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ZPR.TO vs. ZHP.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZPR.TO vs. ZHP.TO

Last updated Jul 15, 2026
Documentation

ZPR.TO (BMO Laddered Preferred Share Index ETF) and ZHP.TO (BMO US Preferred Share Hedged to CAD Index ETF) are both Preferred Stock/Convertible Bonds funds from BMO. Over the past 5 years, ZPR.TO returned 8.26%/yr vs -2.39%/yr for ZHP.TO. At a 0.15 correlation, their price movements are largely independent.

Performance

ZPR.TO vs. ZHP.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 US Preferred Share Hedged to CAD Index ETF (ZHP.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ZPR.TO achieves a 7.75% return, which is significantly higher than ZHP.TO's -0.56% return.

ZPR.TO

1D
0.00%
1M
1.78%
6M
7.31%
YTD
7.75%
1Y
16.36%
3Y*
19.93%
5Y*
8.26%
10Y*
8.37%

ZHP.TO

1D
0.43%
1M
-0.08%
6M
-1.85%
YTD
-0.56%
1Y
0.82%
3Y*
4.24%
5Y*
-2.39%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
ZPR.TO
BMO Laddered Preferred Share Index ETF		7.75%18.58%26.58%7.21%-17.66%23.77%6.00%1.94%-9.77%9.09%
ZHP.TO
BMO US Preferred Share Hedged to CAD Index ETF		-0.56%-1.34%7.03%4.43%-19.49%4.62%7.83%13.82%-5.84%4.23%

Correlation

The correlation between ZPR.TO and ZHP.TO is 0.10, 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

0.10

Correlation (3Y)
Calculated over the trailing 3-year period

0.06

Correlation (5Y)
Calculated over the trailing 5-year period

0.16

Correlation (All Time)
Calculated using the full available price history since Feb 16, 2017

0.15

The correlation between ZPR.TO and ZHP.TO shifts across timeframes, from 0.06 (3 years) to 0.16 (5 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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BMO Laddered Preferred Share Index ETF

BMO US Preferred Share Hedged to CAD Index ETF

Often compared with ZPR.TO:
ZPR.TO vs. CPD.TOZPR.TO vs. RPF.TOZPR.TO vs. HLPR.TOZPR.TO vs. TPRF.TOZPR.TO vs. VDY.TOZPR.TO vs. HPR.TOZPR.TO vs. SPLT.TO
Often compared with ZHP.TO:
ZHP.TO vs. FPR.TOZHP.TO vs. HYBR.TOZHP.TO vs. DXP.TOZHP.TO vs. ZEQT.TOZHP.TO vs. HPR.TOZHP.TO vs. ZEB.TOZHP.TO vs. ZAG.TO

Return for Risk

ZPR.TO vs. ZHP.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: 9797
Overall Rank
ZPR.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
ZPR.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
ZPR.TO Omega Ratio Rank: 9797
Omega Ratio Rank
ZPR.TO Calmar Ratio Rank: 9696
Calmar Ratio Rank
ZPR.TO Martin Ratio Rank: 9797
Martin Ratio Rank
ZHP.TO
ZHP.TO Risk / Return Rank: 1111
Overall Rank
ZHP.TO Sharpe Ratio Rank: 1111
Sharpe Ratio Rank
ZHP.TO Sortino Ratio Rank: 1010
Sortino Ratio Rank
ZHP.TO Omega Ratio Rank: 1010
Omega Ratio Rank
ZHP.TO Calmar Ratio Rank: 1111
Calmar Ratio Rank
ZHP.TO Martin Ratio Rank: 1111
Martin Ratio Rank
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. ZHP.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 US Preferred Share Hedged to CAD Index ETF (ZHP.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.TOZHP.TODifference
Sharpe ratioReturn per unit of total volatility
3.83
0.12

+3.71

Sortino ratioReturn per unit of downside risk
5.79
0.22

+5.56

Omega ratioGain probability vs. loss probability

1.80

1.03

+0.77

Calmar ratioReturn relative to maximum drawdown

6.66

0.13

+6.53

Martin ratioReturn relative to average drawdown

37.99

0.25

+37.74

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

The current ZPR.TO Sharpe Ratio is 3.83, which is higher than the ZHP.TO Sharpe Ratio of 0.12. The chart below compares the historical Sharpe Ratios of ZPR.TO and ZHP.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.

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Drawdowns

ZPR.TO vs. ZHP.TO - Drawdown Comparison

The maximum ZPR.TO drawdown since its inception was -44.72%, which is greater than ZHP.TO's maximum drawdown of -41.53%. Use the drawdown chart below to compare losses from any high point for ZPR.TO and ZHP.TO.

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Drawdown Indicators

ZPR.TOZHP.TODifference

Max Drawdown

Largest peak-to-trough decline

-44.72%

-41.53%

-3.19%

Max Drawdown (1Y)

Largest decline over 1 year

-2.47%

-6.26%

+3.79%

Max Drawdown (3Y)

Largest decline over 3 years

-8.75%

-11.80%

+3.05%

Max Drawdown (5Y)

Largest decline over 5 years

-23.06%

-30.45%

+7.39%

Max Drawdown (10Y)

Largest decline over 10 years

-44.13%

—

—

Current Drawdown

Current decline from peak

0.00%

-13.13%

+13.13%

Average Drawdown

Average peak-to-trough decline

-9.21%

-8.67%

-0.54%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.43%

3.31%

-2.88%

Volatility

ZPR.TO vs. ZHP.TO - Volatility Comparison

The current volatility for BMO Laddered Preferred Share Index ETF (ZPR.TO) is 0.84%, while BMO US Preferred Share Hedged to CAD Index ETF (ZHP.TO) has a volatility of 2.93%. This indicates that ZPR.TO experiences smaller price fluctuations and is considered to be less risky than ZHP.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.TOZHP.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.84%

2.93%

-2.09%

Volatility (6M)

Calculated over the trailing 6-month period

2.67%

5.34%

-2.67%

Volatility (1Y)

Calculated over the trailing 1-year period

4.29%

6.73%

-2.44%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

8.32%

12.65%

-4.33%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

11.42%

15.93%

-4.51%

Dividends

ZPR.TO vs. ZHP.TO - Dividend Comparison

ZPR.TO's dividend yield for the trailing twelve months is around 5.06%, less than ZHP.TO's 6.19% yield.

PositionTTM20252024202320222021202020192018201720162015
ZHP.TO
BMO US Preferred Share Hedged to CAD Index ETF		6.19%6.46%6.29%7.14%6.93%5.41%5.61%5.39%5.61%4.60%0.00%0.00%
ZPR.TO
BMO Laddered Preferred Share Index ETF		5.06%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

ZPR.TO and ZHP.TO have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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