ZPR.TO vs. XSP.TO

Last updated Aug 4, 2026

ZPR.TO (BMO Laddered Preferred Share Index ETF) and XSP.TO (iShares Core S&P 500 Index ETF (CAD-Hedged)) are both exchange-traded funds - ZPR.TO is a Preferred Stock fund tracking the Solactive Laddered Canadian Preferred Share Index, while XSP.TO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, ZPR.TO returned 8.16%/yr vs 13.02%/yr for XSP.TO. Their 0.28 correlation means their historical movements had little consistent relationship. ZPR.TO charges 0.45%/yr vs 0.09%/yr for XSP.TO.

Performance

ZPR.TO vs. XSP.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 Core S&P 500 Index ETF (CAD-Hedged) (XSP.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 higher than XSP.TO's 8.43% return. Over the past 10 years, ZPR.TO has underperformed XSP.TO with an annualized return of 8.16%, while XSP.TO has yielded a comparatively higher 13.02% 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%

XSP.TO

• 1D: 0.63%
• 1M: -0.28%
• 6M: 6.53%
• YTD: 8.43%
• 1Y: 18.65%
• 3Y*: 17.23%
• 5Y*: 10.39%
• 10Y*: 13.02%
• ALL TIME*: 9.41%

*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)
XSP.TO iShares Core S&P 500 Index ETF (CAD-Hedged)	CA$11.79M	CA$11.40M	CA$14.86M
ZPR.TO BMO Laddered Preferred Share Index ETF	CA$1.16M	CA$1.25M	CA$1.37M

ZPR.TO vs. XSP.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%
XSP.TO iShares Core S&P 500 Index ETF (CAD-Hedged)	8.43%	15.68%	23.39%	24.33%	-19.32%	24.27%	15.16%	29.37%	-6.25%	20.69%

Correlation

The correlation between ZPR.TO and XSP.TO is 0.28, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.28
Correlation (3Y) Balances recent behavior with more history.	0.30
Correlation (5Y) Shows whether the relationship held over a longer period.	0.32
Correlation (10Y) Provides a long-term view across more market conditions.	0.31
Correlation (All Time) Calculated using the full available price history since Nov 26, 2012	0.28

Return for Risk

ZPR.TO vs. XSP.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

XSP.TO

XSP.TO Risk / Return Rank: 53
XSP.TO Sharpe Ratio Rank: 53
XSP.TO Sortino Ratio Rank: 51
XSP.TO Omega Ratio Rank: 51
XSP.TO Calmar Ratio Rank: 49
XSP.TO Martin Ratio Rank: 61

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. XSP.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 Core S&P 500 Index ETF (CAD-Hedged) (XSP.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	XSP.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.72	1.32	+2.40
Sortino ratio: Return per unit of downside risk	5.58	1.86	+3.72
Omega ratio: Gain probability vs. loss probability	1.77	1.24	+0.53
Calmar ratio: Return relative to maximum drawdown	6.39	1.79	+4.61
Martin ratio: Return relative to average drawdown	36.65	7.55	+29.11

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

The current ZPR.TO Sharpe Ratio is 3.72, which is higher than the XSP.TO Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of ZPR.TO and XSP.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. XSP.TO - Drawdown Comparison

The maximum ZPR.TO drawdown since its inception was -44.72%, smaller than the maximum XSP.TO drawdown of -57.71%. Use the drawdown chart below to compare losses from any high point for ZPR.TO and XSP.TO.

Drawdown Indicators

	ZPR.TO	XSP.TO	Difference
Max Drawdown Largest peak-to-trough decline	-44.72%	-57.71%	+12.99%
Max Drawdown (1Y) Largest decline over 1 year	-2.47%	-9.41%	+6.94%
Max Drawdown (3Y) Largest decline over 3 years	-8.75%	-18.77%	+10.02%
Max Drawdown (5Y) Largest decline over 5 years	-23.06%	-27.51%	+4.45%
Max Drawdown (10Y) Largest decline over 10 years	-44.13%	-36.05%	-8.08%
Current Drawdown Current decline from peak	-0.02%	-1.82%	+1.80%
Average Drawdown Average peak-to-trough decline	-9.19%	-9.47%	+0.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.43%	2.23%	-1.80%

Volatility

ZPR.TO vs. XSP.TO - Volatility Comparison

The current volatility for BMO Laddered Preferred Share Index ETF (ZPR.TO) is 0.80%, while iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO) has a volatility of 3.41%. This indicates that ZPR.TO experiences smaller price fluctuations and is considered to be less risky than XSP.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZPR.TO	XSP.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.80%	3.41%	-2.61%
Volatility (6M) Calculated over the trailing 6-month period	2.66%	10.15%	-7.49%
Volatility (1Y) Calculated over the trailing 1-year period	4.29%	12.76%	-8.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.30%	16.90%	-8.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.41%	18.21%	-6.80%

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

ZPR.TO has a 0.45% expense ratio, which is higher than XSP.TO's 0.09% expense ratio.

Dividends

ZPR.TO vs. XSP.TO - Dividend Comparison

ZPR.TO's dividend yield for the trailing twelve months is around 5.08%, more than XSP.TO's 1.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XSP.TO iShares Core S&P 500 Index ETF (CAD-Hedged)	1.14%	1.23%	1.09%	1.18%	1.37%	1.01%	1.31%	1.73%	1.86%	1.45%	1.76%	1.88%
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 XSP.TO in my portfolio?

ZPR.TO and XSP.TO have a correlation of 0.28, 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 XSP.TO?

On fees, XSP.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

XSP.TO is cheaper with a 0.09% expense ratio, compared with 0.45% for ZPR.TO.

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

ZPR.TO is categorized as Preferred Stock, while XSP.TO is S&P 500. ZPR.TO tracks Solactive Laddered Canadian Preferred Share Index, while XSP.TO tracks S&P 500 Index. They also come from different issuers: BMO and iShares. Their fees differ too: 0.45% for ZPR.TO and 0.09% for XSP.TO.