ZHP.TO vs. ZUP.TO

Last updated Aug 4, 2026

ZHP.TO (BMO US Preferred Share Hedged to CAD Index ETF) and ZUP.TO (BMO US Preferred Share Index ETF) are both Preferred Stock funds from BMO - ZHP.TO tracks the Solactive US Preferred Share Select Hedged to CAD Index (NTR) while ZUP.TO tracks the Solactive US Preferred Share Select Index (NTR). Both are passively managed. Over the past 5 years, ZHP.TO returned -2.48%/yr vs 1.12%/yr for ZUP.TO. Their 0.27 correlation means their historical movements had little consistent relationship. ZHP.TO charges 0.51%/yr vs 0.50%/yr for ZUP.TO.

Performance

ZHP.TO vs. ZUP.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 BMO US Preferred Share Index ETF (ZUP.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZHP.TO achieves a -1.32% return, which is significantly lower than ZUP.TO's 3.28% return.

ZHP.TO

• 1D: -0.21%
• 1M: -2.39%
• 6M: -3.27%
• YTD: -1.32%
• 1Y: -0.53%
• 3Y*: 3.47%
• 5Y*: -2.48%
• 10Y*: —
• ALL TIME*: 1.05%

ZUP.TO

• 1D: -0.15%
• 1M: -2.54%
• 6M: 1.65%
• YTD: 3.28%
• 1Y: 3.67%
• 3Y*: 7.79%
• 5Y*: 1.12%
• 10Y*: —
• ALL TIME*: 3.10%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ZHP.TO BMO US Preferred Share Hedged to CAD Index ETF	CA$9.86K	CA$16.90K	CA$15.03K
ZUP.TO BMO US Preferred Share Index ETF	CA$5.87K	CA$8.06K	CA$11.58K

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZHP.TO BMO US Preferred Share Hedged to CAD Index ETF	-1.32%	-1.34%	7.03%	4.43%	-19.49%	4.62%	7.83%	13.82%	-5.84%	4.23%
ZUP.TO BMO US Preferred Share Index ETF	3.28%	-4.11%	17.52%	3.56%	-14.25%	4.80%	7.69%	11.34%	1.93%	0.85%

Correlation

The correlation between ZHP.TO and ZUP.TO is 0.33, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.33
Correlation (3Y) Balances recent behavior with more history.	0.32
Correlation (5Y) Shows whether the relationship held over a longer period.	0.37
Correlation (All Time) Calculated using the full available price history since Feb 16, 2017	0.27

The correlation between ZHP.TO and ZUP.TO shifts across timeframes, from 0.27 (all time) to 0.37 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

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

Compare historical risk-adjusted metric ranks over the past 12 months.

ZHP.TO

ZHP.TO Risk / Return Rank: 10
ZHP.TO Sharpe Ratio Rank: 10
ZHP.TO Sortino Ratio Rank: 9
ZHP.TO Omega Ratio Rank: 9
ZHP.TO Calmar Ratio Rank: 10
ZHP.TO Martin Ratio Rank: 10

ZUP.TO

ZUP.TO Risk / Return Rank: 23
ZUP.TO Sharpe Ratio Rank: 23
ZUP.TO Sortino Ratio Rank: 22
ZUP.TO Omega Ratio Rank: 21
ZUP.TO Calmar Ratio Rank: 28
ZUP.TO Martin Ratio Rank: 23

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ZHP.TO vs. ZUP.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 BMO US Preferred Share Index ETF (ZUP.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	ZUP.TO	Difference
Sharpe ratio: Return per unit of total volatility	-0.01	0.54	-0.55
Sortino ratio: Return per unit of downside risk	0.03	0.85	-0.82
Omega ratio: Gain probability vs. loss probability	1.00	1.10	-0.10
Calmar ratio: Return relative to maximum drawdown	-0.01	0.96	-0.97
Martin ratio: Return relative to average drawdown	-0.02	1.89	-1.91

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

The current ZHP.TO Sharpe Ratio is -0.01, which is lower than the ZUP.TO Sharpe Ratio of 0.54. The chart below compares the historical Sharpe Ratios of ZHP.TO and ZUP.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

ZHP.TO vs. ZUP.TO - Drawdown Comparison

The maximum ZHP.TO drawdown since its inception was -41.53%, which is greater than ZUP.TO's maximum drawdown of -32.93%. Use the drawdown chart below to compare losses from any high point for ZHP.TO and ZUP.TO.

Drawdown Indicators

	ZHP.TO	ZUP.TO	Difference
Max Drawdown Largest peak-to-trough decline	-41.53%	-32.93%	-8.60%
Max Drawdown (1Y) Largest decline over 1 year	-6.26%	-4.76%	-1.50%
Max Drawdown (3Y) Largest decline over 3 years	-11.80%	-12.88%	+1.08%
Max Drawdown (5Y) Largest decline over 5 years	-30.45%	-25.34%	-5.11%
Current Drawdown Current decline from peak	-13.79%	-4.37%	-9.42%
Average Drawdown Average peak-to-trough decline	-8.69%	-5.33%	-3.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.49%	2.42%	+1.07%

Volatility

ZHP.TO vs. ZUP.TO - Volatility Comparison

BMO US Preferred Share Hedged to CAD Index ETF (ZHP.TO) and BMO US Preferred Share Index ETF (ZUP.TO) have volatilities of 2.56% and 2.49%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZHP.TO	ZUP.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.56%	2.49%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	5.28%	6.03%	-0.75%
Volatility (1Y) Calculated over the trailing 1-year period	6.75%	8.50%	-1.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.65%	11.81%	+0.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.89%	14.37%	+1.52%

ZHP.TO vs. ZUP.TO - Expense Ratio Comparison

ZHP.TO has a 0.51% expense ratio, which is higher than ZUP.TO's 0.50% expense ratio.

Dividends

ZHP.TO vs. ZUP.TO - Dividend Comparison

ZHP.TO's dividend yield for the trailing twelve months is around 6.18%, more than ZUP.TO's 5.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZHP.TO BMO US Preferred Share Hedged to CAD Index ETF	6.18%	6.46%	6.29%	7.14%	6.93%	5.41%	5.61%	5.39%	5.61%	4.60%
ZUP.TO BMO US Preferred Share Index ETF	5.58%	6.51%	5.82%	6.88%	6.33%	5.28%	5.81%	5.52%	5.29%	5.14%

Frequently Asked Questions

Can I hold both ZHP.TO and ZUP.TO in my portfolio?

ZHP.TO and ZUP.TO have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZHP.TO or ZUP.TO?

On fees, ZUP.TO is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZHP.TO or ZUP.TO?

ZUP.TO is cheaper with a 0.50% expense ratio, compared with 0.51% for ZHP.TO.

What is the main difference between ZHP.TO and ZUP.TO?

ZHP.TO tracks Solactive US Preferred Share Select Hedged to CAD Index (NTR), while ZUP.TO tracks Solactive US Preferred Share Select Index (NTR). Their fees differ too: 0.51% for ZHP.TO and 0.50% for ZUP.TO.