PFD vs. CPD.TO
PFD (Flaherty & Crumrine Preferred Income Fund) and CPD.TO (iShares S&P/TSX Canadian Preferred Share Index ETF) are both Preferred Stock/Convertible Bonds funds. PFD is actively managed, while CPD.TO is passively managed. Over the past 10 years, PFD returned 3.75%/yr vs 5.53%/yr for CPD.TO. At a 0.17 correlation, their price movements are largely independent. PFD charges 1.29%/yr vs 0.50%/yr for CPD.TO.
Performance
PFD vs. CPD.TO - Performance Comparison
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Different Trading Currencies
PFD is traded in USD, while CPD.TO is traded in CAD. To make them comparable, the CPD.TO values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, PFD achieves a 0.52% return, which is significantly lower than CPD.TO's 1.87% return. Over the past 10 years, PFD has underperformed CPD.TO with an annualized return of 3.75%, while CPD.TO has yielded a comparatively higher 5.53% annualized return.
PFD
- 1D
- -0.17%
- 1M
- 1.57%
- 6M
- 0.35%
- YTD
- 0.52%
- 1Y
- 8.11%
- 3Y*
- 12.61%
- 5Y*
- -0.65%
- 10Y*
- 3.75%
CPD.TO
- 1D
- -0.01%
- 1M
- 0.35%
- 6M
- 3.35%
- YTD
- 1.87%
- 1Y
- 8.13%
- 3Y*
- 13.83%
- 5Y*
- 3.50%
- 10Y*
- 5.53%
PFD vs. CPD.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PFD Flaherty & Crumrine Preferred Income Fund | 0.52% | 12.96% | 21.69% | -4.87% | -31.92% | -2.03% | 29.67% | 43.46% | -17.25% | 10.69% |
CPD.TO iShares S&P/TSX Canadian Preferred Share Index ETF | 1.87% | 21.65% | 13.68% | 8.82% | -24.00% | 18.91% | 7.91% | 7.79% | -16.11% | 21.68% |
Correlation
The correlation between PFD and CPD.TO is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.22 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Apr 10, 2007 | 0.17 |
The correlation between PFD and CPD.TO shifts across timeframes, from 0.12 (1 year) to 0.24 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PFD vs. CPD.TO — Risk / Return Rank
PFD
CPD.TO
PFD vs. CPD.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Flaherty & Crumrine Preferred Income Fund (PFD) 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.
| PFD | CPD.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.46 | ||
| Sortino ratioReturn per unit of downside risk | -0.76 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.25 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.01 | 2.18 | -1.17 |
| Martin ratioReturn relative to average drawdown | 3.21 | 6.35 | -3.14 |
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Drawdowns
PFD vs. CPD.TO - Drawdown Comparison
The maximum PFD drawdown since its inception was -81.70%, which is greater than CPD.TO's maximum drawdown of -56.75%. Use the drawdown chart below to compare losses from any high point for PFD and CPD.TO.
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Drawdown Indicators
| PFD | CPD.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.70% | -56.75% | -24.95% |
Max Drawdown (1Y)Largest decline over 1 year | -8.05% | -3.74% | -4.31% |
Max Drawdown (3Y)Largest decline over 3 years | -14.29% | -11.75% | -2.54% |
Max Drawdown (5Y)Largest decline over 5 years | -45.60% | -31.86% | -13.74% |
Max Drawdown (10Y)Largest decline over 10 years | -53.39% | -49.44% | -3.95% |
Current DrawdownCurrent decline from peak | -20.16% | -1.94% | -18.22% |
Average DrawdownAverage peak-to-trough decline | -17.24% | -16.14% | -1.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.53% | 1.28% | +1.25% |
Volatility
PFD vs. CPD.TO - Volatility Comparison
Flaherty & Crumrine Preferred Income Fund (PFD) has a higher volatility of 1.93% compared to iShares S&P/TSX Canadian Preferred Share Index ETF (CPD.TO) at 1.40%. This indicates that PFD'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
| PFD | CPD.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.93% | 1.40% | +0.53% |
Volatility (6M)Calculated over the trailing 6-month period | 6.65% | 4.26% | +2.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.84% | 5.94% | +2.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.47% | 10.09% | +6.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.48% | 12.80% | +10.68% |
PFD vs. CPD.TO - Expense Ratio Comparison
PFD has a 1.29% expense ratio, which is higher than CPD.TO's 0.50% expense ratio.
Dividends
PFD vs. CPD.TO - Dividend Comparison
PFD's dividend yield for the trailing twelve months is around 7.00%, more than CPD.TO's 4.98% 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 | 4.98% | 4.96% | 5.11% | 5.88% | 5.53% | 4.17% | 4.96% | 5.02% | 4.74% | 4.33% | 4.85% | 5.44% |
PFD Flaherty & Crumrine Preferred Income Fund | 7.00% | 6.47% | 6.46% | 6.94% | 7.97% | 5.82% | 5.09% | 5.85% | 8.14% | 6.85% | 7.44% | 8.36% |
Frequently Asked Questions
PFD and CPD.TO have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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