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

IVLU vs. ZSP.TO

Last updated Jun 14, 2026

IVLU (iShares MSCI International Value Factor ETF) and ZSP.TO (BMO S&P 500 Index ETF) are both exchange-traded funds - IVLU is a Foreign Large Cap Equities fund tracking the MSCI World ex USA Enhanced Value 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, IVLU returned 11.63%/yr vs 15.13%/yr for ZSP.TO. At a 0.43 correlation, their price movements are largely independent. IVLU charges 0.30%/yr vs 0.09%/yr for ZSP.TO.

Performance

IVLU vs. ZSP.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI International Value Factor ETF (IVLU) and BMO S&P 500 Index ETF (ZSP.TO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

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

Returns By Period

In the year-to-date period, IVLU achieves a 12.96% return, which is significantly higher than ZSP.TO's 8.80% return. Over the past 10 years, IVLU has underperformed ZSP.TO with an annualized return of 11.63%, while ZSP.TO has yielded a comparatively higher 15.13% annualized return.

IVLU

1D
0.56%
1M
2.48%
YTD
12.96%
6M
14.33%
1Y
35.32%
3Y*
23.53%
5Y*
14.06%
10Y*
11.63%

ZSP.TO

1D
0.56%
1M
-0.92%
YTD
8.80%
6M
9.50%
1Y
25.68%
3Y*
20.85%
5Y*
13.02%
10Y*
15.13%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IVLU vs. ZSP.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IVLU
iShares MSCI International Value Factor ETF		12.96%46.09%6.76%20.07%-5.73%15.60%-4.50%15.60%-15.10%23.10%
ZSP.TO
BMO S&P 500 Index ETF		8.80%17.73%24.53%26.31%-17.88%27.60%18.42%30.05%-4.73%21.85%

Correlation

The correlation between IVLU and ZSP.TO is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.48

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

0.41

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

0.44

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

0.45

Correlation (All Time)
Calculated using the full available price history since Jul 15, 2015

0.43

IVLU vs. ZSP.TO - Sectors Allocation Comparison

Sectors
IVLU
ZSP.TO

Financial Services

26.5%
11.9%

Industrials

18.8%
8.2%

Technology

10.6%
36.2%

Healthcare

9.0%
8.4%

Consumer Cyclical

7.6%
10.1%

Basic Materials

7.4%
1.8%

Consumer Defensive

6.0%
4.8%

Energy

5.5%
3.5%

Communication Services

3.7%
10.9%

Utilities

3.6%
2.3%

Real Estate

1.4%
1.9%

Financial Services

IVLU
26.5%
ZSP.TO
11.9%

Industrials

IVLU
18.8%
ZSP.TO
8.2%

Technology

IVLU
10.6%
ZSP.TO
36.2%

Healthcare

IVLU
9.0%
ZSP.TO
8.4%

Consumer Cyclical

IVLU
7.6%
ZSP.TO
10.1%

Basic Materials

IVLU
7.4%
ZSP.TO
1.8%

Consumer Defensive

IVLU
6.0%
ZSP.TO
4.8%

Energy

IVLU
5.5%
ZSP.TO
3.5%

Communication Services

IVLU
3.7%
ZSP.TO
10.9%

Utilities

IVLU
3.6%
ZSP.TO
2.3%

Real Estate

IVLU
1.4%
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 MSCI International Value Factor ETF

BMO S&P 500 Index ETF

Often compared with IVLU:
IVLU vs. DFIVIVLU vs. FIVAIVLU vs. VXUSIVLU vs. IDMOIVLU vs. IEFAIVLU vs. DISVIVLU vs. SFNNX
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

IVLU vs. ZSP.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IVLU
IVLU Risk / Return Rank: 7373
Overall Rank
IVLU Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
IVLU Sortino Ratio Rank: 7777
Sortino Ratio Rank
IVLU Omega Ratio Rank: 7676
Omega Ratio Rank
IVLU Calmar Ratio Rank: 6767
Calmar Ratio Rank
IVLU Martin Ratio Rank: 6969
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI International Value Factor ETF (IVLU) 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.

IVLUZSP.TODifference
Sharpe ratioReturn per unit of total volatility
2.17
1.93

+0.24

Sortino ratioReturn per unit of downside risk
2.98
2.62

+0.36

Omega ratioGain probability vs. loss probability

1.39

1.35

+0.03

Calmar ratioReturn relative to maximum drawdown

2.90

2.74

+0.16

Martin ratioReturn relative to average drawdown

11.01

11.70

-0.69

IVLU vs. ZSP.TO - Sharpe Ratio Comparison

The current IVLU Sharpe Ratio is 2.17, which is comparable to the ZSP.TO Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of IVLU 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

IVLU vs. ZSP.TO - Drawdown Comparison

The maximum IVLU drawdown since its inception was -41.85%, which is greater than ZSP.TO's maximum drawdown of -33.11%. Use the drawdown chart below to compare losses from any high point for IVLU and ZSP.TO.

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Drawdown Indicators

IVLUZSP.TODifference

Max Drawdown

Largest peak-to-trough decline

-41.85%

-33.11%

-8.74%

Max Drawdown (1Y)

Largest decline over 1 year

-11.69%

-9.11%

-2.58%

Max Drawdown (3Y)

Largest decline over 3 years

-15.48%

-18.80%

+3.32%

Max Drawdown (5Y)

Largest decline over 5 years

-26.04%

-24.35%

-1.69%

Max Drawdown (10Y)

Largest decline over 10 years

-41.85%

-33.11%

-8.74%

Current Drawdown

Current decline from peak

-0.53%

-2.42%

+1.89%

Average Drawdown

Average peak-to-trough decline

-8.57%

-3.85%

-4.72%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.09%

2.13%

+0.96%

Volatility

IVLU vs. ZSP.TO - Volatility Comparison

iShares MSCI International Value Factor ETF (IVLU) has a higher volatility of 5.44% compared to BMO S&P 500 Index ETF (ZSP.TO) at 4.56%. This indicates that IVLU'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

IVLUZSP.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.44%

4.56%

+0.88%

Volatility (6M)

Calculated over the trailing 6-month period

12.85%

9.84%

+3.01%

Volatility (1Y)

Calculated over the trailing 1-year period

15.65%

12.90%

+2.75%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.58%

16.16%

+0.42%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.66%

17.54%

+0.12%

IVLU vs. ZSP.TO - Expense Ratio Comparison

IVLU has a 0.30% expense ratio, which is higher than ZSP.TO's 0.09% expense ratio.

Dividends

IVLU vs. ZSP.TO - Dividend Comparison

IVLU's dividend yield for the trailing twelve months is around 3.28%, more than ZSP.TO's 0.76% yield.

PositionTTM20252024202320222021202020192018201720162015
IVLU
iShares MSCI International Value Factor ETF		3.28%3.71%4.46%4.69%3.59%3.47%2.05%3.53%2.82%2.87%2.53%0.93%
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

IVLU and ZSP.TO have a correlation of 0.48, 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 0.30% for IVLU.

IVLU is categorized as Foreign Large Cap Equities, while ZSP.TO is S&P 500. IVLU tracks MSCI World ex USA Enhanced Value Index, while ZSP.TO tracks S&P 500 Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.30% for IVLU and 0.09% for ZSP.TO.

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