DXP.TO vs. ZPR.TO

Last updated Jun 8, 2026

DXP.TO (Dynamic Active Preferred Shares ETF) and ZPR.TO (BMO Laddered Preferred Share Index ETF) are both Preferred Stock/Convertible Bonds funds. DXP.TO is actively managed, while ZPR.TO is passively managed. Over the past 5 years, DXP.TO returned 7.70%/yr vs 7.69%/yr for ZPR.TO. A 0.53 correlation means they provide meaningful diversification when combined. DXP.TO charges 0.64%/yr vs 0.45%/yr for ZPR.TO.

Performance

DXP.TO vs. ZPR.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Dynamic Active Preferred Shares ETF (DXP.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, DXP.TO achieves a 4.16% return, which is significantly lower than ZPR.TO's 5.78% return.

DXP.TO

• 1D: 0.00%
• 1M: 0.56%
• YTD: 4.16%
• 6M: 5.47%
• 1Y: 14.94%
• 3Y*: 18.02%
• 5Y*: 7.70%
• 10Y*: —

ZPR.TO

• 1D: -0.31%
• 1M: -0.05%
• YTD: 5.78%
• 6M: 7.39%
• 1Y: 18.46%
• 3Y*: 19.67%
• 5Y*: 7.69%
• 10Y*: 8.05%

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

DXP.TO vs. ZPR.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DXP.TO Dynamic Active Preferred Shares ETF	4.16%	17.64%	25.73%	8.22%	-16.46%	27.89%	5.67%	3.94%	-9.58%	11.73%
ZPR.TO BMO Laddered Preferred Share Index ETF	5.78%	18.58%	26.58%	7.21%	-17.66%	23.77%	6.00%	1.94%	-9.77%	10.08%

Correlation

The correlation between DXP.TO and ZPR.TO is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (All Time) Calculated using the full available price history since Jan 27, 2017	0.53

The correlation between DXP.TO and ZPR.TO has been stable across timeframes, ranging from 0.43 to 0.53 - a consistent structural relationship.

Return for Risk

DXP.TO vs. ZPR.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DXP.TO

DXP.TO Risk / Return Rank: 96
DXP.TO Sharpe Ratio Rank: 96
DXP.TO Sortino Ratio Rank: 97
DXP.TO Omega Ratio Rank: 96
DXP.TO Calmar Ratio Rank: 94
DXP.TO Martin Ratio Rank: 96

ZPR.TO

ZPR.TO Risk / Return Rank: 97
ZPR.TO Sharpe Ratio Rank: 97
ZPR.TO Sortino Ratio Rank: 98
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.

DXP.TO vs. ZPR.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dynamic Active Preferred Shares ETF (DXP.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.

	DXP.TO	ZPR.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.76	4.30	-0.53
Sortino ratio: Return per unit of downside risk	5.82	6.60	-0.78
Omega ratio: Gain probability vs. loss probability	1.76	1.93	-0.17
Calmar ratio: Return relative to maximum drawdown	6.38	7.52	-1.13
Martin ratio: Return relative to average drawdown	31.55	44.27	-12.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DXP.TO vs. ZPR.TO - Sharpe Ratio Comparison

The current DXP.TO Sharpe Ratio is 3.76, which is comparable to the ZPR.TO Sharpe Ratio of 4.30. The chart below compares the historical Sharpe Ratios of DXP.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

	DXP.TO	ZPR.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.76	4.30	-0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	0.93	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.70	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.35	+0.27

Drawdowns

DXP.TO vs. ZPR.TO - Drawdown Comparison

The maximum DXP.TO drawdown since its inception was -40.72%, smaller than the maximum ZPR.TO drawdown of -44.72%. Use the drawdown chart below to compare losses from any high point for DXP.TO and ZPR.TO.

Drawdown Indicators

	DXP.TO	ZPR.TO	Difference
Max Drawdown Largest peak-to-trough decline	-40.72%	-44.72%	+4.00%
Max Drawdown (1Y) Largest decline over 1 year	-2.40%	-2.47%	+0.07%
Max Drawdown (3Y) Largest decline over 3 years	-8.30%	-8.75%	+0.45%
Max Drawdown (5Y) Largest decline over 5 years	-20.11%	-23.06%	+2.95%
Max Drawdown (10Y) Largest decline over 10 years	—	-44.13%	—
Current Drawdown Current decline from peak	-0.26%	-0.82%	+0.56%
Average Drawdown Average peak-to-trough decline	-6.65%	-9.28%	+2.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.49%	0.42%	+0.07%

Volatility

DXP.TO vs. ZPR.TO - Volatility Comparison

The current volatility for Dynamic Active Preferred Shares ETF (DXP.TO) is 0.98%, while BMO Laddered Preferred Share Index ETF (ZPR.TO) has a volatility of 1.13%. This indicates that DXP.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

	DXP.TO	ZPR.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.98%	1.13%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	2.69%	2.74%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	4.08%	4.33%	-0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.29%	8.33%	+0.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.25%	11.50%	+0.75%

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

DXP.TO has a 0.64% expense ratio, which is higher than ZPR.TO's 0.45% expense ratio.

Dividends

DXP.TO vs. ZPR.TO - Dividend Comparison

DXP.TO's dividend yield for the trailing twelve months is around 4.42%, less than ZPR.TO's 5.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DXP.TO Dynamic Active Preferred Shares ETF	4.42%	4.52%	5.05%	5.31%	4.58%	3.67%	4.51%	4.53%	4.50%	3.36%	0.00%	0.00%
ZPR.TO BMO Laddered Preferred Share Index ETF	5.08%	4.86%	4.93%	5.92%	5.97%	4.66%	5.48%	5.09%	4.82%	4.08%	5.14%	5.65%

Frequently Asked Questions

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

DXP.TO and ZPR.TO have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DXP.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, DXP.TO or ZPR.TO?

ZPR.TO is cheaper with a 0.45% expense ratio, compared with 0.64% for DXP.TO.

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

They also come from different issuers: Dynamic and BMO. Their fees differ too: 0.64% for DXP.TO and 0.45% for ZPR.TO.