative to maximum drawdown

2.58

4.63

-2.04

Martin ratioReturn relative to average drawdown

9.25

23.03

-13.77

CDZ.TO vs. CPD.TO - Sharpe Ratio Comparison

The current CDZ.TO Sharpe Ratio is 1.70, which is lower than the CPD.TO Sharpe Ratio of 3.01. The chart below compares the historical Sharpe Ratios of CDZ.TO and CPD.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

CDZ.TO vs. CPD.TO - Drawdown Comparison

The maximum CDZ.TO drawdown since its inception was -49.23%, which is greater than CPD.TO's maximum drawdown of -40.92%. Use the drawdown chart below to compare losses from any high point for CDZ.TO and CPD.TO.

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Drawdown Indicators

CDZ.TOCPD.TODifference

Max Drawdown

Largest peak-to-trough decline

-49.23%

-40.92%

-8.31%

Max Drawdown (1Y)

Largest decline over 1 year

-7.33%

-2.70%

-4.63%

Max Drawdown (3Y)

Largest decline over 3 years

-13.00%

-7.65%

-5.35%

Max Drawdown (5Y)

Largest decline over 5 years

-17.15%

-24.12%

+6.97%

Max Drawdown (10Y)

Largest decline over 10 years

-45.70%

-40.92%

-4.78%

Current Drawdown

Current decline from peak

-0.55%

0.00%

-0.55%

Average Drawdown

Average peak-to-trough decline

-6.11%

-6.71%

+0.60%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.04%

0.54%

+1.50%

Volatility

CDZ.TO vs. CPD.TO - Volatility Comparison

iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (CDZ.TO) has a higher volatility of 2.21% compared to iShares S&P/TSX Canadian Preferred Share Index ETF (CPD.TO) at 0.68%. This indicates that CDZ.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

CDZ.TOCPD.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.21%

0.68%

+1.53%

Volatility (6M)

Calculated over the trailing 6-month period

5.84%

2.71%

+3.13%

Volatility (1Y)

Calculated over the trailing 1-year period

11.18%

4.14%

+7.04%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.31%

7.70%

+3.61%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.77%

10.57%

+4.20%

CDZ.TO vs. CPD.TO - Expense Ratio Comparison

CDZ.TO has a 0.66% expense ratio, which is higher than CPD.TO's 0.50% expense ratio.

Dividends

CDZ.TO vs. CPD.TO - Dividend Comparison

CDZ.TO's dividend yield for the trailing twelve months is around 2.98%, less than CPD.TO's 4.94% yield.

PositionTTM20252024202320222021202020192018201720162015
CDZ.TO
iShares S&P/TSX Canadian Dividend Aristocrats Index ETF		2.98%3.45%3.61%3.77%3.73%3.04%3.82%3.80%4.51%3.54%3.62%3.85%
CPD.TO
iShares S&P/TSX Canadian Preferred Share Index ETF		4.94%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

CDZ.TO and CPD.TO have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, CPD.TO is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

CPD.TO is cheaper with a 0.50% expense ratio, compared with 0.66% for CDZ.TO.

CDZ.TO is categorized as Canada Equities, while CPD.TO is Preferred Stock/Convertible Bonds. CDZ.TO tracks S&P/TSX Canadian Dividend Aristocrats Index, while CPD.TO tracks S&P/TSX Preferred Share TR. Their fees differ too: 0.66% for CDZ.TO and 0.50% for CPD.TO.

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