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CPD.TO vs. TPRF.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CPD.TO vs. TPRF.TO

Last updated Jun 4, 2026

CPD.TO (iShares S&P/TSX Canadian Preferred Share Index ETF) and TPRF.TO (TD Active Preferred Share ETF) are both Preferred Stock/Convertible Bonds funds. CPD.TO is passively managed, while TPRF.TO is actively managed. Over the past 5 years, CPD.TO returned 5.55%/yr vs 10.05%/yr for TPRF.TO. A 0.60 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.

Performance

CPD.TO vs. TPRF.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 TD Active Preferred Share ETF (TPRF.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CPD.TO achieves a 3.57% return, which is significantly lower than TPRF.TO's 5.07% 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%

TPRF.TO

1D
-0.08%
1M
1.32%
YTD
5.07%
6M
6.46%
1Y
17.52%
3Y*
19.71%
5Y*
10.05%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024202320222021202020192018
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%-6.66%
TPRF.TO
TD Active Preferred Share ETF		5.07%18.21%28.68%5.53%-11.31%37.88%11.44%17.78%-13.58%

Correlation

The correlation between CPD.TO and TPRF.TO is 0.68, 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

0.68

Correlation (3Y)
Calculated over the trailing 3-year period

0.64

Correlation (5Y)
Calculated over the trailing 5-year period

0.61

Correlation (All Time)
Calculated using the full available price history since Nov 15, 2018

0.60

The correlation between CPD.TO and TPRF.TO has been stable across timeframes, ranging from 0.60 to 0.68 - a consistent structural relationship.

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

Sectors
CPD.TO
TPRF.TO

Financial Services

6.3%
53.9%

Consumer Defensive

0.5%
16.3%

Basic Materials

-

4.6%

Communication Services

-

-

Consumer Cyclical

-

-

Energy

-

7.2%

Healthcare

-

-

Industrials

-

18.1%

Real Estate

-

-

Technology

-

-

Utilities

-

-

Financial Services

CPD.TO
6.3%
TPRF.TO
53.9%

Consumer Defensive

CPD.TO
0.5%
TPRF.TO
16.3%

Basic Materials

CPD.TO

-

TPRF.TO
4.6%

Communication Services

CPD.TO

-

TPRF.TO

-

Consumer Cyclical

CPD.TO

-

TPRF.TO

-

Energy

CPD.TO

-

TPRF.TO
7.2%

Healthcare

CPD.TO

-

TPRF.TO

-

Industrials

CPD.TO

-

TPRF.TO
18.1%

Real Estate

CPD.TO

-

TPRF.TO

-

Technology

CPD.TO

-

TPRF.TO

-

Utilities

CPD.TO

-

TPRF.TO

-

Compare stocks, funds, or ETFs

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iShares S&P/TSX Canadian Preferred Share Index ETF

TD Active Preferred Share ETF

Often compared with CPD.TO:
CPD.TO vs. XEI.TOCPD.TO vs. VDY.TOCPD.TO vs. XDIV.TOCPD.TO vs. fie.TOCPD.TO vs. VFV.TOCPD.TO vs. XAW.TOCPD.TO vs. ^GSPC
Often compared with TPRF.TO:
TPRF.TO vs. HPR.TOTPRF.TO vs. ZPR.TOTPRF.TO vs. RPF.TOTPRF.TO vs. HLPR.TOTPRF.TO vs. VSC.TOTPRF.TO vs. TQCD.TOTPRF.TO vs. XPF.TO

Return for Risk

CPD.TO vs. TPRF.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: 9393
Overall Rank
CPD.TO Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
CPD.TO Sortino Ratio Rank: 9393
Sortino Ratio Rank
CPD.TO Omega Ratio Rank: 9595
Omega Ratio Rank
CPD.TO Calmar Ratio Rank: 8989
Calmar Ratio Rank
CPD.TO Martin Ratio Rank: 9494
Martin Ratio Rank
TPRF.TO
TPRF.TO Risk / Return Rank: 9696
Overall Rank
TPRF.TO Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
TPRF.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
TPRF.TO Omega Ratio Rank: 9797
Omega Ratio Rank
TPRF.TO Calmar Ratio Rank: 9494
Calmar Ratio Rank
TPRF.TO Martin Ratio Rank: 9696
Martin Ratio Rank
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. TPRF.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 TD Active Preferred Share ETF (TPRF.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.TOTPRF.TODifference
Sharpe ratioReturn per unit of total volatility
3.45
4.25

-0.80

Sortino ratioReturn per unit of downside risk
4.73
6.23

-1.50

Omega ratioGain probability vs. loss probability

1.76

1.92

-0.16

Calmar ratioReturn relative to maximum drawdown

5.27

7.07

-1.79

Martin ratioReturn relative to average drawdown

26.40

39.29

-12.89

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. TPRF.TO - Sharpe Ratio Comparison

The current CPD.TO Sharpe Ratio is 3.45, which is comparable to the TPRF.TO Sharpe Ratio of 4.25. The chart below compares the historical Sharpe Ratios of CPD.TO and TPRF.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.

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Sharpe Ratios by Period

CPD.TOTPRF.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.45

4.25

-0.80

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.72

1.04

-0.32

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

0.77

-0.45

Drawdowns

CPD.TO vs. TPRF.TO - Drawdown Comparison

The maximum CPD.TO drawdown since its inception was -40.92%, smaller than the maximum TPRF.TO drawdown of -43.12%. Use the drawdown chart below to compare losses from any high point for CPD.TO and TPRF.TO.

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Drawdown Indicators

CPD.TOTPRF.TODifference

Max Drawdown

Largest peak-to-trough decline

-40.92%

-43.12%

+2.20%

Max Drawdown (1Y)

Largest decline over 1 year

-2.70%

-2.49%

-0.21%

Max Drawdown (3Y)

Largest decline over 3 years

-7.65%

-8.39%

+0.74%

Max Drawdown (5Y)

Largest decline over 5 years

-24.12%

-20.45%

-3.67%

Max Drawdown (10Y)

Largest decline over 10 years

-40.92%

—

—

Current Drawdown

Current decline from peak

-0.36%

-0.38%

+0.02%

Average Drawdown

Average peak-to-trough decline

-6.70%

-5.87%

-0.83%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.54%

0.45%

+0.09%

Volatility

CPD.TO vs. TPRF.TO - Volatility Comparison

The current volatility for iShares S&P/TSX Canadian Preferred Share Index ETF (CPD.TO) is 0.87%, while TD Active Preferred Share ETF (TPRF.TO) has a volatility of 1.21%. This indicates that CPD.TO experiences smaller price fluctuations and is considered to be less risky than TPRF.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.TOTPRF.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.87%

1.21%

-0.34%

Volatility (6M)

Calculated over the trailing 6-month period

2.79%

2.67%

+0.12%

Volatility (1Y)

Calculated over the trailing 1-year period

4.12%

4.16%

-0.04%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.71%

9.67%

-1.96%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

10.62%

15.41%

-4.79%

CPD.TO vs. TPRF.TO - Expense Ratio Comparison

Both CPD.TO and TPRF.TO have an expense ratio of 0.50%.

Dividends

CPD.TO vs. TPRF.TO - Dividend Comparison

CPD.TO's dividend yield for the trailing twelve months is around 5.02%, more than TPRF.TO's 4.50% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
TPRF.TO
TD Active Preferred Share ETF		4.50%4.36%4.56%5.74%10.25%8.28%10.46%9.90%0.00%0.00%0.00%0.00%

Frequently Asked Questions

CPD.TO and TPRF.TO have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Both ETFs have the same 0.50% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

CPD.TO and TPRF.TO have the same expense ratio: 0.50% per year.

They also come from different issuers: iShares and TD.

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