ZUP.TO vs. CPD.TO
ZUP.TO (BMO US Preferred Share Index ETF) and CPD.TO (iShares S&P/TSX Canadian Preferred Share Index ETF) are both Preferred Stock/Convertible Bonds funds. Over the past 5 years, ZUP.TO returned 1.32%/yr vs 5.91%/yr for CPD.TO. At a 0.10 correlation, their price movements are largely independent.
Performance
ZUP.TO vs. CPD.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZUP.TO achieves a 3.54% return, which is significantly lower than CPD.TO's 4.39% return.
ZUP.TO
- 1D
- -0.61%
- 1M
- 0.99%
- YTD
- 3.54%
- 6M
- 3.28%
- 1Y
- 6.44%
- 3Y*
- 8.55%
- 5Y*
- 1.32%
- 10Y*
- —
CPD.TO
- 1D
- 0.07%
- 1M
- 0.51%
- YTD
- 4.39%
- 6M
- 4.54%
- 1Y
- 12.64%
- 3Y*
- 16.58%
- 5Y*
- 5.91%
- 10Y*
- 6.55%
ZUP.TO vs. CPD.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZUP.TO BMO US Preferred Share Index ETF | 3.54% | -4.11% | 17.52% | 3.56% | -14.25% | 4.80% | 7.69% | 11.34% | 1.93% | 0.37% |
CPD.TO iShares S&P/TSX Canadian Preferred Share Index ETF | 4.39% | 16.10% | 23.31% | 6.23% | -19.19% | 18.85% | 5.35% | 3.35% | -9.05% | 8.20% |
Correlation
The correlation between ZUP.TO and CPD.TO is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Feb 9, 2017 | 0.10 |
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Return for Risk
ZUP.TO vs. CPD.TO — Risk / Return Rank
ZUP.TO
CPD.TO
ZUP.TO vs. CPD.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO US Preferred Share Index ETF (ZUP.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.
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.
| ZUP.TO | CPD.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.30 | ||
| Sortino ratioReturn per unit of downside risk | -3.00 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.65 | -0.51 |
| Calmar ratioReturn relative to maximum drawdown | 1.36 | 4.71 | -3.35 |
| Martin ratioReturn relative to average drawdown | 2.75 | 23.44 | -20.69 |
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Drawdowns
ZUP.TO vs. CPD.TO - Drawdown Comparison
The maximum ZUP.TO drawdown since its inception was -32.93%, smaller than the maximum CPD.TO drawdown of -40.92%. Use the drawdown chart below to compare losses from any high point for ZUP.TO and CPD.TO.
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Drawdown Indicators
| ZUP.TO | CPD.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.93% | -40.92% | +7.99% |
Max Drawdown (1Y)Largest decline over 1 year | -4.76% | -2.70% | -2.06% |
Max Drawdown (3Y)Largest decline over 3 years | -12.88% | -7.65% | -5.23% |
Max Drawdown (5Y)Largest decline over 5 years | -25.34% | -24.12% | -1.22% |
Max Drawdown (10Y)Largest decline over 10 years | — | -40.92% | — |
Current DrawdownCurrent decline from peak | -4.13% | 0.00% | -4.13% |
Average DrawdownAverage peak-to-trough decline | -5.34% | -6.73% | +1.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.35% | 0.54% | +1.81% |
Volatility
ZUP.TO vs. CPD.TO - Volatility Comparison
BMO US Preferred Share Index ETF (ZUP.TO) has a higher volatility of 3.84% compared to iShares S&P/TSX Canadian Preferred Share Index ETF (CPD.TO) at 0.83%. This indicates that ZUP.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
| ZUP.TO | CPD.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.84% | 0.83% | +3.01% |
Volatility (6M)Calculated over the trailing 6-month period | 6.29% | 2.68% | +3.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.46% | 4.14% | +4.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.81% | 7.70% | +4.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.41% | 10.58% | +3.83% |
Dividends
ZUP.TO vs. CPD.TO - Dividend Comparison
ZUP.TO's dividend yield for the trailing twelve months is around 6.13%, more than CPD.TO's 5.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CPD.TO iShares S&P/TSX Canadian Preferred Share Index ETF | 5.03% | 4.96% | 5.11% | 5.88% | 5.53% | 4.17% | 4.96% | 5.02% | 4.74% | 4.33% | 4.85% | 5.44% |
ZUP.TO BMO US Preferred Share Index ETF | 6.13% | 6.51% | 5.82% | 6.88% | 6.33% | 5.28% | 5.81% | 5.52% | 5.29% | 5.14% | 0.00% | 0.00% |
Frequently Asked Questions
ZUP.TO and CPD.TO have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: BMO and iShares.
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