ZPR.TO vs. XPF.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO Laddered Preferred Share Index ETF (ZPR.TO) and iShares S&P/TSX North American Preferred Stock Index ETF (CAD-Hedged) (XPF.TO).

ZPR.TO and XPF.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZPR.TO is a passively managed fund by BMO that tracks the performance of the Solactive Laddered Canadian Preferred Share Index. It was launched on Jan 24, 2022. XPF.TO is a passively managed fund by iShares that tracks the performance of the S&P/TSX Preferred Share TR. It was launched on Nov 16, 2010. Both ZPR.TO and XPF.TO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

ZPR.TO vs. XPF.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 iShares S&P/TSX North American Preferred Stock Index ETF (CAD-Hedged) (XPF.TO). The values are adjusted to include any dividend payments, if applicable.

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZPR.TO BMO Laddered Preferred Share Index ETF	1.93%	18.58%	26.58%	7.21%	-17.66%	23.77%	6.00%	2.10%	-9.86%	14.55%
XPF.TO iShares S&P/TSX North American Preferred Stock Index ETF (CAD-Hedged)	-1.88%	9.33%	14.80%	7.19%	-19.48%	11.51%	5.34%	8.88%	-7.32%	10.03%

Returns By Period

In the year-to-date period, ZPR.TO achieves a 1.93% return, which is significantly higher than XPF.TO's -1.88% return. Over the past 10 years, ZPR.TO has outperformed XPF.TO with an annualized return of 8.10%, while XPF.TO has yielded a comparatively lower 3.97% annualized return.

ZPR.TO

• 1D: 0.98%
• 1M: -0.20%
• YTD: 1.93%
• 6M: 6.73%
• 1Y: 18.43%
• 3Y*: 17.54%
• 5Y*: 8.36%
• 10Y*: 8.10%

XPF.TO

• 1D: 0.07%
• 1M: -2.59%
• YTD: -1.88%
• 6M: -0.29%
• 1Y: 6.86%
• 3Y*: 8.44%
• 5Y*: 2.51%
• 10Y*: 3.97%

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

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

ZPR.TO has a 0.45% expense ratio, which is lower than XPF.TO's 0.50% expense ratio.

XPF.TO

iShares S&P/TSX North American Preferred Stock Index ETF (CAD-Hedged)

ZPR.TO

BMO Laddered Preferred Share Index ETF

Return for Risk

ZPR.TO vs. XPF.TO — 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: 91
ZPR.TO Sharpe Ratio Rank: 95
ZPR.TO Sortino Ratio Rank: 94
ZPR.TO Omega Ratio Rank: 97
ZPR.TO Calmar Ratio Rank: 79
ZPR.TO Martin Ratio Rank: 89

XPF.TO

XPF.TO Risk / Return Rank: 49
XPF.TO Sharpe Ratio Rank: 55
XPF.TO Sortino Ratio Rank: 48
XPF.TO Omega Ratio Rank: 51
XPF.TO Calmar Ratio Rank: 43
XPF.TO Martin Ratio Rank: 45

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. XPF.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 S&P/TSX North American Preferred Stock Index ETF (CAD-Hedged) (XPF.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	XPF.TO	Difference
Sharpe ratio Return per unit of total volatility	2.49	0.99	+1.50
Sortino ratio Return per unit of downside risk	3.00	1.30	+1.70
Omega ratio Gain probability vs. loss probability	1.63	1.19	+0.44
Calmar ratio Return relative to maximum drawdown	2.21	1.12	+1.09
Martin ratio Return relative to average drawdown	11.61	4.29	+7.32
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. XPF.TO - Sharpe Ratio Comparison

The current ZPR.TO Sharpe Ratio is 2.49, which is higher than the XPF.TO Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of ZPR.TO and XPF.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ZPR.TO	XPF.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.49	0.99	+1.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.01	0.30	+0.71
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.28	+0.43
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.28	+0.05

Correlation

The correlation between ZPR.TO and XPF.TO is 0.47, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

ZPR.TO vs. XPF.TO - Dividend Comparison

ZPR.TO's dividend yield for the trailing twelve months is around 5.08%, less than XPF.TO's 5.28% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ZPR.TO BMO Laddered Preferred Share Index ETF	5.08%	4.86%	4.93%	5.92%	5.97%	4.66%	5.48%	5.24%	4.70%	3.94%	4.97%	5.32%
XPF.TO iShares S&P/TSX North American Preferred Stock Index ETF (CAD-Hedged)	5.28%	5.08%	5.21%	5.74%	5.46%	4.30%	4.95%	5.12%	4.94%	4.59%	5.14%	5.11%

Drawdowns

ZPR.TO vs. XPF.TO - Drawdown Comparison

The maximum ZPR.TO drawdown since its inception was -44.92%, roughly equal to the maximum XPF.TO drawdown of -43.52%. Use the drawdown chart below to compare losses from any high point for ZPR.TO and XPF.TO.

Drawdown Indicators

	ZPR.TO	XPF.TO	Difference
Max Drawdown Largest peak-to-trough decline	-44.92%	-43.52%	-1.40%
Max Drawdown (1Y) Largest decline over 1 year	-8.48%	-5.49%	-2.99%
Max Drawdown (5Y) Largest decline over 5 years	-23.06%	-24.67%	+1.61%
Max Drawdown (10Y) Largest decline over 10 years	-44.05%	-43.52%	-0.53%
Current Drawdown Current decline from peak	-0.36%	-3.59%	+3.23%
Average Drawdown Average peak-to-trough decline	-9.49%	-4.82%	-4.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.62%	1.44%	+0.18%

Volatility

ZPR.TO vs. XPF.TO - Volatility Comparison

The current volatility for BMO Laddered Preferred Share Index ETF (ZPR.TO) is 1.70%, while iShares S&P/TSX North American Preferred Stock Index ETF (CAD-Hedged) (XPF.TO) has a volatility of 1.97%. This indicates that ZPR.TO experiences smaller price fluctuations and is considered to be less risky than XPF.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZPR.TO	XPF.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.70%	1.97%	-0.27%
Volatility (6M) Calculated over the trailing 6-month period	3.39%	4.16%	-0.77%
Volatility (1Y) Calculated over the trailing 1-year period	7.44%	6.64%	+0.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.33%	8.50%	-0.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.56%	14.43%	-2.87%