ZPR.TO vs. CMR.TO
ZPR.TO (BMO Laddered Preferred Share Index ETF) and CMR.TO (iShares Premium Money Market ETF) are both exchange-traded funds - ZPR.TO is a Preferred Stock/Convertible Bonds fund tracking the Solactive Laddered Canadian Preferred Share Index, while CMR.TO is a Money Market fund actively managed by iShares. ZPR.TO is passively managed, while CMR.TO is actively managed. Over the past 10 years, ZPR.TO returned 8.11%/yr vs 1.89%/yr for CMR.TO. At a 0.01 correlation, their price movements are largely independent. ZPR.TO charges 0.45%/yr vs 0.14%/yr for CMR.TO.
Performance
ZPR.TO vs. CMR.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZPR.TO achieves a 6.02% return, which is significantly higher than CMR.TO's 0.97% return. Over the past 10 years, ZPR.TO has outperformed CMR.TO with an annualized return of 8.11%, while CMR.TO has yielded a comparatively lower 1.89% 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%
CMR.TO
- 1D
- 0.00%
- 1M
- 0.19%
- YTD
- 0.97%
- 6M
- 1.05%
- 1Y
- 2.37%
- 3Y*
- 3.73%
- 5Y*
- 2.94%
- 10Y*
- 1.89%
ZPR.TO vs. CMR.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
CMR.TO iShares Premium Money Market ETF | 0.97% | 2.68% | 4.70% | 4.70% | 1.71% | 0.00% | 0.47% | 1.63% | 1.29% | 0.63% |
Correlation
The correlation between ZPR.TO and CMR.TO is 0.01, 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 | 0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
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 | 0.01 |
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Return for Risk
ZPR.TO vs. CMR.TO — Risk / Return Rank
ZPR.TO
CMR.TO
ZPR.TO vs. CMR.TO - 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 Premium Money Market ETF (CMR.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.
| ZPR.TO | CMR.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -6.23 | ||
| Sortino ratioReturn per unit of downside risk | -14.39 | ||
| Omega ratioGain probability vs. loss probability | 1.95 | 9.57 | -7.61 |
| Calmar ratioReturn relative to maximum drawdown | 7.67 | 25.44 | -17.77 |
| Martin ratioReturn relative to average drawdown | 45.38 | 187.33 | -141.94 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZPR.TO | CMR.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.38 | 10.61 | -6.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.93 | 10.67 | -9.74 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.71 | 7.02 | -6.31 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.35 | 3.84 | -3.49 |
Drawdowns
ZPR.TO vs. CMR.TO - Drawdown Comparison
The maximum ZPR.TO drawdown since its inception was -44.92%, which is greater than CMR.TO's maximum drawdown of -0.52%. Use the drawdown chart below to compare losses from any high point for ZPR.TO and CMR.TO.
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Drawdown Indicators
| ZPR.TO | CMR.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.92% | -0.52% | -44.40% |
Max Drawdown (1Y)Largest decline over 1 year | -2.47% | -0.09% | -2.38% |
Max Drawdown (3Y)Largest decline over 3 years | -8.75% | -0.09% | -8.66% |
Max Drawdown (5Y)Largest decline over 5 years | -23.06% | -0.09% | -22.97% |
Max Drawdown (10Y)Largest decline over 10 years | -44.05% | -0.14% | -43.91% |
Current DrawdownCurrent decline from peak | -0.59% | -0.02% | -0.57% |
Average DrawdownAverage peak-to-trough decline | -9.37% | -0.01% | -9.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.42% | 0.01% | +0.41% |
Volatility
ZPR.TO vs. CMR.TO - Volatility Comparison
BMO Laddered Preferred Share Index ETF (ZPR.TO) has a higher volatility of 1.14% compared to iShares Premium Money Market ETF (CMR.TO) at 0.05%. This indicates that ZPR.TO's price experiences larger fluctuations and is considered to be riskier than CMR.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZPR.TO | CMR.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 0.05% | +1.09% |
Volatility (6M)Calculated over the trailing 6-month period | 2.78% | 0.18% | +2.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.33% | 0.22% | +4.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.33% | 0.28% | +8.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.50% | 0.27% | +11.23% |
ZPR.TO vs. CMR.TO - Expense Ratio Comparison
ZPR.TO has a 0.45% expense ratio, which is higher than CMR.TO's 0.14% expense ratio.
Dividends
ZPR.TO vs. CMR.TO - Dividend Comparison
ZPR.TO's dividend yield for the trailing twelve months is around 5.07%, more than CMR.TO's 2.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMR.TO iShares Premium Money Market ETF | 2.48% | 2.81% | 4.56% | 4.64% | 1.62% | 0.00% | 0.47% | 1.60% | 1.33% | 0.61% | 0.43% | 0.48% |
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 CMR.TO have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CMR.TO is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CMR.TO is cheaper with a 0.14% expense ratio, compared with 0.45% for ZPR.TO.
ZPR.TO is categorized as Preferred Stock/Convertible Bonds, while CMR.TO is Money Market. They also come from different issuers: BMO and iShares. Their fees differ too: 0.45% for ZPR.TO and 0.14% for CMR.TO.
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