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ZHP.TO vs. PR.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZHP.TO vs. PR.TO

Last updated Jul 18, 2026
Documentation

ZHP.TO (BMO US Preferred Share Hedged to CAD Index ETF) and PR.TO (Lysander-Slater Preferred Share ActivETF) are both Preferred Stock/Convertible Bonds funds. Over the past 5 years, ZHP.TO returned -2.44%/yr vs 5.34%/yr for PR.TO. At a 0.12 correlation, their price movements are largely independent.

Performance

ZHP.TO vs. PR.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO US Preferred Share Hedged to CAD Index ETF (ZHP.TO) and Lysander-Slater Preferred Share ActivETF (PR.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, ZHP.TO achieves a -0.81% return, which is significantly lower than PR.TO's 3.18% return.

ZHP.TO

1D
-0.37%
1M
-0.51%
6M
-2.73%
YTD
-0.81%
1Y
1.10%
3Y*
4.46%
5Y*
-2.44%
10Y*
—

PR.TO

1D
-0.29%
1M
0.70%
6M
3.08%
YTD
3.18%
1Y
8.21%
3Y*
14.75%
5Y*
5.34%
10Y*
6.00%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
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%
PR.TO
Lysander-Slater Preferred Share ActivETF		3.18%11.10%24.22%7.90%-18.17%28.22%-0.17%1.64%-10.79%9.18%

Correlation

The correlation between ZHP.TO and PR.TO is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

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

-0.06

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

0.03

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

0.13

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

0.12

The correlation between ZHP.TO and PR.TO shifts across timeframes, from -0.06 (1 year) to 0.13 (5 years), 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.

BMO US Preferred Share Hedged to CAD Index ETF

Lysander-Slater Preferred Share ActivETF

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
Often compared with PR.TO:
PR.TO vs. PREF.TOPR.TO vs. CPD.TOPR.TO vs. DCP.TOPR.TO vs. HYBR.TOPR.TO vs. ZPR.TOPR.TO vs. BEPR.TOPR.TO vs. BPRF.TO

Return for Risk

ZHP.TO vs. PR.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
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
PR.TO
PR.TO Risk / Return Rank: 9191
Overall Rank
PR.TO Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
PR.TO Sortino Ratio Rank: 9090
Sortino Ratio Rank
PR.TO Omega Ratio Rank: 8989
Omega Ratio Rank
PR.TO Calmar Ratio Rank: 9595
Calmar Ratio Rank
PR.TO Martin Ratio Rank: 9595
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.

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

This table presents a comparison of risk-adjusted performance metrics for BMO US Preferred Share Hedged to CAD Index ETF (ZHP.TO) and Lysander-Slater Preferred Share ActivETF (PR.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.

ZHP.TOPR.TODifference
Sharpe ratioReturn per unit of total volatility
0.16
2.14

-1.98

Sortino ratioReturn per unit of downside risk
0.29
3.31

-3.03

Omega ratioGain probability vs. loss probability

1.03

1.43

-0.40

Calmar ratioReturn relative to maximum drawdown

0.18

5.72

-5.54

Martin ratioReturn relative to average drawdown

0.33

20.78

-20.45

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

The current ZHP.TO Sharpe Ratio is 0.16, which is lower than the PR.TO Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of ZHP.TO and PR.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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Drawdowns

ZHP.TO vs. PR.TO - Drawdown Comparison

The maximum ZHP.TO drawdown since its inception was -41.53%, smaller than the maximum PR.TO drawdown of -45.17%. Use the drawdown chart below to compare losses from any high point for ZHP.TO and PR.TO.

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Drawdown Indicators

ZHP.TOPR.TODifference

Max Drawdown

Largest peak-to-trough decline

-41.53%

-45.17%

+3.64%

Max Drawdown (1Y)

Largest decline over 1 year

-6.26%

-1.44%

-4.82%

Max Drawdown (3Y)

Largest decline over 3 years

-11.80%

-4.62%

-7.18%

Max Drawdown (5Y)

Largest decline over 5 years

-30.45%

-21.39%

-9.06%

Max Drawdown (10Y)

Largest decline over 10 years

—

-45.17%

—

Current Drawdown

Current decline from peak

-13.34%

-0.29%

-13.05%

Average Drawdown

Average peak-to-trough decline

-8.68%

-7.18%

-1.50%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.34%

0.40%

+2.94%

Volatility

ZHP.TO vs. PR.TO - Volatility Comparison

BMO US Preferred Share Hedged to CAD Index ETF (ZHP.TO) has a higher volatility of 2.81% compared to Lysander-Slater Preferred Share ActivETF (PR.TO) at 0.84%. This indicates that ZHP.TO's price experiences larger fluctuations and is considered to be riskier than PR.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZHP.TOPR.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.81%

0.84%

+1.97%

Volatility (6M)

Calculated over the trailing 6-month period

5.29%

2.69%

+2.60%

Volatility (1Y)

Calculated over the trailing 1-year period

6.73%

3.85%

+2.88%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.65%

8.57%

+4.08%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.92%

11.52%

+4.40%

Dividends

ZHP.TO vs. PR.TO - Dividend Comparison

ZHP.TO's dividend yield for the trailing twelve months is around 6.20%, more than PR.TO's 5.01% yield.

PositionTTM20252024202320222021202020192018201720162015
PR.TO
Lysander-Slater Preferred Share ActivETF		5.01%4.85%4.49%4.80%4.71%3.85%4.79%4.69%4.97%6.73%3.68%1.17%
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

ZHP.TO and PR.TO have a correlation of -0.06, 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: BMO and Lysander.

Portfolio Optimizer

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

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