CPD.TO vs. XCB.TO
CPD.TO (iShares S&P/TSX Canadian Preferred Share Index ETF) and XCB.TO (iShares Core Canadian Corporate 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 XCB.TO is a Corporate Bonds fund tracking the Morningstar Can Corp Bd GR CAD. Both are passively managed. Over the past 10 years, CPD.TO returned 6.38%/yr vs 2.77%/yr for XCB.TO. At a 0.02 correlation, their price movements are largely independent. CPD.TO charges 0.50%/yr vs 0.17%/yr for XCB.TO.
Performance
CPD.TO vs. XCB.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 XCB.TO's 1.75% return. Over the past 10 years, CPD.TO has outperformed XCB.TO with an annualized return of 6.38%, while XCB.TO has yielded a comparatively lower 2.77% 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%
XCB.TO
- 1D
- -0.10%
- 1M
- 1.66%
- YTD
- 1.75%
- 6M
- 1.49%
- 1Y
- 4.27%
- 3Y*
- 6.23%
- 5Y*
- 2.30%
- 10Y*
- 2.77%
CPD.TO vs. XCB.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% |
XCB.TO iShares Core Canadian Corporate Bond Index ETF | 1.75% | 4.45% | 6.72% | 8.30% | -9.79% | -1.81% | 8.36% | 7.90% | 0.39% | 2.75% |
Correlation
The correlation between CPD.TO and XCB.TO is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Apr 11, 2007 | 0.02 |
The correlation between CPD.TO and XCB.TO shifts across timeframes, from -0.00 (10 years) to 0.20 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CPD.TO vs. XCB.TO — Risk / Return Rank
CPD.TO
XCB.TO
CPD.TO vs. XCB.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 Corporate Bond Index ETF (XCB.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 | XCB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.31 | ||
| Sortino ratioReturn per unit of downside risk | +3.11 | ||
| Omega ratioGain probability vs. loss probability | 1.76 | 1.20 | +0.56 |
| Calmar ratioReturn relative to maximum drawdown | 5.27 | 1.72 | +3.55 |
| Martin ratioReturn relative to average drawdown | 26.40 | 5.08 | +21.32 |
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 | XCB.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.45 | 1.15 | +2.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.72 | 0.41 | +0.32 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.60 | 0.39 | +0.22 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.32 | 0.63 | -0.31 |
Drawdowns
CPD.TO vs. XCB.TO - Drawdown Comparison
The maximum CPD.TO drawdown since its inception was -40.92%, which is greater than XCB.TO's maximum drawdown of -22.59%. Use the drawdown chart below to compare losses from any high point for CPD.TO and XCB.TO.
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Drawdown Indicators
| CPD.TO | XCB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.92% | -22.59% | -18.33% |
Max Drawdown (1Y)Largest decline over 1 year | -2.70% | -2.49% | -0.21% |
Max Drawdown (3Y)Largest decline over 3 years | -7.65% | -3.56% | -4.09% |
Max Drawdown (5Y)Largest decline over 5 years | -24.12% | -14.17% | -9.95% |
Max Drawdown (10Y)Largest decline over 10 years | -40.92% | -22.59% | -18.33% |
Current DrawdownCurrent decline from peak | -0.36% | -0.10% | -0.26% |
Average DrawdownAverage peak-to-trough decline | -6.70% | -2.12% | -4.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.54% | 0.84% | -0.30% |
Volatility
CPD.TO vs. XCB.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 Corporate Bond Index ETF (XCB.TO) has a volatility of 1.45%. This indicates that CPD.TO experiences smaller price fluctuations and is considered to be less risky than XCB.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 | XCB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 1.45% | -0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 2.79% | 2.92% | -0.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.12% | 3.74% | +0.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.71% | 5.67% | +2.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.62% | 7.23% | +3.39% |
CPD.TO vs. XCB.TO - Expense Ratio Comparison
CPD.TO has a 0.50% expense ratio, which is higher than XCB.TO's 0.17% expense ratio.
Dividends
CPD.TO vs. XCB.TO - Dividend Comparison
CPD.TO's dividend yield for the trailing twelve months is around 5.02%, more than XCB.TO's 4.13% 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% |
XCB.TO iShares Core Canadian Corporate Bond Index ETF | 4.13% | 4.10% | 4.00% | 3.69% | 3.55% | 3.01% | 2.75% | 2.95% | 3.10% | 3.07% | 3.19% | 3.31% |
Frequently Asked Questions
CPD.TO and XCB.TO have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XCB.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XCB.TO is cheaper with a 0.17% expense ratio, compared with 0.50% for CPD.TO.
CPD.TO is categorized as Preferred Stock/Convertible Bonds, while XCB.TO is Corporate Bonds. CPD.TO tracks S&P/TSX Preferred Share TR, while XCB.TO tracks Morningstar Can Corp Bd GR CAD. Their fees differ too: 0.50% for CPD.TO and 0.17% for XCB.TO.
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