CPD.TO vs. DXP.TO
CPD.TO (iShares S&P/TSX Canadian Preferred Share Index ETF) and DXP.TO (Dynamic Active Preferred Shares ETF) are both Preferred Stock/Convertible Bonds funds. CPD.TO is passively managed, while DXP.TO is actively managed. Over the past 5 years, CPD.TO returned 5.88%/yr vs 8.00%/yr for DXP.TO. A 0.55 correlation means they provide meaningful diversification when combined. CPD.TO charges 0.50%/yr vs 0.64%/yr for DXP.TO.
Performance
CPD.TO vs. DXP.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CPD.TO achieves a 4.16% return, which is significantly lower than DXP.TO's 4.44% 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%
DXP.TO
- 1D
- -0.04%
- 1M
- 0.25%
- YTD
- 4.44%
- 6M
- 5.17%
- 1Y
- 14.53%
- 3Y*
- 17.89%
- 5Y*
- 8.00%
- 10Y*
- —
CPD.TO vs. DXP.TO - 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% | 9.62% |
DXP.TO Dynamic Active Preferred Shares ETF | 4.44% | 17.64% | 25.73% | 8.22% | -16.46% | 27.89% | 5.67% | 3.94% | -9.58% | 11.73% |
Correlation
The correlation between CPD.TO and DXP.TO is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Jan 26, 2017 | 0.55 |
The correlation between CPD.TO and DXP.TO has been stable across timeframes, ranging from 0.45 to 0.55 - a consistent structural relationship.
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Return for Risk
CPD.TO vs. DXP.TO — Risk / Return Rank
CPD.TO
DXP.TO
CPD.TO vs. DXP.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 Dynamic Active Preferred Shares ETF (DXP.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.
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 | DXP.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.33 | ||
| Sortino ratioReturn per unit of downside risk | -1.09 | ||
| Omega ratioGain probability vs. loss probability | 1.71 | 1.74 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 5.09 | 6.07 | -0.98 |
| Martin ratioReturn relative to average drawdown | 25.35 | 30.11 | -4.76 |
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Drawdowns
CPD.TO vs. DXP.TO - Drawdown Comparison
The maximum CPD.TO drawdown since its inception was -40.92%, roughly equal to the maximum DXP.TO drawdown of -40.72%. Use the drawdown chart below to compare losses from any high point for CPD.TO and DXP.TO.
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Drawdown Indicators
| CPD.TO | DXP.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.92% | -40.72% | -0.20% |
Max Drawdown (1Y)Largest decline over 1 year | -2.70% | -2.40% | -0.30% |
Max Drawdown (3Y)Largest decline over 3 years | -7.65% | -8.30% | +0.65% |
Max Drawdown (5Y)Largest decline over 5 years | -24.12% | -20.11% | -4.01% |
Max Drawdown (10Y)Largest decline over 10 years | -40.92% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.04% | +0.04% |
Average DrawdownAverage peak-to-trough decline | -6.74% | -6.61% | -0.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.54% | 0.48% | +0.06% |
Volatility
CPD.TO vs. DXP.TO - Volatility Comparison
The current volatility for iShares S&P/TSX Canadian Preferred Share Index ETF (CPD.TO) is 0.86%, while Dynamic Active Preferred Shares ETF (DXP.TO) has a volatility of 0.94%. This indicates that CPD.TO experiences smaller price fluctuations and is considered to be less risky than DXP.TO 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 | DXP.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.86% | 0.94% | -0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 2.68% | 2.55% | +0.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.18% | 4.02% | +0.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.70% | 9.28% | -1.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.59% | 12.22% | -1.63% |
CPD.TO vs. DXP.TO - Expense Ratio Comparison
CPD.TO has a 0.50% expense ratio, which is lower than DXP.TO's 0.64% expense ratio.
Dividends
CPD.TO vs. DXP.TO - Dividend Comparison
CPD.TO's dividend yield for the trailing twelve months is around 5.00%, more than DXP.TO's 4.40% 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 | 5.00% | 4.96% | 5.11% | 5.88% | 5.53% | 4.17% | 4.96% | 5.02% | 4.74% | 4.33% | 4.85% | 5.44% |
DXP.TO Dynamic Active Preferred Shares ETF | 4.40% | 4.52% | 5.05% | 5.31% | 4.58% | 3.67% | 4.51% | 4.53% | 4.50% | 3.36% | 0.00% | 0.00% |
Frequently Asked Questions
CPD.TO and DXP.TO have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CPD.TO is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CPD.TO is cheaper with a 0.50% expense ratio, compared with 0.64% for DXP.TO.
They also come from different issuers: iShares and Dynamic. Their fees differ too: 0.50% for CPD.TO and 0.64% for DXP.TO.
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