RCDC.TO vs. CPD.TO
RCDC.TO (RBC Canadian Dividend Covered Call ETF) and CPD.TO (iShares S&P/TSX Canadian Preferred Share Index ETF) are both exchange-traded funds - RCDC.TO is a Derivative Income fund actively managed by RBC, while CPD.TO is a Preferred Stock/Convertible Bonds fund tracking the S&P/TSX Preferred Share TR. RCDC.TO is actively managed, while CPD.TO is passively managed. Over the past 3 years, RCDC.TO returned 20.10%/yr vs 16.79%/yr for CPD.TO. At a 0.20 correlation, their price movements are largely independent. RCDC.TO charges 0.64%/yr vs 0.50%/yr for CPD.TO.
Performance
RCDC.TO vs. CPD.TO - Performance Comparison
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Returns By Period
In the year-to-date period, RCDC.TO achieves a 17.67% return, which is significantly higher than CPD.TO's 5.36% return.
RCDC.TO
- 1D
- 0.11%
- 1M
- 2.62%
- 6M
- 16.79%
- YTD
- 17.67%
- 1Y
- 32.57%
- 3Y*
- 20.10%
- 5Y*
- —
- 10Y*
- —
CPD.TO
- 1D
- 0.00%
- 1M
- 1.72%
- 6M
- 5.21%
- YTD
- 5.36%
- 1Y
- 12.15%
- 3Y*
- 16.79%
- 5Y*
- 6.09%
- 10Y*
- 6.51%
RCDC.TO vs. CPD.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
RCDC.TO RBC Canadian Dividend Covered Call ETF | 17.67% | 19.29% | 17.27% | 1.66% |
CPD.TO iShares S&P/TSX Canadian Preferred Share Index ETF | 5.36% | 16.10% | 23.31% | -0.95% |
Correlation
The correlation between RCDC.TO and CPD.TO is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Jan 23, 2023 | 0.20 |
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Return for Risk
RCDC.TO vs. CPD.TO — Risk / Return Rank
RCDC.TO
CPD.TO
RCDC.TO vs. CPD.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for RBC Canadian Dividend Covered Call ETF (RCDC.TO) 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.
| RCDC.TO | CPD.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.92 | ||
| Sortino ratioReturn per unit of downside risk | +1.55 | ||
| Omega ratioGain probability vs. loss probability | 1.73 | 1.62 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 6.02 | 4.52 | +1.50 |
| Martin ratioReturn relative to average drawdown | 29.99 | 22.51 | +7.48 |
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Drawdowns
RCDC.TO vs. CPD.TO - Drawdown Comparison
The maximum RCDC.TO drawdown since its inception was -10.88%, smaller than the maximum CPD.TO drawdown of -40.92%. Use the drawdown chart below to compare losses from any high point for RCDC.TO and CPD.TO.
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Drawdown Indicators
| RCDC.TO | CPD.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.88% | -40.92% | +30.04% |
Max Drawdown (1Y)Largest decline over 1 year | -5.43% | -2.70% | -2.73% |
Max Drawdown (3Y)Largest decline over 3 years | -10.88% | -7.65% | -3.23% |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.12% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -40.92% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -1.83% | -6.72% | +4.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.09% | 0.54% | +0.55% |
Volatility
RCDC.TO vs. CPD.TO - Volatility Comparison
RBC Canadian Dividend Covered Call ETF (RCDC.TO) has a higher volatility of 2.15% compared to iShares S&P/TSX Canadian Preferred Share Index ETF (CPD.TO) at 0.82%. This indicates that RCDC.TO'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
| RCDC.TO | CPD.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.15% | 0.82% | +1.33% |
Volatility (6M)Calculated over the trailing 6-month period | 6.71% | 2.72% | +3.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.48% | 4.15% | +4.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.09% | 7.70% | +2.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.09% | 10.58% | -0.49% |
RCDC.TO vs. CPD.TO - Expense Ratio Comparison
RCDC.TO has a 0.64% expense ratio, which is higher than CPD.TO's 0.50% expense ratio.
Dividends
RCDC.TO vs. CPD.TO - Dividend Comparison
RCDC.TO's dividend yield for the trailing twelve months is around 6.18%, 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% |
RCDC.TO RBC Canadian Dividend Covered Call ETF | 6.18% | 6.38% | 6.46% | 6.49% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
RCDC.TO and CPD.TO have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CPD.TO is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CPD.TO is cheaper with a 0.50% expense ratio, compared with 0.64% for RCDC.TO.
RCDC.TO is categorized as Derivative Income, while CPD.TO is Preferred Stock/Convertible Bonds. They also come from different issuers: RBC and iShares. Their fees differ too: 0.64% for RCDC.TO and 0.50% for CPD.TO.
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