ZPR.TO vs. HCAL.TO

Last updated Jun 4, 2026

ZPR.TO (BMO Laddered Preferred Share Index ETF) and HCAL.TO (Hamilton Enhanced Canadian Bank ETF) are both exchange-traded funds - ZPR.TO is a Preferred Stock/Convertible Bonds fund tracking the Solactive Laddered Canadian Preferred Share Index, while HCAL.TO is a Leveraged Equities fund tracking the Solactive Equal Weight Canada Banks Index (125%). Both are passively managed. Over the past 5 years, ZPR.TO returned 7.74%/yr vs 20.76%/yr for HCAL.TO. At a 0.30 correlation, their price movements are largely independent. ZPR.TO charges 0.45%/yr vs 0.65%/yr for HCAL.TO.

Performance

ZPR.TO vs. HCAL.TO - 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 Hamilton Enhanced Canadian Bank ETF (HCAL.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZPR.TO achieves a 6.02% return, which is significantly lower than HCAL.TO's 23.54% 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%

HCAL.TO

• 1D: -0.43%
• 1M: 6.76%
• YTD: 23.54%
• 6M: 30.66%
• 1Y: 76.99%
• 3Y*: 39.62%
• 5Y*: 20.76%
• 10Y*: —

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

ZPR.TO vs. HCAL.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ZPR.TO BMO Laddered Preferred Share Index ETF	6.02%	18.58%	26.58%	7.21%	-17.66%	23.77%	8.62%
HCAL.TO Hamilton Enhanced Canadian Bank ETF	23.54%	54.09%	29.04%	11.73%	-17.53%	51.61%	16.06%

Correlation

The correlation between ZPR.TO and HCAL.TO is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (All Time) Calculated using the full available price history since Oct 16, 2020	0.30

The correlation between ZPR.TO and HCAL.TO shifts across timeframes, from 0.19 (1 year) to 0.31 (5 years), reflecting how their relationship changes across market environments.

ZPR.TO vs. HCAL.TO - Sectors Allocation Comparison

Sectors	ZPR.TO	HCAL.TO
Utilities	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	100.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

ZPR.TO vs. HCAL.TO — 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: 97
ZPR.TO Sharpe Ratio Rank: 96
ZPR.TO Sortino Ratio Rank: 97
ZPR.TO Omega Ratio Rank: 97
ZPR.TO Calmar Ratio Rank: 95
ZPR.TO Martin Ratio Rank: 97

HCAL.TO

HCAL.TO Risk / Return Rank: 96
HCAL.TO Sharpe Ratio Rank: 97
HCAL.TO Sortino Ratio Rank: 97
HCAL.TO Omega Ratio Rank: 97
HCAL.TO Calmar Ratio Rank: 94
HCAL.TO Martin Ratio Rank: 95

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. HCAL.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 Hamilton Enhanced Canadian Bank ETF (HCAL.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	HCAL.TO	Difference
Sharpe ratio: Return per unit of total volatility	4.38	4.89	-0.51
Sortino ratio: Return per unit of downside risk	6.74	6.36	+0.38
Omega ratio: Gain probability vs. loss probability	1.95	1.88	+0.07
Calmar ratio: Return relative to maximum drawdown	7.67	7.26	+0.41
Martin ratio: Return relative to average drawdown	45.38	31.55	+13.84
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. HCAL.TO - Sharpe Ratio Comparison

The current ZPR.TO Sharpe Ratio is 4.38, which is comparable to the HCAL.TO Sharpe Ratio of 4.89. The chart below compares the historical Sharpe Ratios of ZPR.TO and HCAL.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.

Sharpe Ratios by Period

	ZPR.TO	HCAL.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.38	4.89	-0.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.93	1.22	-0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	1.64	-1.30

Drawdowns

ZPR.TO vs. HCAL.TO - Drawdown Comparison

The maximum ZPR.TO drawdown since its inception was -44.92%, which is greater than HCAL.TO's maximum drawdown of -35.05%. Use the drawdown chart below to compare losses from any high point for ZPR.TO and HCAL.TO.

Drawdown Indicators

	ZPR.TO	HCAL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-44.92%	-35.05%	-9.87%
Max Drawdown (1Y) Largest decline over 1 year	-2.47%	-10.65%	+8.18%
Max Drawdown (3Y) Largest decline over 3 years	-8.75%	-18.77%	+10.02%
Max Drawdown (5Y) Largest decline over 5 years	-23.06%	-35.05%	+11.99%
Max Drawdown (10Y) Largest decline over 10 years	-44.05%	—	—
Current Drawdown Current decline from peak	-0.59%	-2.42%	+1.83%
Average Drawdown Average peak-to-trough decline	-9.37%	-9.62%	+0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.42%	2.45%	-2.03%

Volatility

ZPR.TO vs. HCAL.TO - Volatility Comparison

The current volatility for BMO Laddered Preferred Share Index ETF (ZPR.TO) is 1.14%, while Hamilton Enhanced Canadian Bank ETF (HCAL.TO) has a volatility of 6.05%. This indicates that ZPR.TO experiences smaller price fluctuations and is considered to be less risky than HCAL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZPR.TO	HCAL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.14%	6.05%	-4.91%
Volatility (6M) Calculated over the trailing 6-month period	2.78%	14.08%	-11.30%
Volatility (1Y) Calculated over the trailing 1-year period	4.33%	15.82%	-11.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.33%	17.16%	-8.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.50%	17.00%	-5.50%

ZPR.TO vs. HCAL.TO - Expense Ratio Comparison

ZPR.TO has a 0.45% expense ratio, which is lower than HCAL.TO's 0.65% expense ratio.

Dividends

ZPR.TO vs. HCAL.TO - Dividend Comparison

ZPR.TO's dividend yield for the trailing twelve months is around 5.07%, more than HCAL.TO's 3.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HCAL.TO Hamilton Enhanced Canadian Bank ETF	3.49%	4.20%	6.12%	7.37%	7.47%	4.99%	3.14%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both ZPR.TO and HCAL.TO in my portfolio?

ZPR.TO and HCAL.TO have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZPR.TO or HCAL.TO?

On fees, ZPR.TO is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZPR.TO or HCAL.TO?

ZPR.TO is cheaper with a 0.45% expense ratio, compared with 0.65% for HCAL.TO.

What is the main difference between ZPR.TO and HCAL.TO?

ZPR.TO is categorized as Preferred Stock/Convertible Bonds, while HCAL.TO is Leveraged Equities. ZPR.TO tracks Solactive Laddered Canadian Preferred Share Index, while HCAL.TO tracks Solactive Equal Weight Canada Banks Index (125%). They also come from different issuers: BMO and Hamilton Capital. Their fees differ too: 0.45% for ZPR.TO and 0.65% for HCAL.TO.