CPD.TO vs. ^GSPC

Last updated Apr 2, 2026

Compare and contrast key facts about iShares S&P/TSX Canadian Preferred Share Index ETF (CPD.TO) and S&P 500 Index (^GSPC).

CPD.TO is a passively managed fund by iShares that tracks the performance of the S&P/TSX Preferred Share TR. It was launched on Apr 10, 2007.

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.

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	0.33%	16.10%	23.31%	6.23%	-19.19%	18.85%	5.35%	3.35%	-9.05%	13.44%
^GSPC S&P 500 Index	-2.73%	11.05%	33.90%	21.49%	-13.70%	25.75%	14.29%	22.54%	1.71%	11.82%

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 0.33% return, which is significantly higher than ^GSPC's -3.34% return. Over the past 10 years, CPD.TO has underperformed ^GSPC with an annualized return of 6.41%, while ^GSPC has yielded a comparatively higher 12.91% annualized return.

CPD.TO

• 1D: 0.22%
• 1M: -0.71%
• YTD: 0.33%
• 6M: 4.71%
• 1Y: 13.28%
• 3Y*: 14.07%
• 5Y*: 6.09%
• 10Y*: 6.41%

^GSPC

• 1D: 0.00%
• 1M: -3.51%
• YTD: -3.34%
• 6M: -2.91%
• 1Y: 12.69%
• 3Y*: 17.80%
• 5Y*: 12.48%
• 10Y*: 12.91%

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

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: 83
CPD.TO Sharpe Ratio Rank: 89
CPD.TO Sortino Ratio Rank: 86
CPD.TO Omega Ratio Rank: 96
CPD.TO Calmar Ratio Rank: 66
CPD.TO Martin Ratio Rank: 78

^GSPC

^GSPC Risk / Return Rank: 67
^GSPC Sharpe Ratio Rank: 63
^GSPC Sortino Ratio Rank: 64
^GSPC Omega Ratio Rank: 69
^GSPC Calmar Ratio Rank: 60
^GSPC Martin Ratio Rank: 77

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	1.97	0.70	+1.26
Sortino ratio Return per unit of downside risk	2.37	1.07	+1.30
Omega ratio Gain probability vs. loss probability	1.50	1.17	+0.33
Calmar ratio Return relative to maximum drawdown	1.77	1.04	+0.72
Martin ratio Return relative to average drawdown	8.93	3.82	+5.11
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 1.97, which is higher than the ^GSPC Sharpe Ratio of 0.70. The chart below compares the historical Sharpe Ratios of CPD.TO and ^GSPC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CPD.TO	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.97	0.70	+1.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	0.84	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.79	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.91	-0.60

Correlation

The correlation between CPD.TO and ^GSPC is 0.18, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

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%	-56.78%	+15.86%
Max Drawdown (1Y) Largest decline over 1 year	-7.57%	-12.14%	+4.57%
Max Drawdown (5Y) Largest decline over 5 years	-24.12%	-25.43%	+1.31%
Max Drawdown (10Y) Largest decline over 10 years	-40.92%	-33.92%	-7.00%
Current Drawdown Current decline from peak	-0.85%	-5.78%	+4.93%
Average Drawdown Average peak-to-trough decline	-6.78%	-10.75%	+3.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.50%	2.60%	-1.10%

Volatility

CPD.TO vs. ^GSPC - Volatility Comparison

The current volatility for iShares S&P/TSX Canadian Preferred Share Index ETF (CPD.TO) is 1.96%, while S&P 500 Index (^GSPC) has a volatility of 5.22%. 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	1.96%	5.22%	-3.26%
Volatility (6M) Calculated over the trailing 6-month period	3.45%	9.60%	-6.15%
Volatility (1Y) Calculated over the trailing 1-year period	6.79%	18.11%	-11.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.72%	14.99%	-7.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.66%	16.33%	-5.67%