VVL.TO vs. CPD.TO

Last updated Jul 18, 2026

VVL.TO (Vanguard Global Value Factor ETF CAD) and CPD.TO (iShares S&P/TSX Canadian Preferred Share Index ETF) are both exchange-traded funds - VVL.TO is a Global Equities fund actively managed by Vanguard, while CPD.TO is a Preferred Stock/Convertible Bonds fund tracking the S&P/TSX Preferred Share TR. VVL.TO is actively managed, while CPD.TO is passively managed. Over the past 10 years, VVL.TO returned 12.27%/yr vs 6.55%/yr for CPD.TO. At a 0.31 correlation, their price movements are largely independent. VVL.TO charges 0.38%/yr vs 0.50%/yr for CPD.TO.

Performance

VVL.TO vs. CPD.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard Global Value Factor ETF CAD (VVL.TO) and iShares S&P/TSX Canadian Preferred Share Index ETF (CPD.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VVL.TO achieves a 17.21% return, which is significantly higher than CPD.TO's 5.80% return. Over the past 10 years, VVL.TO has outperformed CPD.TO with an annualized return of 12.27%, while CPD.TO has yielded a comparatively lower 6.55% annualized return.

VVL.TO

• 1D: -0.88%
• 1M: 3.91%
• 6M: 11.32%
• YTD: 17.21%
• 1Y: 30.32%
• 3Y*: 20.05%
• 5Y*: 15.08%
• 10Y*: 12.27%

CPD.TO

• 1D: 0.21%
• 1M: 2.01%
• 6M: 5.65%
• YTD: 5.80%
• 1Y: 12.28%
• 3Y*: 16.88%
• 5Y*: 6.21%
• 10Y*: 6.55%

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

VVL.TO vs. CPD.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VVL.TO Vanguard Global Value Factor ETF CAD	17.21%	18.01%	15.01%	16.57%	0.50%	29.77%	-3.29%	13.44%	-9.39%	12.34%
CPD.TO iShares S&P/TSX Canadian Preferred Share Index ETF	5.80%	16.10%	23.31%	6.23%	-19.19%	18.85%	5.35%	3.35%	-9.05%	13.44%

Correlation

The correlation between VVL.TO and CPD.TO is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (10Y) Calculated over the trailing 10-year period	0.31
Correlation (All Time) Calculated using the full available price history since Jun 22, 2016	0.31

VVL.TO vs. CPD.TO - Sectors Allocation Comparison

Sectors	VVL.TO	CPD.TO
Financial Services	25.3%	6.4%
Consumer Cyclical	14.8%	-
Healthcare	10.8%	-
Technology	10.5%	-
Industrials	9.8%	-
Energy	9.4%	-
Consumer Defensive	6.5%	0.5%
Communication Services	6.1%	-
Basic Materials	6.0%	-
Real Estate	0.9%	-
Utilities	0.0%	100.0%

Return for Risk

VVL.TO vs. CPD.TO — Risk / Return Rank

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

VVL.TO

VVL.TO Risk / Return Rank: 85
VVL.TO Sharpe Ratio Rank: 86
VVL.TO Sortino Ratio Rank: 87
VVL.TO Omega Ratio Rank: 83
VVL.TO Calmar Ratio Rank: 82
VVL.TO Martin Ratio Rank: 85

CPD.TO

CPD.TO Risk / Return Rank: 94
CPD.TO Sharpe Ratio Rank: 95
CPD.TO Sortino Ratio Rank: 95
CPD.TO Omega Ratio Rank: 96
CPD.TO Calmar Ratio Rank: 91
CPD.TO Martin Ratio Rank: 95

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.

VVL.TO vs. CPD.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Global Value Factor ETF CAD (VVL.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.

	VVL.TO	CPD.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.21	2.98	-0.77
Sortino ratio: Return per unit of downside risk	3.20	4.06	-0.86
Omega ratio: Gain probability vs. loss probability	1.39	1.63	-0.23
Calmar ratio: Return relative to maximum drawdown	3.45	4.57	-1.13
Martin ratio: Return relative to average drawdown	13.60	22.76	-9.17

VVL.TO vs. CPD.TO - Sharpe Ratio Comparison

The current VVL.TO Sharpe Ratio is 2.21, which is comparable to the CPD.TO Sharpe Ratio of 2.98. The chart below compares the historical Sharpe Ratios of VVL.TO and CPD.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.

Drawdowns

VVL.TO vs. CPD.TO - Drawdown Comparison

The maximum VVL.TO drawdown since its inception was -43.88%, which is greater than CPD.TO's maximum drawdown of -40.92%. Use the drawdown chart below to compare losses from any high point for VVL.TO and CPD.TO.

Drawdown Indicators

	VVL.TO	CPD.TO	Difference
Max Drawdown Largest peak-to-trough decline	-43.88%	-40.92%	-2.96%
Max Drawdown (1Y) Largest decline over 1 year	-8.83%	-2.70%	-6.13%
Max Drawdown (3Y) Largest decline over 3 years	-18.07%	-7.65%	-10.42%
Max Drawdown (5Y) Largest decline over 5 years	-18.07%	-24.12%	+6.05%
Max Drawdown (10Y) Largest decline over 10 years	-43.88%	-40.92%	-2.96%
Current Drawdown Current decline from peak	-0.88%	0.00%	-0.88%
Average Drawdown Average peak-to-trough decline	-5.73%	-6.71%	+0.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	0.54%	+1.70%

Volatility

VVL.TO vs. CPD.TO - Volatility Comparison

Vanguard Global Value Factor ETF CAD (VVL.TO) has a higher volatility of 3.21% compared to iShares S&P/TSX Canadian Preferred Share Index ETF (CPD.TO) at 0.70%. This indicates that VVL.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.

Volatility by Period

	VVL.TO	CPD.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.21%	0.70%	+2.51%
Volatility (6M) Calculated over the trailing 6-month period	9.57%	2.72%	+6.85%
Volatility (1Y) Calculated over the trailing 1-year period	13.84%	4.14%	+9.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.07%	7.70%	+8.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.77%	10.57%	+8.20%

VVL.TO vs. CPD.TO - Expense Ratio Comparison

VVL.TO has a 0.38% expense ratio, which is lower than CPD.TO's 0.50% expense ratio.

Dividends

VVL.TO vs. CPD.TO - Dividend Comparison

VVL.TO's dividend yield for the trailing twelve months is around 1.61%, less than CPD.TO's 4.96% 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	4.96%	4.96%	5.11%	5.88%	5.53%	4.17%	4.96%	5.02%	4.74%	4.33%	4.85%	5.44%
VVL.TO Vanguard Global Value Factor ETF CAD	1.61%	1.89%	2.19%	2.69%	2.57%	1.50%	1.70%	2.65%	2.15%	1.35%	0.60%	0.00%

Frequently Asked Questions

Can I hold both VVL.TO and CPD.TO in my portfolio?

VVL.TO and CPD.TO have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VVL.TO or CPD.TO?

On fees, VVL.TO is cheaper at 0.38% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VVL.TO or CPD.TO?

VVL.TO is cheaper with a 0.38% expense ratio, compared with 0.50% for CPD.TO.

What is the main difference between VVL.TO and CPD.TO?

VVL.TO is categorized as Global Equities, while CPD.TO is Preferred Stock/Convertible Bonds. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.38% for VVL.TO and 0.50% for CPD.TO.