RPF.TO vs. XHY.TO

Last updated Jun 4, 2026

RPF.TO (RBC Canadian Preferred Share ETF) and XHY.TO (iShares U.S. High Yield Bond Index ETF (CAD-Hedged)) are both exchange-traded funds - RPF.TO is a Preferred Stock/Convertible Bonds fund actively managed by RBC, while XHY.TO is a High Yield Bonds fund tracking the Morningstar Gbl HY Bd GR CAD. RPF.TO is actively managed, while XHY.TO is passively managed. Over the past 5 years, RPF.TO returned 7.30%/yr vs 2.84%/yr for XHY.TO. At a 0.21 correlation, their price movements are largely independent. RPF.TO charges 0.58%/yr vs 0.56%/yr for XHY.TO.

Performance

RPF.TO vs. XHY.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in RBC Canadian Preferred Share ETF (RPF.TO) and iShares U.S. High Yield Bond Index ETF (CAD-Hedged) (XHY.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RPF.TO achieves a 6.52% return, which is significantly higher than XHY.TO's 0.95% return.

RPF.TO

• 1D: 0.08%
• 1M: 1.08%
• YTD: 6.52%
• 6M: 7.86%
• 1Y: 19.77%
• 3Y*: 19.97%
• 5Y*: 7.30%
• 10Y*: —

XHY.TO

• 1D: -0.12%
• 1M: 0.39%
• YTD: 0.95%
• 6M: 1.09%
• 1Y: 4.79%
• 3Y*: 7.03%
• 5Y*: 2.84%
• 10Y*: 4.01%

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

RPF.TO vs. XHY.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RPF.TO RBC Canadian Preferred Share ETF	6.52%	19.23%	28.54%	3.28%	-18.37%	23.47%	6.47%	0.25%	-9.87%	16.06%
XHY.TO iShares U.S. High Yield Bond Index ETF (CAD-Hedged)	0.95%	6.33%	7.05%	11.06%	-11.10%	3.51%	2.65%	13.83%	-3.89%	5.35%

Correlation

The correlation between RPF.TO and XHY.TO is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (All Time) Calculated using the full available price history since Sep 22, 2016	0.21

RPF.TO vs. XHY.TO - Sectors Allocation Comparison

Sectors	RPF.TO	XHY.TO
Energy	46.0%	-
Real Estate	37.9%	0.5%
Financial Services	16.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Industrials	-	-
Technology	-	-
Utilities	-	99.5%

Return for Risk

RPF.TO vs. XHY.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

RPF.TO

RPF.TO Risk / Return Rank: 97
RPF.TO Sharpe Ratio Rank: 97
RPF.TO Sortino Ratio Rank: 98
RPF.TO Omega Ratio Rank: 98
RPF.TO Calmar Ratio Rank: 96
RPF.TO Martin Ratio Rank: 98

XHY.TO

XHY.TO Risk / Return Rank: 32
XHY.TO Sharpe Ratio Rank: 28
XHY.TO Sortino Ratio Rank: 28
XHY.TO Omega Ratio Rank: 27
XHY.TO Calmar Ratio Rank: 34
XHY.TO Martin Ratio Rank: 44

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.

RPF.TO vs. XHY.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RBC Canadian Preferred Share ETF (RPF.TO) and iShares U.S. High Yield Bond Index ETF (CAD-Hedged) (XHY.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.

	RPF.TO	XHY.TO	Difference
Sharpe ratio: Return per unit of total volatility	4.79	1.03	+3.77
Sortino ratio: Return per unit of downside risk	7.23	1.55	+5.68
Omega ratio: Gain probability vs. loss probability	2.05	1.19	+0.87
Calmar ratio: Return relative to maximum drawdown	9.39	1.67	+7.72
Martin ratio: Return relative to average drawdown	54.91	7.24	+47.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RPF.TO vs. XHY.TO - Sharpe Ratio Comparison

The current RPF.TO Sharpe Ratio is 4.79, which is higher than the XHY.TO Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of RPF.TO and XHY.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.

Sharpe Ratios by Period

	RPF.TO	XHY.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.79	1.03	+3.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.86	0.33	+0.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.38	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.50	+0.14

Drawdowns

RPF.TO vs. XHY.TO - Drawdown Comparison

The maximum RPF.TO drawdown since its inception was -45.69%, which is greater than XHY.TO's maximum drawdown of -28.48%. Use the drawdown chart below to compare losses from any high point for RPF.TO and XHY.TO.

Drawdown Indicators

	RPF.TO	XHY.TO	Difference
Max Drawdown Largest peak-to-trough decline	-45.69%	-28.48%	-17.21%
Max Drawdown (1Y) Largest decline over 1 year	-2.11%	-2.87%	+0.76%
Max Drawdown (3Y) Largest decline over 3 years	-9.19%	-4.94%	-4.25%
Max Drawdown (5Y) Largest decline over 5 years	-26.37%	-16.67%	-9.70%
Max Drawdown (10Y) Largest decline over 10 years	—	-28.48%	—
Current Drawdown Current decline from peak	-0.31%	-0.44%	+0.13%
Average Drawdown Average peak-to-trough decline	-7.63%	-2.55%	-5.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.36%	0.66%	-0.30%

Volatility

RPF.TO vs. XHY.TO - Volatility Comparison

The current volatility for RBC Canadian Preferred Share ETF (RPF.TO) is 1.13%, while iShares U.S. High Yield Bond Index ETF (CAD-Hedged) (XHY.TO) has a volatility of 1.29%. This indicates that RPF.TO experiences smaller price fluctuations and is considered to be less risky than XHY.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RPF.TO	XHY.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.13%	1.29%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	2.82%	3.56%	-0.74%
Volatility (1Y) Calculated over the trailing 1-year period	4.15%	4.69%	-0.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.49%	8.65%	-0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.34%	10.63%	+1.71%

RPF.TO vs. XHY.TO - Expense Ratio Comparison

RPF.TO has a 0.58% expense ratio, which is higher than XHY.TO's 0.56% expense ratio.

Dividends

RPF.TO vs. XHY.TO - Dividend Comparison

RPF.TO's dividend yield for the trailing twelve months is around 4.95%, less than XHY.TO's 6.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RPF.TO RBC Canadian Preferred Share ETF	4.95%	5.08%	5.48%	6.17%	5.65%	4.22%	5.24%	5.06%	4.51%	3.94%	1.10%	0.00%
XHY.TO iShares U.S. High Yield Bond Index ETF (CAD-Hedged)	6.12%	6.04%	5.87%	5.56%	5.70%	4.72%	5.18%	5.38%	5.87%	5.46%	5.64%	6.83%

Frequently Asked Questions

Can I hold both RPF.TO and XHY.TO in my portfolio?

RPF.TO and XHY.TO have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, RPF.TO or XHY.TO?

On fees, XHY.TO is cheaper at 0.56% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, RPF.TO or XHY.TO?

XHY.TO is cheaper with a 0.56% expense ratio, compared with 0.58% for RPF.TO.

What is the main difference between RPF.TO and XHY.TO?

RPF.TO is categorized as Preferred Stock/Convertible Bonds, while XHY.TO is High Yield Bonds. They also come from different issuers: RBC and iShares. Their fees differ too: 0.58% for RPF.TO and 0.56% for XHY.TO.