ZPR.TO vs. XHY.TO
ZPR.TO (BMO Laddered Preferred Share Index ETF) and XHY.TO (iShares U.S. High Yield Bond Index ETF (CAD-Hedged)) are both exchange-traded funds - ZPR.TO is a Preferred Stock/Convertible Bonds fund tracking the Solactive Laddered Canadian Preferred Share Index, while XHY.TO is a High Yield Bonds fund tracking the Morningstar Gbl HY Bd GR CAD. Both are passively managed. Over the past 10 years, ZPR.TO returned 8.11%/yr vs 4.01%/yr for XHY.TO. At a 0.24 correlation, their price movements are largely independent. ZPR.TO charges 0.45%/yr vs 0.56%/yr for XHY.TO.
Performance
ZPR.TO vs. XHY.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZPR.TO achieves a 6.02% return, which is significantly higher than XHY.TO's 0.95% return. Over the past 10 years, ZPR.TO has outperformed XHY.TO with an annualized return of 8.11%, while XHY.TO has yielded a comparatively lower 4.01% 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%
XHY.TO
- 1D
- -0.12%
- 1M
- 0.39%
- YTD
- 0.95%
- 6M
- 1.09%
- 1Y
- 4.79%
- 3Y*
- 7.03%
- 5Y*
- 2.84%
- 10Y*
- 4.01%
ZPR.TO vs. XHY.TO - 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% |
XHY.TO iShares U.S. High Yield Bond Index ETF (CAD-Hedged) | 0.95% | 6.33% | 7.05% | 11.06% | -11.10% | 3.51% | 2.65% | 13.83% | -3.89% | 5.35% |
Correlation
The correlation between ZPR.TO and XHY.TO is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since Nov 21, 2012 | 0.24 |
ZPR.TO vs. XHY.TO - Sectors Allocation Comparison
Sectors
ZPR.TO
XHY.TO
Utilities
Basic Materials
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Communication Services
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Consumer Cyclical
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Consumer Defensive
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Energy
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Financial Services
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Healthcare
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Industrials
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Real Estate
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Technology
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Utilities
ZPR.TO
XHY.TO
Basic Materials
ZPR.TO
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XHY.TO
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Communication Services
ZPR.TO
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XHY.TO
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Consumer Cyclical
ZPR.TO
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XHY.TO
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Consumer Defensive
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XHY.TO
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Energy
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XHY.TO
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Financial Services
ZPR.TO
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XHY.TO
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Healthcare
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XHY.TO
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Industrials
ZPR.TO
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XHY.TO
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Real Estate
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XHY.TO
Technology
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XHY.TO
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Return for Risk
ZPR.TO vs. XHY.TO — Risk / Return Rank
ZPR.TO
XHY.TO
ZPR.TO vs. XHY.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 iShares U.S. High Yield Bond Index ETF (CAD-Hedged) (XHY.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 | XHY.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.35 | ||
| Sortino ratioReturn per unit of downside risk | +5.19 | ||
| Omega ratioGain probability vs. loss probability | 1.95 | 1.19 | +0.77 |
| Calmar ratioReturn relative to maximum drawdown | 7.67 | 1.67 | +6.00 |
| Martin ratioReturn relative to average drawdown | 45.38 | 7.24 | +38.15 |
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 | XHY.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.38 | 1.03 | +3.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.93 | 0.33 | +0.60 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.71 | 0.38 | +0.33 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.35 | 0.50 | -0.15 |
Drawdowns
ZPR.TO vs. XHY.TO - Drawdown Comparison
The maximum ZPR.TO drawdown since its inception was -44.92%, which is greater than XHY.TO's maximum drawdown of -28.48%. Use the drawdown chart below to compare losses from any high point for ZPR.TO and XHY.TO.
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Drawdown Indicators
| ZPR.TO | XHY.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.92% | -28.48% | -16.44% |
Max Drawdown (1Y)Largest decline over 1 year | -2.47% | -2.87% | +0.40% |
Max Drawdown (3Y)Largest decline over 3 years | -8.75% | -4.94% | -3.81% |
Max Drawdown (5Y)Largest decline over 5 years | -23.06% | -16.67% | -6.39% |
Max Drawdown (10Y)Largest decline over 10 years | -44.05% | -28.48% | -15.57% |
Current DrawdownCurrent decline from peak | -0.59% | -0.44% | -0.15% |
Average DrawdownAverage peak-to-trough decline | -9.37% | -2.55% | -6.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.42% | 0.66% | -0.24% |
Volatility
ZPR.TO vs. XHY.TO - Volatility Comparison
The current volatility for BMO Laddered Preferred Share Index ETF (ZPR.TO) is 1.14%, while iShares U.S. High Yield Bond Index ETF (CAD-Hedged) (XHY.TO) has a volatility of 1.29%. This indicates that ZPR.TO experiences smaller price fluctuations and is considered to be less risky than XHY.TO 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 | XHY.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 1.29% | -0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 2.78% | 3.56% | -0.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.33% | 4.69% | -0.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.33% | 8.65% | -0.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.50% | 10.63% | +0.87% |
ZPR.TO vs. XHY.TO - Expense Ratio Comparison
ZPR.TO has a 0.45% expense ratio, which is lower than XHY.TO's 0.56% expense ratio.
Dividends
ZPR.TO vs. XHY.TO - Dividend Comparison
ZPR.TO's dividend yield for the trailing twelve months is around 5.07%, less than XHY.TO's 6.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XHY.TO iShares U.S. High Yield Bond Index ETF (CAD-Hedged) | 6.12% | 6.04% | 5.87% | 5.56% | 5.70% | 4.72% | 5.18% | 5.38% | 5.87% | 5.46% | 5.64% | 6.83% |
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 XHY.TO have a correlation of 0.16, 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 0.56% for XHY.TO.
ZPR.TO is categorized as Preferred Stock/Convertible Bonds, while XHY.TO is High Yield Bonds. ZPR.TO tracks Solactive Laddered Canadian Preferred Share Index, while XHY.TO tracks Morningstar Gbl HY Bd GR CAD. They also come from different issuers: BMO and iShares. Their fees differ too: 0.45% for ZPR.TO and 0.56% for XHY.TO.
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