ZPR.TO vs. ZBI.TO

Last updated Jun 4, 2026

ZPR.TO (BMO Laddered Preferred Share Index ETF) and ZBI.TO (BMO Canadian Bank Income Index ETF) are both exchange-traded funds - ZPR.TO is a Preferred Stock/Convertible Bonds fund tracking the Solactive Laddered Canadian Preferred Share Index, while ZBI.TO is a Canadian Government Bonds fund tracking the Solactive Canadian Bank Income Index. Both are passively managed. Over the past 3 years, ZPR.TO returned 20.00%/yr vs 8.27%/yr for ZBI.TO. At a 0.12 correlation, their price movements are largely independent. ZPR.TO charges 0.45%/yr vs 0.28%/yr for ZBI.TO.

Performance

ZPR.TO vs. ZBI.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 BMO Canadian Bank Income Index ETF (ZBI.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 6.02% return, which is significantly higher than ZBI.TO's 1.64% 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%

ZBI.TO

• 1D: 0.10%
• 1M: 0.78%
• YTD: 1.64%
• 6M: 1.59%
• 1Y: 5.19%
• 3Y*: 8.27%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022
ZPR.TO BMO Laddered Preferred Share Index ETF	6.02%	18.58%	26.58%	7.21%	-17.41%
ZBI.TO BMO Canadian Bank Income Index ETF	1.64%	5.10%	12.50%	6.85%	-3.89%

Correlation

The correlation between ZPR.TO and ZBI.TO is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (All Time) Calculated using the full available price history since Feb 11, 2022	0.12

Return for Risk

ZPR.TO vs. ZBI.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: 97
ZPR.TO Sharpe Ratio Rank: 96
ZPR.TO Sortino Ratio Rank: 97
ZPR.TO Omega Ratio Rank: 97
ZPR.TO Calmar Ratio Rank: 95
ZPR.TO Martin Ratio Rank: 97

ZBI.TO

ZBI.TO Risk / Return Rank: 85
ZBI.TO Sharpe Ratio Rank: 80
ZBI.TO Sortino Ratio Rank: 85
ZBI.TO Omega Ratio Rank: 89
ZBI.TO Calmar Ratio Rank: 82
ZBI.TO Martin Ratio Rank: 90

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. ZBI.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 BMO Canadian Bank Income Index ETF (ZBI.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	ZBI.TO	Difference
Sharpe ratio: Return per unit of total volatility	4.38	2.59	+1.79
Sortino ratio: Return per unit of downside risk	6.74	3.84	+2.90
Omega ratio: Gain probability vs. loss probability	1.95	1.57	+0.38
Calmar ratio: Return relative to maximum drawdown	7.67	4.32	+3.36
Martin ratio: Return relative to average drawdown	45.38	21.01	+24.38
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. ZBI.TO - Sharpe Ratio Comparison

The current ZPR.TO Sharpe Ratio is 4.38, which is higher than the ZBI.TO Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of ZPR.TO and ZBI.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.

Sharpe Ratios by Period

	ZPR.TO	ZBI.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.38	2.59	+1.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.93	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	1.25	-0.91

Drawdowns

ZPR.TO vs. ZBI.TO - Drawdown Comparison

The maximum ZPR.TO drawdown since its inception was -44.92%, which is greater than ZBI.TO's maximum drawdown of -8.22%. Use the drawdown chart below to compare losses from any high point for ZPR.TO and ZBI.TO.

Drawdown Indicators

	ZPR.TO	ZBI.TO	Difference
Max Drawdown Largest peak-to-trough decline	-44.92%	-8.22%	-36.70%
Max Drawdown (1Y) Largest decline over 1 year	-2.47%	-1.21%	-1.26%
Max Drawdown (3Y) Largest decline over 3 years	-8.75%	-1.47%	-7.28%
Max Drawdown (5Y) Largest decline over 5 years	-23.06%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-44.05%	—	—
Current Drawdown Current decline from peak	-0.59%	-0.00%	-0.59%
Average Drawdown Average peak-to-trough decline	-9.37%	-2.25%	-7.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.42%	0.25%	+0.17%

Volatility

ZPR.TO vs. ZBI.TO - Volatility Comparison

BMO Laddered Preferred Share Index ETF (ZPR.TO) has a higher volatility of 1.14% compared to BMO Canadian Bank Income Index ETF (ZBI.TO) at 0.56%. This indicates that ZPR.TO's price experiences larger fluctuations and is considered to be riskier than ZBI.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZPR.TO	ZBI.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.14%	0.56%	+0.58%
Volatility (6M) Calculated over the trailing 6-month period	2.78%	1.57%	+1.21%
Volatility (1Y) Calculated over the trailing 1-year period	4.33%	2.02%	+2.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.33%	4.01%	+4.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.50%	4.01%	+7.49%

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

ZPR.TO has a 0.45% expense ratio, which is higher than ZBI.TO's 0.28% expense ratio.

Dividends

ZPR.TO vs. ZBI.TO - Dividend Comparison

ZPR.TO's dividend yield for the trailing twelve months is around 5.07%, more than ZBI.TO's 4.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ZBI.TO BMO Canadian Bank Income Index ETF	4.24%	4.01%	3.36%	3.58%	2.66%	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

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

ZPR.TO and ZBI.TO have a correlation of 0.09, 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 ZBI.TO?

On fees, ZBI.TO is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

ZBI.TO is cheaper with a 0.28% expense ratio, compared with 0.45% for ZPR.TO.

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

ZPR.TO is categorized as Preferred Stock/Convertible Bonds, while ZBI.TO is Canadian Government Bonds. ZPR.TO tracks Solactive Laddered Canadian Preferred Share Index, while ZBI.TO tracks Solactive Canadian Bank Income Index. Their fees differ too: 0.45% for ZPR.TO and 0.28% for ZBI.TO.