EQL.TO vs. ZSP-U.TO

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco S&P 500 Equal Weight Index ETF CAD (EQL.TO) and BMO S&P 500 Index ETF (USD) (ZSP-U.TO).

EQL.TO and ZSP-U.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EQL.TO is a passively managed fund by Invesco that tracks the performance of the S&P 500 Equal Weight Index. It was launched on May 29, 2018. ZSP-U.TO is a passively managed fund by BMO that tracks the performance of the S&P 500 Index. It was launched on Nov 14, 2012. Both EQL.TO and ZSP-U.TO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

EQL.TO vs. ZSP-U.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Invesco S&P 500 Equal Weight Index ETF CAD (EQL.TO) and BMO S&P 500 Index ETF (USD) (ZSP-U.TO). The values are adjusted to include any dividend payments, if applicable.

EQL.TO vs. ZSP-U.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
EQL.TO Invesco S&P 500 Equal Weight Index ETF CAD	1.77%	5.94%	27.38%	19.69%	1.21%	37.03%	21.67%	31.63%	-4.48%
ZSP-U.TO BMO S&P 500 Index ETF (USD)	-3.40%	11.48%	34.63%	22.72%	-13.06%	26.97%	15.66%	24.09%	-2.35%

Different Trading Currencies

EQL.TO is traded in CAD, while ZSP-U.TO is traded in USD. To make them comparable, the ZSP-U.TO values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, EQL.TO achieves a 1.77% return, which is significantly higher than ZSP-U.TO's -3.40% return.

EQL.TO

• 1D: 2.02%
• 1M: -4.20%
• YTD: 1.77%
• 6M: 1.79%
• 1Y: 8.58%
• 3Y*: 16.16%
• 5Y*: 15.15%
• 10Y*: —

ZSP-U.TO

• 1D: 2.74%
• 1M: -3.41%
• YTD: -3.40%
• 6M: -2.45%
• 1Y: 12.61%
• 3Y*: 18.43%
• 5Y*: 13.28%
• 10Y*: 13.98%

*Multi-year figures are annualized to reflect compound growth (CAGR)

EQL.TO vs. ZSP-U.TO - Expense Ratio Comparison

EQL.TO has a 0.25% expense ratio, which is higher than ZSP-U.TO's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

EQL.TO

Invesco S&P 500 Equal Weight Index ETF CAD

ZSP-U.TO

BMO S&P 500 Index ETF (USD)

Return for Risk

EQL.TO vs. ZSP-U.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EQL.TO

EQL.TO Risk / Return Rank: 30
EQL.TO Sharpe Ratio Rank: 28
EQL.TO Sortino Ratio Rank: 27
EQL.TO Omega Ratio Rank: 28
EQL.TO Calmar Ratio Rank: 32
EQL.TO Martin Ratio Rank: 33

ZSP-U.TO

ZSP-U.TO Risk / Return Rank: 55
ZSP-U.TO Sharpe Ratio Rank: 49
ZSP-U.TO Sortino Ratio Rank: 51
ZSP-U.TO Omega Ratio Rank: 56
ZSP-U.TO Calmar Ratio Rank: 53
ZSP-U.TO Martin Ratio Rank: 65

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.

EQL.TO vs. ZSP-U.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Equal Weight Index ETF CAD (EQL.TO) and BMO S&P 500 Index ETF (USD) (ZSP-U.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.

	EQL.TO	ZSP-U.TO	Difference
Sharpe ratio Return per unit of total volatility	0.49	0.71	-0.22
Sortino ratio Return per unit of downside risk	0.78	1.07	-0.29
Omega ratio Gain probability vs. loss probability	1.11	1.17	-0.05
Calmar ratio Return relative to maximum drawdown	0.77	1.16	-0.39
Martin ratio Return relative to average drawdown	2.92	4.32	-1.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EQL.TO vs. ZSP-U.TO - Sharpe Ratio Comparison

The current EQL.TO Sharpe Ratio is 0.49, which is lower than the ZSP-U.TO Sharpe Ratio of 0.71. The chart below compares the historical Sharpe Ratios of EQL.TO and ZSP-U.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	EQL.TO	ZSP-U.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.49	0.71	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.05	0.90	+0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.91	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.00	1.13	-0.13

Correlation

The correlation between EQL.TO and ZSP-U.TO is 0.77, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

EQL.TO vs. ZSP-U.TO - Dividend Comparison

EQL.TO's dividend yield for the trailing twelve months is around 1.37%, while ZSP-U.TO has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EQL.TO Invesco S&P 500 Equal Weight Index ETF CAD	1.37%	1.38%	5.37%	8.14%	8.91%	7.19%	9.96%	8.29%	1.35%	0.00%	0.00%	0.00%
ZSP-U.TO BMO S&P 500 Index ETF (USD)	0.00%	0.14%	0.71%	0.98%	1.13%	0.91%	1.02%	1.07%	1.26%	1.22%	1.43%	1.29%

Drawdowns

EQL.TO vs. ZSP-U.TO - Drawdown Comparison

The maximum EQL.TO drawdown since its inception was -30.47%, which is greater than ZSP-U.TO's maximum drawdown of -27.34%. Use the drawdown chart below to compare losses from any high point for EQL.TO and ZSP-U.TO.

Drawdown Indicators

	EQL.TO	ZSP-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-30.47%	-33.72%	+3.25%
Max Drawdown (1Y) Largest decline over 1 year	-13.01%	-12.08%	-0.93%
Max Drawdown (5Y) Largest decline over 5 years	-17.60%	-24.88%	+7.28%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-4.34%	-6.59%	+2.25%
Average Drawdown Average peak-to-trough decline	-3.23%	-3.99%	+0.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	2.56%	+0.86%

Volatility

EQL.TO vs. ZSP-U.TO - Volatility Comparison

The current volatility for Invesco S&P 500 Equal Weight Index ETF CAD (EQL.TO) is 4.61%, while BMO S&P 500 Index ETF (USD) (ZSP-U.TO) has a volatility of 5.26%. This indicates that EQL.TO experiences smaller price fluctuations and is considered to be less risky than ZSP-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EQL.TO	ZSP-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.61%	5.26%	-0.65%
Volatility (6M) Calculated over the trailing 6-month period	9.37%	9.47%	-0.10%
Volatility (1Y) Calculated over the trailing 1-year period	17.59%	17.81%	-0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.51%	14.95%	-0.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.46%	16.05%	+1.41%