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

ZPR.TO vs. HYGH

Last updated Jun 4, 2026

ZPR.TO (BMO Laddered Preferred Share Index ETF) and HYGH (iShares Interest Rate Hedged High Yield Bond ETF) are both exchange-traded funds - ZPR.TO is a Preferred Stock/Convertible Bonds fund tracking the Solactive Laddered Canadian Preferred Share Index, while HYGH is a High Yield Bonds fund actively managed by iShares. ZPR.TO is passively managed, while HYGH is actively managed. Over the past 10 years, ZPR.TO returned 8.11%/yr vs 7.13%/yr for HYGH. At a 0.08 correlation, their price movements are largely independent. ZPR.TO charges 0.45%/yr vs 0.53%/yr for HYGH.

Performance

ZPR.TO vs. HYGH - 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 Interest Rate Hedged High Yield Bond ETF (HYGH). 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 HYGH is traded in USD. To make them comparable, the HYGH 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 HYGH's 4.14% return. Over the past 10 years, ZPR.TO has outperformed HYGH with an annualized return of 8.11%, while HYGH has yielded a comparatively lower 7.13% 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%

HYGH

1D
0.32%
1M
2.76%
YTD
4.14%
6M
3.19%
1Y
8.98%
3Y*
10.98%
5Y*
10.00%
10Y*
7.13%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZPR.TO vs. HYGH - 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%
HYGH
iShares Interest Rate Hedged High Yield Bond ETF		4.14%2.03%20.77%9.70%6.14%4.86%-1.16%5.62%7.55%-0.39%

Correlation

The correlation between ZPR.TO and HYGH 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

0.07

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

0.04

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

0.09

Correlation (All Time)
Calculated using the full available price history since May 30, 2014

0.08

The correlation between ZPR.TO and HYGH shifts across timeframes, from 0.04 (5 years) to 0.15 (1 year), reflecting how their relationship changes across market environments.

ZPR.TO vs. HYGH - Sectors Allocation Comparison

Sectors
ZPR.TO
HYGH

Utilities

100.0%
99.6%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

0.4%

Technology

-

-

Utilities

ZPR.TO
100.0%
HYGH
99.6%

Basic Materials

ZPR.TO

-

HYGH

-

Communication Services

ZPR.TO

-

HYGH

-

Consumer Cyclical

ZPR.TO

-

HYGH

-

Consumer Defensive

ZPR.TO

-

HYGH

-

Energy

ZPR.TO

-

HYGH

-

Financial Services

ZPR.TO

-

HYGH

-

Healthcare

ZPR.TO

-

HYGH

-

Industrials

ZPR.TO

-

HYGH

-

Real Estate

ZPR.TO

-

HYGH
0.4%

Technology

ZPR.TO

-

HYGH

-

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BMO Laddered Preferred Share Index ETF

iShares Interest Rate Hedged High Yield Bond 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 HYGH:
HYGH vs. HYGHYGH vs. SPYHYGH vs. SPHYHYGH vs. FAGIXHYGH vs. HYHGHYGH vs. HYGVHYGH vs. HYBL

Return for Risk

ZPR.TO vs. HYGH — 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
HYGH
HYGH Risk / Return Rank: 7373
Overall Rank
HYGH Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
HYGH Sortino Ratio Rank: 6868
Sortino Ratio Rank
HYGH Omega Ratio Rank: 6363
Omega Ratio Rank
HYGH Calmar Ratio Rank: 8585
Calmar Ratio Rank
HYGH Martin Ratio Rank: 8686
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. HYGH - 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 Interest Rate Hedged High Yield Bond ETF (HYGH). 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.TOHYGHDifference
Sharpe ratioReturn per unit of total volatility
4.38
1.67

+2.71

Sortino ratioReturn per unit of downside risk
6.74
2.28

+4.46

Omega ratioGain probability vs. loss probability

1.95

1.31

+0.65

Calmar ratioReturn relative to maximum drawdown

7.67

2.58

+5.09

Martin ratioReturn relative to average drawdown

45.38

8.08

+37.31

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. HYGH - Sharpe Ratio Comparison

The current ZPR.TO Sharpe Ratio is 4.38, which is higher than the HYGH Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of ZPR.TO and HYGH, 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.TOHYGHDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

4.38

1.67

+2.71

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.93

1.35

-0.42

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.71

0.85

-0.14

Sharpe Ratio (All Time)

Calculated using the full available price history

0.35

0.77

-0.42

Drawdowns

ZPR.TO vs. HYGH - Drawdown Comparison

The maximum ZPR.TO drawdown since its inception was -44.92%, which is greater than HYGH's maximum drawdown of -16.82%. Use the drawdown chart below to compare losses from any high point for ZPR.TO and HYGH.

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Drawdown Indicators

ZPR.TOHYGHDifference

Max Drawdown

Largest peak-to-trough decline

-44.92%

-16.82%

-28.10%

Max Drawdown (1Y)

Largest decline over 1 year

-2.47%

-3.50%

+1.03%

Max Drawdown (3Y)

Largest decline over 3 years

-8.75%

-9.14%

+0.39%

Max Drawdown (5Y)

Largest decline over 5 years

-23.06%

-9.14%

-13.92%

Max Drawdown (10Y)

Largest decline over 10 years

-44.05%

-16.82%

-27.23%

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%

1.11%

-0.69%

Volatility

ZPR.TO vs. HYGH - Volatility Comparison

BMO Laddered Preferred Share Index ETF (ZPR.TO) has a higher volatility of 1.14% compared to iShares Interest Rate Hedged High Yield Bond ETF (HYGH) at 0.99%. This indicates that ZPR.TO's price experiences larger fluctuations and is considered to be riskier than HYGH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZPR.TOHYGHDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.14%

0.99%

+0.15%

Volatility (6M)

Calculated over the trailing 6-month period

2.78%

4.11%

-1.33%

Volatility (1Y)

Calculated over the trailing 1-year period

4.33%

5.40%

-1.07%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

8.33%

7.44%

+0.89%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

11.50%

8.44%

+3.06%

ZPR.TO vs. HYGH - Expense Ratio Comparison

ZPR.TO has a 0.45% expense ratio, which is lower than HYGH's 0.53% expense ratio.

Dividends

ZPR.TO vs. HYGH - Dividend Comparison

ZPR.TO's dividend yield for the trailing twelve months is around 5.07%, less than HYGH's 6.63% yield.

PositionTTM20252024202320222021202020192018201720162015
HYGH
iShares Interest Rate Hedged High Yield Bond ETF		6.63%6.86%7.85%8.95%6.21%3.74%4.06%4.89%6.45%4.79%4.60%5.75%
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 HYGH 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, ZPR.TO is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZPR.TO is cheaper with a 0.45% expense ratio, compared with 0.53% for HYGH.

ZPR.TO is categorized as Preferred Stock/Convertible Bonds, while HYGH is High Yield Bonds. They also come from different issuers: BMO and iShares. Their fees differ too: 0.45% for ZPR.TO and 0.53% for HYGH.

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