HPR.TO vs. ZCS.TO

Last updated Aug 4, 2026

HPR.TO (Global X Active Preferred Share ETF) and ZCS.TO (BMO Short Corporate Bond Index ETF) are both exchange-traded funds - HPR.TO is a Preferred Stock fund actively managed by Global X, while ZCS.TO is a Corporate Bonds fund tracking the FTSE Canada Short Term Corporate Bond Index. HPR.TO is actively managed, while ZCS.TO is passively managed. Over the past 10 years, HPR.TO returned 7.81%/yr vs 2.76%/yr for ZCS.TO. Their 0.01 correlation means their historical movements had little consistent relationship. HPR.TO charges 0.64%/yr vs 0.11%/yr for ZCS.TO.

Performance

HPR.TO vs. ZCS.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X Active Preferred Share ETF (HPR.TO) and BMO Short Corporate Bond Index ETF (ZCS.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HPR.TO achieves a 7.35% return, which is significantly higher than ZCS.TO's 1.36% return. Over the past 10 years, HPR.TO has outperformed ZCS.TO with an annualized return of 7.81%, while ZCS.TO has yielded a comparatively lower 2.76% annualized return.

HPR.TO

• 1D: 0.06%
• 1M: 2.02%
• 6M: 7.12%
• YTD: 7.35%
• 1Y: 14.30%
• 3Y*: 19.50%
• 5Y*: 8.02%
• 10Y*: 7.81%
• ALL TIME*: 5.29%

ZCS.TO

• 1D: -0.14%
• 1M: -0.31%
• 6M: 0.73%
• YTD: 1.36%
• 1Y: 3.21%
• 3Y*: 6.04%
• 5Y*: 2.83%
• 10Y*: 2.76%
• ALL TIME*: 2.98%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HPR.TO Global X Active Preferred Share ETF	CA$179.28K	CA$144.73K	CA$202.22K
ZCS.TO BMO Short Corporate Bond Index ETF	CA$1.28M	CA$1.51M	CA$1.67M

HPR.TO vs. ZCS.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HPR.TO Global X Active Preferred Share ETF	7.35%	17.78%	27.79%	8.31%	-19.54%	24.30%	6.34%	2.42%	-10.18%	15.68%
ZCS.TO BMO Short Corporate Bond Index ETF	1.36%	4.41%	7.42%	6.67%	-4.48%	-0.76%	6.10%	5.01%	1.23%	1.04%

Correlation

The correlation between HPR.TO and ZCS.TO is 0.18, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.18
Correlation (3Y) Balances recent behavior with more history.	0.12
Correlation (5Y) Shows whether the relationship held over a longer period.	0.11
Correlation (10Y) Provides a long-term view across more market conditions.	0.02
Correlation (All Time) Calculated using the full available price history since Nov 23, 2010	0.01

The correlation between HPR.TO and ZCS.TO shifts across timeframes, from 0.01 (all time) to 0.18 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

HPR.TO vs. ZCS.TO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HPR.TO

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

ZCS.TO

ZCS.TO Risk / Return Rank: 64
ZCS.TO Sharpe Ratio Rank: 66
ZCS.TO Sortino Ratio Rank: 61
ZCS.TO Omega Ratio Rank: 74
ZCS.TO Calmar Ratio Rank: 55
ZCS.TO Martin Ratio Rank: 64

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HPR.TO vs. ZCS.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Active Preferred Share ETF (HPR.TO) and BMO Short Corporate Bond Index ETF (ZCS.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.

	HPR.TO	ZCS.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.37	1.57	+1.80
Sortino ratio: Return per unit of downside risk	4.89	2.11	+2.78
Omega ratio: Gain probability vs. loss probability	1.71	1.32	+0.39
Calmar ratio: Return relative to maximum drawdown	6.10	2.02	+4.08
Martin ratio: Return relative to average drawdown	31.60	7.94	+23.66

HPR.TO vs. ZCS.TO - Sharpe Ratio Comparison

The current HPR.TO Sharpe Ratio is 3.37, which is higher than the ZCS.TO Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of HPR.TO and ZCS.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.

Drawdowns

HPR.TO vs. ZCS.TO - Drawdown Comparison

The maximum HPR.TO drawdown since its inception was -45.02%, which is greater than ZCS.TO's maximum drawdown of -13.95%. Use the drawdown chart below to compare losses from any high point for HPR.TO and ZCS.TO.

Drawdown Indicators

	HPR.TO	ZCS.TO	Difference
Max Drawdown Largest peak-to-trough decline	-45.02%	-13.95%	-31.07%
Max Drawdown (1Y) Largest decline over 1 year	-2.22%	-1.63%	-0.59%
Max Drawdown (3Y) Largest decline over 3 years	-7.83%	-1.63%	-6.20%
Max Drawdown (5Y) Largest decline over 5 years	-22.88%	-7.76%	-15.12%
Max Drawdown (10Y) Largest decline over 10 years	-45.02%	-13.95%	-31.07%
Current Drawdown Current decline from peak	0.00%	-0.38%	+0.38%
Average Drawdown Average peak-to-trough decline	-6.13%	-0.89%	-5.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.43%	0.41%	+0.02%

Volatility

HPR.TO vs. ZCS.TO - Volatility Comparison

Global X Active Preferred Share ETF (HPR.TO) has a higher volatility of 0.89% compared to BMO Short Corporate Bond Index ETF (ZCS.TO) at 0.59%. This indicates that HPR.TO's price experiences larger fluctuations and is considered to be riskier than ZCS.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HPR.TO	ZCS.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.89%	0.59%	+0.30%
Volatility (6M) Calculated over the trailing 6-month period	2.63%	1.81%	+0.82%
Volatility (1Y) Calculated over the trailing 1-year period	4.07%	2.11%	+1.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.41%	2.91%	+5.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.75%	4.38%	+7.37%

HPR.TO vs. ZCS.TO - Expense Ratio Comparison

HPR.TO has a 0.64% expense ratio, which is higher than ZCS.TO's 0.11% expense ratio.

Dividends

HPR.TO vs. ZCS.TO - Dividend Comparison

HPR.TO's dividend yield for the trailing twelve months is around 4.75%, more than ZCS.TO's 3.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HPR.TO Global X Active Preferred Share ETF	4.75%	4.34%	4.28%	5.56%	5.96%	4.01%	5.11%	4.87%	4.39%	3.88%	4.32%	4.60%
ZCS.TO BMO Short Corporate Bond Index ETF	3.99%	3.60%	3.27%	3.35%	3.23%	2.99%	2.88%	2.96%	2.88%	3.04%	3.34%	3.53%

Frequently Asked Questions

Can I hold both HPR.TO and ZCS.TO in my portfolio?

HPR.TO and ZCS.TO have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HPR.TO or ZCS.TO?

On fees, ZCS.TO is cheaper at 0.11% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HPR.TO or ZCS.TO?

ZCS.TO is cheaper with a 0.11% expense ratio, compared with 0.64% for HPR.TO.

What is the main difference between HPR.TO and ZCS.TO?

HPR.TO is categorized as Preferred Stock, while ZCS.TO is Corporate Bonds. They also come from different issuers: Global X and BMO. Their fees differ too: 0.64% for HPR.TO and 0.11% for ZCS.TO.