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ZPR.TO vs. AOK
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZPR.TO vs. AOK

Last updated Jun 4, 2026

ZPR.TO (BMO Laddered Preferred Share Index ETF) and AOK (iShares Core Conservative Allocation ETF) are both exchange-traded funds - ZPR.TO is a Preferred Stock/Convertible Bonds fund tracking the Solactive Laddered Canadian Preferred Share Index, while AOK is a Diversified Portfolio fund tracking the S&P Target Risk Conservative Index. Both are passively managed. Over the past 10 years, ZPR.TO returned 8.11%/yr vs 5.90%/yr for AOK. At a correlation of -0.00, they often move in opposite directions. ZPR.TO charges 0.45%/yr vs 0.25%/yr for AOK.

Performance

ZPR.TO vs. AOK - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Laddered Preferred Share Index ETF (ZPR.TO) and iShares Core Conservative Allocation ETF (AOK). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

ZPR.TO is traded in CAD, while AOK is traded in USD. To make them comparable, the AOK values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ZPR.TO achieves a 6.02% return, which is significantly higher than AOK's 5.59% return. Over the past 10 years, ZPR.TO has outperformed AOK with an annualized return of 8.11%, while AOK has yielded a comparatively lower 5.90% annualized return.

ZPR.TO

1D
-0.16%
1M
0.89%
YTD
6.02%
6M
7.47%
1Y
18.85%
3Y*
20.00%
5Y*
7.74%
10Y*
8.11%

AOK

1D
-0.00%
1M
3.69%
YTD
5.59%
6M
3.74%
1Y
13.55%
3Y*
10.55%
5Y*
6.67%
10Y*
5.90%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZPR.TO vs. AOK - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ZPR.TO
BMO Laddered Preferred Share Index ETF		6.02%18.58%26.58%7.21%-17.66%23.77%6.00%2.10%-9.86%14.55%
AOK
iShares Core Conservative Allocation ETF		5.59%6.16%15.73%8.41%-8.04%3.93%7.48%8.30%5.13%2.72%

Correlation

The correlation between ZPR.TO and AOK is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.15

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

0.16

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

0.06

Correlation (10Y)
Calculated over the trailing 10-year period

0.01

Correlation (All Time)
Calculated using the full available price history since Nov 21, 2012

-0.00

The correlation between ZPR.TO and AOK shifts across timeframes, from -0.00 (all time) to 0.16 (3 years), reflecting how their relationship changes across market environments.

ZPR.TO vs. AOK - Sectors Allocation Comparison

Sectors
ZPR.TO
AOK

Utilities

100.0%
0.9%

Basic Materials

-

1.1%

Communication Services

-

3.4%

Consumer Cyclical

-

3.2%

Consumer Defensive

-

1.7%

Energy

-

1.5%

Financial Services

-

6.0%

Healthcare

-

3.0%

Industrials

-

3.6%

Real Estate

-

0.5%

Technology

-

13.0%

Utilities

ZPR.TO
100.0%
AOK
0.9%

Basic Materials

ZPR.TO

-

AOK
1.1%

Communication Services

ZPR.TO

-

AOK
3.4%

Consumer Cyclical

ZPR.TO

-

AOK
3.2%

Consumer Defensive

ZPR.TO

-

AOK
1.7%

Energy

ZPR.TO

-

AOK
1.5%

Financial Services

ZPR.TO

-

AOK
6.0%

Healthcare

ZPR.TO

-

AOK
3.0%

Industrials

ZPR.TO

-

AOK
3.6%

Real Estate

ZPR.TO

-

AOK
0.5%

Technology

ZPR.TO

-

AOK
13.0%

Compare stocks, funds, or ETFs

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

BMO Laddered Preferred Share Index ETF

iShares Core Conservative Allocation ETF

Often compared with ZPR.TO:
ZPR.TO vs. RPF.TOZPR.TO vs. CPD.TOZPR.TO vs. HLPR.TOZPR.TO vs. TPRF.TOZPR.TO vs. SPLT.TOZPR.TO vs. VDY.TOZPR.TO vs. HPR.TO
Often compared with AOK:
AOK vs. AOMAOK vs. AOAAOK vs. SGOVAOK vs. AGGAOK vs. VTAOK vs. EAOMAOK vs. VOO

Return for Risk

ZPR.TO vs. AOK — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZPR.TO
ZPR.TO Risk / Return Rank: 9797
Overall Rank
ZPR.TO Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
ZPR.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
ZPR.TO Omega Ratio Rank: 9797
Omega Ratio Rank
ZPR.TO Calmar Ratio Rank: 9595
Calmar Ratio Rank
ZPR.TO Martin Ratio Rank: 9797
Martin Ratio Rank
AOK
AOK Risk / Return Rank: 6161
Overall Rank
AOK Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
AOK Sortino Ratio Rank: 6464
Sortino Ratio Rank
AOK Omega Ratio Rank: 6565
Omega Ratio Rank
AOK Calmar Ratio Rank: 5454
Calmar Ratio Rank
AOK Martin Ratio Rank: 6262
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.

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

This table presents a comparison of risk-adjusted performance metrics for BMO Laddered Preferred Share Index ETF (ZPR.TO) and iShares Core Conservative Allocation ETF (AOK). 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.

ZPR.TOAOKDifference
Sharpe ratioReturn per unit of total volatility
4.38
2.19

+2.19

Sortino ratioReturn per unit of downside risk
6.74
3.13

+3.61

Omega ratioGain probability vs. loss probability

1.95

1.41

+0.54

Calmar ratioReturn relative to maximum drawdown

7.67

3.61

+4.06

Martin ratioReturn relative to average drawdown

45.38

11.95

+33.43

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZPR.TO vs. AOK - Sharpe Ratio Comparison

The current ZPR.TO Sharpe Ratio is 4.38, which is higher than the AOK Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of ZPR.TO and AOK, 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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Sharpe Ratios by Period

ZPR.TOAOKDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

4.38

2.19

+2.19

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.93

0.99

-0.06

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.71

0.88

-0.17

Sharpe Ratio (All Time)

Calculated using the full available price history

0.35

0.92

-0.57

Drawdowns

ZPR.TO vs. AOK - Drawdown Comparison

The maximum ZPR.TO drawdown since its inception was -44.92%, which is greater than AOK's maximum drawdown of -14.07%. Use the drawdown chart below to compare losses from any high point for ZPR.TO and AOK.

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Drawdown Indicators

ZPR.TOAOKDifference

Max Drawdown

Largest peak-to-trough decline

-44.92%

-14.07%

-30.85%

Max Drawdown (1Y)

Largest decline over 1 year

-2.47%

-3.77%

+1.30%

Max Drawdown (3Y)

Largest decline over 3 years

-8.75%

-7.65%

-1.10%

Max Drawdown (5Y)

Largest decline over 5 years

-23.06%

-14.07%

-8.99%

Max Drawdown (10Y)

Largest decline over 10 years

-44.05%

-14.07%

-29.98%

Current Drawdown

Current decline from peak

-0.59%

-0.00%

-0.59%

Average Drawdown

Average peak-to-trough decline

-9.37%

-2.37%

-7.00%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.42%

1.14%

-0.72%

Volatility

ZPR.TO vs. AOK - Volatility Comparison

The current volatility for BMO Laddered Preferred Share Index ETF (ZPR.TO) is 1.14%, while iShares Core Conservative Allocation ETF (AOK) has a volatility of 1.94%. This indicates that ZPR.TO experiences smaller price fluctuations and is considered to be less risky than AOK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZPR.TOAOKDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.14%

1.94%

-0.80%

Volatility (6M)

Calculated over the trailing 6-month period

2.78%

4.92%

-2.14%

Volatility (1Y)

Calculated over the trailing 1-year period

4.33%

6.23%

-1.90%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

8.33%

6.78%

+1.55%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

11.50%

6.77%

+4.73%

ZPR.TO vs. AOK - Expense Ratio Comparison

ZPR.TO has a 0.45% expense ratio, which is higher than AOK's 0.25% expense ratio.

Dividends

ZPR.TO vs. AOK - Dividend Comparison

ZPR.TO's dividend yield for the trailing twelve months is around 5.07%, more than AOK's 3.28% yield.

PositionTTM20252024202320222021202020192018201720162015
AOK
iShares Core Conservative Allocation ETF		3.28%3.28%3.23%2.93%2.25%1.55%2.10%2.71%2.68%2.91%2.14%2.02%
ZPR.TO
BMO Laddered Preferred Share Index ETF		5.07%4.86%4.93%5.92%5.97%4.66%5.48%5.24%4.70%3.94%4.97%5.32%

Frequently Asked Questions

ZPR.TO and AOK have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, AOK is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

AOK is cheaper with a 0.25% expense ratio, compared with 0.45% for ZPR.TO.

ZPR.TO is categorized as Preferred Stock/Convertible Bonds, while AOK is Diversified Portfolio. ZPR.TO tracks Solactive Laddered Canadian Preferred Share Index, while AOK tracks S&P Target Risk Conservative Index. They also come from different issuers: BMO and iShares. Their fees differ too: 0.45% for ZPR.TO and 0.25% for AOK.

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