HXEM.TO vs. ZSP.TO

Last updated Jul 15, 2026

HXEM.TO (Global X Emerging Markets Equity Index Corporate Class ETF) and ZSP.TO (BMO S&P 500 Index ETF) are both exchange-traded funds - HXEM.TO is a Emerging Markets Equities fund tracking the Global X Emerging Markets Futures Roll Index (Total Return), while ZSP.TO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, HXEM.TO returned 8.42%/yr vs 15.39%/yr for ZSP.TO. At a 0.49 correlation, their price movements are largely independent. HXEM.TO charges 0.25%/yr vs 0.09%/yr for ZSP.TO.

Performance

HXEM.TO vs. ZSP.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X Emerging Markets Equity Index Corporate Class ETF (HXEM.TO) and BMO S&P 500 Index ETF (ZSP.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HXEM.TO achieves a 23.28% return, which is significantly higher than ZSP.TO's 13.48% return.

HXEM.TO

• 1D: 1.21%
• 1M: -2.14%
• 6M: 16.11%
• YTD: 23.28%
• 1Y: 41.02%
• 3Y*: 21.39%
• 5Y*: 8.42%
• 10Y*: —

ZSP.TO

• 1D: -0.22%
• 1M: 2.23%
• 6M: 10.32%
• YTD: 13.48%
• 1Y: 24.78%
• 3Y*: 22.55%
• 5Y*: 15.39%
• 10Y*: 15.81%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020
HXEM.TO Global X Emerging Markets Equity Index Corporate Class ETF	23.28%	26.46%	14.53%	7.09%	-16.39%	-2.71%	12.67%
ZSP.TO BMO S&P 500 Index ETF	13.48%	12.36%	35.07%	23.30%	-12.68%	27.54%	7.85%

Correlation

The correlation between HXEM.TO and ZSP.TO is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (All Time) Calculated using the full available price history since Aug 7, 2020	0.49

The correlation between HXEM.TO and ZSP.TO shifts across timeframes, from 0.49 (all time) to 0.67 (1 year), reflecting how their relationship changes across market environments.

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

Sectors	HXEM.TO	ZSP.TO
Real Estate	16.6%	1.8%
Basic Materials	-	1.7%
Communication Services	-	9.6%
Consumer Cyclical	-	9.4%
Consumer Defensive	-	4.5%
Energy	-	3.0%
Financial Services	-	11.5%
Healthcare	-	8.9%
Industrials	-	8.1%
Technology	-	38.7%
Utilities	-	2.7%

Return for Risk

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

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

HXEM.TO

HXEM.TO Risk / Return Rank: 70
HXEM.TO Sharpe Ratio Rank: 67
HXEM.TO Sortino Ratio Rank: 60
HXEM.TO Omega Ratio Rank: 71
HXEM.TO Calmar Ratio Rank: 80
HXEM.TO Martin Ratio Rank: 73

ZSP.TO

ZSP.TO Risk / Return Rank: 77
ZSP.TO Sharpe Ratio Rank: 81
ZSP.TO Sortino Ratio Rank: 79
ZSP.TO Omega Ratio Rank: 79
ZSP.TO Calmar Ratio Rank: 72
ZSP.TO Martin Ratio Rank: 73

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.

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

This table presents a comparison of risk-adjusted performance metrics for Global X Emerging Markets Equity Index Corporate Class ETF (HXEM.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.

	HXEM.TO	ZSP.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.75	2.04	-0.29
Sortino ratio: Return per unit of downside risk	2.28	2.81	-0.53
Omega ratio: Gain probability vs. loss probability	1.33	1.37	-0.04
Calmar ratio: Return relative to maximum drawdown	3.34	2.89	+0.45
Martin ratio: Return relative to average drawdown	10.71	10.69	+0.02

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

The current HXEM.TO Sharpe Ratio is 1.75, which is comparable to the ZSP.TO Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of HXEM.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.

Drawdowns

HXEM.TO vs. ZSP.TO - Drawdown Comparison

The maximum HXEM.TO drawdown since its inception was -35.00%, 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 HXEM.TO and ZSP.TO.

Drawdown Indicators

	HXEM.TO	ZSP.TO	Difference
Max Drawdown Largest peak-to-trough decline	-35.00%	-26.94%	-8.06%
Max Drawdown (1Y) Largest decline over 1 year	-12.34%	-8.61%	-3.73%
Max Drawdown (3Y) Largest decline over 3 years	-15.40%	-18.95%	+3.55%
Max Drawdown (5Y) Largest decline over 5 years	-29.64%	-22.25%	-7.39%
Max Drawdown (10Y) Largest decline over 10 years	—	-26.94%	—
Current Drawdown Current decline from peak	-8.26%	-0.98%	-7.28%
Average Drawdown Average peak-to-trough decline	-13.56%	-3.32%	-10.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.84%	2.32%	+1.52%

Volatility

HXEM.TO vs. ZSP.TO - Volatility Comparison

Global X Emerging Markets Equity Index Corporate Class ETF (HXEM.TO) has a higher volatility of 11.40% compared to BMO S&P 500 Index ETF (ZSP.TO) at 3.63%. This indicates that HXEM.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.

Volatility by Period

	HXEM.TO	ZSP.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.40%	3.63%	+7.77%
Volatility (6M) Calculated over the trailing 6-month period	21.61%	9.61%	+12.00%
Volatility (1Y) Calculated over the trailing 1-year period	23.56%	12.21%	+11.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.08%	15.09%	+2.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.74%	16.39%	+1.35%

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

HXEM.TO has a 0.25% expense ratio, which is higher than ZSP.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%.

Dividends

HXEM.TO vs. ZSP.TO - Dividend Comparison

HXEM.TO has not paid dividends to shareholders, while ZSP.TO's dividend yield for the trailing twelve months is around 0.76%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HXEM.TO Global X Emerging Markets Equity Index Corporate Class ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both HXEM.TO and ZSP.TO in my portfolio?

HXEM.TO and ZSP.TO have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HXEM.TO or ZSP.TO?

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.

Which ETF is cheaper, HXEM.TO or ZSP.TO?

ZSP.TO is cheaper with a 0.09% expense ratio, compared with 0.25% for HXEM.TO.

What is the main difference between HXEM.TO and ZSP.TO?

HXEM.TO is categorized as Emerging Markets Equities, while ZSP.TO is S&P 500. HXEM.TO tracks Global X Emerging Markets Futures Roll Index (Total Return), while ZSP.TO tracks S&P 500 Index. They also come from different issuers: Global X and BMO. Their fees differ too: 0.25% for HXEM.TO and 0.09% for ZSP.TO.