TPRF.TO vs. ZUP.TO
TPRF.TO (TD Active Preferred Share ETF) and ZUP.TO (BMO US Preferred Share Index ETF) are both Preferred Stock/Convertible Bonds funds. Over the past 5 years, TPRF.TO returned 8.90%/yr vs 1.21%/yr for ZUP.TO. At a 0.08 correlation, their price movements are largely independent.
Performance
TPRF.TO vs. ZUP.TO - Performance Comparison
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Returns By Period
In the year-to-date period, TPRF.TO achieves a 6.87% return, which is significantly higher than ZUP.TO's 3.81% return.
TPRF.TO
- 1D
- 0.08%
- 1M
- 1.94%
- 6M
- 6.27%
- YTD
- 6.87%
- 1Y
- 15.19%
- 3Y*
- 20.07%
- 5Y*
- 8.90%
- 10Y*
- —
ZUP.TO
- 1D
- -0.05%
- 1M
- -0.39%
- 6M
- 0.96%
- YTD
- 3.81%
- 1Y
- 5.90%
- 3Y*
- 8.43%
- 5Y*
- 1.21%
- 10Y*
- —
TPRF.TO vs. ZUP.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
TPRF.TO TD Active Preferred Share ETF | 6.87% | 18.21% | 28.67% | 5.53% | -15.46% | 31.78% | 4.65% | 12.00% | -14.27% |
ZUP.TO BMO US Preferred Share Index ETF | 3.81% | -4.11% | 17.52% | 3.56% | -14.25% | 4.80% | 7.69% | 11.34% | -2.50% |
Correlation
The correlation between TPRF.TO and ZUP.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 | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Nov 14, 2018 | 0.08 |
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Return for Risk
TPRF.TO vs. ZUP.TO — Risk / Return Rank
TPRF.TO
ZUP.TO
TPRF.TO vs. ZUP.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TD Active Preferred Share ETF (TPRF.TO) and BMO US Preferred Share Index ETF (ZUP.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.
| TPRF.TO | ZUP.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.04 | ||
| Sortino ratioReturn per unit of downside risk | +4.35 | ||
| Omega ratioGain probability vs. loss probability | 1.80 | 1.13 | +0.67 |
| Calmar ratioReturn relative to maximum drawdown | 6.13 | 1.25 | +4.88 |
| Martin ratioReturn relative to average drawdown | 33.09 | 2.51 | +30.58 |
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Drawdowns
TPRF.TO vs. ZUP.TO - Drawdown Comparison
The maximum TPRF.TO drawdown since its inception was -44.80%, which is greater than ZUP.TO's maximum drawdown of -32.93%. Use the drawdown chart below to compare losses from any high point for TPRF.TO and ZUP.TO.
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Drawdown Indicators
| TPRF.TO | ZUP.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.80% | -32.93% | -11.87% |
Max Drawdown (1Y)Largest decline over 1 year | -2.49% | -4.76% | +2.27% |
Max Drawdown (3Y)Largest decline over 3 years | -8.39% | -12.88% | +4.49% |
Max Drawdown (5Y)Largest decline over 5 years | -23.90% | -25.34% | +1.44% |
Current DrawdownCurrent decline from peak | 0.00% | -3.89% | +3.89% |
Average DrawdownAverage peak-to-trough decline | -7.53% | -5.33% | -2.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.46% | 2.36% | -1.90% |
Volatility
TPRF.TO vs. ZUP.TO - Volatility Comparison
The current volatility for TD Active Preferred Share ETF (TPRF.TO) is 0.89%, while BMO US Preferred Share Index ETF (ZUP.TO) has a volatility of 4.40%. This indicates that TPRF.TO experiences smaller price fluctuations and is considered to be less risky than ZUP.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TPRF.TO | ZUP.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.89% | 4.40% | -3.51% |
Volatility (6M)Calculated over the trailing 6-month period | 2.63% | 6.34% | -3.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.10% | 8.64% | -4.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.64% | 11.83% | -2.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.25% | 14.40% | +0.85% |
Dividends
TPRF.TO vs. ZUP.TO - Dividend Comparison
TPRF.TO's dividend yield for the trailing twelve months is around 4.50%, less than ZUP.TO's 6.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
TPRF.TO TD Active Preferred Share ETF | 4.50% | 4.36% | 4.56% | 5.74% | 4.99% | 4.04% | 5.09% | 5.05% | 0.00% | 0.00% |
ZUP.TO BMO US Preferred Share Index ETF | 6.11% | 6.51% | 5.82% | 6.88% | 6.33% | 5.28% | 5.81% | 5.52% | 5.29% | 5.14% |
Frequently Asked Questions
TPRF.TO and ZUP.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.
They also come from different issuers: TD and BMO.
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