WPK.TO vs. GSY

Last updated Jun 5, 2026

WPK.TO (Winpak Ltd.) is a stock, while GSY (Invesco Ultra Short Duration ETF) is Ultrashort Bond fund actively managed by Invesco. Over the past 10 years, WPK.TO returned -0.52%/yr vs 3.79%/yr for GSY. At a correlation of -0.05, they often move in opposite directions.

Performance

WPK.TO vs. GSY - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Winpak Ltd. (WPK.TO) and Invesco Ultra Short Duration ETF (GSY). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

WPK.TO is traded in CAD, while GSY is traded in USD. To make them comparable, the GSY values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, WPK.TO achieves a -9.37% return, which is significantly lower than GSY's 3.17% return. Over the past 10 years, WPK.TO has underperformed GSY with an annualized return of -0.52%, while GSY has yielded a comparatively higher 3.79% annualized return.

WPK.TO

• 1D: -0.84%
• 1M: 0.95%
• YTD: -9.37%
• 6M: -6.54%
• 1Y: -10.97%
• 3Y*: -0.55%
• 5Y*: 3.28%
• 10Y*: -0.52%

GSY

• 1D: 0.15%
• 1M: 2.54%
• YTD: 3.17%
• 6M: 2.83%
• 1Y: 6.49%
• 3Y*: 6.81%
• 5Y*: 6.67%
• 10Y*: 3.79%

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

WPK.TO vs. GSY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WPK.TO Winpak Ltd.	-9.37%	0.21%	17.07%	-2.54%	13.48%	-6.22%	-8.60%	-1.35%	2.29%	3.28%
GSY Invesco Ultra Short Duration ETF	3.17%	0.15%	15.06%	3.65%	7.14%	-0.88%	0.16%	-1.70%	10.84%	-4.63%

Correlation

The correlation between WPK.TO and GSY is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.11
Correlation (3Y) Calculated over the trailing 3-year period	-0.14
Correlation (5Y) Calculated over the trailing 5-year period	-0.17
Correlation (10Y) Calculated over the trailing 10-year period	-0.10
Correlation (All Time) Calculated using the full available price history since Jun 25, 2009	-0.05

The correlation between WPK.TO and GSY shifts across timeframes, from -0.17 (5 years) to -0.05 (all time), reflecting how their relationship changes across market environments.

Return for Risk

WPK.TO vs. GSY — Risk / Return Rank

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

WPK.TO

WPK.TO Risk / Return Rank: 21
WPK.TO Sharpe Ratio Rank: 20
WPK.TO Sortino Ratio Rank: 19
WPK.TO Omega Ratio Rank: 19
WPK.TO Calmar Ratio Rank: 27
WPK.TO Martin Ratio Rank: 23

GSY

GSY Risk / Return Rank: 100
GSY Sharpe Ratio Rank: 99
GSY Sortino Ratio Rank: 100
GSY Omega Ratio Rank: 100
GSY Calmar Ratio Rank: 100
GSY Martin Ratio Rank: 100

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.

WPK.TO vs. GSY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Winpak Ltd. (WPK.TO) and Invesco Ultra Short Duration ETF (GSY). 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.

	WPK.TO	GSY	Difference
Sharpe ratio: Return per unit of total volatility	-0.49	1.42	-1.91
Sortino ratio: Return per unit of downside risk	-0.54	1.97	-2.52
Omega ratio: Gain probability vs. loss probability	0.93	1.26	-0.33
Calmar ratio: Return relative to maximum drawdown	-0.42	1.79	-2.22
Martin ratio: Return relative to average drawdown	-0.93	5.02	-5.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WPK.TO vs. GSY - Sharpe Ratio Comparison

The current WPK.TO Sharpe Ratio is -0.49, which is lower than the GSY Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of WPK.TO and GSY, 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

	WPK.TO	GSY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.49	1.42	-1.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	1.07	-0.91
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.02	0.57	-0.59
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.40	+0.02

Drawdowns

WPK.TO vs. GSY - Drawdown Comparison

The maximum WPK.TO drawdown since its inception was -68.10%, which is greater than GSY's maximum drawdown of -19.20%. Use the drawdown chart below to compare losses from any high point for WPK.TO and GSY.

Drawdown Indicators

	WPK.TO	GSY	Difference
Max Drawdown Largest peak-to-trough decline	-68.10%	-19.20%	-48.90%
Max Drawdown (1Y) Largest decline over 1 year	-24.00%	-3.64%	-20.36%
Max Drawdown (3Y) Largest decline over 3 years	-24.00%	-5.13%	-18.87%
Max Drawdown (5Y) Largest decline over 5 years	-24.00%	-5.13%	-18.87%
Max Drawdown (10Y) Largest decline over 10 years	-43.94%	-13.59%	-30.35%
Current Drawdown Current decline from peak	-22.38%	0.00%	-22.38%
Average Drawdown Average peak-to-trough decline	-17.95%	-6.50%	-11.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.91%	1.30%	+9.61%

Volatility

WPK.TO vs. GSY - Volatility Comparison

Winpak Ltd. (WPK.TO) has a higher volatility of 4.42% compared to Invesco Ultra Short Duration ETF (GSY) at 0.80%. This indicates that WPK.TO's price experiences larger fluctuations and is considered to be riskier than GSY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WPK.TO	GSY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.42%	0.80%	+3.62%
Volatility (6M) Calculated over the trailing 6-month period	15.72%	3.44%	+12.28%
Volatility (1Y) Calculated over the trailing 1-year period	20.71%	4.60%	+16.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.36%	6.27%	+15.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.31%	6.68%	+15.63%

Dividends

WPK.TO vs. GSY - Dividend Comparison

WPK.TO's dividend yield for the trailing twelve months is around 0.50%, less than GSY's 4.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSY Invesco Ultra Short Duration ETF	4.34%	4.56%	5.31%	4.95%	1.70%	0.58%	1.45%	2.71%	2.30%	1.80%	1.21%	1.17%
WPK.TO Winpak Ltd.	0.50%	7.17%	0.29%	0.22%	0.29%	8.39%	0.28%	0.26%	0.25%	0.26%	0.26%	3.61%

Frequently Asked Questions

Can I hold both WPK.TO and GSY in my portfolio?

WPK.TO and GSY have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.