ZHP.TO vs. TPRF.TO
ZHP.TO (BMO US Preferred Share Hedged to CAD Index ETF) and TPRF.TO (TD Active Preferred Share ETF) are both Preferred Stock/Convertible Bonds funds. Over the past 5 years, ZHP.TO returned -2.52%/yr vs 8.69%/yr for TPRF.TO. At a 0.15 correlation, their price movements are largely independent.
Performance
ZHP.TO vs. TPRF.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZHP.TO achieves a -1.05% return, which is significantly lower than TPRF.TO's 5.64% return.
ZHP.TO
- 1D
- 0.00%
- 1M
- -1.54%
- YTD
- -1.05%
- 6M
- -0.94%
- 1Y
- 1.75%
- 3Y*
- 4.74%
- 5Y*
- -2.52%
- 10Y*
- —
TPRF.TO
- 1D
- 0.23%
- 1M
- 0.31%
- YTD
- 5.64%
- 6M
- 5.77%
- 1Y
- 15.82%
- 3Y*
- 19.75%
- 5Y*
- 8.69%
- 10Y*
- —
ZHP.TO vs. TPRF.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ZHP.TO BMO US Preferred Share Hedged to CAD Index ETF | -1.05% | -1.34% | 7.03% | 4.43% | -19.49% | 4.62% | 7.83% | 13.82% | -3.41% |
TPRF.TO TD Active Preferred Share ETF | 5.64% | 18.21% | 28.67% | 5.53% | -15.46% | 31.78% | 4.65% | 12.00% | -14.27% |
Correlation
The correlation between ZHP.TO and TPRF.TO is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Nov 14, 2018 | 0.15 |
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Return for Risk
ZHP.TO vs. TPRF.TO — Risk / Return Rank
ZHP.TO
TPRF.TO
ZHP.TO vs. TPRF.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 TD Active Preferred Share ETF (TPRF.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.TO | TPRF.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.66 | ||
| Sortino ratioReturn per unit of downside risk | -5.27 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.85 | -0.80 |
| Calmar ratioReturn relative to maximum drawdown | 0.28 | 6.38 | -6.10 |
| Martin ratioReturn relative to average drawdown | 0.55 | 34.50 | -33.95 |
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Drawdowns
ZHP.TO vs. TPRF.TO - Drawdown Comparison
The maximum ZHP.TO drawdown since its inception was -41.53%, smaller than the maximum TPRF.TO drawdown of -44.80%. Use the drawdown chart below to compare losses from any high point for ZHP.TO and TPRF.TO.
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Drawdown Indicators
| ZHP.TO | TPRF.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.53% | -44.80% | +3.27% |
Max Drawdown (1Y)Largest decline over 1 year | -6.26% | -2.49% | -3.77% |
Max Drawdown (3Y)Largest decline over 3 years | -11.80% | -8.39% | -3.41% |
Max Drawdown (5Y)Largest decline over 5 years | -30.45% | -23.90% | -6.55% |
Current DrawdownCurrent decline from peak | -13.56% | 0.00% | -13.56% |
Average DrawdownAverage peak-to-trough decline | -8.65% | -7.56% | -1.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.20% | 0.46% | +2.74% |
Volatility
ZHP.TO vs. TPRF.TO - Volatility Comparison
BMO US Preferred Share Hedged to CAD Index ETF (ZHP.TO) has a higher volatility of 2.04% compared to TD Active Preferred Share ETF (TPRF.TO) at 0.57%. This indicates that ZHP.TO's price experiences larger fluctuations and is considered to be riskier than TPRF.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.TO | TPRF.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.04% | 0.57% | +1.47% |
Volatility (6M)Calculated over the trailing 6-month period | 4.94% | 2.52% | +2.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.69% | 4.05% | +2.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.65% | 9.64% | +3.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.94% | 15.28% | +0.66% |
Dividends
ZHP.TO vs. TPRF.TO - Dividend Comparison
ZHP.TO's dividend yield for the trailing twelve months is around 6.22%, more than TPRF.TO's 4.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
TPRF.TO TD Active Preferred Share ETF | 4.55% | 4.36% | 4.56% | 5.74% | 4.99% | 4.04% | 5.09% | 5.05% | 0.00% | 0.00% |
ZHP.TO BMO US Preferred Share Hedged to CAD Index ETF | 6.22% | 6.46% | 6.29% | 7.14% | 6.93% | 5.41% | 5.61% | 5.39% | 5.61% | 4.60% |
Frequently Asked Questions
ZHP.TO and TPRF.TO have a correlation of 0.18, 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 TD.
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