. Both are veterans of the preferred share wars, with track records going back more than 10 years.
ZPR holds rate reset preferred shares, which adjust their dividend rates every five years to account for changes in the five-year Government of Canada bond yield. CPD holds mostly rate resets, but also perpetual preferreds that behave kind of like a bond with no maturity date. More diversified, CPD has been both better and worse than ZPR. The 2021 gain was 18.7 per cent, the 2022 loss was 18.4 per cent and the annualized 10-year result was 0.5 per cent.
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