CPD.TO vs. ^GSPC
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 6.65%/yr vs 14.84%/yr for ^GSPC. At a 0.19 correlation, their price movements are largely independent.
Performance
CPD.TO vs. ^GSPC - Performance Comparison
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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 4.16% return, which is significantly lower than ^GSPC's 11.24% return. Over the past 10 years, CPD.TO has underperformed ^GSPC with an annualized return of 6.65%, while ^GSPC has yielded a comparatively higher 14.84% annualized return.
CPD.TO
- 1D
- 0.07%
- 1M
- 0.50%
- YTD
- 4.16%
- 6M
- 4.45%
- 1Y
- 13.67%
- 3Y*
- 16.28%
- 5Y*
- 5.88%
- 10Y*
- 6.65%
^GSPC
- 1D
- -1.55%
- 1M
- 1.29%
- YTD
- 11.24%
- 6M
- 9.77%
- 1Y
- 25.97%
- 3Y*
- 22.19%
- 5Y*
- 14.72%
- 10Y*
- 14.84%
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 | 4.16% | 16.10% | 23.31% | 6.23% | -19.19% | 18.85% | 5.35% | 3.35% | -9.05% | 13.44% |
^GSPC S&P 500 Index | 11.24% | 11.07% | 33.75% | 21.28% | -14.34% | 26.83% | 13.50% | 23.57% | 1.65% | 11.33% |
Correlation
The correlation between CPD.TO and ^GSPC 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 | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Apr 10, 2007 | 0.19 |
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Return for Risk
CPD.TO vs. ^GSPC — Risk / Return Rank
CPD.TO
^GSPC
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.
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.
| CPD.TO | ^GSPC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.28 | ||
| Sortino ratioReturn per unit of downside risk | +1.71 | ||
| Omega ratioGain probability vs. loss probability | 1.71 | 1.35 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 5.09 | 2.84 | +2.25 |
| Martin ratioReturn relative to average drawdown | 25.35 | 10.55 | +14.80 |
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Drawdowns
CPD.TO vs. ^GSPC - Drawdown Comparison
The maximum CPD.TO drawdown since its inception was -40.92%, smaller than the maximum ^GSPC drawdown of -48.87%. Use the drawdown chart below to compare losses from any high point for CPD.TO and ^GSPC.
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Drawdown Indicators
| CPD.TO | ^GSPC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.92% | -48.87% | +7.95% |
Max Drawdown (1Y)Largest decline over 1 year | -2.70% | -9.17% | +6.47% |
Max Drawdown (3Y)Largest decline over 3 years | -7.65% | -19.59% | +11.94% |
Max Drawdown (5Y)Largest decline over 5 years | -24.12% | -23.14% | -0.98% |
Max Drawdown (10Y)Largest decline over 10 years | -40.92% | -27.97% | -12.95% |
Current DrawdownCurrent decline from peak | 0.00% | -1.55% | +1.55% |
Average DrawdownAverage peak-to-trough decline | -6.74% | -9.65% | +2.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.54% | 2.47% | -1.93% |
Volatility
CPD.TO vs. ^GSPC - Volatility Comparison
The current volatility for iShares S&P/TSX Canadian Preferred Share Index ETF (CPD.TO) is 0.86%, while S&P 500 Index (^GSPC) has a volatility of 5.21%. 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.
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Volatility by Period
| CPD.TO | ^GSPC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.86% | 5.21% | -4.35% |
Volatility (6M)Calculated over the trailing 6-month period | 2.68% | 10.35% | -7.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.18% | 12.96% | -8.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.70% | 17.97% | -10.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.59% | 19.16% | -8.57% |
Frequently Asked Questions
CPD.TO and ^GSPC 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.
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