CPD.TO vs. HPR.TO
CPD.TO (iShares S&P/TSX Canadian Preferred Share Index ETF) and HPR.TO (Global X Active Preferred Share ETF) are both Preferred Stock/Convertible Bonds funds. CPD.TO is passively managed, while HPR.TO is actively managed. Over the past 10 years, CPD.TO returned 6.38%/yr vs 7.81%/yr for HPR.TO. A 0.67 correlation means they provide meaningful diversification when combined. CPD.TO charges 0.50%/yr vs 0.64%/yr for HPR.TO.
Performance
CPD.TO vs. HPR.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CPD.TO achieves a 3.57% return, which is significantly lower than HPR.TO's 4.70% return. Over the past 10 years, CPD.TO has underperformed HPR.TO with an annualized return of 6.38%, while HPR.TO has yielded a comparatively higher 7.81% annualized return.
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%
HPR.TO
- 1D
- -0.19%
- 1M
- 0.88%
- YTD
- 4.70%
- 6M
- 5.83%
- 1Y
- 17.66%
- 3Y*
- 19.60%
- 5Y*
- 7.36%
- 10Y*
- 7.81%
CPD.TO vs. HPR.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 | 3.57% | 16.10% | 23.31% | 6.23% | -19.19% | 18.85% | 5.35% | 3.35% | -9.05% | 13.44% |
HPR.TO Global X Active Preferred Share ETF | 4.70% | 17.78% | 27.79% | 8.31% | -19.54% | 24.30% | 6.35% | 2.43% | -10.17% | 15.69% |
Correlation
The correlation between CPD.TO and HPR.TO is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.74 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Nov 24, 2010 | 0.67 |
The correlation between CPD.TO and HPR.TO has been stable across timeframes, ranging from 0.67 to 0.76 - a consistent structural relationship.
CPD.TO vs. HPR.TO - Sectors Allocation Comparison
Sectors
CPD.TO
HPR.TO
Financial Services
Consumer Defensive
-
Basic Materials
-
-
Communication Services
-
-
Consumer Cyclical
-
-
Energy
-
-
Healthcare
-
-
Industrials
-
-
Real Estate
-
-
Technology
-
-
Utilities
-
-
Financial Services
CPD.TO
HPR.TO
Consumer Defensive
CPD.TO
HPR.TO
-
Basic Materials
CPD.TO
-
HPR.TO
-
Communication Services
CPD.TO
-
HPR.TO
-
Consumer Cyclical
CPD.TO
-
HPR.TO
-
Energy
CPD.TO
-
HPR.TO
-
Healthcare
CPD.TO
-
HPR.TO
-
Industrials
CPD.TO
-
HPR.TO
-
Real Estate
CPD.TO
-
HPR.TO
-
Technology
CPD.TO
-
HPR.TO
-
Utilities
CPD.TO
-
HPR.TO
-
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
CPD.TO vs. HPR.TO — Risk / Return Rank
CPD.TO
HPR.TO
CPD.TO vs. HPR.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 Global X Active Preferred Share ETF (HPR.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 | HPR.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.81 | ||
| Sortino ratioReturn per unit of downside risk | -1.68 | ||
| Omega ratioGain probability vs. loss probability | 1.76 | 1.95 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 5.27 | 7.98 | -2.71 |
| Martin ratioReturn relative to average drawdown | 26.40 | 41.59 | -15.18 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| CPD.TO | HPR.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.45 | 4.26 | -0.81 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.72 | 0.88 | -0.15 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.60 | 0.67 | -0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.32 | 0.00 | +0.32 |
Drawdowns
CPD.TO vs. HPR.TO - Drawdown Comparison
The maximum CPD.TO drawdown since its inception was -40.92%, smaller than the maximum HPR.TO drawdown of -45.01%. Use the drawdown chart below to compare losses from any high point for CPD.TO and HPR.TO.
Loading charts...
Drawdown Indicators
| CPD.TO | HPR.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.92% | -45.01% | +4.09% |
Max Drawdown (1Y)Largest decline over 1 year | -2.70% | -2.22% | -0.48% |
Max Drawdown (3Y)Largest decline over 3 years | -7.65% | -7.83% | +0.18% |
Max Drawdown (5Y)Largest decline over 5 years | -24.12% | -22.88% | -1.24% |
Max Drawdown (10Y)Largest decline over 10 years | -40.92% | -45.01% | +4.09% |
Current DrawdownCurrent decline from peak | -0.36% | -0.42% | +0.06% |
Average DrawdownAverage peak-to-trough decline | -6.70% | -6.19% | -0.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.54% | 0.43% | +0.11% |
Volatility
CPD.TO vs. HPR.TO - Volatility Comparison
The current volatility for iShares S&P/TSX Canadian Preferred Share Index ETF (CPD.TO) is 0.87%, while Global X Active Preferred Share ETF (HPR.TO) has a volatility of 0.98%. This indicates that CPD.TO experiences smaller price fluctuations and is considered to be less risky than HPR.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| CPD.TO | HPR.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 0.98% | -0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 2.79% | 2.68% | +0.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.12% | 4.17% | -0.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.71% | 8.43% | -0.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.62% | 11.80% | -1.18% |
CPD.TO vs. HPR.TO - Expense Ratio Comparison
CPD.TO has a 0.50% expense ratio, which is lower than HPR.TO's 0.64% expense ratio.
Dividends
CPD.TO vs. HPR.TO - Dividend Comparison
CPD.TO's dividend yield for the trailing twelve months is around 5.02%, more than HPR.TO's 4.73% 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% |
HPR.TO Global X Active Preferred Share ETF | 4.73% | 4.34% | 4.28% | 5.56% | 5.96% | 4.01% | 5.12% | 4.88% | 4.40% | 3.89% | 4.34% | 4.61% |
Frequently Asked Questions
CPD.TO and HPR.TO have a correlation of 0.73, 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 HPR.TO.
They also come from different issuers: iShares and Global X. Their fees differ too: 0.50% for CPD.TO and 0.64% for HPR.TO.
Find the right allocation for CPD.TO and HPR.TO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer