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XHY.TO vs. ZPR.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XHY.TO vs. ZPR.TO

Last updated Jun 5, 2026

XHY.TO (iShares U.S. High Yield Bond Index ETF (CAD-Hedged)) and ZPR.TO (BMO Laddered Preferred Share Index ETF) are both exchange-traded funds - XHY.TO is a High Yield Bonds fund tracking the Morningstar Gbl HY Bd GR CAD, while ZPR.TO is a Preferred Stock/Convertible Bonds fund tracking the Solactive Laddered Canadian Preferred Share Index. Both are passively managed. Over the past 10 years, XHY.TO returned 3.98%/yr vs 8.10%/yr for ZPR.TO. At a 0.24 correlation, their price movements are largely independent. XHY.TO charges 0.56%/yr vs 0.45%/yr for ZPR.TO.

Performance

XHY.TO vs. ZPR.TO - Performance Comparison

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

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Returns By Period

In the year-to-date period, XHY.TO achieves a 1.07% return, which is significantly lower than ZPR.TO's 6.11% return. Over the past 10 years, XHY.TO has underperformed ZPR.TO with an annualized return of 3.98%, while ZPR.TO has yielded a comparatively higher 8.10% annualized return.

XHY.TO

1D
0.12%
1M
0.33%
YTD
1.07%
6M
1.09%
1Y
4.66%
3Y*
7.14%
5Y*
2.86%
10Y*
3.98%

ZPR.TO

1D
0.08%
1M
0.58%
YTD
6.11%
6M
7.64%
1Y
18.52%
3Y*
19.66%
5Y*
7.75%
10Y*
8.10%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
XHY.TO
iShares U.S. High Yield Bond Index ETF (CAD-Hedged)		1.07%6.33%7.05%11.06%-11.10%3.51%2.65%13.83%-3.89%5.35%
ZPR.TO
BMO Laddered Preferred Share Index ETF		6.11%18.58%26.58%7.21%-17.66%23.77%6.00%2.10%-9.86%14.55%

Correlation

The correlation between XHY.TO and ZPR.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

0.20

Correlation (5Y)
Calculated over the trailing 5-year period

0.26

Correlation (10Y)
Calculated over the trailing 10-year period

0.25

Correlation (All Time)
Calculated using the full available price history since Nov 21, 2012

0.24

The correlation between XHY.TO and ZPR.TO shifts across timeframes, from 0.16 (1 year) to 0.26 (5 years), reflecting how their relationship changes across market environments.

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

Sectors
XHY.TO
ZPR.TO

Utilities

99.5%
100.0%

Real Estate

0.5%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-

Healthcare

-

-

Industrials

-

-

Technology

-

-

Utilities

XHY.TO
99.5%
ZPR.TO
100.0%

Real Estate

XHY.TO
0.5%
ZPR.TO

-

Basic Materials

XHY.TO

-

ZPR.TO

-

Communication Services

XHY.TO

-

ZPR.TO

-

Consumer Cyclical

XHY.TO

-

ZPR.TO

-

Consumer Defensive

XHY.TO

-

ZPR.TO

-

Energy

XHY.TO

-

ZPR.TO

-

Financial Services

XHY.TO

-

ZPR.TO

-

Healthcare

XHY.TO

-

ZPR.TO

-

Industrials

XHY.TO

-

ZPR.TO

-

Technology

XHY.TO

-

ZPR.TO

-

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iShares U.S. High Yield Bond Index ETF (CAD-Hedged)

BMO Laddered Preferred Share Index ETF

Often compared with XHY.TO:
XHY.TO vs. XBBXHY.TO vs. XIG.TOXHY.TO vs. CVD.TOXHY.TO vs. XFR.TOXHY.TO vs. HYGXHY.TO vs. XHB.TOXHY.TO vs. FLTR
Often compared with ZPR.TO:
ZPR.TO vs. RPF.TOZPR.TO vs. CPD.TOZPR.TO vs. HLPR.TOZPR.TO vs. TPRF.TOZPR.TO vs. SPLT.TOZPR.TO vs. VDY.TOZPR.TO vs. HPR.TO

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XHY.TO
XHY.TO Risk / Return Rank: 3232
Overall Rank
XHY.TO Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
XHY.TO Sortino Ratio Rank: 2828
Sortino Ratio Rank
XHY.TO Omega Ratio Rank: 2828
Omega Ratio Rank
XHY.TO Calmar Ratio Rank: 3333
Calmar Ratio Rank
XHY.TO Martin Ratio Rank: 4444
Martin Ratio Rank
ZPR.TO
ZPR.TO Risk / Return Rank: 9696
Overall Rank
ZPR.TO Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
ZPR.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
ZPR.TO Omega Ratio Rank: 9797
Omega Ratio Rank
ZPR.TO Calmar Ratio Rank: 9494
Calmar Ratio Rank
ZPR.TO Martin Ratio Rank: 9797
Martin Ratio Rank
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.

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

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

XHY.TOZPR.TODifference
Sharpe ratioReturn per unit of total volatility
1.00
4.31

-3.31

Sortino ratioReturn per unit of downside risk
1.51
6.63

-5.13

Omega ratioGain probability vs. loss probability

1.18

1.94

-0.76

Calmar ratioReturn relative to maximum drawdown

1.63

7.54

-5.91

Martin ratioReturn relative to average drawdown

7.05

44.76

-37.71

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current XHY.TO Sharpe Ratio is 1.00, which is lower than the ZPR.TO Sharpe Ratio of 4.31. The chart below compares the historical Sharpe Ratios of XHY.TO and ZPR.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.

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Sharpe Ratios by Period

XHY.TOZPR.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.00

4.31

-3.31

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.33

0.94

-0.60

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.38

0.71

-0.33

Sharpe Ratio (All Time)

Calculated using the full available price history

0.50

0.35

+0.15

Drawdowns

XHY.TO vs. ZPR.TO - Drawdown Comparison

The maximum XHY.TO drawdown since its inception was -28.48%, smaller than the maximum ZPR.TO drawdown of -44.92%. Use the drawdown chart below to compare losses from any high point for XHY.TO and ZPR.TO.

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Drawdown Indicators

XHY.TOZPR.TODifference

Max Drawdown

Largest peak-to-trough decline

-28.48%

-44.92%

+16.44%

Max Drawdown (1Y)

Largest decline over 1 year

-2.87%

-2.47%

-0.40%

Max Drawdown (3Y)

Largest decline over 3 years

-4.94%

-8.75%

+3.81%

Max Drawdown (5Y)

Largest decline over 5 years

-16.67%

-23.06%

+6.39%

Max Drawdown (10Y)

Largest decline over 10 years

-28.48%

-44.05%

+15.57%

Current Drawdown

Current decline from peak

-0.32%

-0.51%

+0.19%

Average Drawdown

Average peak-to-trough decline

-2.55%

-9.37%

+6.82%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.66%

0.42%

+0.24%

Volatility

XHY.TO vs. ZPR.TO - Volatility Comparison

iShares U.S. High Yield Bond Index ETF (CAD-Hedged) (XHY.TO) has a higher volatility of 1.28% compared to BMO Laddered Preferred Share Index ETF (ZPR.TO) at 1.08%. This indicates that XHY.TO's price experiences larger fluctuations and is considered to be riskier than ZPR.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XHY.TOZPR.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.28%

1.08%

+0.20%

Volatility (6M)

Calculated over the trailing 6-month period

3.55%

2.71%

+0.84%

Volatility (1Y)

Calculated over the trailing 1-year period

4.68%

4.32%

+0.36%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

8.65%

8.33%

+0.32%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

10.62%

11.50%

-0.88%

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

XHY.TO has a 0.56% expense ratio, which is higher than ZPR.TO's 0.45% expense ratio.

Dividends

XHY.TO vs. ZPR.TO - Dividend Comparison

XHY.TO's dividend yield for the trailing twelve months is around 6.11%, more than ZPR.TO's 5.06% yield.

PositionTTM20252024202320222021202020192018201720162015
XHY.TO
iShares U.S. High Yield Bond Index ETF (CAD-Hedged)		6.11%6.04%5.87%5.56%5.70%4.72%5.18%5.38%5.87%5.46%5.64%6.83%
ZPR.TO
BMO Laddered Preferred Share Index ETF		5.06%4.86%4.93%5.92%5.97%4.66%5.48%5.24%4.70%3.94%4.97%5.32%

Frequently Asked Questions

XHY.TO and ZPR.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.

On fees, ZPR.TO is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZPR.TO is cheaper with a 0.45% expense ratio, compared with 0.56% for XHY.TO.

XHY.TO is categorized as High Yield Bonds, while ZPR.TO is Preferred Stock/Convertible Bonds. XHY.TO tracks Morningstar Gbl HY Bd GR CAD, while ZPR.TO tracks Solactive Laddered Canadian Preferred Share Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.56% for XHY.TO and 0.45% for ZPR.TO.

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