CPD.TO vs. ZPR.TO

Last updated Jun 4, 2026

CPD.TO (iShares S&P/TSX Canadian Preferred Share Index ETF) and ZPR.TO (BMO Laddered Preferred Share Index ETF) are both Preferred Stock/Convertible Bonds funds - CPD.TO tracks the S&P/TSX Preferred Share TR while ZPR.TO tracks the Solactive Laddered Canadian Preferred Share Index. Both are passively managed. Over the past 10 years, CPD.TO returned 6.38%/yr vs 8.11%/yr for ZPR.TO. A 0.78 correlation means they provide meaningful diversification when combined. CPD.TO charges 0.50%/yr vs 0.45%/yr for ZPR.TO.

Performance

CPD.TO vs. ZPR.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 BMO Laddered Preferred Share Index ETF (ZPR.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 ZPR.TO's 6.02% return. Over the past 10 years, CPD.TO has underperformed ZPR.TO with an annualized return of 6.38%, while ZPR.TO has yielded a comparatively higher 8.11% 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%

ZPR.TO

• 1D: -0.16%
• 1M: 0.89%
• YTD: 6.02%
• 6M: 7.47%
• 1Y: 18.85%
• 3Y*: 20.00%
• 5Y*: 7.74%
• 10Y*: 8.11%

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

CPD.TO vs. ZPR.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%
ZPR.TO BMO Laddered Preferred Share Index ETF	6.02%	18.58%	26.58%	7.21%	-17.66%	23.77%	6.00%	2.10%	-9.86%	14.55%

Correlation

The correlation between CPD.TO and ZPR.TO is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Nov 21, 2012	0.78

The correlation between CPD.TO and ZPR.TO has been stable across timeframes, ranging from 0.78 to 0.83 - a consistent structural relationship.

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

Sectors	CPD.TO	ZPR.TO
Financial Services	6.3%	-
Consumer Defensive	0.5%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	100.0%

Return for Risk

CPD.TO vs. ZPR.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

ZPR.TO

ZPR.TO Risk / Return Rank: 97
ZPR.TO Sharpe Ratio Rank: 96
ZPR.TO Sortino Ratio Rank: 97
ZPR.TO Omega Ratio Rank: 97
ZPR.TO Calmar Ratio Rank: 95
ZPR.TO Martin Ratio Rank: 97

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. ZPR.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 BMO Laddered Preferred Share Index ETF (ZPR.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	ZPR.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.45	4.38	-0.93
Sortino ratio: Return per unit of downside risk	4.73	6.74	-2.01
Omega ratio: Gain probability vs. loss probability	1.76	1.95	-0.19
Calmar ratio: Return relative to maximum drawdown	5.27	7.67	-2.40
Martin ratio: Return relative to average drawdown	26.40	45.38	-18.98
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. ZPR.TO - Sharpe Ratio Comparison

The current CPD.TO Sharpe Ratio is 3.45, which is comparable to the ZPR.TO Sharpe Ratio of 4.38. The chart below compares the historical Sharpe Ratios of CPD.TO and ZPR.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	ZPR.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.45	4.38	-0.93
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	0.93	-0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.71	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.35	-0.02

Drawdowns

CPD.TO vs. ZPR.TO - Drawdown Comparison

The maximum CPD.TO drawdown since its inception was -40.92%, smaller than the maximum ZPR.TO drawdown of -44.92%. Use the drawdown chart below to compare losses from any high point for CPD.TO and ZPR.TO.

Drawdown Indicators

	CPD.TO	ZPR.TO	Difference
Max Drawdown Largest peak-to-trough decline	-40.92%	-44.92%	+4.00%
Max Drawdown (1Y) Largest decline over 1 year	-2.70%	-2.47%	-0.23%
Max Drawdown (3Y) Largest decline over 3 years	-7.65%	-8.75%	+1.10%
Max Drawdown (5Y) Largest decline over 5 years	-24.12%	-23.06%	-1.06%
Max Drawdown (10Y) Largest decline over 10 years	-40.92%	-44.05%	+3.13%
Current Drawdown Current decline from peak	-0.36%	-0.59%	+0.23%
Average Drawdown Average peak-to-trough decline	-6.70%	-9.37%	+2.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.54%	0.42%	+0.12%

Volatility

CPD.TO vs. ZPR.TO - Volatility Comparison

The current volatility for iShares S&P/TSX Canadian Preferred Share Index ETF (CPD.TO) is 0.87%, while BMO Laddered Preferred Share Index ETF (ZPR.TO) has a volatility of 1.14%. This indicates that CPD.TO experiences smaller price fluctuations and is considered to be less risky than ZPR.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPD.TO	ZPR.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.87%	1.14%	-0.27%
Volatility (6M) Calculated over the trailing 6-month period	2.79%	2.78%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	4.12%	4.33%	-0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.71%	8.33%	-0.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.62%	11.50%	-0.88%

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

CPD.TO has a 0.50% expense ratio, which is higher than ZPR.TO's 0.45% expense ratio.

Dividends

CPD.TO vs. ZPR.TO - Dividend Comparison

CPD.TO's dividend yield for the trailing twelve months is around 5.02%, which matches ZPR.TO's 5.07% 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%
ZPR.TO BMO Laddered Preferred Share Index ETF	5.07%	4.86%	4.93%	5.92%	5.97%	4.66%	5.48%	5.24%	4.70%	3.94%	4.97%	5.32%

Frequently Asked Questions

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

CPD.TO and ZPR.TO have a correlation of 0.83, 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 ZPR.TO?

On fees, ZPR.TO is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

ZPR.TO is cheaper with a 0.45% expense ratio, compared with 0.50% for CPD.TO.

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

CPD.TO tracks S&P/TSX Preferred Share TR, while ZPR.TO tracks Solactive Laddered Canadian Preferred Share Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.50% for CPD.TO and 0.45% for ZPR.TO.