TPRF.TO vs. CAR-UN.TO

Last updated Jun 4, 2026

TPRF.TO (TD Active Preferred Share ETF) is Preferred Stock/Convertible Bonds fund actively managed by TD, while CAR-UN.TO (Canadian Apartment Properties Real Estate Investment Trust) is a stock. Over the past 5 years, TPRF.TO returned 10.05%/yr vs -5.60%/yr for CAR-UN.TO. At a 0.19 correlation, their price movements are largely independent.

Performance

TPRF.TO vs. CAR-UN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in TD Active Preferred Share ETF (TPRF.TO) and Canadian Apartment Properties Real Estate Investment Trust (CAR-UN.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TPRF.TO achieves a 5.07% return, which is significantly higher than CAR-UN.TO's -5.83% return.

TPRF.TO

• 1D: -0.08%
• 1M: 1.32%
• YTD: 5.07%
• 6M: 6.46%
• 1Y: 17.52%
• 3Y*: 19.71%
• 5Y*: 10.05%
• 10Y*: —

CAR-UN.TO

• 1D: -0.44%
• 1M: -5.61%
• YTD: -5.83%
• 6M: -6.31%
• 1Y: -20.16%
• 3Y*: -7.79%
• 5Y*: -5.60%
• 10Y*: 4.75%

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

TPRF.TO vs. CAR-UN.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
TPRF.TO TD Active Preferred Share ETF	5.07%	18.21%	28.68%	5.53%	-11.31%	37.88%	11.44%	17.78%	-13.58%
CAR-UN.TO Canadian Apartment Properties Real Estate Investment Trust	-5.83%	-10.17%	-6.48%	19.26%	-26.56%	22.96%	-2.97%	22.93%	-5.24%

Correlation

The correlation between TPRF.TO and CAR-UN.TO is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (All Time) Calculated using the full available price history since Nov 15, 2018	0.19

Return for Risk

TPRF.TO vs. CAR-UN.TO — Risk / Return Rank

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

TPRF.TO

TPRF.TO Risk / Return Rank: 96
TPRF.TO Sharpe Ratio Rank: 96
TPRF.TO Sortino Ratio Rank: 97
TPRF.TO Omega Ratio Rank: 97
TPRF.TO Calmar Ratio Rank: 94
TPRF.TO Martin Ratio Rank: 96

CAR-UN.TO

CAR-UN.TO Risk / Return Rank: 6
CAR-UN.TO Sharpe Ratio Rank: 2
CAR-UN.TO Sortino Ratio Rank: 5
CAR-UN.TO Omega Ratio Rank: 7
CAR-UN.TO Calmar Ratio Rank: 10
CAR-UN.TO Martin Ratio Rank: 8

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.

TPRF.TO vs. CAR-UN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TD Active Preferred Share ETF (TPRF.TO) and Canadian Apartment Properties Real Estate Investment Trust (CAR-UN.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.

	TPRF.TO	CAR-UN.TO	Difference
Sharpe ratio: Return per unit of total volatility	4.25	-1.17	+5.42
Sortino ratio: Return per unit of downside risk	6.23	-1.58	+7.81
Omega ratio: Gain probability vs. loss probability	1.92	0.82	+1.10
Calmar ratio: Return relative to maximum drawdown	7.07	-0.81	+7.87
Martin ratio: Return relative to average drawdown	39.29	-1.37	+40.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TPRF.TO vs. CAR-UN.TO - Sharpe Ratio Comparison

The current TPRF.TO Sharpe Ratio is 4.25, which is higher than the CAR-UN.TO Sharpe Ratio of -1.17. The chart below compares the historical Sharpe Ratios of TPRF.TO and CAR-UN.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

	TPRF.TO	CAR-UN.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.25	-1.17	+5.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.04	-0.27	+1.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.23	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	0.13	+0.65

Drawdowns

TPRF.TO vs. CAR-UN.TO - Drawdown Comparison

The maximum TPRF.TO drawdown since its inception was -43.12%, roughly equal to the maximum CAR-UN.TO drawdown of -41.12%. Use the drawdown chart below to compare losses from any high point for TPRF.TO and CAR-UN.TO.

Drawdown Indicators

	TPRF.TO	CAR-UN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-43.12%	-41.12%	-2.00%
Max Drawdown (1Y) Largest decline over 1 year	-2.49%	-25.08%	+22.59%
Max Drawdown (3Y) Largest decline over 3 years	-8.39%	-34.90%	+26.51%
Max Drawdown (5Y) Largest decline over 5 years	-20.45%	-34.95%	+14.50%
Max Drawdown (10Y) Largest decline over 10 years	—	-38.20%	—
Current Drawdown Current decline from peak	-0.38%	-33.19%	+32.81%
Average Drawdown Average peak-to-trough decline	-5.87%	-9.24%	+3.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.45%	14.73%	-14.28%

Volatility

TPRF.TO vs. CAR-UN.TO - Volatility Comparison

The current volatility for TD Active Preferred Share ETF (TPRF.TO) is 1.21%, while Canadian Apartment Properties Real Estate Investment Trust (CAR-UN.TO) has a volatility of 6.87%. This indicates that TPRF.TO experiences smaller price fluctuations and is considered to be less risky than CAR-UN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TPRF.TO	CAR-UN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.21%	6.87%	-5.66%
Volatility (6M) Calculated over the trailing 6-month period	2.67%	12.81%	-10.14%
Volatility (1Y) Calculated over the trailing 1-year period	4.16%	17.31%	-13.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.67%	21.16%	-11.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.41%	21.07%	-5.66%

Dividends

TPRF.TO vs. CAR-UN.TO - Dividend Comparison

TPRF.TO's dividend yield for the trailing twelve months is around 4.50%, which matches CAR-UN.TO's 4.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAR-UN.TO Canadian Apartment Properties Real Estate Investment Trust	4.54%	4.19%	7.00%	4.12%	3.40%	2.35%	2.76%	2.59%	2.96%	3.42%	3.95%	4.50%
TPRF.TO TD Active Preferred Share ETF	4.50%	4.36%	4.56%	5.74%	10.25%	8.28%	10.46%	9.90%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TPRF.TO and CAR-UN.TO in my portfolio?

TPRF.TO and CAR-UN.TO have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.