FPR.TO vs. ZHP.TO
FPR.TO (CI Preferred Share ETF) and ZHP.TO (BMO US Preferred Share Hedged to CAD Index ETF) are both Preferred Stock/Convertible Bonds funds. Over the past 5 years, FPR.TO returned 7.51%/yr vs -2.46%/yr for ZHP.TO. At a 0.11 correlation, their price movements are largely independent.
Performance
FPR.TO vs. ZHP.TO - Performance Comparison
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Returns By Period
In the year-to-date period, FPR.TO achieves a 7.39% return, which is significantly higher than ZHP.TO's -0.99% return.
FPR.TO
- 1D
- 0.11%
- 1M
- 1.65%
- 6M
- 7.05%
- YTD
- 7.39%
- 1Y
- 15.58%
- 3Y*
- 17.18%
- 5Y*
- 7.51%
- 10Y*
- 7.52%
ZHP.TO
- 1D
- -0.06%
- 1M
- -0.51%
- 6M
- -2.16%
- YTD
- -0.99%
- 1Y
- 0.21%
- 3Y*
- 4.09%
- 5Y*
- -2.46%
- 10Y*
- —
FPR.TO vs. ZHP.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FPR.TO CI Preferred Share ETF | 7.39% | 16.63% | 23.27% | 3.44% | -13.72% | 21.25% | 7.57% | 3.65% | -5.80% | 7.15% |
ZHP.TO BMO US Preferred Share Hedged to CAD Index ETF | -0.99% | -1.34% | 7.03% | 4.43% | -19.49% | 4.62% | 7.83% | 13.82% | -5.84% | 4.23% |
Correlation
The correlation between FPR.TO and ZHP.TO is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Feb 16, 2017 | 0.11 |
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Return for Risk
FPR.TO vs. ZHP.TO — Risk / Return Rank
FPR.TO
ZHP.TO
FPR.TO vs. ZHP.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for CI Preferred Share ETF (FPR.TO) and BMO US Preferred Share Hedged to CAD Index ETF (ZHP.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.
| FPR.TO | ZHP.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.28 | ||
| Sortino ratioReturn per unit of downside risk | +3.22 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.01 | +0.48 |
| Calmar ratioReturn relative to maximum drawdown | 6.05 | 0.03 | +6.02 |
| Martin ratioReturn relative to average drawdown | 21.90 | 0.06 | +21.84 |
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Drawdowns
FPR.TO vs. ZHP.TO - Drawdown Comparison
The maximum FPR.TO drawdown since its inception was -36.12%, smaller than the maximum ZHP.TO drawdown of -41.53%. Use the drawdown chart below to compare losses from any high point for FPR.TO and ZHP.TO.
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Drawdown Indicators
| FPR.TO | ZHP.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.12% | -41.53% | +5.41% |
Max Drawdown (1Y)Largest decline over 1 year | -2.75% | -6.26% | +3.51% |
Max Drawdown (3Y)Largest decline over 3 years | -7.34% | -11.80% | +4.46% |
Max Drawdown (5Y)Largest decline over 5 years | -20.31% | -30.45% | +10.14% |
Max Drawdown (10Y)Largest decline over 10 years | -36.12% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -13.50% | +13.50% |
Average DrawdownAverage peak-to-trough decline | -4.91% | -8.67% | +3.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.76% | 3.29% | -2.53% |
Volatility
FPR.TO vs. ZHP.TO - Volatility Comparison
The current volatility for CI Preferred Share ETF (FPR.TO) is 1.05%, while BMO US Preferred Share Hedged to CAD Index ETF (ZHP.TO) has a volatility of 2.91%. This indicates that FPR.TO experiences smaller price fluctuations and is considered to be less risky than ZHP.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FPR.TO | ZHP.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.05% | 2.91% | -1.86% |
Volatility (6M)Calculated over the trailing 6-month period | 4.52% | 5.32% | -0.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.23% | 6.73% | +0.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.24% | 12.65% | -4.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.35% | 15.93% | -5.58% |
Dividends
FPR.TO vs. ZHP.TO - Dividend Comparison
FPR.TO's dividend yield for the trailing twelve months is around 3.97%, less than ZHP.TO's 6.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
FPR.TO CI Preferred Share ETF | 3.97% | 4.57% | 5.01% | 6.00% | 4.59% | 3.79% | 4.42% | 4.52% | 4.49% | 4.06% | 2.52% |
ZHP.TO BMO US Preferred Share Hedged to CAD Index ETF | 6.21% | 6.46% | 6.29% | 7.14% | 6.93% | 5.41% | 5.61% | 5.39% | 5.61% | 4.60% | 0.00% |
Frequently Asked Questions
FPR.TO and ZHP.TO have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: CI and BMO.
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