CPD.TO vs. DIVS.TO

Last updated Jun 4, 2026

CPD.TO (iShares S&P/TSX Canadian Preferred Share Index ETF) and DIVS.TO (Evolve Active Canadian Preferred Share Fund) are both exchange-traded funds - CPD.TO is a Preferred Stock/Convertible Bonds fund tracking the S&P/TSX Preferred Share TR, while DIVS.TO is a fund fund. Over the past 5 years, CPD.TO returned 5.55%/yr vs 10.84%/yr for DIVS.TO. At a 0.50 correlation, their price movements are largely independent.

Performance

CPD.TO vs. DIVS.TO - 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 Evolve Active Canadian Preferred Share Fund (DIVS.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with CPD.TO having a 3.57% return and DIVS.TO slightly higher at 3.58%.

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%

DIVS.TO

• 1D: -0.17%
• 1M: 1.27%
• YTD: 3.58%
• 6M: 5.12%
• 1Y: 14.62%
• 3Y*: 17.40%
• 5Y*: 10.84%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
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%	-10.42%
DIVS.TO Evolve Active Canadian Preferred Share Fund	3.58%	14.93%	24.96%	12.11%	-7.19%	26.99%	-1.19%	-1.14%	-12.33%

Correlation

The correlation between CPD.TO and DIVS.TO is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (All Time) Calculated using the full available price history since Jan 10, 2018	0.50

Over the past year, the correlation between CPD.TO and DIVS.TO has dropped to 0.21 - well below their long-term average of 0.50, suggesting their price drivers have been diverging.

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

Sectors	CPD.TO	DIVS.TO
Financial Services	6.3%	-
Consumer Defensive	0.5%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Energy	-	100.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

CPD.TO vs. DIVS.TO — 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

DIVS.TO

DIVS.TO Risk / Return Rank: 90
DIVS.TO Sharpe Ratio Rank: 81
DIVS.TO Sortino Ratio Rank: 87
DIVS.TO Omega Ratio Rank: 93
DIVS.TO Calmar Ratio Rank: 93
DIVS.TO Martin Ratio Rank: 94

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. DIVS.TO - 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 Evolve Active Canadian Preferred Share Fund (DIVS.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.

	CPD.TO	DIVS.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.45	2.66	+0.79
Sortino ratio: Return per unit of downside risk	4.73	3.96	+0.77
Omega ratio: Gain probability vs. loss probability	1.76	1.65	+0.11
Calmar ratio: Return relative to maximum drawdown	5.27	6.94	-1.67
Martin ratio: Return relative to average drawdown	26.40	27.66	-1.26
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. DIVS.TO - Sharpe Ratio Comparison

The current CPD.TO Sharpe Ratio is 3.45, which is comparable to the DIVS.TO Sharpe Ratio of 2.66. The chart below compares the historical Sharpe Ratios of CPD.TO and DIVS.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.

Sharpe Ratios by Period

	CPD.TO	DIVS.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.45	2.66	+0.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	1.24	-0.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.48	-0.15

Drawdowns

CPD.TO vs. DIVS.TO - Drawdown Comparison

The maximum CPD.TO drawdown since its inception was -40.92%, smaller than the maximum DIVS.TO drawdown of -49.95%. Use the drawdown chart below to compare losses from any high point for CPD.TO and DIVS.TO.

Drawdown Indicators

	CPD.TO	DIVS.TO	Difference
Max Drawdown Largest peak-to-trough decline	-40.92%	-49.95%	+9.03%
Max Drawdown (1Y) Largest decline over 1 year	-2.70%	-2.21%	-0.49%
Max Drawdown (3Y) Largest decline over 3 years	-7.65%	-6.50%	-1.15%
Max Drawdown (5Y) Largest decline over 5 years	-24.12%	-16.73%	-7.39%
Max Drawdown (10Y) Largest decline over 10 years	-40.92%	—	—
Current Drawdown Current decline from peak	-0.36%	-0.30%	-0.06%
Average Drawdown Average peak-to-trough decline	-6.70%	-7.63%	+0.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.54%	0.55%	-0.01%

Volatility

CPD.TO vs. DIVS.TO - Volatility Comparison

The current volatility for iShares S&P/TSX Canadian Preferred Share Index ETF (CPD.TO) is 0.87%, while Evolve Active Canadian Preferred Share Fund (DIVS.TO) has a volatility of 1.05%. This indicates that CPD.TO experiences smaller price fluctuations and is considered to be less risky than DIVS.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPD.TO	DIVS.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.87%	1.05%	-0.18%
Volatility (6M) Calculated over the trailing 6-month period	2.79%	4.26%	-1.47%
Volatility (1Y) Calculated over the trailing 1-year period	4.12%	5.77%	-1.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.71%	8.77%	-1.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.62%	13.41%	-2.79%

Dividends

CPD.TO vs. DIVS.TO - Dividend Comparison

CPD.TO's dividend yield for the trailing twelve months is around 5.02%, less than DIVS.TO's 5.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CPD.TO iShares S&P/TSX Canadian Preferred Share Index ETF	5.02%	4.96%	5.11%	5.88%	5.53%	4.17%	4.96%	5.02%	4.74%	4.33%	4.85%	5.44%
DIVS.TO Evolve Active Canadian Preferred Share Fund	5.38%	5.32%	8.60%	11.61%	15.44%	10.35%	5.37%	5.00%	4.70%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

CPD.TO and DIVS.TO have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.