PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
XPF.TO vs. ZHP.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XPF.TO vs. ZHP.TO

Last updated Jul 18, 2026
Documentation

XPF.TO (iShares S&P/TSX North American Preferred Stock Index ETF (CAD-Hedged)) and ZHP.TO (BMO US Preferred Share Hedged to CAD Index ETF) are both Preferred Stock/Convertible Bonds funds. Over the past 5 years, XPF.TO returned 2.28%/yr vs -2.44%/yr for ZHP.TO. At a 0.30 correlation, their price movements are largely independent.

Performance

XPF.TO vs. ZHP.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P/TSX North American Preferred Stock Index ETF (CAD-Hedged) (XPF.TO) and BMO US Preferred Share Hedged to CAD Index ETF (ZHP.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, XPF.TO achieves a 1.55% return, which is significantly higher than ZHP.TO's -0.81% return.

XPF.TO

1D
-0.45%
1M
-0.90%
6M
0.16%
YTD
1.55%
1Y
5.32%
3Y*
10.06%
5Y*
2.28%
10Y*
3.86%

ZHP.TO

1D
-0.37%
1M
-0.51%
6M
-2.73%
YTD
-0.81%
1Y
1.10%
3Y*
4.46%
5Y*
-2.44%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

XPF.TO vs. ZHP.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XPF.TO
iShares S&P/TSX North American Preferred Stock Index ETF (CAD-Hedged)		1.55%9.33%14.80%7.19%-19.48%11.51%5.34%8.88%-7.32%5.80%
ZHP.TO
BMO US Preferred Share Hedged to CAD Index ETF		-0.81%-1.34%7.03%4.43%-19.49%4.62%7.83%13.82%-5.84%4.23%

Correlation

The correlation between XPF.TO and ZHP.TO is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.45

Correlation (3Y)
Calculated over the trailing 3-year period

0.26

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

0.38

Correlation (All Time)
Calculated using the full available price history since Feb 16, 2017

0.30

The correlation between XPF.TO and ZHP.TO shifts across timeframes, from 0.26 (3 years) to 0.45 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares S&P/TSX North American Preferred Stock Index ETF (CAD-Hedged)

BMO US Preferred Share Hedged to CAD Index ETF

Often compared with XPF.TO:
XPF.TO vs. CPD.TOXPF.TO vs. VEQT.TOXPF.TO vs. VCRXPF.TO vs. VDY.TOXPF.TO vs. TPRF.TOXPF.TO vs. RPF.TOXPF.TO vs. HLPR.TO
Often compared with ZHP.TO:
ZHP.TO vs. FPR.TOZHP.TO vs. ZPR.TOZHP.TO vs. DXP.TOZHP.TO vs. HYBR.TOZHP.TO vs. ZEQT.TOZHP.TO vs. HPR.TOZHP.TO vs. TPRF.TO

Return for Risk

XPF.TO vs. ZHP.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XPF.TO
XPF.TO Risk / Return Rank: 3434
Overall Rank
XPF.TO Sharpe Ratio Rank: 3333
Sharpe Ratio Rank
XPF.TO Sortino Ratio Rank: 3131
Sortino Ratio Rank
XPF.TO Omega Ratio Rank: 3232
Omega Ratio Rank
XPF.TO Calmar Ratio Rank: 3434
Calmar Ratio Rank
XPF.TO Martin Ratio Rank: 3838
Martin Ratio Rank
ZHP.TO
ZHP.TO Risk / Return Rank: 1212
Overall Rank
ZHP.TO Sharpe Ratio Rank: 1313
Sharpe Ratio Rank
ZHP.TO Sortino Ratio Rank: 1212
Sortino Ratio Rank
ZHP.TO Omega Ratio Rank: 1111
Omega Ratio Rank
ZHP.TO Calmar Ratio Rank: 1313
Calmar Ratio Rank
ZHP.TO Martin Ratio Rank: 1212
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.

XPF.TO vs. ZHP.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX North American Preferred Stock Index ETF (CAD-Hedged) (XPF.TO) and BMO US Preferred Share Hedged to CAD Index ETF (ZHP.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.

XPF.TOZHP.TODifference
Sharpe ratioReturn per unit of total volatility
0.96
0.16

+0.80

Sortino ratioReturn per unit of downside risk
1.39
0.29

+1.10

Omega ratioGain probability vs. loss probability

1.17

1.03

+0.14

Calmar ratioReturn relative to maximum drawdown

1.39

0.18

+1.21

Martin ratioReturn relative to average drawdown

4.63

0.33

+4.30

XPF.TO vs. ZHP.TO - Sharpe Ratio Comparison

The current XPF.TO Sharpe Ratio is 0.96, which is higher than the ZHP.TO Sharpe Ratio of 0.16. The chart below compares the historical Sharpe Ratios of XPF.TO and ZHP.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.

Loading charts...

Drawdowns

XPF.TO vs. ZHP.TO - Drawdown Comparison

The maximum XPF.TO drawdown since its inception was -43.52%, roughly equal to the maximum ZHP.TO drawdown of -41.53%. Use the drawdown chart below to compare losses from any high point for XPF.TO and ZHP.TO.

Loading charts...

Drawdown Indicators

XPF.TOZHP.TODifference

Max Drawdown

Largest peak-to-trough decline

-43.52%

-41.53%

-1.99%

Max Drawdown (1Y)

Largest decline over 1 year

-3.84%

-6.26%

+2.42%

Max Drawdown (3Y)

Largest decline over 3 years

-7.54%

-11.80%

+4.26%

Max Drawdown (5Y)

Largest decline over 5 years

-24.67%

-30.45%

+5.78%

Max Drawdown (10Y)

Largest decline over 10 years

-43.52%

—

—

Current Drawdown

Current decline from peak

-1.46%

-13.34%

+11.88%

Average Drawdown

Average peak-to-trough decline

-4.73%

-8.68%

+3.95%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.15%

3.34%

-2.19%

Volatility

XPF.TO vs. ZHP.TO - Volatility Comparison

The current volatility for iShares S&P/TSX North American Preferred Stock Index ETF (CAD-Hedged) (XPF.TO) is 2.11%, while BMO US Preferred Share Hedged to CAD Index ETF (ZHP.TO) has a volatility of 2.81%. This indicates that XPF.TO experiences smaller price fluctuations and is considered to be less risky than ZHP.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

XPF.TOZHP.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.11%

2.81%

-0.70%

Volatility (6M)

Calculated over the trailing 6-month period

4.68%

5.29%

-0.61%

Volatility (1Y)

Calculated over the trailing 1-year period

5.55%

6.73%

-1.18%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

8.57%

12.65%

-4.08%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.39%

15.92%

-1.53%

Dividends

XPF.TO vs. ZHP.TO - Dividend Comparison

XPF.TO's dividend yield for the trailing twelve months is around 5.23%, less than ZHP.TO's 6.20% yield.

PositionTTM20252024202320222021202020192018201720162015
XPF.TO
iShares S&P/TSX North American Preferred Stock Index ETF (CAD-Hedged)		5.23%5.08%5.21%5.74%5.46%4.30%4.95%5.12%4.94%4.59%5.14%5.11%
ZHP.TO
BMO US Preferred Share Hedged to CAD Index ETF		6.20%6.46%6.29%7.14%6.93%5.41%5.61%5.39%5.61%4.60%0.00%0.00%

Frequently Asked Questions

XPF.TO and ZHP.TO have a correlation of 0.45, 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: iShares and BMO.

Portfolio Optimizer

Find the right allocation for XPF.TO and ZHP.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer