CPD.TO vs. VRIF.TO

Last updated Jun 4, 2026

CPD.TO (iShares S&P/TSX Canadian Preferred Share Index ETF) and VRIF.TO (Vanguard Retirement Income ETF Portfolio) are both exchange-traded funds - CPD.TO is a Preferred Stock/Convertible Bonds fund tracking the S&P/TSX Preferred Share TR, while VRIF.TO is a Diversified Portfolio fund actively managed by Vanguard. CPD.TO is passively managed, while VRIF.TO is actively managed. Over the past 5 years, CPD.TO returned 5.55%/yr vs 4.73%/yr for VRIF.TO. At a 0.28 correlation, their price movements are largely independent. CPD.TO charges 0.50%/yr vs 0.29%/yr for VRIF.TO.

Performance

CPD.TO vs. VRIF.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 Vanguard Retirement Income ETF Portfolio (VRIF.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPD.TO achieves a 3.57% return, which is significantly lower than VRIF.TO's 4.88% 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%

VRIF.TO

• 1D: -0.18%
• 1M: 2.85%
• YTD: 4.88%
• 6M: 4.72%
• 1Y: 12.14%
• 3Y*: 9.70%
• 5Y*: 4.73%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020
CPD.TO iShares S&P/TSX Canadian Preferred Share Index ETF	3.57%	16.10%	23.31%	6.23%	-19.19%	18.85%	7.21%
VRIF.TO Vanguard Retirement Income ETF Portfolio	4.88%	10.58%	8.44%	8.97%	-11.50%	7.44%	5.55%

Correlation

The correlation between CPD.TO and VRIF.TO is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (All Time) Calculated using the full available price history since Sep 17, 2020	0.28

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

Sectors	CPD.TO	VRIF.TO
Financial Services	6.3%	22.4%
Consumer Defensive	0.5%	4.8%
Basic Materials	-	9.4%
Communication Services	-	5.0%
Consumer Cyclical	-	7.6%
Energy	-	8.6%
Healthcare	-	6.6%
Industrials	-	13.4%
Real Estate	-	2.3%
Technology	-	16.9%
Utilities	-	3.0%

Return for Risk

CPD.TO vs. VRIF.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

VRIF.TO

VRIF.TO Risk / Return Rank: 66
VRIF.TO Sharpe Ratio Rank: 68
VRIF.TO Sortino Ratio Rank: 73
VRIF.TO Omega Ratio Rank: 73
VRIF.TO Calmar Ratio Rank: 54
VRIF.TO Martin Ratio Rank: 62

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. VRIF.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 Vanguard Retirement Income ETF Portfolio (VRIF.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	VRIF.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.45	2.27	+1.18
Sortino ratio: Return per unit of downside risk	4.73	3.34	+1.38
Omega ratio: Gain probability vs. loss probability	1.76	1.44	+0.32
Calmar ratio: Return relative to maximum drawdown	5.27	2.68	+2.59
Martin ratio: Return relative to average drawdown	26.40	11.16	+15.24
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. VRIF.TO - Sharpe Ratio Comparison

The current CPD.TO Sharpe Ratio is 3.45, which is higher than the VRIF.TO Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of CPD.TO and VRIF.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	VRIF.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.45	2.27	+1.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	0.76	-0.04
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	0.92	-0.60

Drawdowns

CPD.TO vs. VRIF.TO - Drawdown Comparison

The maximum CPD.TO drawdown since its inception was -40.92%, which is greater than VRIF.TO's maximum drawdown of -16.19%. Use the drawdown chart below to compare losses from any high point for CPD.TO and VRIF.TO.

Drawdown Indicators

	CPD.TO	VRIF.TO	Difference
Max Drawdown Largest peak-to-trough decline	-40.92%	-16.19%	-24.73%
Max Drawdown (1Y) Largest decline over 1 year	-2.70%	-4.55%	+1.85%
Max Drawdown (3Y) Largest decline over 3 years	-7.65%	-5.01%	-2.64%
Max Drawdown (5Y) Largest decline over 5 years	-24.12%	-16.19%	-7.93%
Max Drawdown (10Y) Largest decline over 10 years	-40.92%	—	—
Current Drawdown Current decline from peak	-0.36%	-0.18%	-0.18%
Average Drawdown Average peak-to-trough decline	-6.70%	-3.87%	-2.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.54%	1.09%	-0.55%

Volatility

CPD.TO vs. VRIF.TO - Volatility Comparison

The current volatility for iShares S&P/TSX Canadian Preferred Share Index ETF (CPD.TO) is 0.87%, while Vanguard Retirement Income ETF Portfolio (VRIF.TO) has a volatility of 2.15%. This indicates that CPD.TO experiences smaller price fluctuations and is considered to be less risky than VRIF.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPD.TO	VRIF.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.87%	2.15%	-1.28%
Volatility (6M) Calculated over the trailing 6-month period	2.79%	4.61%	-1.82%
Volatility (1Y) Calculated over the trailing 1-year period	4.12%	5.37%	-1.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.71%	6.23%	+1.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.62%	6.25%	+4.37%

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

CPD.TO has a 0.50% expense ratio, which is higher than VRIF.TO's 0.29% expense ratio.

Dividends

CPD.TO vs. VRIF.TO - Dividend Comparison

CPD.TO's dividend yield for the trailing twelve months is around 5.02%, more than VRIF.TO's 3.73% 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%
VRIF.TO Vanguard Retirement Income ETF Portfolio	3.73%	3.77%	3.96%	4.33%	4.72%	3.86%	1.27%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

CPD.TO and VRIF.TO have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CPD.TO or VRIF.TO?

On fees, VRIF.TO is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CPD.TO or VRIF.TO?

VRIF.TO is cheaper with a 0.29% expense ratio, compared with 0.50% for CPD.TO.

What is the main difference between CPD.TO and VRIF.TO?

CPD.TO is categorized as Preferred Stock/Convertible Bonds, while VRIF.TO is Diversified Portfolio. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.50% for CPD.TO and 0.29% for VRIF.TO.