ZPR.TO vs. HYGH
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 tracking the Markit iBoxx USD Liquid High Yield Interest Hedged Index. Both are passively managed. Over the past 10 years, ZPR.TO returned 8.47%/yr vs 7.53%/yr for HYGH. At a 0.15 correlation, their price movements are largely independent. ZPR.TO charges 0.45%/yr vs 0.52%/yr for HYGH.
Performance
ZPR.TO vs. HYGH - Performance Comparison
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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 6.36% return, which is significantly lower than HYGH's 6.83% return. Over the past 10 years, ZPR.TO has outperformed HYGH with an annualized return of 8.47%, while HYGH has yielded a comparatively lower 7.53% annualized return.
ZPR.TO
- 1D
- -0.31%
- 1M
- -0.05%
- YTD
- 6.36%
- 6M
- 6.84%
- 1Y
- 18.07%
- 3Y*
- 19.53%
- 5Y*
- 8.01%
- 10Y*
- 8.47%
HYGH
- 1D
- -0.15%
- 1M
- 3.35%
- YTD
- 6.83%
- 6M
- 6.80%
- 1Y
- 10.93%
- 3Y*
- 12.63%
- 5Y*
- 9.95%
- 10Y*
- 7.53%
ZPR.TO vs. HYGH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZPR.TO BMO Laddered Preferred Share Index ETF | 6.36% | 18.58% | 26.58% | 7.21% | -17.66% | 23.77% | 6.00% | 1.94% | -9.77% | 14.71% |
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 6.83% | 2.05% | 20.64% | 9.50% | 5.36% | 5.76% | -1.84% | 6.51% | 7.48% | -0.82% |
Correlation
The correlation between ZPR.TO and HYGH is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since May 29, 2014 | 0.15 |
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Return for Risk
ZPR.TO vs. HYGH — Risk / Return Rank
ZPR.TO
HYGH
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.
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.
| ZPR.TO | HYGH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.20 | ||
| Sortino ratioReturn per unit of downside risk | +3.39 | ||
| Omega ratioGain probability vs. loss probability | 1.89 | 1.36 | +0.53 |
| Calmar ratioReturn relative to maximum drawdown | 7.36 | 3.60 | +3.75 |
| Martin ratioReturn relative to average drawdown | 42.03 | 10.04 | +31.99 |
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Drawdowns
ZPR.TO vs. HYGH - Drawdown Comparison
The maximum ZPR.TO drawdown since its inception was -44.72%, which is greater than HYGH's maximum drawdown of -17.13%. Use the drawdown chart below to compare losses from any high point for ZPR.TO and HYGH.
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Drawdown Indicators
| ZPR.TO | HYGH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.72% | -17.13% | -27.59% |
Max Drawdown (1Y)Largest decline over 1 year | -2.47% | -3.07% | +0.60% |
Max Drawdown (3Y)Largest decline over 3 years | -8.75% | -11.18% | +2.43% |
Max Drawdown (5Y)Largest decline over 5 years | -23.06% | -11.18% | -11.88% |
Max Drawdown (10Y)Largest decline over 10 years | -44.13% | -17.13% | -27.00% |
Current DrawdownCurrent decline from peak | -0.31% | -0.15% | -0.16% |
Average DrawdownAverage peak-to-trough decline | -9.25% | -2.47% | -6.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.43% | 1.10% | -0.67% |
Volatility
ZPR.TO vs. HYGH - Volatility Comparison
The current volatility for BMO Laddered Preferred Share Index ETF (ZPR.TO) is 1.03%, while iShares Interest Rate Hedged High Yield Bond ETF (HYGH) has a volatility of 1.49%. This indicates that ZPR.TO experiences smaller price fluctuations and is considered to be less risky 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.TO | HYGH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.03% | 1.49% | -0.46% |
Volatility (6M)Calculated over the trailing 6-month period | 2.68% | 4.40% | -1.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.37% | 5.61% | -1.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.32% | 9.64% | -1.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.45% | 10.46% | +0.99% |
ZPR.TO vs. HYGH - Expense Ratio Comparison
ZPR.TO has a 0.45% expense ratio, which is lower than HYGH's 0.52% expense ratio.
Dividends
ZPR.TO vs. HYGH - Dividend Comparison
ZPR.TO's dividend yield for the trailing twelve months is around 5.05%, less than HYGH's 6.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 6.60% | 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 | 5.05% | 4.86% | 4.93% | 5.92% | 5.97% | 4.66% | 5.48% | 5.09% | 4.82% | 4.08% | 5.14% | 5.65% |
Frequently Asked Questions
ZPR.TO and HYGH have a correlation of 0.20, 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 0.52% for HYGH.
ZPR.TO is categorized as Preferred Stock/Convertible Bonds, while HYGH is High Yield Bonds. ZPR.TO tracks Solactive Laddered Canadian Preferred Share Index, while HYGH tracks Markit iBoxx USD Liquid High Yield Interest Hedged Index. They also come from different issuers: BMO and iShares. Their fees differ too: 0.45% for ZPR.TO and 0.52% for HYGH.
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