CPD.TO vs. XBB.TO
CPD.TO (iShares S&P/TSX Canadian Preferred Share Index ETF) and XBB.TO (iShares Core Canadian Universe Bond Index ETF) are both exchange-traded funds - CPD.TO is a Preferred Stock/Convertible Bonds fund tracking the S&P/TSX Preferred Share TR, while XBB.TO is a Canadian Government Bonds fund tracking the Morningstar Can Core Bd GR CAD. Both are passively managed. Over the past 10 years, CPD.TO returned 6.38%/yr vs 1.63%/yr for XBB.TO. At a correlation of -0.03, they often move in opposite directions. CPD.TO charges 0.50%/yr vs 0.10%/yr for XBB.TO.
Performance
CPD.TO vs. XBB.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 XBB.TO's 1.51% return. Over the past 10 years, CPD.TO has outperformed XBB.TO with an annualized return of 6.38%, while XBB.TO has yielded a comparatively lower 1.63% 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%
XBB.TO
- 1D
- -0.18%
- 1M
- 1.59%
- YTD
- 1.51%
- 6M
- 0.69%
- 1Y
- 3.09%
- 3Y*
- 4.17%
- 5Y*
- 0.71%
- 10Y*
- 1.63%
CPD.TO vs. XBB.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% |
XBB.TO iShares Core Canadian Universe Bond Index ETF | 1.51% | 2.59% | 4.00% | 6.64% | -11.66% | -2.81% | 8.58% | 7.28% | 1.00% | 2.42% |
Correlation
The correlation between CPD.TO and XBB.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 | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Apr 11, 2007 | -0.03 |
The correlation between CPD.TO and XBB.TO shifts across timeframes, from -0.05 (10 years) to 0.19 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CPD.TO vs. XBB.TO — Risk / Return Rank
CPD.TO
XBB.TO
CPD.TO vs. XBB.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 iShares Core Canadian Universe Bond Index ETF (XBB.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 | XBB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.74 | ||
| Sortino ratioReturn per unit of downside risk | +3.74 | ||
| Omega ratioGain probability vs. loss probability | 1.76 | 1.12 | +0.64 |
| Calmar ratioReturn relative to maximum drawdown | 5.27 | 1.14 | +4.13 |
| Martin ratioReturn relative to average drawdown | 26.40 | 2.65 | +23.75 |
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 | XBB.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.45 | 0.71 | +2.74 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.72 | 0.11 | +0.62 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.60 | 0.24 | +0.36 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.32 | 0.71 | -0.39 |
Drawdowns
CPD.TO vs. XBB.TO - Drawdown Comparison
The maximum CPD.TO drawdown since its inception was -40.92%, which is greater than XBB.TO's maximum drawdown of -18.16%. Use the drawdown chart below to compare losses from any high point for CPD.TO and XBB.TO.
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Drawdown Indicators
| CPD.TO | XBB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.92% | -18.16% | -22.76% |
Max Drawdown (1Y)Largest decline over 1 year | -2.70% | -2.73% | +0.03% |
Max Drawdown (3Y)Largest decline over 3 years | -7.65% | -5.42% | -2.23% |
Max Drawdown (5Y)Largest decline over 5 years | -24.12% | -15.90% | -8.22% |
Max Drawdown (10Y)Largest decline over 10 years | -40.92% | -18.16% | -22.76% |
Current DrawdownCurrent decline from peak | -0.36% | -1.39% | +1.03% |
Average DrawdownAverage peak-to-trough decline | -6.70% | -2.76% | -3.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.54% | 1.17% | -0.63% |
Volatility
CPD.TO vs. XBB.TO - Volatility Comparison
The current volatility for iShares S&P/TSX Canadian Preferred Share Index ETF (CPD.TO) is 0.87%, while iShares Core Canadian Universe Bond Index ETF (XBB.TO) has a volatility of 1.54%. This indicates that CPD.TO experiences smaller price fluctuations and is considered to be less risky than XBB.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 | XBB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 1.54% | -0.67% |
Volatility (6M)Calculated over the trailing 6-month period | 2.79% | 3.40% | -0.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.12% | 4.38% | -0.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.71% | 6.63% | +1.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.62% | 6.69% | +3.93% |
CPD.TO vs. XBB.TO - Expense Ratio Comparison
CPD.TO has a 0.50% expense ratio, which is higher than XBB.TO's 0.10% expense ratio.
Dividends
CPD.TO vs. XBB.TO - Dividend Comparison
CPD.TO's dividend yield for the trailing twelve months is around 5.02%, more than XBB.TO's 3.41% 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% |
XBB.TO iShares Core Canadian Universe Bond Index ETF | 3.41% | 3.39% | 3.25% | 3.01% | 2.91% | 2.54% | 2.55% | 2.80% | 2.92% | 2.83% | 2.81% | 2.87% |
Frequently Asked Questions
CPD.TO and XBB.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, XBB.TO is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XBB.TO is cheaper with a 0.10% expense ratio, compared with 0.50% for CPD.TO.
CPD.TO is categorized as Preferred Stock/Convertible Bonds, while XBB.TO is Canadian Government Bonds. CPD.TO tracks S&P/TSX Preferred Share TR, while XBB.TO tracks Morningstar Can Core Bd GR CAD. Their fees differ too: 0.50% for CPD.TO and 0.10% for XBB.TO.
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