IYW vs. ZSP.TO
IYW (iShares U.S. Technology ETF) and ZSP.TO (BMO S&P 500 Index ETF) are both exchange-traded funds - IYW is a Technology Equities fund tracking the Russell 1000 Technology RIC 22.5/45 Capped 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, IYW returned 25.63%/yr vs 15.12%/yr for ZSP.TO. A 0.65 correlation means they provide meaningful diversification when combined. IYW charges 0.38%/yr vs 0.09%/yr for ZSP.TO.
Performance
IYW vs. ZSP.TO - Performance Comparison
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Different Trading Currencies
IYW 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, IYW achieves a 22.66% return, which is significantly higher than ZSP.TO's 8.69% return. Over the past 10 years, IYW has outperformed ZSP.TO with an annualized return of 25.63%, while ZSP.TO has yielded a comparatively lower 15.12% annualized return.
IYW
- 1D
- 0.61%
- 1M
- 1.73%
- YTD
- 22.66%
- 6M
- 23.40%
- 1Y
- 47.94%
- 3Y*
- 32.06%
- 5Y*
- 21.19%
- 10Y*
- 25.63%
ZSP.TO
- 1D
- 0.45%
- 1M
- -0.16%
- YTD
- 8.69%
- 6M
- 9.38%
- 1Y
- 24.69%
- 3Y*
- 20.80%
- 5Y*
- 12.99%
- 10Y*
- 15.12%
IYW vs. ZSP.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IYW iShares U.S. Technology ETF | 22.66% | 25.38% | 30.25% | 65.44% | -34.83% | 35.44% | 47.45% | 46.64% | -0.93% | 36.60% |
ZSP.TO BMO S&P 500 Index ETF | 8.69% | 17.73% | 24.53% | 26.31% | -17.88% | 27.60% | 18.42% | 30.05% | -4.73% | 21.85% |
Correlation
The correlation between IYW and ZSP.TO is 0.69, 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 | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Nov 26, 2012 | 0.65 |
The correlation between IYW and ZSP.TO has been stable across timeframes, ranging from 0.65 to 0.75 - a consistent structural relationship.
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Return for Risk
IYW vs. ZSP.TO — Risk / Return Rank
IYW
ZSP.TO
IYW vs. ZSP.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Technology ETF (IYW) 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.
| IYW | ZSP.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.32 | ||
| Sortino ratioReturn per unit of downside risk | +0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.35 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.70 | 2.72 | -0.02 |
| Martin ratioReturn relative to average drawdown | 8.68 | 11.64 | -2.96 |
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Drawdowns
IYW vs. ZSP.TO - Drawdown Comparison
The maximum IYW drawdown since its inception was -81.90%, 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 IYW and ZSP.TO.
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Drawdown Indicators
| IYW | ZSP.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.90% | -33.11% | -48.79% |
Max Drawdown (1Y)Largest decline over 1 year | -17.81% | -9.11% | -8.70% |
Max Drawdown (3Y)Largest decline over 3 years | -26.47% | -18.80% | -7.67% |
Max Drawdown (5Y)Largest decline over 5 years | -39.44% | -24.35% | -15.09% |
Max Drawdown (10Y)Largest decline over 10 years | -39.44% | -33.11% | -6.33% |
Current DrawdownCurrent decline from peak | -5.81% | -2.52% | -3.29% |
Average DrawdownAverage peak-to-trough decline | -34.62% | -3.85% | -30.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.54% | 2.13% | +3.41% |
Volatility
IYW vs. ZSP.TO - Volatility Comparison
iShares U.S. Technology ETF (IYW) has a higher volatility of 9.41% compared to BMO S&P 500 Index ETF (ZSP.TO) at 4.55%. This indicates that IYW'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
| IYW | ZSP.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.41% | 4.55% | +4.86% |
Volatility (6M)Calculated over the trailing 6-month period | 17.67% | 9.83% | +7.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.47% | 12.90% | +8.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.07% | 16.16% | +9.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.20% | 17.54% | +7.66% |
IYW vs. ZSP.TO - Expense Ratio Comparison
IYW has a 0.38% expense ratio, which is higher than ZSP.TO's 0.09% expense ratio.
Dividends
IYW vs. ZSP.TO - Dividend Comparison
IYW's dividend yield for the trailing twelve months is around 0.11%, less than ZSP.TO's 0.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IYW iShares U.S. Technology ETF | 0.11% | 0.14% | 0.21% | 0.34% | 0.50% | 0.31% | 0.56% | 0.72% | 0.92% | 0.82% | 1.14% | 1.12% |
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
IYW and ZSP.TO have a correlation of 0.69, 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 0.38% for IYW.
IYW is categorized as Technology Equities, while ZSP.TO is S&P 500. IYW tracks Russell 1000 Technology RIC 22.5/45 Capped Index, while ZSP.TO tracks S&P 500 Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.38% for IYW and 0.09% for ZSP.TO.
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