ZPR.TO vs. VVL.TO

Last updated Aug 4, 2026

ZPR.TO (BMO Laddered Preferred Share Index ETF) and VVL.TO (Vanguard Global Value Factor ETF) are both exchange-traded funds - ZPR.TO is a Preferred Stock fund tracking the Solactive Laddered Canadian Preferred Share Index, while VVL.TO is a Global Equities fund actively managed by Vanguard. ZPR.TO is passively managed, while VVL.TO is actively managed. Over the past 10 years, ZPR.TO returned 8.16%/yr vs 12.44%/yr for VVL.TO. Their 0.30 correlation means their historical movements had little consistent relationship. ZPR.TO charges 0.45%/yr vs 0.38%/yr for VVL.TO.

Performance

ZPR.TO vs. VVL.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 Vanguard Global Value Factor ETF (VVL.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 8.97% return, which is significantly lower than VVL.TO's 19.93% return. Over the past 10 years, ZPR.TO has underperformed VVL.TO with an annualized return of 8.16%, while VVL.TO has yielded a comparatively higher 12.44% annualized return.

ZPR.TO

• 1D: 0.00%
• 1M: 2.00%
• 6M: 8.48%
• YTD: 8.97%
• 1Y: 16.39%
• 3Y*: 19.91%
• 5Y*: 8.42%
• 10Y*: 8.16%
• ALL TIME*: 4.09%

VVL.TO

• 1D: -0.54%
• 1M: 2.41%
• 6M: 13.59%
• YTD: 19.93%
• 1Y: 36.20%
• 3Y*: 19.80%
• 5Y*: 15.45%
• 10Y*: 12.44%
• ALL TIME*: 12.64%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
VVL.TO Vanguard Global Value Factor ETF	CA$1.10M	CA$1.04M	CA$875.29K
ZPR.TO BMO Laddered Preferred Share Index ETF	CA$1.16M	CA$1.25M	CA$1.37M

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZPR.TO BMO Laddered Preferred Share Index ETF	8.97%	18.58%	26.58%	7.21%	-17.66%	23.77%	6.00%	1.94%	-9.77%	14.71%
VVL.TO Vanguard Global Value Factor ETF	19.93%	18.01%	15.01%	16.57%	0.50%	29.77%	-3.29%	13.44%	-9.39%	12.34%

Correlation

The correlation between ZPR.TO and VVL.TO is 0.19, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.19
Correlation (3Y) Balances recent behavior with more history.	0.25
Correlation (5Y) Shows whether the relationship held over a longer period.	0.30
Correlation (10Y) Provides a long-term view across more market conditions.	0.30
Correlation (All Time) Calculated using the full available price history since Jun 22, 2016	0.30

The correlation between ZPR.TO and VVL.TO shifts across timeframes, from 0.19 (1 year) to 0.30 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ZPR.TO vs. VVL.TO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ZPR.TO

ZPR.TO Risk / Return Rank: 97
ZPR.TO Sharpe Ratio Rank: 98
ZPR.TO Sortino Ratio Rank: 97
ZPR.TO Omega Ratio Rank: 97
ZPR.TO Calmar Ratio Rank: 96
ZPR.TO Martin Ratio Rank: 98

VVL.TO

VVL.TO Risk / Return Rank: 91
VVL.TO Sharpe Ratio Rank: 92
VVL.TO Sortino Ratio Rank: 93
VVL.TO Omega Ratio Rank: 91
VVL.TO Calmar Ratio Rank: 90
VVL.TO Martin Ratio Rank: 91

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ZPR.TO vs. VVL.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 Vanguard Global Value Factor ETF (VVL.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.

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	VVL.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.72	2.48	+1.24
Sortino ratio: Return per unit of downside risk	5.58	3.55	+2.03
Omega ratio: Gain probability vs. loss probability	1.77	1.44	+0.32
Calmar ratio: Return relative to maximum drawdown	6.39	3.88	+2.52
Martin ratio: Return relative to average drawdown	36.65	15.44	+21.22

ZPR.TO vs. VVL.TO - Sharpe Ratio Comparison

The current ZPR.TO Sharpe Ratio is 3.72, which is higher than the VVL.TO Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of ZPR.TO and VVL.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.

Drawdowns

ZPR.TO vs. VVL.TO - Drawdown Comparison

The maximum ZPR.TO drawdown since its inception was -44.72%, roughly equal to the maximum VVL.TO drawdown of -43.88%. Use the drawdown chart below to compare losses from any high point for ZPR.TO and VVL.TO.

Drawdown Indicators

	ZPR.TO	VVL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-44.72%	-43.88%	-0.84%
Max Drawdown (1Y) Largest decline over 1 year	-2.47%	-8.83%	+6.36%
Max Drawdown (3Y) Largest decline over 3 years	-8.75%	-18.07%	+9.32%
Max Drawdown (5Y) Largest decline over 5 years	-23.06%	-18.07%	-4.99%
Max Drawdown (10Y) Largest decline over 10 years	-44.13%	-43.88%	-0.25%
Current Drawdown Current decline from peak	-0.02%	-1.33%	+1.31%
Average Drawdown Average peak-to-trough decline	-9.19%	-5.71%	-3.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.43%	2.22%	-1.79%

Volatility

ZPR.TO vs. VVL.TO - Volatility Comparison

The current volatility for BMO Laddered Preferred Share Index ETF (ZPR.TO) is 0.80%, while Vanguard Global Value Factor ETF (VVL.TO) has a volatility of 3.73%. This indicates that ZPR.TO experiences smaller price fluctuations and is considered to be less risky than VVL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZPR.TO	VVL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.80%	3.73%	-2.93%
Volatility (6M) Calculated over the trailing 6-month period	2.66%	9.47%	-6.81%
Volatility (1Y) Calculated over the trailing 1-year period	4.29%	13.85%	-9.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.30%	16.10%	-7.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.41%	18.78%	-7.37%

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

ZPR.TO has a 0.45% expense ratio, which is higher than VVL.TO's 0.38% expense ratio.

Dividends

ZPR.TO vs. VVL.TO - Dividend Comparison

ZPR.TO's dividend yield for the trailing twelve months is around 5.08%, more than VVL.TO's 1.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VVL.TO Vanguard Global Value Factor ETF	1.58%	1.89%	2.19%	2.69%	2.57%	1.50%	1.70%	2.65%	2.15%	1.35%	0.60%	0.00%
ZPR.TO BMO Laddered Preferred Share Index ETF	5.08%	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

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

ZPR.TO and VVL.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 VVL.TO?

On fees, VVL.TO is cheaper at 0.38% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

VVL.TO is cheaper with a 0.38% expense ratio, compared with 0.45% for ZPR.TO.

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

ZPR.TO is categorized as Preferred Stock, while VVL.TO is Global Equities. They also come from different issuers: BMO and Vanguard. Their fees differ too: 0.45% for ZPR.TO and 0.38% for VVL.TO.