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ZRR.TO vs. CPD.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZRR.TO vs. CPD.TO

Last updated Jun 4, 2026

ZRR.TO (BMO Real Return Bond Index ETF) and CPD.TO (iShares S&P/TSX Canadian Preferred Share Index ETF) are both exchange-traded funds - ZRR.TO is a Inflation-Protected Bonds fund tracking the FTSE Canada Real Return Federal Non-Agency Bond Index, while CPD.TO is a Preferred Stock/Convertible Bonds fund tracking the S&P/TSX Preferred Share TR. Both are passively managed. Over the past 10 years, ZRR.TO returned 1.19%/yr vs 6.38%/yr for CPD.TO. At a correlation of -0.01, they often move in opposite directions. ZRR.TO charges 0.28%/yr vs 0.50%/yr for CPD.TO.

Performance

ZRR.TO vs. CPD.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Real Return Bond Index ETF (ZRR.TO) and iShares S&P/TSX Canadian Preferred Share Index ETF (CPD.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, ZRR.TO achieves a 4.25% return, which is significantly higher than CPD.TO's 3.57% return. Over the past 10 years, ZRR.TO has underperformed CPD.TO with an annualized return of 1.19%, while CPD.TO has yielded a comparatively higher 6.38% annualized return.

ZRR.TO

1D
-0.07%
1M
2.84%
YTD
4.25%
6M
2.49%
1Y
3.73%
3Y*
3.47%
5Y*
0.05%
10Y*
1.19%

CPD.TO

1D
-0.07%
1M
0.79%
YTD
3.57%
6M
4.38%
1Y
14.16%
3Y*
15.84%
5Y*
5.55%
10Y*
6.38%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZRR.TO vs. CPD.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ZRR.TO
BMO Real Return Bond Index ETF		4.25%0.12%4.03%0.41%-14.56%1.57%12.48%8.73%-0.89%0.77%
CPD.TO
iShares S&P/TSX Canadian Preferred Share Index ETF		3.57%16.10%23.31%6.23%-19.19%18.85%5.35%3.35%-9.05%13.44%

Correlation

The correlation between ZRR.TO and CPD.TO is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.11

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

0.10

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

0.06

Correlation (10Y)
Calculated over the trailing 10-year period

-0.01

Correlation (All Time)
Calculated using the full available price history since May 27, 2010

-0.01

The correlation between ZRR.TO and CPD.TO shifts across timeframes, from -0.01 (10 years) to 0.11 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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BMO Real Return Bond Index ETF

iShares S&P/TSX Canadian Preferred Share Index ETF

Often compared with ZRR.TO:
ZRR.TO vs. XRB.TOZRR.TO vs. QTIP.NEOZRR.TO vs. XSTP.TOZRR.TO vs. ZTIP.TOZRR.TO vs. ZAG.TOZRR.TO vs. XSTH.TOZRR.TO vs. ZLB.TO
Often compared with CPD.TO:
CPD.TO vs. XEI.TOCPD.TO vs. VDY.TOCPD.TO vs. XDIV.TOCPD.TO vs. fie.TOCPD.TO vs. VFV.TOCPD.TO vs. XAW.TOCPD.TO vs. ^GSPC

Return for Risk

ZRR.TO vs. CPD.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZRR.TO
ZRR.TO Risk / Return Rank: 1818
Overall Rank
ZRR.TO Sharpe Ratio Rank: 1818
Sharpe Ratio Rank
ZRR.TO Sortino Ratio Rank: 1717
Sortino Ratio Rank
ZRR.TO Omega Ratio Rank: 1717
Omega Ratio Rank
ZRR.TO Calmar Ratio Rank: 2222
Calmar Ratio Rank
ZRR.TO Martin Ratio Rank: 1818
Martin Ratio Rank
CPD.TO
CPD.TO Risk / Return Rank: 9393
Overall Rank
CPD.TO Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
CPD.TO Sortino Ratio Rank: 9393
Sortino Ratio Rank
CPD.TO Omega Ratio Rank: 9595
Omega Ratio Rank
CPD.TO Calmar Ratio Rank: 8989
Calmar Ratio Rank
CPD.TO Martin Ratio Rank: 9494
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.

ZRR.TO vs. CPD.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Real Return Bond Index ETF (ZRR.TO) and iShares S&P/TSX Canadian Preferred Share Index ETF (CPD.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.

ZRR.TOCPD.TODifference
Sharpe ratioReturn per unit of total volatility
0.57
3.45

-2.88

Sortino ratioReturn per unit of downside risk
0.82
4.73

-3.91

Omega ratioGain probability vs. loss probability

1.10

1.76

-0.66

Calmar ratioReturn relative to maximum drawdown

0.93

5.27

-4.34

Martin ratioReturn relative to average drawdown

1.91

26.40

-24.49

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZRR.TO vs. CPD.TO - Sharpe Ratio Comparison

The current ZRR.TO Sharpe Ratio is 0.57, which is lower than the CPD.TO Sharpe Ratio of 3.45. The chart below compares the historical Sharpe Ratios of ZRR.TO and CPD.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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Sharpe Ratios by Period

ZRR.TOCPD.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.57

3.45

-2.88

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.00

0.72

-0.72

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.11

0.60

-0.49

Sharpe Ratio (All Time)

Calculated using the full available price history

0.28

0.32

-0.05

Drawdowns

ZRR.TO vs. CPD.TO - Drawdown Comparison

The maximum ZRR.TO drawdown since its inception was -23.84%, smaller than the maximum CPD.TO drawdown of -40.92%. Use the drawdown chart below to compare losses from any high point for ZRR.TO and CPD.TO.

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Drawdown Indicators

ZRR.TOCPD.TODifference

Max Drawdown

Largest peak-to-trough decline

-23.84%

-40.92%

+17.08%

Max Drawdown (1Y)

Largest decline over 1 year

-4.00%

-2.70%

-1.30%

Max Drawdown (3Y)

Largest decline over 3 years

-9.39%

-7.65%

-1.74%

Max Drawdown (5Y)

Largest decline over 5 years

-23.84%

-24.12%

+0.28%

Max Drawdown (10Y)

Largest decline over 10 years

-23.84%

-40.92%

+17.08%

Current Drawdown

Current decline from peak

-6.85%

-0.36%

-6.49%

Average Drawdown

Average peak-to-trough decline

-6.67%

-6.70%

+0.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.96%

0.54%

+1.42%

Volatility

ZRR.TO vs. CPD.TO - Volatility Comparison

BMO Real Return Bond Index ETF (ZRR.TO) has a higher volatility of 2.26% compared to iShares S&P/TSX Canadian Preferred Share Index ETF (CPD.TO) at 0.87%. This indicates that ZRR.TO's price experiences larger fluctuations and is considered to be riskier than CPD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZRR.TOCPD.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.26%

0.87%

+1.39%

Volatility (6M)

Calculated over the trailing 6-month period

4.81%

2.79%

+2.02%

Volatility (1Y)

Calculated over the trailing 1-year period

6.55%

4.12%

+2.43%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.55%

7.71%

+3.84%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

10.51%

10.62%

-0.11%

ZRR.TO vs. CPD.TO - Expense Ratio Comparison

ZRR.TO has a 0.28% expense ratio, which is lower than CPD.TO's 0.50% expense ratio.

Dividends

ZRR.TO vs. CPD.TO - Dividend Comparison

ZRR.TO's dividend yield for the trailing twelve months is around 4.11%, less than CPD.TO's 5.02% yield.

PositionTTM20252024202320222021202020192018201720162015
CPD.TO
iShares S&P/TSX Canadian Preferred Share Index ETF		5.02%4.96%5.11%5.88%5.53%4.17%4.96%5.02%4.74%4.33%4.85%5.44%
ZRR.TO
BMO Real Return Bond Index ETF		4.11%4.53%4.78%6.54%6.88%1.97%2.11%2.35%2.20%2.08%1.89%1.87%

Frequently Asked Questions

ZRR.TO and CPD.TO have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

ZRR.TO is cheaper with a 0.28% expense ratio, compared with 0.50% for CPD.TO.

ZRR.TO is categorized as Inflation-Protected Bonds, while CPD.TO is Preferred Stock/Convertible Bonds. ZRR.TO tracks FTSE Canada Real Return Federal Non-Agency Bond Index, while CPD.TO tracks S&P/TSX Preferred Share TR. They also come from different issuers: BMO and iShares. Their fees differ too: 0.28% for ZRR.TO and 0.50% for CPD.TO.

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