ZPR.TO vs. UVXY
ZPR.TO (BMO Laddered Preferred Share Index ETF) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - ZPR.TO is a Preferred Stock/Convertible Bonds fund tracking the Solactive Laddered Canadian Preferred Share Index, while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, ZPR.TO returned 8.11%/yr vs -72.47%/yr for UVXY. At a correlation of -0.20, they often move in opposite directions. ZPR.TO charges 0.45%/yr vs 0.95%/yr for UVXY.
Performance
ZPR.TO vs. UVXY - Performance Comparison
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Different Trading Currencies
ZPR.TO is traded in CAD, while UVXY is traded in USD. To make them comparable, the UVXY 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 UVXY's -18.03% return. Over the past 10 years, ZPR.TO has outperformed UVXY with an annualized return of 8.11%, while UVXY has yielded a comparatively lower -72.47% 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%
UVXY
- 1D
- 0.17%
- 1M
- -20.54%
- YTD
- -18.03%
- 6M
- -37.61%
- 1Y
- -72.56%
- 3Y*
- -64.13%
- 5Y*
- -66.98%
- 10Y*
- -72.47%
ZPR.TO vs. UVXY - 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% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -18.03% | -66.91% | -46.68% | -87.97% | -40.88% | -88.43% | -18.77% | -85.00% | 73.68% | -94.54% |
Correlation
The correlation between ZPR.TO and UVXY is -0.18, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.24 |
Correlation (All Time) Calculated using the full available price history since Nov 21, 2012 | -0.20 |
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Return for Risk
ZPR.TO vs. UVXY — Risk / Return Rank
ZPR.TO
UVXY
ZPR.TO vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Laddered Preferred Share Index ETF (ZPR.TO) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +5.24 | ||
| Sortino ratioReturn per unit of downside risk | +8.30 | ||
| Omega ratioGain probability vs. loss probability | 1.95 | 0.82 | +1.13 |
| Calmar ratioReturn relative to maximum drawdown | 7.67 | -0.97 | +8.64 |
| Martin ratioReturn relative to average drawdown | 45.38 | -1.32 | +46.70 |
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 | UVXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.38 | -0.86 | +5.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.93 | -0.63 | +1.57 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.71 | -0.62 | +1.33 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.35 | -0.66 | +1.00 |
Drawdowns
ZPR.TO vs. UVXY - Drawdown Comparison
The maximum ZPR.TO drawdown since its inception was -44.92%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for ZPR.TO and UVXY.
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Drawdown Indicators
| ZPR.TO | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.92% | -100.00% | +55.08% |
Max Drawdown (1Y)Largest decline over 1 year | -2.47% | -74.85% | +72.38% |
Max Drawdown (3Y)Largest decline over 3 years | -8.75% | -95.34% | +86.59% |
Max Drawdown (5Y)Largest decline over 5 years | -23.06% | -99.65% | +76.59% |
Max Drawdown (10Y)Largest decline over 10 years | -44.05% | -100.00% | +55.95% |
Current DrawdownCurrent decline from peak | -0.59% | -100.00% | +99.41% |
Average DrawdownAverage peak-to-trough decline | -9.37% | -98.60% | +89.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.42% | 54.99% | -54.57% |
Volatility
ZPR.TO vs. UVXY - Volatility Comparison
The current volatility for BMO Laddered Preferred Share Index ETF (ZPR.TO) is 1.14%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 11.86%. This indicates that ZPR.TO experiences smaller price fluctuations and is considered to be less risky than UVXY 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 | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 11.86% | -10.72% |
Volatility (6M)Calculated over the trailing 6-month period | 2.78% | 62.94% | -60.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.33% | 84.88% | -80.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.33% | 106.26% | -97.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.50% | 116.78% | -105.28% |
ZPR.TO vs. UVXY - Expense Ratio Comparison
ZPR.TO has a 0.45% expense ratio, which is lower than UVXY's 0.95% expense ratio.
Dividends
ZPR.TO vs. UVXY - Dividend Comparison
ZPR.TO's dividend yield for the trailing twelve months is around 5.07%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 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
ZPR.TO and UVXY have a correlation of -0.18, 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 0.95% for UVXY.
ZPR.TO is categorized as Preferred Stock/Convertible Bonds, while UVXY is Volatility. ZPR.TO tracks Solactive Laddered Canadian Preferred Share Index, while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%). They also come from different issuers: BMO and ProShares. Their fees differ too: 0.45% for ZPR.TO and 0.95% for UVXY.
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