ZFH.TO vs. ZPR.TO

Last updated Jul 15, 2026

ZFH.TO (BMO Floating Rate High Yield ETF) and ZPR.TO (BMO Laddered Preferred Share Index ETF) are both exchange-traded funds - ZFH.TO is a High Yield Bonds fund actively managed by BMO, while ZPR.TO is a Preferred Stock/Convertible Bonds fund tracking the Solactive Laddered Canadian Preferred Share Index. ZFH.TO is actively managed, while ZPR.TO is passively managed. Over the past 10 years, ZFH.TO returned 5.48%/yr vs 8.37%/yr for ZPR.TO. At a 0.17 correlation, their price movements are largely independent. ZFH.TO charges 0.40%/yr vs 0.45%/yr for ZPR.TO.

Performance

ZFH.TO vs. ZPR.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Floating Rate High Yield ETF (ZFH.TO) and BMO Laddered Preferred Share Index ETF (ZPR.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZFH.TO achieves a 2.58% return, which is significantly lower than ZPR.TO's 7.75% return. Over the past 10 years, ZFH.TO has underperformed ZPR.TO with an annualized return of 5.48%, while ZPR.TO has yielded a comparatively higher 8.37% annualized return.

ZFH.TO

• 1D: 0.00%
• 1M: 0.26%
• 6M: 1.97%
• YTD: 2.58%
• 1Y: 4.55%
• 3Y*: 8.89%
• 5Y*: 6.65%
• 10Y*: 5.48%

ZPR.TO

• 1D: 0.00%
• 1M: 1.78%
• 6M: 7.31%
• YTD: 7.75%
• 1Y: 16.36%
• 3Y*: 19.93%
• 5Y*: 8.26%
• 10Y*: 8.37%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZFH.TO BMO Floating Rate High Yield ETF	2.58%	5.61%	11.66%	13.66%	-0.89%	4.79%	-3.87%	11.18%	0.77%	5.45%
ZPR.TO BMO Laddered Preferred Share Index ETF	7.75%	18.58%	26.58%	7.21%	-17.66%	23.77%	6.00%	1.94%	-9.77%	14.71%

Correlation

The correlation between ZFH.TO and ZPR.TO is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (10Y) Calculated over the trailing 10-year period	0.18
Correlation (All Time) Calculated using the full available price history since Feb 14, 2014	0.17

Return for Risk

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

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

ZFH.TO

ZFH.TO Risk / Return Rank: 40
ZFH.TO Sharpe Ratio Rank: 43
ZFH.TO Sortino Ratio Rank: 41
ZFH.TO Omega Ratio Rank: 44
ZFH.TO Calmar Ratio Rank: 33
ZFH.TO Martin Ratio Rank: 39

ZPR.TO

ZPR.TO Risk / Return Rank: 97
ZPR.TO Sharpe Ratio Rank: 97
ZPR.TO Sortino Ratio Rank: 97
ZPR.TO Omega Ratio Rank: 97
ZPR.TO Calmar Ratio Rank: 96
ZPR.TO Martin Ratio Rank: 97

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.

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

This table presents a comparison of risk-adjusted performance metrics for BMO Floating Rate High Yield ETF (ZFH.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.

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.

	ZFH.TO	ZPR.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.22	3.83	-2.61
Sortino ratio: Return per unit of downside risk	1.74	5.79	-4.05
Omega ratio: Gain probability vs. loss probability	1.24	1.80	-0.56
Calmar ratio: Return relative to maximum drawdown	1.40	6.66	-5.26
Martin ratio: Return relative to average drawdown	4.84	37.99	-33.14

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

The current ZFH.TO Sharpe Ratio is 1.22, which is lower than the ZPR.TO Sharpe Ratio of 3.83. The chart below compares the historical Sharpe Ratios of ZFH.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.

Drawdowns

ZFH.TO vs. ZPR.TO - Drawdown Comparison

The maximum ZFH.TO drawdown since its inception was -21.41%, smaller than the maximum ZPR.TO drawdown of -44.72%. Use the drawdown chart below to compare losses from any high point for ZFH.TO and ZPR.TO.

Drawdown Indicators

	ZFH.TO	ZPR.TO	Difference
Max Drawdown Largest peak-to-trough decline	-21.41%	-44.72%	+23.31%
Max Drawdown (1Y) Largest decline over 1 year	-3.27%	-2.47%	-0.80%
Max Drawdown (3Y) Largest decline over 3 years	-6.39%	-8.75%	+2.36%
Max Drawdown (5Y) Largest decline over 5 years	-9.75%	-23.06%	+13.31%
Max Drawdown (10Y) Largest decline over 10 years	-21.41%	-44.13%	+22.72%
Current Drawdown Current decline from peak	-0.26%	0.00%	-0.26%
Average Drawdown Average peak-to-trough decline	-2.05%	-9.21%	+7.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	0.43%	+0.51%

Volatility

ZFH.TO vs. ZPR.TO - Volatility Comparison

The current volatility for BMO Floating Rate High Yield ETF (ZFH.TO) is 0.57%, while BMO Laddered Preferred Share Index ETF (ZPR.TO) has a volatility of 0.84%. This indicates that ZFH.TO experiences smaller price fluctuations and is considered to be less risky than ZPR.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZFH.TO	ZPR.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.57%	0.84%	-0.27%
Volatility (6M) Calculated over the trailing 6-month period	2.78%	2.67%	+0.11%
Volatility (1Y) Calculated over the trailing 1-year period	3.74%	4.29%	-0.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.11%	8.32%	-0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.43%	11.42%	-1.99%

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

ZFH.TO has a 0.40% expense ratio, which is lower than ZPR.TO's 0.45% expense ratio.

Dividends

ZFH.TO vs. ZPR.TO - Dividend Comparison

ZFH.TO's dividend yield for the trailing twelve months is around 5.17%, more than ZPR.TO's 5.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ZFH.TO BMO Floating Rate High Yield ETF	5.17%	5.58%	7.82%	7.07%	4.81%	4.54%	4.57%	4.32%	4.51%	4.64%	4.70%	5.01%
ZPR.TO BMO Laddered Preferred Share Index ETF	5.06%	4.86%	4.93%	5.92%	5.97%	4.66%	5.48%	5.09%	4.82%	4.08%	5.14%	5.65%

Frequently Asked Questions

Can I hold both ZFH.TO and ZPR.TO in my portfolio?

ZFH.TO and ZPR.TO have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZFH.TO or ZPR.TO?

On fees, ZFH.TO is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZFH.TO or ZPR.TO?

ZFH.TO is cheaper with a 0.40% expense ratio, compared with 0.45% for ZPR.TO.

What is the main difference between ZFH.TO and ZPR.TO?

ZFH.TO is categorized as High Yield Bonds, while ZPR.TO is Preferred Stock/Convertible Bonds. Their fees differ too: 0.40% for ZFH.TO and 0.45% for ZPR.TO.