CPD.TO vs. VSB.TO
CPD.TO (iShares S&P/TSX Canadian Preferred Share Index ETF) and VSB.TO (Vanguard Canadian Short Term Bond) are both exchange-traded funds - CPD.TO is a Preferred Stock/Convertible Bonds fund tracking the S&P/TSX Preferred Share TR, while VSB.TO is a Canadian Government Bonds fund tracking the FTSE Canada Short Term Government Bond Index. Both are passively managed. Over the past 10 years, CPD.TO returned 6.38%/yr vs 1.94%/yr for VSB.TO. At a correlation of -0.02, they often move in opposite directions. CPD.TO charges 0.50%/yr vs 0.15%/yr for VSB.TO.
Performance
CPD.TO vs. VSB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CPD.TO achieves a 3.57% return, which is significantly higher than VSB.TO's 0.97% return. Over the past 10 years, CPD.TO has outperformed VSB.TO with an annualized return of 6.38%, while VSB.TO has yielded a comparatively lower 1.94% 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%
VSB.TO
- 1D
- -0.04%
- 1M
- 0.92%
- YTD
- 0.97%
- 6M
- 0.78%
- 1Y
- 2.90%
- 3Y*
- 4.65%
- 5Y*
- 2.02%
- 10Y*
- 1.94%
CPD.TO vs. VSB.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% |
VSB.TO Vanguard Canadian Short Term Bond | 0.97% | 3.66% | 5.54% | 4.92% | -3.93% | -1.15% | 5.29% | 3.06% | 1.67% | -0.36% |
Correlation
The correlation between CPD.TO and VSB.TO is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Dec 7, 2011 | -0.02 |
The correlation between CPD.TO and VSB.TO shifts across timeframes, from -0.02 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CPD.TO vs. VSB.TO — Risk / Return Rank
CPD.TO
VSB.TO
CPD.TO vs. VSB.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 Canadian Short Term Bond (VSB.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 | VSB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.92 | ||
| Sortino ratioReturn per unit of downside risk | +2.61 | ||
| Omega ratioGain probability vs. loss probability | 1.76 | 1.30 | +0.46 |
| Calmar ratioReturn relative to maximum drawdown | 5.27 | 2.04 | +3.23 |
| Martin ratioReturn relative to average drawdown | 26.40 | 6.78 | +19.63 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CPD.TO | VSB.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.45 | 1.53 | +1.92 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.72 | 0.79 | -0.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.60 | 0.56 | +0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.32 | 0.64 | -0.32 |
Drawdowns
CPD.TO vs. VSB.TO - Drawdown Comparison
The maximum CPD.TO drawdown since its inception was -40.92%, which is greater than VSB.TO's maximum drawdown of -8.38%. Use the drawdown chart below to compare losses from any high point for CPD.TO and VSB.TO.
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Drawdown Indicators
| CPD.TO | VSB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.92% | -8.38% | -32.54% |
Max Drawdown (1Y)Largest decline over 1 year | -2.70% | -1.43% | -1.27% |
Max Drawdown (3Y)Largest decline over 3 years | -7.65% | -1.43% | -6.22% |
Max Drawdown (5Y)Largest decline over 5 years | -24.12% | -6.88% | -17.24% |
Max Drawdown (10Y)Largest decline over 10 years | -40.92% | -8.38% | -32.54% |
Current DrawdownCurrent decline from peak | -0.36% | -0.13% | -0.23% |
Average DrawdownAverage peak-to-trough decline | -6.70% | -0.95% | -5.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.54% | 0.43% | +0.11% |
Volatility
CPD.TO vs. VSB.TO - Volatility Comparison
iShares S&P/TSX Canadian Preferred Share Index ETF (CPD.TO) has a higher volatility of 0.87% compared to Vanguard Canadian Short Term Bond (VSB.TO) at 0.71%. This indicates that CPD.TO's price experiences larger fluctuations and is considered to be riskier than VSB.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 | VSB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 0.71% | +0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 2.79% | 1.57% | +1.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.12% | 1.90% | +2.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.71% | 2.57% | +5.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.62% | 3.48% | +7.14% |
CPD.TO vs. VSB.TO - Expense Ratio Comparison
CPD.TO has a 0.50% expense ratio, which is higher than VSB.TO's 0.15% expense ratio.
Dividends
CPD.TO vs. VSB.TO - Dividend Comparison
CPD.TO's dividend yield for the trailing twelve months is around 5.02%, more than VSB.TO's 3.00% 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% |
VSB.TO Vanguard Canadian Short Term Bond | 3.00% | 3.04% | 3.04% | 2.66% | 2.24% | 2.02% | 2.24% | 2.31% | 2.29% | 2.34% | 2.45% | 2.38% |
Frequently Asked Questions
CPD.TO and VSB.TO have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VSB.TO is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VSB.TO is cheaper with a 0.15% expense ratio, compared with 0.50% for CPD.TO.
CPD.TO is categorized as Preferred Stock/Convertible Bonds, while VSB.TO is Canadian Government Bonds. CPD.TO tracks S&P/TSX Preferred Share TR, while VSB.TO tracks FTSE Canada Short Term Government Bond Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.50% for CPD.TO and 0.15% for VSB.TO.
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