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NPRF.TO vs. ZPR.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

NPRF.TO vs. ZPR.TO

Last updated Jul 16, 2026
Documentation

NPRF.TO (NBI Active Canadian Preferred Shares ETF) and ZPR.TO (BMO Laddered Preferred Share Index ETF) are both Preferred Stock/Convertible Bonds funds. NPRF.TO is actively managed, while ZPR.TO is passively managed. Over the past 5 years, NPRF.TO returned 6.29%/yr vs 8.35%/yr for ZPR.TO. At a 0.49 correlation, their price movements are largely independent.

Performance

NPRF.TO vs. ZPR.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in NBI Active Canadian Preferred Shares ETF (NPRF.TO) and BMO Laddered Preferred Share Index ETF (ZPR.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, NPRF.TO achieves a 5.26% return, which is significantly lower than ZPR.TO's 8.16% return.

NPRF.TO

1D
0.07%
1M
1.37%
6M
4.47%
YTD
5.26%
1Y
7.83%
3Y*
16.89%
5Y*
6.29%
10Y*
—

ZPR.TO

1D
0.39%
1M
1.94%
6M
7.55%
YTD
8.16%
1Y
16.61%
3Y*
20.09%
5Y*
8.35%
10Y*
8.41%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)2025202420232022202120202019
NPRF.TO
NBI Active Canadian Preferred Shares ETF		5.26%11.95%29.71%4.36%-16.96%23.46%7.91%3.02%
ZPR.TO
BMO Laddered Preferred Share Index ETF		8.16%18.58%26.58%7.21%-17.66%23.77%6.00%1.04%

Correlation

The correlation between NPRF.TO and ZPR.TO is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.34

Correlation (3Y)
Calculated over the trailing 3-year period

0.42

Correlation (5Y)
Calculated over the trailing 5-year period

0.48

Correlation (All Time)
Calculated using the full available price history since Feb 8, 2019

0.49

The correlation between NPRF.TO and ZPR.TO shifts across timeframes, from 0.34 (1 year) to 0.49 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

NBI Active Canadian Preferred Shares ETF

BMO Laddered Preferred Share Index ETF

Often compared with ZPR.TO:
ZPR.TO vs. CPD.TOZPR.TO vs. RPF.TOZPR.TO vs. HLPR.TOZPR.TO vs. VDY.TOZPR.TO vs. TPRF.TOZPR.TO vs. HPR.TOZPR.TO vs. SPLT.TO

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
NPRF.TO
NPRF.TO Risk / Return Rank: 3131
Overall Rank
NPRF.TO Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
NPRF.TO Sortino Ratio Rank: 2626
Sortino Ratio Rank
NPRF.TO Omega Ratio Rank: 5555
Omega Ratio Rank
NPRF.TO Calmar Ratio Rank: 2424
Calmar Ratio Rank
NPRF.TO Martin Ratio Rank: 2020
Martin Ratio Rank
ZPR.TO
ZPR.TO Risk / Return Rank: 9797
Overall Rank
ZPR.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
ZPR.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
ZPR.TO Omega Ratio Rank: 9797
Omega Ratio Rank
ZPR.TO Calmar Ratio Rank: 9696
Calmar Ratio Rank
ZPR.TO Martin Ratio Rank: 9797
Martin Ratio Rank
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.

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

This table presents a comparison of risk-adjusted performance metrics for NBI Active Canadian Preferred Shares ETF (NPRF.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.

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.

NPRF.TOZPR.TODifference
Sharpe ratioReturn per unit of total volatility
0.93
3.88

-2.95

Sortino ratioReturn per unit of downside risk
1.26
5.87

-4.60

Omega ratioGain probability vs. loss probability

1.28

1.81

-0.53

Calmar ratioReturn relative to maximum drawdown

1.00

6.76

-5.76

Martin ratioReturn relative to average drawdown

1.79

38.57

-36.78

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

The current NPRF.TO Sharpe Ratio is 0.93, which is lower than the ZPR.TO Sharpe Ratio of 3.88. The chart below compares the historical Sharpe Ratios of NPRF.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.

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Drawdowns

NPRF.TO vs. ZPR.TO - Drawdown Comparison

The maximum NPRF.TO drawdown since its inception was -36.97%, smaller than the maximum ZPR.TO drawdown of -44.72%. Use the drawdown chart below to compare losses from any high point for NPRF.TO and ZPR.TO.

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Drawdown Indicators

NPRF.TOZPR.TODifference

Max Drawdown

Largest peak-to-trough decline

-36.97%

-44.72%

+7.75%

Max Drawdown (1Y)

Largest decline over 1 year

-7.85%

-2.47%

-5.38%

Max Drawdown (3Y)

Largest decline over 3 years

-7.85%

-8.75%

+0.90%

Max Drawdown (5Y)

Largest decline over 5 years

-24.68%

-23.06%

-1.62%

Max Drawdown (10Y)

Largest decline over 10 years

—

-44.13%

—

Current Drawdown

Current decline from peak

-2.78%

0.00%

-2.78%

Average Drawdown

Average peak-to-trough decline

-6.92%

-9.21%

+2.29%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.39%

0.43%

+3.96%

Volatility

NPRF.TO vs. ZPR.TO - Volatility Comparison

NBI Active Canadian Preferred Shares ETF (NPRF.TO) and BMO Laddered Preferred Share Index ETF (ZPR.TO) have volatilities of 0.90% and 0.88%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

NPRF.TOZPR.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.90%

0.88%

+0.02%

Volatility (6M)

Calculated over the trailing 6-month period

2.95%

2.69%

+0.26%

Volatility (1Y)

Calculated over the trailing 1-year period

8.43%

4.30%

+4.13%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.42%

8.32%

+1.10%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.29%

11.42%

+0.87%

Dividends

NPRF.TO vs. ZPR.TO - Dividend Comparison

NPRF.TO's dividend yield for the trailing twelve months is around 4.52%, less than ZPR.TO's 5.04% yield.

PositionTTM20252024202320222021202020192018201720162015
NPRF.TO
NBI Active Canadian Preferred Shares ETF		4.52%4.75%4.65%5.86%4.91%3.78%4.39%3.16%0.00%0.00%0.00%0.00%
ZPR.TO
BMO Laddered Preferred Share Index ETF		5.04%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

NPRF.TO and ZPR.TO have a correlation of 0.34, 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: NBI and BMO.

Portfolio Optimizer

Find the right allocation for NPRF.TO and ZPR.TO

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