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

CM.TO vs. ZSP.TO

Last updated Jun 4, 2026

CM.TO (Canadian Imperial Bank of Commerce) is a stock, while ZSP.TO (BMO S&P 500 Index ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, CM.TO returned 17.07%/yr vs 15.98%/yr for ZSP.TO. At a 0.41 correlation, their price movements are largely independent.

Performance

CM.TO vs. ZSP.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Canadian Imperial Bank of Commerce (CM.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, CM.TO achieves a 20.95% return, which is significantly higher than ZSP.TO's 12.15% return. Over the past 10 years, CM.TO has outperformed ZSP.TO with an annualized return of 17.07%, while ZSP.TO has yielded a comparatively lower 15.98% annualized return.

CM.TO

1D
-0.57%
1M
-0.27%
YTD
20.95%
6M
25.16%
1Y
66.47%
3Y*
44.20%
5Y*
21.48%
10Y*
17.07%

ZSP.TO

1D
-0.29%
1M
7.18%
YTD
12.15%
6M
10.04%
1Y
28.96%
3Y*
23.44%
5Y*
16.74%
10Y*
15.98%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
CM.TO
Canadian Imperial Bank of Commerce		20.95%42.31%49.56%23.83%-20.79%41.53%6.99%12.03%-12.96%17.02%
ZSP.TO
BMO S&P 500 Index ETF		12.15%12.02%35.07%23.30%-12.68%27.53%15.61%24.69%3.24%13.54%

Correlation

The correlation between CM.TO and ZSP.TO is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.42

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

0.41

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

0.43

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

0.42

Correlation (All Time)
Calculated using the full available price history since Nov 27, 2012

0.41

Compare stocks, funds, or ETFs

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Canadian Imperial Bank of Commerce

BMO S&P 500 Index ETF

Often compared with CM.TO:
CM.TO vs. RY.TOCM.TO vs. BMO.TOCM.TO vs. BNS.TOCM.TO vs. TD.TOCM.TO vs. CMCM.TO vs. EQB.TOCM.TO vs. NA.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

CM.TO vs. ZSP.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CM.TO
CM.TO Risk / Return Rank: 9696
Overall Rank
CM.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
CM.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
CM.TO Omega Ratio Rank: 9797
Omega Ratio Rank
CM.TO Calmar Ratio Rank: 9595
Calmar Ratio Rank
CM.TO Martin Ratio Rank: 9797
Martin Ratio Rank
ZSP.TO
ZSP.TO Risk / Return Rank: 7272
Overall Rank
ZSP.TO Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
ZSP.TO Sortino Ratio Rank: 7575
Sortino Ratio Rank
ZSP.TO Omega Ratio Rank: 7676
Omega Ratio Rank
ZSP.TO Calmar Ratio Rank: 6767
Calmar Ratio Rank
ZSP.TO Martin Ratio Rank: 6868
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.

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

This table presents a comparison of risk-adjusted performance metrics for Canadian Imperial Bank of Commerce (CM.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.

CM.TOZSP.TODifference
Sharpe ratioReturn per unit of total volatility
3.83
2.53

+1.30

Sortino ratioReturn per unit of downside risk
4.70
3.45

+1.25

Omega ratioGain probability vs. loss probability

1.66

1.47

+0.20

Calmar ratioReturn relative to maximum drawdown

7.34

3.38

+3.96

Martin ratioReturn relative to average drawdown

28.01

12.70

+15.31

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

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

The current CM.TO Sharpe Ratio is 3.83, which is higher than the ZSP.TO Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of CM.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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Sharpe Ratios by Period

CM.TOZSP.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.83

2.53

+1.30

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.19

1.13

+0.06

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.86

0.98

-0.12

Sharpe Ratio (All Time)

Calculated using the full available price history

0.47

1.15

-0.69

Drawdowns

CM.TO vs. ZSP.TO - Drawdown Comparison

The maximum CM.TO drawdown since its inception was -62.50%, 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 CM.TO and ZSP.TO.

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Drawdown Indicators

CM.TOZSP.TODifference

Max Drawdown

Largest peak-to-trough decline

-62.50%

-26.94%

-35.56%

Max Drawdown (1Y)

Largest decline over 1 year

-9.11%

-8.61%

-0.50%

Max Drawdown (3Y)

Largest decline over 3 years

-16.57%

-18.95%

+2.38%

Max Drawdown (5Y)

Largest decline over 5 years

-35.35%

-22.25%

-13.10%

Max Drawdown (10Y)

Largest decline over 10 years

-41.37%

-26.94%

-14.43%

Current Drawdown

Current decline from peak

-7.15%

-0.29%

-6.86%

Average Drawdown

Average peak-to-trough decline

-17.59%

-3.34%

-14.25%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.38%

2.29%

+0.09%

Volatility

CM.TO vs. ZSP.TO - Volatility Comparison

Canadian Imperial Bank of Commerce (CM.TO) has a higher volatility of 7.98% compared to BMO S&P 500 Index ETF (ZSP.TO) at 3.14%. This indicates that CM.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

CM.TOZSP.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

7.98%

3.14%

+4.84%

Volatility (6M)

Calculated over the trailing 6-month period

15.31%

8.65%

+6.66%

Volatility (1Y)

Calculated over the trailing 1-year period

17.46%

11.53%

+5.93%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.14%

14.97%

+3.17%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.83%

16.36%

+3.47%

Dividends

CM.TO vs. ZSP.TO - Dividend Comparison

CM.TO's dividend yield for the trailing twelve months is around 2.73%, more than ZSP.TO's 0.75% yield.

PositionTTM20252024202320222021202020192018201720162015
CM.TO
Canadian Imperial Bank of Commerce		2.73%3.20%4.04%5.47%7.20%4.06%5.37%5.26%5.29%4.19%4.42%4.85%
ZSP.TO
BMO S&P 500 Index ETF		0.75%0.82%0.94%1.33%1.44%1.15%1.44%1.47%1.63%1.63%2.20%1.53%

Frequently Asked Questions

CM.TO and ZSP.TO have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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