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 6.51%/yr vs 14.35%/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 5.36% return, which is significantly lower than ^GSPC's 13.81% return. Over the past 10 years, CPD.TO has underperformed ^GSPC with an annualized return of 6.51%, while ^GSPC has yielded a comparatively higher 14.35% annualized return.
CPD.TO
- 1D
- 0.00%
- 1M
- 1.72%
- 6M
- 5.21%
- YTD
- 5.36%
- 1Y
- 12.23%
- 3Y*
- 16.79%
- 5Y*
- 6.12%
- 10Y*
- 6.51%
^GSPC
- 1D
- 0.23%
- 1M
- 2.75%
- 6M
- 10.41%
- YTD
- 13.81%
- 1Y
- 24.38%
- 3Y*
- 21.78%
- 5Y*
- 14.35%
- 10Y*
- 14.35%
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 | 5.36% | 16.10% | 23.31% | 6.23% | -19.19% | 18.85% | 5.35% | 3.35% | -9.05% | 13.44% |
^GSPC S&P 500 Index | 13.86% | 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 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
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 | +1.07 | ||
| Sortino ratioReturn per unit of downside risk | +1.39 | ||
| Omega ratioGain probability vs. loss probability | 1.62 | 1.33 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 4.55 | 2.67 | +1.88 |
| Martin ratioReturn relative to average drawdown | 22.66 | 9.89 | +12.78 |
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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% | -0.56% | +0.56% |
Average DrawdownAverage peak-to-trough decline | -6.72% | -9.63% | +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 0.77%, while S&P 500 Index (^GSPC) has a volatility of 3.81%. 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 | 0.77% | 3.81% | -3.04% |
Volatility (6M)Calculated over the trailing 6-month period | 2.72% | 10.36% | -7.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.14% | 12.88% | -8.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.70% | 17.94% | -10.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.58% | 19.12% | -8.54% |
Frequently Asked Questions
CPD.TO and ^GSPC have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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