CPD.TO vs. ^GSPC

Last updated Jun 4, 2026

CPD.TO (iShares S&P/TSX Canadian Preferred Share Index ETF) is Preferred Stock/Convertible Bonds fund tracking the S&P/TSX Preferred Share TR, while ^GSPC (S&P 500 Index) is an index. Over the past 10 years, CPD.TO returned 6.38%/yr vs 14.52%/yr for ^GSPC. At a 0.18 correlation, their price movements are largely independent.

Performance

CPD.TO vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P/TSX Canadian Preferred Share Index ETF (CPD.TO) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

CPD.TO is traded in CAD, while ^GSPC is traded in USD. To make them comparable, the ^GSPC values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, CPD.TO achieves a 3.57% return, which is significantly lower than ^GSPC's 12.12% return. Over the past 10 years, CPD.TO has underperformed ^GSPC with an annualized return of 6.38%, while ^GSPC has yielded a comparatively higher 14.52% annualized return.

CPD.TO

• 1D: -0.07%
• 1M: 0.79%
• YTD: 3.57%
• 6M: 4.38%
• 1Y: 14.16%
• 3Y*: 15.84%
• 5Y*: 5.55%
• 10Y*: 6.38%

^GSPC

• 1D: 0.00%
• 1M: 7.35%
• YTD: 12.12%
• 6M: 10.22%
• 1Y: 28.58%
• 3Y*: 22.37%
• 5Y*: 15.58%
• 10Y*: 14.52%

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

CPD.TO vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CPD.TO iShares S&P/TSX Canadian Preferred Share Index ETF	3.57%	16.10%	23.31%	6.23%	-19.19%	18.85%	5.35%	3.35%	-9.05%	13.44%
^GSPC S&P 500 Index	11.75%	11.05%	33.90%	21.49%	-13.70%	25.75%	14.29%	22.54%	1.71%	11.82%

Correlation

The correlation between CPD.TO and ^GSPC is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.25
Correlation (10Y) Calculated over the trailing 10-year period	0.23
Correlation (All Time) Calculated using the full available price history since Jun 23, 2009	0.18

Return for Risk

CPD.TO vs. ^GSPC — Risk / Return Rank

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

CPD.TO

CPD.TO Risk / Return Rank: 93
CPD.TO Sharpe Ratio Rank: 93
CPD.TO Sortino Ratio Rank: 93
CPD.TO Omega Ratio Rank: 95
CPD.TO Calmar Ratio Rank: 89
CPD.TO Martin Ratio Rank: 94

^GSPC

^GSPC Risk / Return Rank: 73
^GSPC Sharpe Ratio Rank: 71
^GSPC Sortino Ratio Rank: 71
^GSPC Omega Ratio Rank: 72
^GSPC Calmar Ratio Rank: 67
^GSPC Martin Ratio Rank: 81

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.

CPD.TO vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX Canadian Preferred Share Index ETF (CPD.TO) and S&P 500 Index (^GSPC). 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.

	CPD.TO	^GSPC	Difference
Sharpe ratio: Return per unit of total volatility	3.45	2.46	+0.99
Sortino ratio: Return per unit of downside risk	4.73	3.32	+1.41
Omega ratio: Gain probability vs. loss probability	1.76	1.47	+0.29
Calmar ratio: Return relative to maximum drawdown	5.27	3.24	+2.03
Martin ratio: Return relative to average drawdown	26.40	12.23	+14.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CPD.TO vs. ^GSPC - Sharpe Ratio Comparison

The current CPD.TO Sharpe Ratio is 3.45, which is higher than the ^GSPC Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of CPD.TO and ^GSPC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CPD.TO	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.45	2.46	+0.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	1.05	-0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.89	-0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.99	-0.66

Drawdowns

CPD.TO vs. ^GSPC - Drawdown Comparison

The maximum CPD.TO drawdown since its inception was -40.92%, which is greater than ^GSPC's maximum drawdown of -27.59%. Use the drawdown chart below to compare losses from any high point for CPD.TO and ^GSPC.

Drawdown Indicators

	CPD.TO	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-40.92%	-27.59%	-13.33%
Max Drawdown (1Y) Largest decline over 1 year	-2.70%	-8.86%	+6.16%
Max Drawdown (3Y) Largest decline over 3 years	-7.65%	-19.23%	+11.58%
Max Drawdown (5Y) Largest decline over 5 years	-24.12%	-22.60%	-1.52%
Max Drawdown (10Y) Largest decline over 10 years	-40.92%	-27.59%	-13.33%
Current Drawdown Current decline from peak	-0.36%	0.00%	-0.36%
Average Drawdown Average peak-to-trough decline	-6.70%	-3.51%	-3.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.54%	2.34%	-1.80%

Volatility

CPD.TO vs. ^GSPC - Volatility Comparison

The current volatility for iShares S&P/TSX Canadian Preferred Share Index ETF (CPD.TO) is 0.87%, while S&P 500 Index (^GSPC) has a volatility of 2.69%. This indicates that CPD.TO experiences smaller price fluctuations and is considered to be less risky than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPD.TO	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.87%	2.69%	-1.82%
Volatility (6M) Calculated over the trailing 6-month period	2.79%	8.85%	-6.06%
Volatility (1Y) Calculated over the trailing 1-year period	4.12%	11.70%	-7.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.71%	14.99%	-7.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.62%	16.33%	-5.71%

Frequently Asked Questions

Can I hold both CPD.TO and ^GSPC in my portfolio?

CPD.TO and ^GSPC have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.