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CIF.TO vs. ZSP.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CIF.TO vs. ZSP.TO

Last updated Jun 14, 2026

CIF.TO (iShares Global Infrastructure Index ETF) and ZSP.TO (BMO S&P 500 Index ETF) are both exchange-traded funds - CIF.TO is a Energy Equities fund tracking the Manulife Investment Management Global Infrastructure Index, while ZSP.TO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, CIF.TO returned 13.54%/yr vs 16.12%/yr for ZSP.TO. A 0.55 correlation means they provide meaningful diversification when combined. CIF.TO charges 0.72%/yr vs 0.09%/yr for ZSP.TO.

Performance

CIF.TO vs. ZSP.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Global Infrastructure Index ETF (CIF.TO) and BMO S&P 500 Index ETF (ZSP.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, CIF.TO achieves a 25.11% return, which is significantly higher than ZSP.TO's 11.01% return. Over the past 10 years, CIF.TO has underperformed ZSP.TO with an annualized return of 13.54%, while ZSP.TO has yielded a comparatively higher 16.12% annualized return.

CIF.TO

1D
1.09%
1M
1.01%
YTD
25.11%
6M
18.12%
1Y
34.53%
3Y*
24.98%
5Y*
18.36%
10Y*
13.54%

ZSP.TO

1D
0.74%
1M
1.01%
YTD
11.01%
6M
11.06%
1Y
29.16%
3Y*
22.66%
5Y*
16.33%
10Y*
16.12%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CIF.TO vs. ZSP.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CIF.TO
iShares Global Infrastructure Index ETF		25.11%14.57%25.83%14.99%6.22%18.14%-0.31%24.93%-5.12%2.73%
ZSP.TO
BMO S&P 500 Index ETF		11.01%12.36%35.07%23.30%-12.68%27.54%15.61%24.69%3.28%13.60%

Correlation

The correlation between CIF.TO and ZSP.TO is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.59

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

0.59

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

0.59

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

0.56

Correlation (All Time)
Calculated using the full available price history since Nov 26, 2012

0.55

The correlation between CIF.TO and ZSP.TO has been stable across timeframes, ranging from 0.55 to 0.59 - a consistent structural relationship.

CIF.TO vs. ZSP.TO - Sectors Allocation Comparison

Sectors
CIF.TO
ZSP.TO

Utilities

46.9%
2.3%

Industrials

31.8%
8.2%

Energy

20.8%
3.5%

Technology

0.5%
36.2%

Consumer Cyclical

0.5%
10.1%

Basic Materials

-

1.8%

Communication Services

-

10.9%

Consumer Defensive

-

4.8%

Financial Services

-

11.9%

Healthcare

-

8.4%

Real Estate

-

1.9%

Utilities

CIF.TO
46.9%
ZSP.TO
2.3%

Industrials

CIF.TO
31.8%
ZSP.TO
8.2%

Energy

CIF.TO
20.8%
ZSP.TO
3.5%

Technology

CIF.TO
0.5%
ZSP.TO
36.2%

Consumer Cyclical

CIF.TO
0.5%
ZSP.TO
10.1%

Basic Materials

CIF.TO

-

ZSP.TO
1.8%

Communication Services

CIF.TO

-

ZSP.TO
10.9%

Consumer Defensive

CIF.TO

-

ZSP.TO
4.8%

Financial Services

CIF.TO

-

ZSP.TO
11.9%

Healthcare

CIF.TO

-

ZSP.TO
8.4%

Real Estate

CIF.TO

-

ZSP.TO
1.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Global Infrastructure Index ETF

BMO S&P 500 Index ETF

Often compared with CIF.TO:
CIF.TO vs. VFV.TOCIF.TO vs. MLPP.LCIF.TO vs. ZQQ.TOCIF.TO vs. CWW.TOCIF.TO vs. VGTCIF.TO vs. ZGI.TOCIF.TO vs. XDIV.TO
Often compared with ZSP.TO:
ZSP.TO vs. VOOZSP.TO vs. XSP.TOZSP.TO vs. ZCN.TOZSP.TO vs. XUS.TOZSP.TO vs. ZEQT.TOZSP.TO vs. VSP.TOZSP.TO vs. ZQQ.TO

Return for Risk

CIF.TO vs. ZSP.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CIF.TO
CIF.TO Risk / Return Rank: 7979
Overall Rank
CIF.TO Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
CIF.TO Sortino Ratio Rank: 7878
Sortino Ratio Rank
CIF.TO Omega Ratio Rank: 8080
Omega Ratio Rank
CIF.TO Calmar Ratio Rank: 7979
Calmar Ratio Rank
CIF.TO Martin Ratio Rank: 7878
Martin Ratio Rank
ZSP.TO
ZSP.TO Risk / Return Rank: 7979
Overall Rank
ZSP.TO Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
ZSP.TO Sortino Ratio Rank: 8181
Sortino Ratio Rank
ZSP.TO Omega Ratio Rank: 8383
Omega Ratio Rank
ZSP.TO Calmar Ratio Rank: 7373
Calmar Ratio Rank
ZSP.TO Martin Ratio Rank: 7474
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.

CIF.TO vs. ZSP.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Infrastructure Index ETF (CIF.TO) and BMO S&P 500 Index ETF (ZSP.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.

CIF.TOZSP.TODifference
Sharpe ratioReturn per unit of total volatility
2.23
2.32

-0.10

Sortino ratioReturn per unit of downside risk
3.00
3.12

-0.12

Omega ratioGain probability vs. loss probability

1.41

1.43

-0.02

Calmar ratioReturn relative to maximum drawdown

3.64

3.22

+0.41

Martin ratioReturn relative to average drawdown

12.99

12.00

+0.99

CIF.TO vs. ZSP.TO - Sharpe Ratio Comparison

The current CIF.TO Sharpe Ratio is 2.23, which is comparable to the ZSP.TO Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of CIF.TO and ZSP.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

CIF.TO vs. ZSP.TO - Drawdown Comparison

The maximum CIF.TO drawdown since its inception was -45.41%, which is greater than ZSP.TO's maximum drawdown of -26.94%. Use the drawdown chart below to compare losses from any high point for CIF.TO and ZSP.TO.

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Drawdown Indicators

CIF.TOZSP.TODifference

Max Drawdown

Largest peak-to-trough decline

-45.41%

-26.94%

-18.47%

Max Drawdown (1Y)

Largest decline over 1 year

-9.49%

-8.61%

-0.88%

Max Drawdown (3Y)

Largest decline over 3 years

-20.33%

-18.95%

-1.38%

Max Drawdown (5Y)

Largest decline over 5 years

-20.33%

-22.25%

+1.92%

Max Drawdown (10Y)

Largest decline over 10 years

-45.41%

-26.94%

-18.47%

Current Drawdown

Current decline from peak

-0.94%

-1.47%

+0.53%

Average Drawdown

Average peak-to-trough decline

-9.75%

-3.34%

-6.41%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.65%

2.31%

+0.34%

Volatility

CIF.TO vs. ZSP.TO - Volatility Comparison

iShares Global Infrastructure Index ETF (CIF.TO) has a higher volatility of 5.07% compared to BMO S&P 500 Index ETF (ZSP.TO) at 4.54%. This indicates that CIF.TO's price experiences larger fluctuations and is considered to be riskier than ZSP.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CIF.TOZSP.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.07%

4.54%

+0.53%

Volatility (6M)

Calculated over the trailing 6-month period

12.85%

9.31%

+3.54%

Volatility (1Y)

Calculated over the trailing 1-year period

15.50%

11.94%

+3.56%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.16%

15.03%

+0.13%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

25.97%

16.39%

+9.58%

CIF.TO vs. ZSP.TO - Expense Ratio Comparison

CIF.TO has a 0.72% expense ratio, which is higher than ZSP.TO's 0.09% expense ratio.

Dividends

CIF.TO vs. ZSP.TO - Dividend Comparison

CIF.TO's dividend yield for the trailing twelve months is around 1.82%, more than ZSP.TO's 0.76% yield.

PositionTTM20252024202320222021202020192018201720162015
CIF.TO
iShares Global Infrastructure Index ETF		1.82%2.14%3.13%2.63%2.83%2.55%2.37%2.11%2.82%2.64%2.09%2.81%
ZSP.TO
BMO S&P 500 Index ETF		0.76%0.82%0.94%1.33%1.44%1.15%1.45%1.48%1.68%1.68%2.23%1.60%

Frequently Asked Questions

CIF.TO and ZSP.TO have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZSP.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZSP.TO is cheaper with a 0.09% expense ratio, compared with 0.72% for CIF.TO.

CIF.TO is categorized as Energy Equities, while ZSP.TO is S&P 500. CIF.TO tracks Manulife Investment Management Global Infrastructure Index, while ZSP.TO tracks S&P 500 Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.72% for CIF.TO and 0.09% for ZSP.TO.

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