CVD.TO vs. CPD.TO
CVD.TO (iShares Convertible Bond Index ETF) and CPD.TO (iShares S&P/TSX Canadian Preferred Share Index ETF) are both exchange-traded funds - CVD.TO is a High Yield Bonds fund tracking the FTSE Canada Convertible Bond Index, while CPD.TO is a Preferred Stock/Convertible Bonds fund tracking the S&P/TSX Preferred Share TR. Both are passively managed. Over the past 10 years, CVD.TO returned 4.49%/yr vs 6.55%/yr for CPD.TO. At a 0.10 correlation, their price movements are largely independent. CVD.TO charges 0.49%/yr vs 0.50%/yr for CPD.TO.
Performance
CVD.TO vs. CPD.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CVD.TO achieves a 4.18% return, which is significantly lower than CPD.TO's 4.39% return. Over the past 10 years, CVD.TO has underperformed CPD.TO with an annualized return of 4.49%, while CPD.TO has yielded a comparatively higher 6.55% annualized return.
CVD.TO
- 1D
- -0.49%
- 1M
- 0.64%
- YTD
- 4.18%
- 6M
- 3.31%
- 1Y
- 7.12%
- 3Y*
- 8.34%
- 5Y*
- 4.41%
- 10Y*
- 4.49%
CPD.TO
- 1D
- 0.07%
- 1M
- 0.51%
- YTD
- 4.39%
- 6M
- 4.54%
- 1Y
- 12.64%
- 3Y*
- 16.58%
- 5Y*
- 5.91%
- 10Y*
- 6.55%
CVD.TO vs. CPD.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CVD.TO iShares Convertible Bond Index ETF | 4.18% | 7.09% | 12.68% | 3.64% | -4.63% | 5.33% | 3.67% | 10.28% | -2.68% | 4.06% |
CPD.TO iShares S&P/TSX Canadian Preferred Share Index ETF | 4.39% | 16.10% | 23.31% | 6.23% | -19.19% | 18.85% | 5.35% | 3.35% | -9.05% | 13.44% |
Correlation
The correlation between CVD.TO and CPD.TO is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Jun 14, 2011 | 0.10 |
The correlation between CVD.TO and CPD.TO shifts across timeframes, from -0.05 (1 year) to 0.10 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CVD.TO vs. CPD.TO — Risk / Return Rank
CVD.TO
CPD.TO
CVD.TO vs. CPD.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Convertible Bond Index ETF (CVD.TO) and iShares S&P/TSX Canadian Preferred Share Index ETF (CPD.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CVD.TO | CPD.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.09 | ||
| Sortino ratioReturn per unit of downside risk | -2.80 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.65 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | 1.81 | 4.71 | -2.90 |
| Martin ratioReturn relative to average drawdown | 5.12 | 23.44 | -18.31 |
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Drawdowns
CVD.TO vs. CPD.TO - Drawdown Comparison
The maximum CVD.TO drawdown since its inception was -23.51%, smaller than the maximum CPD.TO drawdown of -40.92%. Use the drawdown chart below to compare losses from any high point for CVD.TO and CPD.TO.
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Drawdown Indicators
| CVD.TO | CPD.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.51% | -40.92% | +17.41% |
Max Drawdown (1Y)Largest decline over 1 year | -3.95% | -2.70% | -1.25% |
Max Drawdown (3Y)Largest decline over 3 years | -11.46% | -7.65% | -3.81% |
Max Drawdown (5Y)Largest decline over 5 years | -14.62% | -24.12% | +9.50% |
Max Drawdown (10Y)Largest decline over 10 years | -23.51% | -40.92% | +17.41% |
Current DrawdownCurrent decline from peak | -1.10% | 0.00% | -1.10% |
Average DrawdownAverage peak-to-trough decline | -2.38% | -6.73% | +4.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.39% | 0.54% | +0.85% |
Volatility
CVD.TO vs. CPD.TO - Volatility Comparison
iShares Convertible Bond Index ETF (CVD.TO) has a higher volatility of 1.64% compared to iShares S&P/TSX Canadian Preferred Share Index ETF (CPD.TO) at 0.83%. This indicates that CVD.TO's price experiences larger fluctuations and is considered to be riskier than CPD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CVD.TO | CPD.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.64% | 0.83% | +0.81% |
Volatility (6M)Calculated over the trailing 6-month period | 4.53% | 2.68% | +1.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.33% | 4.14% | +3.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.40% | 7.70% | +1.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.50% | 10.58% | -1.08% |
CVD.TO vs. CPD.TO - Expense Ratio Comparison
CVD.TO has a 0.49% expense ratio, which is lower than CPD.TO's 0.50% expense ratio.
Dividends
CVD.TO vs. CPD.TO - Dividend Comparison
CVD.TO's dividend yield for the trailing twelve months is around 4.94%, less than CPD.TO's 5.03% 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 | 5.03% | 4.96% | 5.11% | 5.88% | 5.53% | 4.17% | 4.96% | 5.02% | 4.74% | 4.33% | 4.85% | 5.44% |
CVD.TO iShares Convertible Bond Index ETF | 4.94% | 4.91% | 5.14% | 5.33% | 5.05% | 4.61% | 4.48% | 4.52% | 4.97% | 4.65% | 4.51% | 4.94% |
Frequently Asked Questions
CVD.TO and CPD.TO have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CVD.TO is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CVD.TO is cheaper with a 0.49% expense ratio, compared with 0.50% for CPD.TO.
CVD.TO is categorized as High Yield Bonds, while CPD.TO is Preferred Stock/Convertible Bonds. CVD.TO tracks FTSE Canada Convertible Bond Index, while CPD.TO tracks S&P/TSX Preferred Share TR. Their fees differ too: 0.49% for CVD.TO and 0.50% for CPD.TO.
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